2014-02-13T09:16:01-06:00 2013-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2012-07-01 222581930 MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION INC MASS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 KATHLEEN KIRLEIS 7812393000 2014-02-06 1 RAYMOND LOFSTROM P00297041 6174711120 2014-02-06 2012 2015-11-30 17:44:51Z KATHLEEN KIRLEIS 50 OAKLAND ST WELLESLEY HILLS MA 02481 3800239 0 X N/A X 1984 MA TO PROVIDE SCHOLARSHIPS AND COLLEGE FUNDRAISING 13 13 0 0 0 0 267990 298705 0 0 140519 147418 0 0 408509 446123 213983 351690 0 0 0 0 0 0 0 54673 36379 268656 388069 139853 58054 3889212 4293741 5228 59487 3883984 4234254 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 (CONTINUED ON PAGE 34) AND RESOURCING THE WORK OF THE COLLEGE'S TRUSTEES AND STAFF ON SHAPING THE FUTURE. 0 0 119456 119456 AWARDS SCHOLARSHIPS TO VARIOUS STUDENTS 232234 EQUIPMENT DONATIONS 351690 1 1 0 0 0 1 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 13 13 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 0.50 X 0 0 0 KEVIN KANE 0.50 X 0 0 0 SUSAN BONAUITO 0.50 X 0 0 0 JEROME CHASE 0.50 X 0 0 0 JEANNETTE A GERALD 0.50 X 0 0 0 DAVID J HIMMELBERGER 0.50 X 0 0 0 DANIEL B JULIANI 0.50 X 0 0 0 JAMES LEHAN 0.50 X 0 0 0 JAMES J MCKENZIE 0.50 X 0 0 0 ANNEMARIE MCKINLEY 0.50 X 0 0 0 WILLIAM G MORRIS 0.50 X 0 0 0 CYNTHIA SMITH FORREST 0.50 X 0 0 0 HARRY WELLS 0.50 X 0 0 0 RICHARD HASKELL 1.00 X 0 125751 34292 JOHN O'DONNELL 1.00 X 0 224929 61338 MARY SHIA 37.50 X 0 0 0 0 350680 95630 0 0 1 0 0 298705 298705 70009 70009 3431525 3354116 77409 77409 77409 446123 0 0 147418 232234 232234 119456 119456 248 248 7400 7400 22443 22443 763 763 MEMBERSHIP DUES 3321 3321 BANK SERVICE CHARGES 1501 1501 703 703 388069 351690 36379 0 132422 95305 11232 1422 3755368 4187204 3889212 4293741 5228 59487 5228 59487 X 1094284 1988233 1875831 1290152 913869 955869 3883984 4234254 3889212 4293741 58054 292216 0 X X 0 1 X 1 0 X 399553 270464 252543 267990 298705 1489255 399553 270464 252543 267990 298705 1489255 609713 879542 100049 89413 69570 80525 70009 409566 1898821 0.46320 0.75270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19 41427 15056 183074 0 1 2789700 62876 325550 83653 848452 2246021 2750424 81628 3905 46257 2789700 2398523 27027 356887 32013 2750424 2611256 98555 281987 126768 466507 2398523 3400598 386167 -284595 140125 750789 2611256 0.00000 0.43000 0.57000 0 0 0 EQUITY MUTUAL FUNDS 1593333 F BOND MUTUAL FUNDS 824999 F MARKETABLE EQUITY SECURITIES 1768872 F 4187204 X 738339 292216 292216 446123 0 446123 388069 0 388069 0 388069 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. 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 232234 FMV AUTOMOTIVE EQUIPMENT FOR USE BY THE COLLEGE'S AUTOMOTIVE TECHNOLOGY PROGRAM 1 0 SCHOLARSHIPS 156 119456 FMV SCHOLARSHIPS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FOUNDATION OFFICE RECEIVES INSTRUCTIONS FROM BOTH INDIVIDUAL DONORS AND ORGANIZATIONS AS TO HOW THE FUNDS ARE TO BE USED. THE FOUNDATION ACCOUNTANT DEPOSITS ALL CHECKS AND MAINTAINS BOOKS AND RECORDS OF EACH DONATION TO ENSURE THAT ALL FUNDS ARE PROPERLY ACCOUNTED FOR. CHECK REQUESTS ARE SIGNED OFF BY A SERIES OF COLLEGE PERSONNEL TO ENSURE THAT FUNDS ARE BEING EXPENDED APPROPRIATELY. CHECKS ARE ISSUED BY THE FOUNDATION ACCOUNTANT TO STUDENTS FOR TUITION, BOOKS, SUPPLIES, ETC. ACCORDING TO DONOR INSTRUCTIONS. THE FOUNDATION BOARD OF DIRECTORS RECEIVES MONTHLY REPORTS ON ALL DONATION AND EXPENDITURE ACTIVITY. X 1 1 X X 0 0 0 0 0 0 0 0 0 RICHARD HASKELL 0 125751 0 0 0 0 0 0 0 34292 0 160043 0 0 JOHN O'DONNELL 0 224929 0 0 0 0 0 0 0 61338 0 286267 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 127425 ESTIMATED ASSET VALUE X 1 1003 FMV X AUTO TECH TOOLS 1 8700 ESTIMATED ASSET VALUE X AUTOMOBILE PARTS 1 88058 ESTIMATED ASSET VALUE X PIANO 1 3800 ESTIMATED ASSET VALUE 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 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. 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 149100 FMV MASSACHUSETTS BAY COMMUNITY COLLEGE B 232234 FMV