2014-11-07T13:00:43-06:00 2014-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFFICE PARK SUITE 102 BRAINTREE MA 02184 990 2013-07-01 237136083 MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION INC MOUN 9786326600 444 GREEN STREET GARDNER MA 01440 SCOT BARRETT TREASURER 9786326600 2014-10-27 1 DAVID A DIIULIS P00303577 6174711120 2014-10-22 2013 2015-11-30 17:44:51Z SCOT BARRETT 444 GREEN STREET GARDNER MA 01440 791075 0 X WWW.MWCC.EDU/FOUNDATION X 1971 MA AWARDING OF GRANTS AND SCHOLARSHIPS 21 21 0 0 0 0 306598 640253 0 0 75189 83761 13180 832 394967 724846 338799 640766 0 0 0 0 0 0 0 172356 98969 511155 739735 -116188 -14889 4658710 6696599 115874 44063 4542836 6652536 X THE MISSION OF MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION, INC. IS TO SECURE TIME, TALENT, AND TREASURE FROM PRIVATE AND PUBLIC SOURCES THAT WILL ENABLE THE COLLEGE TO PROVIDE ACCESSIBLE, AFFORDABLE EDUCATION, AND TO IMPLEMENT, SOCIAL, ECONOMICAL AND CULTURAL INITIATIVES. 0 0 640766 640766 FOSTERING AND PROMOTING EXCELLENCE IN EDUCATION AND RESEARCH THROUGH GRANTS AND SCHOLARSHIPS AND ASSISTING IN THE GROWTH AND IMPROVEMENT OF THE COLLEGE 640766 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X CARLA DEFOSSE EXECUTIVE DIRECTOR 9786326600 444 GREEN STREET GARDNER MA 01440 CHARLES P BOWLES DIRECTOR 1.00 X 0 0 0 PETER C ARMBRUSTER CLERK 1.00 X X 0 0 0 SCOT BARRETT TREASURER 1.00 X X 0 62783 16723 RICHARD A CELLA DIRECTOR 1.00 X 0 0 0 RICHARD FLANNAGAN DIRECTOR 1.00 X 0 0 0 REGINA WIRONEN DIRECTOR 1.00 X 0 0 0 JAMES GARRISON DIRECTOR 1.00 X 0 0 0 ANN MCDONALD DIRECTOR 1.00 X 0 183021 50660 GAIL STEELE DIRECTOR 1.00 X 0 125286 23361 RAYMOND MARTINO VICE CHAIRMAN 1.00 X X 0 0 0 RICHARD MOHNK CHAIRMAN 1.00 X X 0 0 0 ANTHONY A CETRONE DIRECTOR 1.00 X 0 0 0 WINFIELD BROWN DIRECTOR 1.00 X 0 0 0 WAYNE CANTY DIRECTOR 1.00 X 0 0 0 WALTER J DWYER IV DIRECTOR 1.00 X 0 0 0 RAYMOND LAFOND DIRECTOR 1.00 X 0 0 0 ERICA LIGHT DIRECTOR 1.00 X 0 0 0 DOUGLAS J PETERSON DIRECTOR 1.00 X 0 0 0 LINDA RACINE DIRECTOR 1.00 X 0 0 0 MOLLY RUBLE DIRECTOR 1.00 X 0 0 0 GEORGE JONES III DIRECTOR 1.00 X 0 0 0 CARLA DEFOSSE EXECUTIVE DIRECTOR 40.00 X 0 78069 21609 0 449159 112353 0 0 1 0 0 40406 599847 640253 80809 80809 13217 10265 2952 2952 2952 56796 40406 55964 832 832 724846 0 0 84593 640766 640766 47888 47888 5976 5976 4978 4978 8005 8005 2139 2139 LICENSING 13775 13775 DUES AND SUBSCRIPTIONS 12228 12228 MISCELLANEOUS EXPENSES 3980 3980 739735 640766 98969 0 535601 450698 580699 42821 2364 10528 3540046 4003055 0 2189497 4658710 6696599 23534 44063 92340 0 115874 44063 X 2285896 2543218 1956262 3797210 300678 312108 4542836 6652536 4658710 6696599 X -14889 470352 1328546 325691 X X 0 1 X 1 0 X 349309 221676 246260 306598 640253 1764096 349309 221676 246260 306598 640253 1764096 1764096 106164 97534 85423 73723 80809 443653 2207749 518558 0.79900 0.83490 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2583950 11430 473812 116771 2952421 2253650 29506 328782 27988 2583950 2230340 10000 38063 24753 2253650 1838715 18115 397630 24120 2230340 1479771 165340 307796 114192 1838715 0.81990 0.10570 0.07440 0 0 0 BEENEFICIAL INTEREST 2189497 2189497 X 1576853 470352 381655 852007 724846 0 724846 795699 55964 55964 739735 0 739735 PART V, LINE 4: ENDOWMENT FUNDS HELD BY THE