2013-02-14T15:13:14-07:00 2012-06-30 990 2011-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 J Hale Smith 9784487566 2013-02-14 2011 2016-03-07 17:11:31Z J Hale Smith PO Box 991 Groton MA 01450 46343028 0 X www.groton.org X 1884 MA Groton provides college and university preparatory education for students in grades eight to twelve. 29 28 215 630 -103599 0 4012672 7982516 17814498 18416804 17450273 15477582 336297 311082 39613740 42187984 5036422 5140650 0 0 14717055 15316855 0 0 2045443 15605941 16414752 35359418 36872257 4254322 5315727 421402610 411490784 69395211 78082487 352007399 333408297 Groton School is dedicated to educating promising students in a diverse and intimate community that fosters intellectual, moral, and spiritual character and physical development in preparation for lifelong learning, leadership, and service to others. 0 0 29880013 5140650 18416804 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides financial aid assistance for 37% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books and laptop purchases. (371 students) 0 0 0 29880013 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 1 233 0 1 215 1 1 1 1 CJ EI UK 0 0 0 0 0 0 0 1 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X J Hale Smith 9784487566 PO Box 991 Groton MA 014500991 David Altshuler 4 X 0 0 0 Charles A Anton 4 X 0 0 0 Auguste J Bannard 4 X 0 0 0 Amelia Manice Berkowitz 4 X 0 0 0 Brian T Bristol 4 X 0 0 0 James A Bundy 4 X 0 0 0 Diana V Chigas 4 X 0 0 0 Franz F Colloredo Mansfeld 4 X 0 0 0 Henry P Davis 4 X 0 0 0 Peter C Erichsen 4 X 0 0 0 Grant A Gund 4 X 0 0 0 Stephen G Hill 4 X 0 0 0 Kenneth C Irving 4 X 0 0 0 John R S Jacobsson 4 X 0 0 0 Thomas Kalaris 4 X 0 0 0 Jonathan D Klein 4 X 0 0 0 Alexander Robert Krapf 4 X 0 0 0 Vikram Malhotra 4 X 0 0 0 Andrew S Paul 4 X 0 0 0 Benjamin N Pyne 4 X 0 0 0 R Roland Reyholds 4 X 0 0 0 James H R Windels 4 X 0 0 0 Ann Bakewell Woodward 4 X 0 0 0 Richard G Woolworth Jr 4 X 0 0 0 James H Higgins III 12 X X 0 0 0 Jennifer Ayer Sandell 4 X X 0 0 0 D D Willard Gardiner Jr 4 X X 0 0 0 Dr Lori D Hill 4 X X 0 0 0 Richard B Commons 60 X X 418384 0 184067 J Hale Smith 60 X 200720 0 87619 John MacEachern 50 X 193922 0 87779 John Niles 50 X 124637 0 33968 Ian Gracey 50 X 113432 0 128844 John Amirault 45 X 110922 0 28833 Frederick Beams 50 X 101977 0 61738 1263994 0 612848 7 0 1 0 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1270311 Mahan Slate Roofing Company 32 Verge Springfield MA 01129 Construction 574545 Friedrich Construction 41 Central Street Auburn MA 01501 Construction 510480 Prospect Building Service Corporation 360 Pearl Street Malden MA 02148 Custodial Service 372921 Floyd Company Inc 135 South Road Bedford MA 01730 Construction 242892 16 0 0 0 0 0 7982516 1252023 7982516 Tuition 611600 17585508 17585508 0 0 Student support services 611710 655974 655974 0 0 Application Fees 611710 74700 74700 0 0 Tuition refund fee 611710 39306 39306 0 0 Student billing finance charge 611710 20366 20366 0 0 40950 40950 0 0 18416804 4129322 0 -111880 4241202 0 0 0 0 0 0 0 0 334249 0 23167 0 311082 0 311082 0 8281 302801 15480137 0 4131877 0 11348260 0 11348260 0 0 11348260 0 0 42187984 18416804 -103599 15892263 103068 103068 5037582 5037582 0 0 0 0 881905 0 881905 0 0 0 0 0 9833558 7283012 1553316 997230 1457059 982473 337944 136642 2487840 1657298 586277 244265 656493 429262 160680 66551 0 0 0 0 133191 10573 117457 5161 94403 9852 84551 0 0 0 0 0 0 0 1349958 1349958 0 0 714311 527499 117816 68996 385676 82625 194319 108732 203058 76123 74174 52761 367485 105666 241052 20767 0 0 0 0 2624058 2593104 28266 2688 309154 83759 132855 92540 0 0 0 0 35731 16137 16222 3372 1999698 1999698 0 0 0 0 0 0 5581738 5463583 110339 7816 197915 78953 100862 18100 Food 762321 629373 36846 96102 General merchandise and equipment 613538 602930 3341 7267 Special events 607833 505494 37951 64388 Other regulatory 145762 61455 50019 34288 288922 190536 80609 17777 36872257 29880013 4946801 2045443 29824 20914 880148 992650 8040856 9583914 305288 417743 0 0 0 0 155098 129373 203208 221307 1157735 1069901 164216841 71436641 93684413 92780200 174946378 165449904 134771673 133590889 9797 15797 7218013 7218013 179 179 421402610 411490784 10708611 11927029 0 0 1553821 1657905 50165000 49415000 0 0 0 0 0 0 0 0 6967779 15082553 69395211 78082487 X 206388563 195426501 79322015 71711399 66296821 66270397 352007399 333408297 421402610 411490784 X 5315727 -23914829 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 306053479 3001319 -374150 2441835 10658642 0 295580171 265642371 3553974 47594562 2922392 7815036 0 306053479 242484014 5320500 27343554 1755423 7750274 0 265642371 291284441 2674640 -40111672 2106706 9256689 0 242484014 0.53 0.21 0.26 0 0 0 3862194 3862194 0 142545158 59016712 83528446 0 0 0 0 0 10438526 7488149 2950377 0 7370963 4931780 2439183 92780200 0 F 0 F Hedge Funds 76958362 F US Bond Funds 16279475 F Venture Capital Funds 16043752 F Real Asset Funds 15450316 F Private Equity Funds 8858984 F 133590889 0 Interest Rate Swap Agreements 13567887 Charitable Remainder Unitrusts 1035114 Charitable Gift Annuities 479552 15082553 42187984 36872257 5315727 -14333508 0 0 0 -9581321 -23914829 -18599102 20998456 -14333508 0 0 -4876544 -19210052 40208508 2002643 -23167 1979476 42187984 39597558 0 0 0 9492647 9492647 30104911 2002643 4764703 6767346 36872257 SchD_P05_S00_L04 Schedule D, Part V, Line 4 To support the educational mission of the School. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The School follows FASB ASC 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management believes that the School has no material uncertain tax positions. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in accrued pension liability ($2,901,683), interest rate swap agreements ($6,600,108), recovery provision for uncollectible pledges ($133,381), change in value split interest agreements $21,540, and deferred compensation withdrawal to fund vesting tax expense $32,311. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Change in value split interest agreements $21,540, financial aid ($4,764,703), and recovery provision for uncollectible pledges ($133,381). SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Rental expenses of ($23,167) are associated with unrelated business income. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Rental expense $23,167, change in value interest rate swap $6,600,108, change in accrued pension liability $2,901,683, and deferred compensation withdrawal for fund vesting ($32,311) SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial aid of $4,764,703 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The School's application, which can be mailed upon request or accessed through the School's website at www.groton.org, clearly stipulates that Groton does not discriminate on the basis of gender, race, color, disability, religion, sexual orientation, or national origin in the administration of the School's admission policies and financial programs. Europe (including Iceland and Greenland) 0 0 Program Services Reception held on September 27, 2011 in London. 50 people were in attendance. 15052 East Asia and the Pacific 0 0 Program Services Reception held on March 12, 2012 in Beijing. 25 people were in attendance. 4100 East Asia and the Pacific 0 0 Program Services Reception held on March 14, 2012 in Hong Kong. 25 people were in attendance. 4100 East Asia and the Pacific 0 0 Program Services Reception held on March 9, 2012 in Seoul Korea. 40 people were were in attendance. 6565 Europe (including Iceland and Greenland) 0 0 Investments 98630469 Central America and the Caribbean 0 0 Investments 46325044 0 0 144985330 1 0 0 0 1 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 The contribution was made to help the Town of Groton subsidize their annual operating costs. 1 9 Tuition Grant 137 0 4764703 Total credits applied to tuition Credits are applied to the tuition bill as a means of subsidizing the overall tution costs to qualified students attending Groton School. Incidental Grant 40 502 77294 Credits are applied to monthly bill Credits are applied to tuition bill as a means of subsidizing the overall incidental costs to qualified students attending Groton School. Travel Grant 71 141720 3206 Total travel credits that are applied to annual billing Credits are applied to the monthly incidental bill when travel related charges are posted as a means of subsidizing the overall travel costs for qualified boarding students attending Groton School. Laptop Grant 31 34574 0 Payments made to purchase laptops for qualified students Parent Travel Grant 45 15583 0 Payments made to travel agents for air travel and lodging SchI_P01_S00_L02 Schedule I, Part I, Line 2 The School works directly with town officials and local charitable organizations to assess future needs and the use of current and past monetary grants. The School also makes several other small donations throughout the year based on charitable purpose, historical relationship, and current needs. These one time contributions are not typically monitored by the CFO or the Headmaster. Financial aid grants are awarded annually to qualified students and are applied as credits to the tuition bill up to the amount of the grant for the current academic year. X X X X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Richard B Commons 313677 0 0 0 104707 0 115888 0 68179 0 602451 0 80698 J Hale Smith 200420 0 0 0 300 0 39439 0 48180 0 288339 0 0 John MacEachern 193922 0 0 0 0 0 38384 0 49395 0 281701 0 0 Ian Gracey 112630 0 0 0 803 0 18232 0 110611 0 242276 0 0 0 Frederick Beams 93660 0 0 0 8317 0 16716 0 45022 0 163715 0 0 0 John Niles 107337 0 0 0 17300 0 18173 0 15795 0 158605 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a Faculty are required to live in on-campus housing as a condition of employment. The Headmaster's home includes some space that is reserved for School related meetings and student activities. The cost of maintaining this allotted space is paid by the School and recorded as an operating expense. The Headmaster's contract, which is approved by the President and the Compensation Committee, includes the cost of a golf club and residential house cleaning. These costs are recorded by the School as taxable benefits and reported on the W-2. The School will only pay for the cost of a traveling spouse when they are also participating in School related fundraising events. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The Headmaster's contract, which is approved by the President and the Compensation Committee, included an annual $85,000 deferred compensation contribution. The School deposited the initial payment to a qualified 457(b) plan up to the annual IRS limit of $16,500. The remaining balance of $68,500 was deposited to a non-qualified 457(f) plan. Massachusetts Development Finance Agency 043431814 57583RMR3 2007-05-24 10000000 Building and Structure Renovations 0 0 0 0 0 10000000 9850000 0 0 130000 20000 0 9800000 50000 0 2009 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 The Bank of New York 40 0 0 0 0 1 Lindsay Commons Headmaster's Wife 28000 Salary for co-hosting events 0 X 113 1252023 FMV 0 0 1 0 SchM_P01_S00_L09 Schedule M, Part I, Line 9 The number of contributions represent the number of security gifts that were received during the fiscal year. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b A draft of the public disclosure version of the Form 990 was distributed electronically as a PDF transmission to each member of the Audit Committee prior to the January 2013 board meeting. The Committee performed a thorough review of the draft prior to presenting it to the full board. Each trustee was given the opportunity to ask questions and suggest possible revisions. Upon completion of the review, the board voted to accept the draft Form 990 including requested revisions. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c All School officers, Key Employees, and members of the Board of Trustees are required annually to read the conflict of interest policy and sign the document. This signature indicates an understanding of the guidelines and an assurance to the Board that they are in compliance with the policy. Any potential conflict must be disclosed and reviewed by the President of the Board to determine if further action is required. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 An employment contract between the Headmaster and the School is updated periodically and renewed annually. Each year, the President and Compensation Committee review the Headmaster's and other senior administrator's salaries and benefits. The annual salary and benefit offerings for the Chief Financial Officer are made by the Headmaster. All salaries and benefit offerings for the remaining School employees are updated annually and approved by the Chief Financial Officer or the Headmaster up to the budget limits set by the Board of Trustees. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The financial statements can be viewed on-line by going to www.disclosureusa.org or guidestar.org. These are both independently operated websites. The Conflict of Interest Policy and the Governing Documents may be viewed any time upon request. F990_P11_S00_L05 Form 990, Part XI, Line 5 Unrealized gain or loss on investments ($14,333,508), interest rate swap agreements ($6,600,108), split interest agreements $21,540, change in accrued pension liability ($2,901,683), recovery provision for uncollectible pledges ($133,381), and deferred compensation withdrawal to fund vesting tax expense $32,311. Charitable Remainder Unitrust PO Box 991 Groton MA 01450 776225577 Charitable Trust MD N/A T 36756 58246 0.61 Charitable Remainder Unitrust PO Box 991 Groton MA 01450 046936513 Charitable Trust MA N/A T 234146 220149 0.48 Charitable Remainder Unitrust PO Box 991 Groton MA 01450 776256949 Charitable Trust MA N/A T 111793 84933 0.43 Charitable Remainder Unitrust PO Box 991 Groton MA 01450 046898702 Charitable Trust MA N/A T 218986 142651 0.39 Charitable Remainder Unitrust PO Box 991 Groton MA 01450 046853022 Charitable Trust MA N/A T 365305 264777 0.32 Pooled Income Fund PO Box 991 Groton MA 01450 042628952 Pooled Income Fund MA N/A T 178831 1121927 0.86 Growth Pooled Income Fund PO Box 991 Groton MA 01450 046857176 Pooled Income Fund MA N/A T 37327 161635 0.81 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 The form 8868, an Application for Extension of Time to File an Exempt Organization Return, was filed on November 7, 2012. This extension provides the School's Board of Directors the time necessary to complete a thorough review of the return.