2015-05-08T15:11:57-05:00 2014-06-30 263753134 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2013-07-01 042103603 MILTON ACADEMY MILT 6178981798 170 CENTRE STREET MILTON MA 02186 EDWARD DONAHUE CO CFOO 6178982200 2015-05-08 1 CRAIG KLEIN P00734640 6177610600 2015-05-08 2013 2016-02-25 16:41:14Z THEODORICK BLAND 170 CENTRE STREET MILTON MA 02186 109527578 0 X WWW.MILTON.EDU X 1798 MA MILTON ACADEMY IS AN INDEPENDENT COLLEGE PREPARATORY K-12 SCHOOL, BOARDING AND DAY IN GRADES 9-12. 31 31 625 500 413220 0 9493881 19348399 43809076 46066380 5762790 8596037 0 0 59065747 74010816 9020970 9558207 0 0 28493572 29283261 0 92173 3042835 25317128 26130534 62831670 65064175 -3765923 8946641 293306909 336111422 58737452 59190119 234569457 276921303 X MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. SEE SCHEDULE O FOR FULL DESCRIPTION.MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. OUR ACTIVE LEARNING ENVIRONMENT, IN AND OUT OF THE CLASSROOM, DEVELOPS CREATIVE AND CRITICAL THINKERS, UNAFRAID TO EXPRESS THEIR IDEAS, PREPARED TO SEEK MEANINGFUL LIFETIME SUCCESS AND TO LIVE BY OUR MOTTO, "DARE TO BE TRUE." 0 0 39612134 8861318 41604699 MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1015 STUDENTS IN GRADES K-12. STUDENTS ARE ENCOURAGED TO PARTICIPATE IN COMMUNITY SERVICE AND VOLUNTEER OPPORTUNITIES DURING THE YEAR IN AN EFFORT TO INSTILL A PASSION FOR GIVING BACK TO OTHERS FOR MANY YEARS. FULL AND PARTIAL SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. IN 2014, MILTON ACADEMY AWARDED FINANCIAL AID TO 27% OF OUR STUDENTS.SEE SCHEDULE O FOR FULL DESCRIPTION.MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1015 STUDENTS IN GRADES K-12. STUDENTS ARE ENCOURAGED TO PARTICIPATE IN COMMUNITY SERVICE AND VOLUNTEER OPPORTUNITIES DURING THE YEAR IN AN EFFORT TO INSTILL A PASSION FOR GIVING BACK TO OTHERS FOR MANY YEARS. FULL AND PARTIAL SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. IN 2014, MILTON ACADEMY AWARDED FINANCIAL AID TO 27% OF OUR STUDENTS.MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. OUR ACTIVE LEARNING ENVIRONMENT, IN AND OUT OF THE CLASSROOM, DEVELOPS CREATIVE AND CRITICAL THINKERS, UNAFRAID TO EXPRESS THEIR IDEAS, PREPARED TO SEEK MEANINGFUL LIFETIME SUCCESS AND TO LIVE BY THE MOTTO, "DARE TO BE TRUE." THE COMMUNITY SERVICE PROGRAM SEEKS TO INSTILL AND SUPPORT A PASSION FOR SERVICE IN MILTON ACADEMY'S STUDENTS, FACULTY AND STAFF. THROUGH PROVIDING A MULTITUDE OF OPPORTUNITIES FROM TUTORING IN LOCAL SCHOOLS, TO DONATING BLOOD, TO ASSISTING THE ELDERLY, THE PROGRAM STRIVES TO PROVIDE THE MILTON COMMUNITY WITH INTERESTING AND MEANINGFUL SERVICE OPPORTUNITIES. ON AVERAGE, ABOUT 200 STUDENTS PERFORM WEEKLY SERVICE AT OVER 30 DIFFERENT ORGANIZATIONS IN THE GREATER BOSTON AREA. ANOTHER 200 STUDENTS PARTICIPATE IN MULTI-ANNUAL EVENTS SUCH AS THE GREATER BOSTON FOODBANK, SPECIAL OLYMPICS TOURNAMENTS, THE BLOOD DRIVE AND HOLIDAY GIVING EVENTS. THE ENTIRE MILTON COMMUNITY PARTICIPATES IN THE ANNUAL OXFAM HUNGER BANQUET AND THE BI-ANNUAL COMMUNITY SERVICE DAY. EACH YEAR, THE PROGRAM ALSO SUPPORTS INDIVIDUAL AND GROUP INITIATIVES FOR PARTICULAR CAUSES, SUCH AS OVERSEAS ORPHANAGES, AND HURRICANE RELIEF. 3238136 696889 3435668 THE MOUNTAIN SCHOOL OF MILTON ACADEMY IS AN INDEPENDENT SEMESTER PROGRAM THAT PROVIDES HIGH SCHOOL JUNIORS THE OPPORTUNITY TO LIVE AND WORK ON AN ORGANIC FARM IN RURAL VERMONT. EACH SEMESTER THE MOUNTAIN SCHOOL DRAWS 45 HIGH-ACHIEVING STUDENTS FROM ALL OVER THE COUNTRY. COURSES PROVIDE A DEMANDING, INTEGRATED LEARNING EXPERIENCE THAT TAKES FULL ADVANTAGE OF THE SCHOOL'S SMALL SIZE AND MOUNTAIN CAMPUS. STUDENTS COME FROM DIFFERENT BACKGROUNDS AND SCHOOLS AROUND THE COUNTRY, AND ARE CHALLENGED TO WORK TOGETHER AND LEARN FROM EACH OTHER, AS THEY EXPLORE THE INTERSECTION OF THE SCHOOL'S FARM, ACADEMIC PROGRAM, AND RESIDENTIAL LIFE. THE GOAL IS FOR STUDENTS TO RETURN TO THEIR SCHOOLS AND COMMUNITIES, MORE CLEAR ABOUT THEMSELVES AND BETTER PREPARED TO BECOME EFFECTIVE CITIZENS. 1665366 THROUGH INTERSCHOLASTIC AND INTRAMURAL SPORTS, AS WELL AS PHYSICAL EDUCATION COURSES, ALL MILTON ACADEMY STUDENTS ARE INVOLVED IN PHYSICALLY ACTIVE AND CHALLENGING PURSUITS THAT HELP FORM AN EXCEPTIONAL EDUCATIONAL EXPERIENCE. ATHLETIC ACTIVITY IS CERTAINLY AN EXPRESSION OF ONE FORM OF INTELLIGENCE, AN INTELLIGENCE THAT NEEDS TO BE DEVELOPED AND NURTURED AS DOES ANY OTHER. 521296 857962 MILTON ACADEMY PROVIDES A SATURDAY COURSE TO GIFTED STUDENTS, SUMMER DAY CAMPS, ADULT WORKSHOPS, AN OUTDOOR PROGRAM, AFTER SCHOOL ACTIVITIES, AND YEARBOOK PROGRAM. 387652 COLLEGE COUNSELING:THE COLLEGE COUNSELING OFFICE AT MILTON BUILDS ITS PROGRAM AROUND INDIVIDUALISM. WE BELIEVE THAT THE COLLEGE COUNSELING PROCESS BEGINS AND ENDS WITH THE STUDENT. WE KNOW THAT EACH STUDENT HAS A DIFFERENT STORY, OUR GUIDING PRINCIPLE IS MUCH LIKE THAT OF A GOOD TEACHER: START WHERE THE STUDENT IS. 908948 857962 45424584 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 1 164 0 1 625 1 1 1 0 0 0 0 0 0 0 0 0 X 31 31 1 0 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MA X EDWARD DONAHUE 6178982280 170 CENTRE STREET MILTON MA 021863397 GEORGE ALEX TRUSTEE 1.00 X 0 0 0 ROB AZEKE TRUSTEE 1.00 X 0 0 0 ROBERT CUNHA TRUSTEE 1.00 X 0 0 0 MARK DENNEEN TRUSTEE 1.00 X 0 0 0 CATHERINE KITTY GORDAN TRUSTEE 1.00 X 0 0 0 CLAIRE HUGHES JOHNSON TRUSTEE 1.00 X 0 0 0 PETER R KAGAN TRUSTEE 1.00 X 0 0 0 STEPHEN LEBOVITZ TRUSTEE 1.00 X 0 0 0 YUNLI LOU TRUSTEE 1.00 X 0 0 0 STUART MATHEWS TRUSTEE 1.00 X 0 0 0 CHRIS MCKOWN TRUSTEE 1.00 X 0 0 0 WENDY NICHOLSON TRUSTEE 1.00 X 0 0 0 CATHY P SAKELLARIS TRUSTEE 1.00 X 0 0 0 KIMBERLY STEIMLE TRUSTEE 1.00 X 0 0 0 DUNE THORNE TRUSTEE 1.00 X 0 0 0 ERICK TSENG TRUSTEE 1.00 X 0 0 0 DOROTHY ALTMAN WEBER TRUSTEE 1.00 X 0 0 0 EDWARD E WENDELL TRUSTEE 1.00 X 0 0 0 RONNELL WILSON TRUSTEE 1.00 X 0 0 0 V-NEE YEH TRUSTEE 1.00 X 0 0 0 JAMES M FITZGIBBONS TRUSTEE EMERITUS 1.00 X 0 0 0 MARGARET JEWETT GREER TRUSTEE EMERITUS 1.00 X 0 0 0 FRANKLIN W HOBBS IV TRUSTEE EMERITUS 1.00 X 0 0 0 HAROLD W JANEWAY TRUSTEE EMERITUS 1.00 X 0 0 0 H MARSHALL SCHWARZ TRUSTEE EMERITUS 1.00 X 0 0 0 BRADLEY BLOOM TRUSTEE - PRESIDENT 4.00 X X 0 0 0 ELISABETH DONOHUE TRUSTEE - VICE PRESIDENT 3.00 X X 0 0 0 OGDEN M HUNNEWELL TRUSTEE - VICE PRESIDENT 3.00 X X 0 0 0 F WARREN MCFARLAN TRUSTEE - VICE PRESIDENT 3.00 X X 0 0 0 JOHN FITZGIBBONS TRUSTEE - TREASURER 3.00 X X 0 0 0 FREDERICK G SYKES TRUSTEE - SECRETARY 3.00 X X 0 0 0 THEODORICK BLAND HEAD OF SCHOOL 60.00 X 591920 0 91533 STEVEN MOORE CFO 50.00 X 221575 0 35685 ALDEN SMITH DIR. OF THE MTN SCHOOL 50.00 X 101730 0 29398 GORDON SEWALL ASST. HEAD OF SCHOOL FOR ALUMNI 50.00 X 212537 0 57442 CATHLEEN EVERETT CHIEF COMMUNCATIONS OFFICER 50.00 X 157477 0 13785 PAUL REBUCK DEAN OF ADMISSION 50.00 X 148487 0 77158 DAVID BALL PRINCIPAL, UPPER SCHOOL 50.00 X 140630 0 38069 MARSHALL CARTER PRINCIPAL, K-8 50.00 X 131073 0 14668 STEPHANIE TRUESDELL DIRECTOR OF DEVELOPMENT 50.00 X 130977 0 33974 1836406 0 391712 19 0 1 0 FLIK 3 INTERNATIONAL DRIVE RYE BROOK NY 10573 DINING SERVICE 2651725 SUBURBAN CONTRACT CLEANING 65 BAYSTATE ROAD SUITE 4 BRAINTREE MA 02184 CLEANING COMPANY 804921 CM CLEANING CO 32 WASHINGTON ST STOUGHTON MA 02072 CLEANING COMPANY 434398 DIRECT ENERGY BUSINESS 1001 LIBERTY AVENUE SUITE 1200 PITTSBURGH PA 15222 ENERGY COMPANY 393746 FIRST STUDENT INC 15 YORK AVENUE RANDOLPH MA 02368 TRANSPORTATION 320951 24 19348399 925276 19348399 TUITION 900099 44520950 44520950 AUXILIARY AND OTHER INCOME 900099 1545430 1377379 168051 46066380 4262638 245169 4017469 39850161 35483295 33467 4366866 -33467 4333399 4333399 74010816 45898329 413220 8350868 9558207 9558207 1660315 841896 260680 557739 21055998 15576914 4315092 1163992 1463180 874633 535966 52581 3607509 2263715 1249740 94054 1496259 891330 541157 63772 97430 97430 30268 30268 92173 92173 3707793 3707793 1756874 1097409 541297 118168 227879 5670 222209 7432273 5953341 1185342 293590 1623804 1623804 686285 436034 170445 79806 178012 15324 5568 157120 2190181 1642636 438036 109509 5206621 3904966 1041324 260331 434116 434116 DINING SERVICES 2375466 2362509 12957 TAXES - REAL ESTATE 100652 100652 BAD DEBTS 82880 82880 65064175 45424584 16596756 3042835 819431 1684986 8398823 8781693 7778693 9551270 281190 240398 137905524 85671002 54057394 52234522 51408336 57807947 166541966 201645658 4021076 4164948 293306909 336111422 4630584 5162855 2426239 2876726 49606697 49325831 2073932 1824707 58737452 59190119 X 34915127 46763672 109126546 133623819 90527784 96533812 234569457 276921303 293306909 336111422 X 8946641 33573414 -168209 X 0 1 X 1 0 X 10751208 13611661 9532326 9493881 19348399 62737475 10751208 13611661 9532326 9493881 19348399 62737475 10213833 52523642 2290872 1878922 2905157 2767989 4262638 14105578 76843053 210464876 0.68350 0.74220 X FORM 990, SCHEDULE A, PART I, LINE 7: THE BASIS OF MILTON ACADEMY'S PUBLIC CHARITY STATUS HAS BEEN AND CONTINUES TO BE ITS QUALIFICATION AS A SCHOOL DESCRIBED IN SECTION 170(B)(1)(A)(II). THE ORGANZIATION HAS CHECKED BOX 7 ON SCHEDULE A, PART I AND COMPLETED SCHEDULE A, PART II IN ORDER TO DEMONSTRATE ITS QUALIFICATION TO FOLLOW THE SPECIAL RULE FOR ABBREVIATED REPORTING OF CONTRIBUTIONS ON FORM 990, SCHEDULE B. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 214171011 10878336 37984726 8588667 284916 254160490 188587517 4308597 29429890 8018628 136365 214171011 195075818 6337849 -4999960 7729000 97190 188587517 166075724 3923674 33417960 8230995 110545 195075818 145661036 1993489 18570107 8562000 -8413092 166075724 0.14440 0.34910 0.50650 1 0 367817 367817 123755587 77086768 46668819 7070928 4403490 2667438 6711192 4180744 2530448 52234522 DOMESTIC EQUITY SECURITIES 7584645 F INTERNATIONAL EQUITY SECURITIES 60070048 F REAL ESTATE PARTNERSHIPS 23256901 F RELATIVE VALUE 67341383 F TRUST INVESTMENTS 2413459 F ILLIQUID CREDIT 11285966 F PRIVATE EQUITY & VENTURE CAPITAL 27535138 F POOLED INCOME 2158118 F 201645658 PAYABLE TO ANNUITANTS 842590 ASSET RETIREMENT OBLIGATION 213186 OBLIGATIONS UNDER INTEREST RATE SWAP CONTRACTS 768931 1824707 X 94441216 33573414 -9756053 23817361 70623855 3420428 -33467 3386961 74010816 52089370 -154938 -154938 52244308 3420428 9399439 12819867 65064175 PART V, LINE 4: THE ENDOWMENT IS USED TO INVEST FUNDS FOR THE SCHOOL. A SPENDING RATE OF 4.70 PERCENT OF A ROLLING 12 QUARTER AVERAGE FAIR VALUE OF THE INVESTMENTS IS USED TO FUND PROGRAMS AND PROVIDE SCHOLARSHIPS. PART X, LINE 2: THE ACADEMY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE ACADEMY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS WELL AS ITS DECISION TO CLASSIFY INCOME AS RELATED OR UNRELATED AS ITS ONLY SIGNIFICANT POSITIONS; HOWEVER, THE ACADEMY HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE ACADEMY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -356,614. STUDENT FINANCIAL AID -9,399,439. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON RETIREMENT OF PP&E -32,847. WRITTEN OFF CONSTRUCTION IN PROGRESS -620. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP CONTRACT -188,405. LOSS ON RETIREMENT OF PP&E 32,847. WRITTEN OFF CONSTRUCTION IN PROGRESS 620. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 9,399,439. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 MILTON ACADEMY'S NONDISCRIMINATORY POLICY IS PUBLISHED IN THE SCHOOL'S BROCHURES AND APPLICATIONS. IT IS ALSO INCLUDED IN THE BOSTON GLOBE. EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 10051000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 1858000 NORTH AMERICA 0 0 INVESTMENTS 7393000 0 0 0 0 0 0 19302000 0 19302000 1 0 1 1 1 0 1 MARTS AND LUNDY PART IV LYNDHURST NJ 07071 CONSULTING 0 0 37974 0 GRENZEBACK GLIER & ASSOC PART IV CHICAGO IL 60611 CONSULTING 0 0 54199 0 92173 MA SCHEDULE G, PART I, LINE 2B, COLUMN (V) PROFESSIONAL FUNDRAISING FEES CONSISTED OF CONSULTING SERVICES, INCLUDING; STRATEGIC GUIDANCE ON THE CAMPAIGN, TELEPHONE CONFERENCING WITH STAFF, ATTENDANCE AT TRUSTEE MEETINGS VIA PHONE, SUPPORT AND STRATEGY FOR INDIVIDUAL PROGRAMS WITHIN DEVELOPMENT AND ALUMNI AND PARENT RELATIONS OFFICE, A MESSAGING PLATFORM, AND ASSISTANCE WITH A DESIGN FIRM SEARCH. SCHEDULE G, PART I, LINE 2B, LIST OF TEN HIGHEST PAID FUNDRAISERS: (I) ADDRESS OF FUNDRAISERS: MARTS AND LUNDY 1200 WALL ST., WEST LYNDHURST, NJ 07071 GRENZEBACK GLIER & ASSOCIATES 401 N. MICHIGAN AVE., SUITE 2800 CHICAGO, IL 60611 1 SCHOLARSHIPS 273 8702550 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SCHOLARSHIPS - MOUNTAIN SCHOOL 34 696889 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SUPPLEMENTAL FINANCIAL AID 102 158768 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE PART I, LINE 2: MOST GRANT EXPENSE CONSISTS OF SCHOLARSHIP AWARDS WHICH ARE CREDITED DIRECTLY TO STUDENT ACCOUNTS AT THE ACADEMY. PART III, COLUMN (B): THE 102 STUDENTS THAT RECEIVED SUPPLEMENTAL FINANCIAL AID ARE PART OF THE SAME GROUP AS THE SCHOLARSHIPS WITH THE 273 RECIPIENTS. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 THEODORICK BLAND HEAD OF SCHOOL 464720 0 0 0 127200 0 37900 0 53633 0 683453 0 0 0 STEVEN MOORE CFO 221575 0 0 0 0 0 35260 0 425 0 257260 0 0 0 GORDON SEWALL ASST. HEAD OF SCHOOL FOR ALUMNI 202537 0 10000 0 0 0 16890 0 40552 0 269979 0 0 0 CATHLEEN EVERETT CHIEF COMMUNCATIONS OFFICER 155477 0 2000 0 0 0 12199 0 1586 0 171262 0 0 0 PAUL REBUCK DEAN OF ADMISSION 146487 0 2000 0 0 0 11719 0 65439 0 225645 0 0 0 DAVID BALL PRINCIPAL, UPPER SCHOOL 138630 0 2000 0 0 0 11124 0 26945 0 178699 0 0 0 STEPHANIE TRUESDELL DIRECTOR OF DEVELOPMENT 128977 0 2000 0 0 0 28274 0 5700 0 164951 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS LIMITED TO THE HEAD OF SCHOOL AND IS DONE SO WITH DISCRETION ON A CASE BY CASE BASIS WHEN DEEMED APPROPRIATE. THE TRAVEL FOR COMPANIONS BENEFIT IS TREATED AS NONTAXABLE COMPENSATION. HOUSING BENEFITS ARE NORMATIVE FOR HEAD OF SCHOOL AND CERTAIN OTHER KEY EMPLOYEES, OFFICERS, AND HIGHLY COMPENSATED EMPLOYEES TO BE AVAILABLE TO STUDENTS 24 HOURS A DAY TO FULLFILL DUTIES. HOUSING BENEFITS ARE TREATED AS A NONTAXABLE WORKING CONDITION FRINGE BENEFIT. PERSONAL SERVICES ARE PROVIDED IN THE FORM OF HOUSE CLEANING AND IS TREATED AS NONTAXABLE COMPENSATION. PART I, LINE 7 BONUSES FOR GORDON SEWALL $10,000, CATHLEEN EVERETT $2,000, PAUL REBUCK $2,000, DAVID BALL $2,000, MARSHALL CARTER $2,000 AND STEPHANIE TRUESDELL $2,000 WERE DETERMINED BY THE HEAD OF SCHOOL. A MA DEV 2009 SERIES A 043431814 SEEBELOWX 2009-12-22 25555000 TO FUND CONSTRUCTION 0 0 0 B MA DEV 2009 SERIES B 043431814 57583RR64 2009-12-22 17265000 TO FUND CONSTRUCTION 0 0 0 C MA DEV 2009 SERIES C 043431814 SEEBELOWX 2009-12-22 9610000 TO FUND CONSTRUCTION 0 0 0 A 27912858 2625160 12919895 230083 8999062 3138658 2012 0 1 1 1 B 17177103 1651 17025315 150137 2009 0 1 1 1 C 10487204 961015 9469000 57189 2009 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 NA 0 0 0 NA 0 0 1 B 0 1 0 0 1 1 MA DEV FINANCE AGENCY 0 0 0 NA 0 0 1 C 0 1 0 0 0 0 NA 0 0 0 NA 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART I AND II: FOR BOND A, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND B, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND C, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FORM 990, SCHEDULE K, PART I, LINE A, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES A BONDS ARE: 57583RQ40, 57583RR72, 57583RR57, 57583RR80, 57583RQ65, 57583RQ73 FORM 990, SCHEDULE K, PART I, LINE C, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES C BONDS ARE: 57583RQ81, 57583RQ99, 57583RR23, 57583RR64. 232235 TUITION ABATEMENT EMPLOYEE BENEFIT X 2 2 BOOK VALUE X 73455 FAIR MARKET VALUE X 110 850638 FAIR MARKET VALUE X DINNER 1 1181 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER LISTED IN PART I, COLUMN (B) REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 2 JOHN FITZGIBBONS (TRUSTEE) IS THE SON ON JAMES FITZGIBBONS (EMERITUS.) FORM 990, PART VI, SECTION B, LINE 11 THE INFORMATION REQUESTED ON THE 990 IS GATHERED BY THE BUSINESS OFFICE STAFF. THE 990 FORM IS PREPARED BY OUR INDEPENDENT ACCOUNTING FIRM, CBIZ TOFIAS. THE DRAFT FORM IS REVIEWED BY THE CONTROLLER, CFO, AND HEAD OF SCHOOL, PRIOR TO BEING REVIEWED AND APPROVED IN ITS ENTIRETY (INCLUDING THE SCHEDULE B - SCHEDULE OF CONTRIBUTORS) BY THE AUDIT COMMITTEE. THE ENTIRE FORM (EXCLUDING THE SCHEDULE B - SCHEDULE OF CONTRIBUTORS) IS MADE AVAILABLE ON THE TRUSTEE WEBSITE, BEFORE FILING, AND ALL TRUSTEES ARE NOTIFIED BY EMAIL THAT THE FORM 990 IS AVAILABLE FOR REVIEW ON THE TRUSTEE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C THE CONTROLLER'S