FOUNDATION ARE RESTRICTED FOR SCHOLARSHIP AND FOR THE USE OF MOUNT WACHUSETT COMMUNITY COLLEGE. PART X, LINE 2: SCHEDULE D, PART X, LINE 2: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PRACTICED 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 INTEREST EXPENSE AND OTHER EXPENSE, RESPECTIVELY, IN THE STATEMENT OF ACTIVITIES. A TAX POSITION MAY BE CONSIDERED AS TAKEN ANY TIME A TAXPAYER CHOOSES AMONGST ALTERNATIVES THAT AFFECT THE AMOUNT OF THEIR TAX OBLIGATIONS AND INCLUDE FOR EXAMPLE: TAX EXEMPT STATUS; STATUS AS A PASS-THOUGH 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT EVENT COSTS 55,964. CHANGE IN VALUE OF BENEFICIAL INTEREST 325,691. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EVENT COSTS 55,964. SCHEDULE D, PART V THE ORGANIZATION'S ENDOWMENT FUNDS HAVE BEEN RESTATED TO INCLUDE BOARD DESIGNATED ENDOWMENT FUNDS THAT WERE NOT INCLUDED IN THIS SCHEDULE IN PAST FILINGS. GOLF EVENT 38793 7906 30887 10200 14166 HARVEST DINNER 55880 32500 23380 20868 8563 1 2529 2529 2167 97202 40406 56796 31068 24896 55964 832 0 MOUNT WACHUSETT COMMUNITY COLLEGE 144 GREEN STREET GARDNER MA 01440 046002284 115 640766 TO FULLFILL THE MISSION OF THE FOUNDATION BY SUPPORTING MOUNT WACHUSETT COMMUNITY COLLEGE. 1 0 0 0 0 0 0 0 0 0 ANN MCDONALD DIRECTOR 0 183021 0 0 0 0 0 0 0 50660 0 233681 0 0 FORM 990, PART VI, SECTION B, LINE 11 AS PART OF THE FORM 990 REVIEW PROCESS, THE FORM 990 NEEDS TO BE REVIEWED BY THE MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION BOARD OF TRUSTEES OR WILL BE DELEGATED TO A SUB-COMMITTEE WHERE A MEMBER OF THE FINANCE COMMITTEE WILL BE ABLE TO 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 IT CAN THEN BE FILED WITH THE INTERNAL REVENUE SERVICE AND THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE. FORM 990, PART VI, SECTION B, LINE 12C PERSONS COVERED BY THIS POLICY WILL ANNUALLY DISCLOSE OR UPDATE TO THE CHAIRMAN OF THE BOARD OF DIRECTORS THEIR INTERESTS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST, SUCH AS A LIST OF FAMILY MEMBERS, SUBSTANTIAL BUSINESS OR INVESTMENTS HOLDINGS, AND OTHER TRANSACTION OR AFFILIATIONS WITH BUSINESSES AND OTHER ORGANIZATIONS OR THOSE OF FAMILY MEMBERS. FORM 990, PART VI, SECTION B, LINE 15 THE MOUNT WACHUSSETT COMMUNITY COLLEGE FOUNDATION, INC. HAS NO EMPLOYEES. THE FOUNDATION INSTEAD USES EMPLOYEES OF MOUNT WACHUSSETT COMMUNITY COLLEGE. ALL SALARIES FOR THESE EMPLOYEES ARE PAID BY MOUNT WACHUSSETT COMMUNITY COLLEGE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUPLIC UPON REQUEST AND THROUGH THE PUBLISHING OF PRINTED REPORTS. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST 325,691. FORM 990, PART XII, LINE 2C: FORM 990, PART XII, LINE 2C: THE FOUNDATION DOES HAVE A FORMAL COMMITTEE RESPONSIBLE FOR OVERSIGHT OF THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT. THE PROCESS OF OVERSEEING THE AUDIT AND THE RELATED STATEMENTS HAVE NOT CHANGED SINCE THE PRIOR YEAR. MOUNT WACHUSETT COMMUNITY COLLEGE 444 GREEN STREET GARDNER MA 01440 046002284 COMMUNITY COLLEGE - EDUCATION MA 115 N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 MOUNT WACHUSETT COMMUNITY COLLEGE B 640766 END-OF-YEAR MARKET VALUE MOUNT WACHUSETT COMMUNITY COLLEGE P 47888 END-OF-YEAR MARKET VALUE MOUNT WACHUSETT COMMUNITY COLLEGE L 55964 END-OF-YEAR MARKET VALUE