2015-04-22T16:17:14-05:00 2014-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2013-07-01 222581930 MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION INC MASS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 KATHLEEN KIRLEIS VICE PRESIDENT OF ADMIN & FINANCE 7812393000 2015-02-24 1 RAYMOND LOFSTROM P00297041 6174711120 2015-02-24 2013 2016-03-07 17:11:31Z KATHLEEN KIRLEIS 50 OAKLAND ST WELLESLEY HILLS MA 02481 2472104 0 X N/A X 1984 MA TO PROVIDE SCHOLARSHIPS AND COLLEGE FUNDRAISING 18 18 0 0 0 0 298705 271985 0 0 147418 155308 0 0 446123 427293 351690 311123 0 0 0 0 0 0 0 36379 48598 388069 359721 58054 67572 4293741 4887846 59487 9868 4234254 4877978 X THE MISSION OF THE FOUNDATION IS TO ASSIST MASSACHUSETTS BAY COMMUNITY COLLEGE FURTHER DEVELOP EDUCATIONAL EXCELLENCE BY SECURING NEW RESOURCES, MAXIMIZING RETURN ON EXISTING RESOURCES, ACTING AS AMBASSADORS TO THE COMMUNITY AND COMPLEMENTING AND RESOURCING THE WORK OF THE COLLEGE'S TRUSTEES AND STAFF ON SHAPING THE FUTURE. 0 0 185173 185173 AWARDS SCHOLARSHIPS TO VARIOUS STUDENTS 125950 125950 EQUIPMENT DONATIONS 11031 OTHER PROGRAM COSTS 322154 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X X KATHLEEN KIRLEIS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 X MICHELLE DROLET CHAIR 0.50 X 0 0 0 KEVIN KANE VICE CHAIR 0.50 X 0 0 0 SUSAN BONAIUTO TRUSTEE 0.50 X 0 0 0 JEANNETTE A GERALD TRUSTEE 0.50 X 0 0 0 DAVID J HIMMELBERGER TRUSTEE 0.50 X 0 0 0 JAMES LEHAN TRUSTEE 0.50 X 0 0 0 JAMES J MCKENZIE TRUSTEE 0.50 X 0 0 0 ANNEMARIE MCKINLEY TRUSTEE 0.50 X 0 0 0 WILLIAM G MORRIS TRUSTEE 0.50 X 0 0 0 CYNTHIA SMITH FORREST TRUSTEE 0.50 X 0 0 0 HARRY WELLS TRUSTEE 0.50 X 0 0 0 THOMAS BRITT TRUSTEE 0.50 X 0 0 0 KATHRYNNE TAFT STUDENT DIRECTOR 0.50 X 0 0 0 STEPHEN HIBBARD TRUSTEE 0.50 X 0 0 0 MELISSA LORD TRUSTEE 0.50 X 0 0 0 KEVIN MAGUIRE TRUSTEE 0.50 X 0 0 0 PAT WASHINGTON TRUSTEE 0.50 X 0 0 0 KIMBERLY MANDOLA TRUSTEE 0.50 X 0 0 0 KATHLEEN KIRLEIS VP OF ADMINISTRATION AND FINANCE (1/31/14 TO PRES) 1.00 X 0 0 0 JOHN O'DONNELL PRESIDENT 1.00 X 0 231641 64118 MARY SHIA EXECUTIVE DIRECTOR 37.50 X 0 96206 26630 RICHARD HASKELL FORMER VP OF ADMINISTRATION AND FINANCE 1.00 X 0 127921 35409 0 455768 126157 0 1 1 0 0 271985 271985 69338 69338 2130781 2044811 85970 85970 85970 427293 0 0 155308 125950 125950 185173 185173 165 165 7622 7622 35101 5321 29780 5710 5710 359721 322154 37567 0 95305 87625 11232 56379 4187204 4743842 4293741 4887846 59487 9868 59487 9868 X 1988233 2280069 1290152 1610112 955869 987797 4234254 4877978 4293741 4887846 67572 576152 0 X X 0 1 X 1 0 X 270464 252543 267990 298705 271985 1361687 270464 252543 267990 298705 271985 1361687 355226 1006461 89413 69570 80525 70009 69338 378855 1740542 0.57820 0.46320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2246021 2256940 707100 185173 183236 4841652 2789700 62876 325550 83653 848452 2246021 2750424 81628 3905 46257 2789700 2398523 27027 356887 32013 2750424 2611256 98555 281987 126768 466507 2398523 0.46340 0.20400 0.33260 0 0 0 EQUITY MUTUAL FUNDS 1886299 F BOND MUTUAL FUNDS 618872 F MARKETABLE EQUITY SECURITIES 2238671 F 4743842 X 979085 576152 576152 402933 24360 24360 427293 335361 0 335361 24360 24360 359721 PART V, LINE 4: THE INTENDED USE OF THE FOUNDATION'S ENDOWMENT FUNDS ARE TO SUPPORT THE FOUNDATION'S PROGRAMS INCLUDING, BUT NOT LIMITED TO, PROVIDING SCHOLARSHIPS TO THE STUDENTS OF MASSACHUSETTS BAY COMMUNITY COLLEGE. PART X, LINE 2: MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION, INC. (THE "FOUNDATION") IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THEREFORE HAS MADE NO PROVISION FOR FEDERAL INCOME TAXES IN ITS FINANCIAL STATEMENTS. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE AN ENTITY TO ASSESS THE PROBABILITY THAT A TAX POSITION HAS A "MORE LIKELY THAN NOT" ("MLTN") SUSTAINABILITY AFTER REVIEW BY TAX AUTHORITIES. IF A TAX POSITION IS DEEMED NOT TO MEET THIS THRESHOLD, ANY UNRECOGNIZED TAX BENEFITS AND COSTS ARE ESTIMATED AND RECOGNIZED. INTEREST AND PENALTIES, IF ANY, RELATED TO ASSESSMENTS BY TAX AUTHORITIES, WILL BE CLASSIFIED AS A COMPONENT OF MANAGEMENT AND GENERAL EXPENSE IN THE STATEMENT OF ACTIVITIES. A TAX POSITION MAY BE CONSIDERED TAKEN ANY TIME A TAXPAYER CHOOSES BETWEEN ALTERNATIVES THAT AFFECT THE AMOUNT OF THEIR TAX OBLIGATIONS AND INCLUDE FOR EXAMPLE: TAX EXEMPT STATUS; STATUS AS A PASS-THROUGH ENTITY (S CORPORATIONS, ETC.); DECISIONS MADE IN THE PROCESS OF CONFORMING WITH TAX LAWS; DECISIONS NOT TO FILE IN CERTAIN JURISDICTIONS; ALLOCATION OF INCOME BETWEEN JURISDICTIONS AND THE CHARACTERIZATION OF INCOME OR EXPENSES. TAX RETURNS ARE ROUTINELY OPEN FOR REVIEW BY THE TAX AUTHORITIES FOR THREE YEARS FROM THEIR DUE DATE. IN CERTAIN CIRCUMSTANCES, THE STATUTE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. THE FOUNDATION HAS BEEN NOTIFIED BY THE INTERNAL REVENUE SERVICE THAT IT MEETS THE QUALIFICATIONS TO BE CLASSIFIED AS A TAX EXEMPT ENTITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. SINCE THE CONTINUANCE OF THIS STATUS IS BASED UPON CONTINUING QUALIFICATION, THE FOUNDATION HAS IDENTIFIED THIS AS A TAX POSITION. HOWEVER, IT HAS DETERMINED THAT THIS TAX POSITION MEETS MLTN SUSTAINABILITY AND DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE FOUNDATION DOES NOT EXPECT ANY MATERIAL CHANGES IN ITS POSITION REGARDING THIS MATTER IN THE NEXT TWELVE MONTHS. 1 MASSACHUSETTS BAY COMMUNITY COLLEGE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 046002284 115 125950 FMV AUTOMOTIVE EQUIPMENT FOR USE BY THE COLLEGE'S AUTOMOTIVE TECHNOLOGY PROGRAM 1 0 SCHOLARSHIPS 143 185173 FMV SCHOLARSHIPS PART I, LINE 2: THE FOUNDATION RECEIVES INSTRUCTIONS ALONG WITH EACH CHECK FROM THE ORGANIZATION GIVING THE GRANT. CHECKS ARE DEPOSITED AND ISSUED TO STUDENTS FOR TUITION, BOOKS, SUPPLIES, EQUIPMENT, ETC. THE FOUNDATION REPORTS QUARTERLY TO THE BOARD OF TRUSTEES ON ALL GRANT ACTIVITY. FOR GRANTS THAT ARE USED FOR THE PURPOSES OF SALARIES AND FRINGE BENEFITS, IN ORDER TO BE IN COMPLIANCE WITH FEDERAL AND STATE REGULATIONS, THESE FUNDS ARE MONITORED BY THE COLLEGE. IN THESE CASES, THE COLLEGE'S GRANTS ACCOUNTANT ISSUES INVOICES TO THE FOUNDATION FOR SALARIES DUE. THE GRANT ACCOUNTANT THEN TRACKS AND MONITORS THE INCOME AND EXPENSE FOR THESE GRANTS. X 1 1 X X 0 0 0 0 0 0 0 0 0 JOHN O'DONNELL PRESIDENT 0 231641 0 0 0 0 0 0 0 64118 0 295759 0 0 RICHARD HASKELL FORMER VP OF ADMINISTRATION AND FINA 0 127921 0 0 0 0 0 0 0 35409 0 163330 0 0 PART I, LINE 1A THE PRESIDENT OF THE COLLEGE RECEIVES A MONTHLY HOUSING ALLOWANCE OF $1,500. THAT IS PAID FOR BY THE COLLEGE X 1 19825 ESTIMATED ASSET VALUE X AUTO TECH TOO 1 96500 ESTIMATED ASSET VALU 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE REVIEWED BY THE BOARD OF TRUSTEES OR WILL BE DELEGATED TO A SUB-COMMITTEE WHERE A MEMBER OF THE FINANCE COMMITTEE WILL REVIEW THE RETURN FOR COMPLETENESS AND ACCURACY. ONCE THE FORM 990 HAS BEEN APPROVED BY THE BOARD OF TRUSTEES OR A MEMBER OF THE FINANCE COMMITTEE, THE FORM 990 THEN CAN BE FILED WITH THE INTERNAL REVENUE SERVICE AND THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION CONDUCTS PERIODIC REVIEWS TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING ADHERED TO.THESE REVIEWS ADDRESS WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE AND ARE THE RESULTS OF ARM'S LENGTH BARGAINING AND WHETHER PARTNERSHIP AND JOINT VENTURE ARRANGEMENTS AND ARRANGEMENTS WITH MANAGEMENT'S SERVICE ORGANIZATIONS AND WITH THE COLLEGE CONFORM TO WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE PAYMENTS FOR GOODS AND SERVICES, FURTHER THE FOUNDATION'S CHARITABLE PURPOSES, AND DO NOT RESULT IN IMPERMISSIBLE PRIVATE BENEFIT. IF THE FOUNDATION DEEMS IT NECESSARY, THEY MAY ALSO USE OUTSIDE EXPERTS TO PERFORM THESE REVIEWS. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ALL OF ITS GOVERNING DOCUMENTS, INCLUDING A CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THESE DOCUMENTS CAN BE REQUESTED VIA THE OFFICE OF ADMINISTRATION AND FINANCE. FORM 990, PART VII, SECTION A MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION HAS NO EMPLOYEES. THE FOUNDATION INSTEAD USES EMPLOYEES OF MASSACHUSETTS BAY COMMUNITY COLLEGE, A RELATED ORGANIZATION. A PORTION OF THE SALARY FOR THE BOOKKEEPER WAS PAID FOR BY THE FOUNDATION. FORM 990, PART XII, LINE 2C: AUDIT COMMITTEE THE ORGANIZATION HAS AN AUDIT COMMITTEE WHOSE PURPOSE IS THE OVERSIGHT AND REVIEW OF THE AUDITED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT BEEN CHANGED FROM THE PRIOR YEAR. MASSACHUSETTS BAY COMMUNITY COLLEGE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 046002284 COMMUNITY COLLEGE MA 115 N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 MASSACHUSETTS BAY COMMUNITY COLLEGE O 164654 FMV MASSACHUSETTS BAY COMMUNITY COLLEGE B 133625 FMV