2011-04-11T08:26:58-05:00 2010-06-30 STONE & COMPANY LLC 57 BEDFORD ST STE 225 LEXINGTON MA 024204443 990 2009-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 GARY E REED 5084850100 2011-02-23 1 MATTHEW P STONE 7818636300 2011-02-23 2009 2016-02-24 21:20:13Z GARY E REED 48 MAIN STREET SOUTHBOROUGH MA 017721595 22801443 0 X www.fayschool.org X 1866 MA To educate the whole child to his/her fullest potential in preparation for a productive and fulfilled life. 30 30 228 100 0 0 1334788 1239682 12277971 12574856 -2757318 1860022 62672 5485 10918113 15680045 966439 1167096 0 9779629 9155148 0 825028 5974560 7730643 16720628 18052887 -5802515 -2372842 107798570 109342119 58253218 60442782 49545352 48899337 TO EDUCATE THE WHOLE CHILD TO HIS/HER FULLEST POTENTIAL IN PREPARATION FOR A PRODUCTIVE AND FULFILLED LIFE 0 0 13241980 1167096 11504727 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 278 STUDENTS GRADES 1-9 IN CO-ED DAY & BOARDING SETTING. 500729 3535 602653 SUMMER PROGRAMS PROVIDE DAILY TRAINING IN ENGLISH, MATHEMATICS, MUSIC, SWIMMING, ART AND VARIOUS SPORT PROGRAMS. 1203144 467476 AUXILIARY SERVICES INCLUDE: FOOD SERVICE OFFERING BREAKFAST, LUNCH AND DINNER FOR STUDENTS; LAUNDRY FOR BOARDING STUDENTS; DAY STUDENT BUS TRANSPORTATION; BOOKSTORE AND INFIRMARY. 14945853 1 1 0 1 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 43 0 228 1 0 0 0 0 0 1 1 0 0 0 0 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X THE FAY SCHOOL BUSINESS OFFICE 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 HERBERT L CAMP ESQ 2.00 X 0 0 0 KATHLEEN HALEY 2.00 X 0 0 0 RONALD L SARGENT 2.00 X 0 0 0 PAULA BENTINCK-SMITH 2.00 X 0 0 0 JOHN R EGAN 2.00 X 0 0 0 ALAN F BROOKS 2.00 X 0 0 0 TUSHARA CANEKERATNE 2.00 X 0 0 0 JAMES F CURTIS III 2.00 X 0 0 0 JAMES A DOLCE JR 2.00 X 0 0 0 MICHAEL J EGAN 2.00 X 0 0 0 MAUREEN FINLAYSON 2.00 X 0 0 0 DAVID W HARRIS 2.00 X 0 0 0 ELIZABETH T KELLOGG 2.00 X 0 0 0 DOUGLASS N LOUD 2.00 X 0 0 0 CHRISTOPHER T MABLEY 2.00 X 0 0 0 HARRY L MANION III 2.00 X 0 0 0 SARAH A MARS 2.00 X 0 0 0 THOMAS MCKEAN ESQ 2.00 X 0 0 0 JEE HUN NAM ESQ 2.00 X 0 0 0 WILLIAM PICARDI 2.00 X 0 0 0 CHARLES P PIEPER JR 2.00 X 0 0 0 HARVEY STEINBERG 2.00 X 0 0 0 CAMPBELL STEWARD 2.00 X 0 0 0 JUDITH S THOFT EDD 2.00 X 0 0 0 JOHN E THOMAS SR 2.00 X 0 0 0 ANDREW C PILARO 2.00 X 0 0 0 JOHN F MARS 2.00 X 0 0 0 WILLIAM G BURRILL 2.00 X 0 0 0 PETER S DROTCH 2.00 X 0 0 0 ELAINE W FISKE 2.00 X 0 0 0 A BROOKS HARLOW JR 2.00 X 0 0 0 JAMES R HOUGHTON 2.00 X 0 0 0 BRIAN KELLY 2.00 X 0 0 0 FORREST E MARS JR 2.00 X 0 0 0 EDITH E PERKINS 2.00 X 0 0 0 ANTHONY M PILARO 2.00 X 0 0 0 CAROLYN A PURCELL 2.00 X 0 0 0 SUSAN ROOT FEIBLEMAN 2.00 X 0 0 0 RICHARD B COMMONS 2.00 X 0 0 0 JOHN P LARI 2.00 X 0 0 0 JOHN R PARSONS JR 2.00 X 0 0 0 JAMES P SHAY 2.00 X 0 0 0 ALBERT K TING 2.00 X 0 0 0 ROBERT J GUSTAVSON 37.50 X 198835 0 98148 GARY E REED 37.50 X X 150019 0 27148 348854 0 125296 2 0 1 0 ERLAND CONSTRUCTION INC 83 SECOND AVENUE BURLINGTON MA 01803 BUILDING CONTRACTOR 11900612 RAD CORP 171 VFW DRIVE ROCKLAND MA 02370 ATHLETIC FIELDS CONTRACTOR 1629949 SERVPRO OF THE SEACOAST 29 INDUSTRIAL PARK DOVER NH 03820 FLOOD DAMAGE AND RECOVERY SERVICES 844809 SLAM PO