2013-02-08T10:21:24-06:00 2012-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2011-07-01 222581930 MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION INC MASS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 RICHARD HASKELL 7812393000 2013-01-30 1 RAYMOND LOFSTROM P00297041 6174711120 2013-01-30 2011 2016-02-25 16:41:14Z RICHARD HASKELL 50 OAKLAND ST WELLESLEY HILLS MA 02481 1182859 0 X N/A X 1984 MA TO PROVIDE SCHOLARSHIPS AND COLLEGE FUNDRAISING 14 14 0 0 0 0 252543 267990 0 0 102766 140519 0 0 355309 408509 216921 213983 0 0 0 0 0 0 0 89216 54673 306137 268656 49172 139853 3887030 3889212 7817 5228 3879213 3883984 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 37520 AWARDS SCHOLARSHIPS TO VARIOUS STUDENTS 176463 EQUIPMENT DONATIONS 213983 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 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X RICHARD HASKELL 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 X DANIEL B JULIANI 0.50 X 0 0 0 MICHELLE DROLET 0.50 X 0 0 0 WILLIAM G MORRIS 0.50 X 0 0 0 TIMOTHY P JONES 0.50 X 0 0 0 JEANNETTE A GERALD 0.50 X 0 0 0 DAVID J HIMMELBERGER 0.50 X 0 0 0 JAMES J MCKENZIE 0.50 X 0 0 0 CYNTHIA SMITH FORREST 0.50 X 0 0 0 JEROME CHASE 0.50 X 0 0 0 KEVIN KANE 0.50 X 0 0 0 BONNIE BIOCCHI 0.50 X 0 0 0 ANNEMARIE MCKINLEY 0.50 X 0 0 0 KATHERINE WELLINGTON 0.50 X 0 0 0 HARRY WELLS 0.50 X 0 0 0 RICHARD HASKELL 1.00 X 0 129840 0 DAVID FAULKNER 37.50 X 0 91257 0 JOHN O'DONNELL 1.00 X 0 86764 0 0 307861 0 0 0 0 0 0 267990 267990 80525 80525 834344 774350 59994 59994 59994 408509 0 0 140519 176463 176463 37520 37520 100 100 7073 7073 20450 20450 4951 4951 17186 17186 MISCELLANEOUS EXPENSE 4913 4913 268656 213983 54673 0 205288 132422 2422 1422 3679320 3755368 3887030 3889212 7817 5228 7817 5228 X 1128789 1094284 1836555 1875831 913869 913869 3879213 3883984 3887030 3889212 X 139853 -135082 X X 0 1 1 X 0 X 230579 399553 270464 252543 267990 1421129 230579 399553 270464 252543 267990 1421129 1421129 127291 100049 89413 69570 80525 466848 1887977 0.75270 0.72810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13 42436 5322 128524 0 1 2750424 81628 3905 46257 2789700 2398523 27027 356887 32013 2750424 2611256 98555 281987 126768 466507 2398523 3400598 386167 -284595 140125 750789 2611256 0.00000 0.33000 0.67000 0 0 0 EQUITY MUTUAL FUNDS 2443019 F BOND MUTUAL FUNDS 1081991 F MARKETABLE EQUITY SECURITIES 41094 F MARKETABLE DEBT SECURITIES 189264 F 3755368 408509 268656 139853 -135082 -135082 4771 273427 -135082 -135082 408509 0 408509 268656 0 268656 0 268656 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. THE AMOUNT DISCLOSED ON LINE 2D OF PART XII OF SCHEDULE D REPRESENTS UNREALIZED LOSSES ON INVESTMENTS. 1 MASSACHUSETTS BAY COMMUNITY COLLEGE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 046002284 115 176463 FMV AUTOMOTIVE EQUIPMENT FOR USE BY THE COLLEGE'S AUTOMOTIVE TECHNOLOGY PROGRAM SCHOLARSHIPS 51 37520 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 PART I, LINE 1A THE PRESIDENT OF THE COLLEGE RECEIVES A MONTHLY HOUSING ALLOWANCE OF $1,500. X 1 71475 ESTIMATED ASSET VALUE X AUTO TECH EQUIPMENT 1 54000 ESTIMATED ASSET VALUE X AUTOMOBILE PARTS 1 50988 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 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -135,082. 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 1 0 1 1 1 0 0 0 MASSACHUSETTS BAY COMMUNITY COLLEGE N 119700 ESTIMATED FAIR MARKET VALUE MASSACHUSETTS BAY COMMUNITY COLLEGE B 176463 ESTIMATED FAIR MARKET VALUE