OFFICE REVIEWS TRANSACTIONS WITH INTERESTED PERSONS (TRUSTEES, TRUSTEE COMMITTEE MEMBERS, AD COUNCIL MEMBERS, DEPARTMENT HEADS, OFFICERS, OR ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE AT THE ORGANIZATION) TO ENSURE THAT CONFLICTS ARE DISCLOSED. ALL INTERESTED PERSONS MUST COMPLETE A CONFLICT OF INTEREST POLICY MEMORANDUM OF DISCLOSURE ANNUALLY AND SHALL UPDATE THE DISCLOSURE AT ANY TIME DURING THE YEAR WHENEVER A POTENTIAL OR APPARENT CONFLICT MAY ARISE. THE AUDIT COMMITTEE, THE HEAD OF SCHOOL, OR THE BOARD OF TRUSTEES, AS APPROPRIATE, SHALL ADDRESS CONFLICTS OF INTEREST INVOLVING INTERESTED PERSONS IN ACCORDANCE WITH THE STANDARDS SET FORTH IN THIS POLICY. PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST WITH INTERESTED PERSONS: 1) PROHIBITION. NO INTERESTED PERSON MAY ENTER INTO A TRANSACTION OR ARRANGEMENT WITH THE ORGANIZATION UNLESS THE FACTS OF SUCH TRANSACTION OR ARRANGEMENT, INCLUDING THE INTERESTED PERSON'S INTEREST THEREIN, HAVE BEEN FULLY DISCLOSED AND THE TRANSACTION OR ARRANGEMENT HAS BEEN EXPRESSLY AUTHORIZED BY THE DISINTERESTED MEMBERS OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE. 2) DUTY TO DISCLOSE. IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT UNDER CONSIDERATION BY THE ORGANIZATION, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF SUCH INTERESTED PERSON'S OR ANY OTHER INTERESTED PERSON'S INTEREST TO THE ORGANIZATION'S AUDIT COMMITTEE. 3) PROCESS: A. AN INTERESTED PERSON MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL FACTS TO THE AUDIT COMMITTEE OR BOARD OF TRUSTEES AT A MEETING CALLED FOR THE PURPOSE OF CONSIDERING THE TRANSACTION OR ARRANGEMENT AND THE INTERESTED PERSON'S INTEREST. AFTER THE INTERESTED PERSON'S PRESENTATION, THE INTERESTED PERSON SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, SUCH TRANSACTION OR ARRANGEMENT. B. THE CHAIR OF THE AUDIT COMMITTEE OR THE PRESIDENT OF THE BOARD OF TRUSTEES SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, INCLUDING A REVIEW OF SURVEYS OF COMPARABLE DATA WHERE APPROPRIATE, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE BY A VOTE OF THE DISINTERESTED TRUSTEES OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE, WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE, AND THEREFORE WHETHER TO ENTER INTO SUCH TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 IN SETTING, REVIEWING AND APPROVING THE COMPENSATION OF THE HEAD OF SCHOOL AND REVIEWING AND APPROVING THE COMPENSATION OF THE ADMINISTRATIVE COUNCIL, THE COMPENSATION COMMITTEE OF MILTON ACADEMY UTILIZES A THREE-PART PROCESS. THE PROCESS INCLUDES: IMPARTIAL DECISION MAKERS, COMPARABILITY DATA, AND CONCURRENT DOCUMENTATION. THE PROCEDURES ARE IN PLACE SO THAT PAYMENTS UNDER THE ORGANIZATION'S EXECUTIVE COMPENSATION ARRANGEMENTS ARE PRESUMED TO BE REASONABLE, UNDER TREAS. REG. SECTION 53.4958-6. 1. IMPARTIAL DECISION MAKERS. THE COMPENSATION ARRANGEMENT MUST BE APPROVED IN ADVANCE (BEFORE ANY PAYMENT IS MADE) BY THE COMPENSATION COMMITTEE OF MILTON ACADEMY COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT. 2. COMPARABILITY DATA. WHEN THE COMPENSATION COMMITTEE IS CONSIDERING COMPENSATION TO COVERED INDIVIDUALS, IT MUST RELY ON COMPARABILITY DATA THAT DEMONSTRATE THE FAIR MARKET VALUE OF THE COMPENSATION IN QUESTION. FOR EXAMPLE, WHEN CRAFTING COMPENSATION PACKAGES, THE COMPENSATION COMMITTEE MUST SECURE DATA THAT DOCUMENTS COMPENSATION LEVELS FOR SIMILARLY QUALIFIED INDIVIDUALS IN LIKE POSITIONS AT LIKE ORGANIZATIONS. POSSIBLE SOURCES INCLUDE, BUT ARE NOT NECESSARILY LIMITED TO: A) EXPERT COMPENSATION STUDIES BY INDEPENDENT FIRMS; B) SURVEY DATA FROM THE ASSOCIATION OF BUSINESS OFFICERS AT PREPARATORY SCHOOLS, NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND, OR OTHER EDUCATIONAL ASSOCIATIONS C) INFORMATION OBTAINED FROM THE IRS FORM 990 FILINGS OF SIMILAR ORGANIZATIONS D) WRITTEN JOB OFFERS FOR POSITIONS AT SIMILAR ORGANIZATIONS. 3. CONCURRENT DOCUMENTATION. THE COMPENSATION COMMITTEE MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED. RECORDS MUST BE PREPARED BEFORE THE LATER OF THE NEXT MEETING OF THE AUTHORIZED BODY OR 60 DAYS AFTER THE FINAL ACTION OR ACTIONS OF THE AUTHORIZED BODY ARE TAKEN. RECORDS MUST BE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE AS REASONABLE, ACCURATE AND COMPLETE WITHIN A REASONABLE TIME PERIOD THEREAFTER. TO QUALIFY AS CONCURRENT DOCUMENTATION, WRITTEN OR ELECTRONIC RECORDS OF THE COMPENSATION COMMITTEE (SUCH AS MEETING MINUTES) MUST NOTE: A) THE TERMS OF THE COMPENSATION AND THE DATE IT WAS APPROVED; B) THE MEMBERS OF THE COMPENSATION COMMITTEE WHO WERE PRESENT DURING THE DISCUSSION OF THE COMPENSATION THAT WAS APPROVED AND THOSE WHO VOTED ON IT; C) THE COMPARABILITY DATA OBTAINED AND RELIED UPON AND HOW THE DATA WAS OBTAINED; D) IF THE COMPENSATION COMMITTEE DETERMINES THAT REASONABLE COMPENSATION FOR A SPECIFIC ARRANGEMENT IS HIGHER OR LOWER THAN THE RANGE OF COMPARABILITY DATA OBTAINED, THE COMPENSATION COMMITTEE MUST RECORD THE BASIS FOR ITS DETERMINATION, AND E) ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE COMPENSATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE COMPENSATION COMMITTEE BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE DECISION ON THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 MILTON ACADEMY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA ITS WEBSITE: WWW.MILTON.EDU. THE FORM 990 IS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS -356,614. GAIN ON INTEREST RATE SWAP CONTRACT 188,405.