BOX 12 BRATTLEBORO VT 05302 ARCHITECT 401036 PINCK & COMPANY 98 MAGAZINE STREET 3RD FLOOR BOSTON MA 02119 CONSTRUCTION MANAGEMENT CONSULTING 343594 5 1239682 1239682 TUITION AND FEES 611710 12454855 12454855 AUXILIARY SERVICES 611710 114439 114439 OTHER REVENUES 611710 5562 5562 12574856 740682 740682 8232371 7113031 1119340 1119340 1119340 13852 8367 5485 5485 15680045 12574856 0 1865507 1167096 1167096 482968 482968 6779089 5713356 518908 546825 341808 292180 29234 20394 1044038 935130 72553 36355 507245 414129 57271 35845 53979 53979 627576 91523 522424 13629 103776 5676 98100 207786 166205 2751 38830 68508 7050 61458 939224 892263 46961 1722677 1636543 86134 110612 110612 FLOOD DAMAGE EXPENSE 937770 937770 UTILITIES 572301 572301 CONTRACT SERVICES 545520 510004 20679 14837 FOOD 419175 416586 2589 EQUIPMENT RENTAL & MAIN 279966 272809 6270 887 1141773 804620 273706 63447 18052887 14945853 2282006 825028 18484986 2889030 2476753 1079457 4009296 4486462 69490 53616 225447 236268 82419517 16586736 50809683 65832781 29223537 32854261 575237 1924141 1910244 107798570 109342119 4201610 3794597 7249857 7764804 43000000 43000000 3801751 5883381 58253218 60442782 X 21193937 19652592 2141005 3110225 26210410 26136520 49545352 48899337 107798570 109342119 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: THE FAY SCHOOL BELONGS TO MEMBER ORGANIZATIONS, WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. SOME PORTION OF MEMBERSHIP DUES MAY BE UTILIZED FOR LOBBYING ACTIVITIES. 29518342 1603286 4897098 698952 2525071 32794703 31233819 3630134 -5345611 29518342 0.17880 0.76580 0.05540 0 0 6737582 6737582 42807822 9381924 33425898 6156420 1349264 4807156 26717693 5855548 20862145 65832781 DUE TO PARENTS ASSOCIATION 52226 INTEREST RATE SWAP LIABILITY 5056155 LINE OF CREDIT 775000 5883381 15680045 18052887 -2372842 3076350 -1349523 1726827 -646015 15310373 3076350 -2287293 789057 14521316 1158729 1158729 15680045 15956388 8367 8367 15948021 2104866 2104866 18052887 Part V, Line 4: Description of Intended Use of Endowment Funds: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY COMPENSATION AND CONTINUING EDUCATION, SCHOOL PROGRAMS AND FACILITIES AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. Part XI, Line 8 - Other Adjustments: CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS: 10505. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT: -1360028. Part XII, Line 2d - Other Adjustments: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT: 10505. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT: -1360028. FLOOD DAMAGE EXPENSE: -937770. Part XII, Line 4b - Other Adjustments: FINANCIAL AID AWARDS: 1167096. FUNDRAISING EVENTS: -8367. Part XIII, Line 2d - Other Adjustments: FUNDRAISING EVENTS: 8367. Part XIII, Line 4b - Other Adjustments: FINANCIAL AID AWARDS: 1167096. FLOOD DAMAGE EXPENSE: 937770. 1 1 1 THE FAY SCHOOL IS INCLUDED IN THE GROUP LISTING OF INDEPENDENT SCHOOLS, WHOSE RACIALLY NONDISCRIMINATORY POLICY IS DISCLOSED IN THE BOSTON GLOBE EACH FALL. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 GALA DINER 13852 13852 8367 13852 13852 8367 8367 5485 1 FINANCIAL AID AND SCHOLARSHIPS BASED ON THE FAMILIES' NEEDS 51 1167096 FMV OF PUBLISHED TUITION RATES TUITION ASSISTANCE Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: THE FAY SCHOOL OFFERS FINANCIAL AID OR SCHOLARSHIP ASSISTANCE TO FAMILIES WITH A DEMONSTRATED FINANCIAL NEED. TO APPLY, PARENTS MUST COMPLETE THE PARENTS' FINANCIAL STATEMENTS (PFS) AND SUBMIT THAT TO THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID IN PRINCETON, N.J. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ROBERT J GUSTAVSON 198835 0 0 0 0 0 38000 0 60148 0 296983 0 0 0 GARY E REED 150019 0 0 0 0 0 15000 0 12148 0 177167 0 0 0 Part I, Line 1a On occasion during the year ended June 30, 2010, the Spouse of the Head of School travelled to events representing the School. The Head of School has a discretionary spending allowance to be used for School expenses not indentified in the budget process. As a condition of employment and in order to perform his duties the Head of School is required to live on campus in a School owned property. This building is cleaned and maintained by School personnel and outside contractors. Included in Robert Gustavson's column D is an amount for 5% of the value of the property including utilities totalling $48,000. The Head of School's contract provides for a health club reimbursement. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RTZ8 2008-03-27 43000000 CONSTRUCTION AND EQUIPPING OF EXPANDED FACILITIES AT THE SCHOOL. 0 0 43000000 1508836 732046 40759118 2010 0 0 0 1 0 0 0 0 0 0 JOHN THOMAS MEMBER OF THE SCHOOL'S BOARD OF TRUSTEES 181390 DURING THE YEAR ENDED JUNE 30, 2010, THE SCHOOL OBTAINED VARIOUS ENGINEERING AND MASTER PLANNING CONSULTING SERVICES FROM BEALS & THOMAS, FOR WHICH MR. THOMAS IS THE PRESIDENT AND STOCKHOLDER. 0 X 7 220070 FMV ON DATE OF GIFT 0 1 1 Third Party Use: Part I, Line 32b: THE SCHOOL USES AN INVESTMENT COMPANY, SANDERS MORRIS HARRIS, TO PROCESS AND SELL STOCK GIFTS. Form 990, Part VI, Section B, line 11 THE 990 WAS DISTRIBUTED AND REVIEWED BY THE MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, DIRECTOR OF FINANCE AND OPERATIONS AND THE CONTROLLER BEFORE IT WAS FILED. Form 990, Part VI, Section B, line 12c AT THE FIRST BOARD MEETING EACH YEAR (OCT/NOV) EACH TRUSTEE COMPLETES A CONFLICT OF INTEREST STATEMENT THAT IS HELD IN THE HEAD OF THE SCHOOL'S OFFICE FOR THE YEAR. THE POLICY GETS REVIEWED PRIOR TO AUDIT AND UPDATED ANNUALLY. FAY SCHOOL CURRENTLY FOLLOWS NAIS GUIDELINES FOR ITS WHISTLE BLOWER AND DOCUMENT RETENTION AND DESTRUCTION POLICIES. THE SCHOOL HAS FORMALIZED THEIR OWN POLICIES AND IS INCLUDING THEM IN THEIR BY-LAWS. Form 990, Part VI, Section B, line 15 THE CHAIRMAN OF THE BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS. BOTH EMPLOYEES HAVE WRITTEN CONTRACTS. THE INFORMATION INCLUDED FOR THIS COMPENSATION REVIEW INCLUDES A REBUTTABLE PRESUMPTION CHECKLIST AMONG OTHER PROCEDURES. ALL OTHER PERSONNEL SALARIES ARE DETERMINED BY THE HEAD OF SCHOOL WITH INPUT FROM THE DIRECTOR OF FINANCE AND OPERATIONS. Form 990, Part VI, Section C, line 18 THE ORGANIZATION'S TAX FILINGS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. Form 990, Part VI, Section C, line 19 THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL.