2011-11-10T13:58:44-06:00 2011-06-30 O'CONNOR & DREW PC 25 BRAINTREE HILL OFFICE PARK SUITE BRAINTREE MA 02184 990 2010-07-01 237136083 MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION INC MOUN 9786326600 444 GREEN STREET GARDNER MA 01440 DARLENE MORRILLY 9786326600 2011-11-10 1 DAVID A DIIULIS 6174711120 2011-11-01 2010 2016-03-07 17:11:31Z SCOT BARRETT 444 GREEN STREET GARDNER MA 01440 412196 0 X WWW.MWCC.EDU/FOUNDATION X 1971 MA AWARDING OF GRANTS AND SCHOLARSHIPS 18 18 0 8 0 0 298204 151918 51105 69758 112650 97968 19061 29061 481020 348705 333027 325695 0 0 0 0 87500 0 0 142064 153579 562591 479274 -81571 -130569 4349500 4557511 74183 40212 4275317 4517299 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 325695 69758 FOSTERING AND PROMOTING EXCELLENCE IN EDUCATION AND RESEARCH THROUGH GRANTS AND SCHOLARSHIPS AND ASSISTING IN THE GROWTH AND IMPROVEMENT OF THE COLLEGE 325695 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 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 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X DARLENE MORRILLY EXECUTIVE DIRECTOR 9786326600 444 GREEN STREET GARDNER MA 01440 CHARLES P BOWLES 0.00 X 0 0 0 PETER C ARMBRUSTER 0.00 X 0 0 0 SCOT BARRETT 0.00 X X 0 0 0 RICHARD A CELLA 0.00 X X 0 0 0 PAMELA DOBECK 0.00 X 0 0 0 RICHARD FLANNAGAN 0.00 X 0 0 0 CARLTON NICHOLS 0.00 X 0 0 0 JEAN SIFLEET 0.00 X X 0 0 0 REGINA WIRONEN 0.00 X X 0 0 0 JAMES GARRISON 0.00 X 0 0 0 ANGELO SABATALO 0.00 X 0 0 0 ANN MCDONALD 1.00 X 0 131241 0 MICHAEL T GREENWOOD 1.00 X 0 61225 0 RAYMOND MARTINO 0.00 X 0 0 0 RICHARD MOHNK 0.00 X 0 0 0 PAMELA PROVO 0.00 X 0 0 0 JAMES REGER 0.00 X 0 0 0 ANTHONY A CETRONE 0.00 X 0 0 0 DARLENE MORRILLY 40.00 X 0 56575 0 0 249041 0 0 0 0 0 0 151918 151918 ANNUAL CONTRIBUTIONS 900099 69758 69758 69758 97534 97534 10805 10371 434 434 434 82181 53120 29061 29061 348705 69758 0 127029 325695 325695 123921 123921 5150 5150 10804 10804 3518 3518 5888 5888 1489 1489 MISCELLANEOUS EXPENSES 2809 2809 479274 325695 153579 0 169020 266661 1071863 905255 12726 25502 3095891 3360093 4349500 4557511 63863 31072 10320 9140 74183 40212 X 1942799 2227407 2055293 1999214 277225 290678 4275317 4517299 4349500 4557511 X -130569 372551 X X 0 1 1 X 0 X 303363 217304 1358300 349309 221676 2449952 303363 217304 1358300 349309 221676 2449952 2449952 115604 142847 127831 106164 97534 589980 3039932 1000502 0.80590 0.87050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1167325 13453 34027 96106 1118699 1160544 35550 54960 83729 1167325 1203049 44599 87104 1160544 0.74020 0.25980 0 0 0 CERTIFICATES OF DEPOSIT 203365 F EQUITY FUNDS 1659795 F FIXED INCOME FUNDS 1496933 F 3360093 348705 479274 -130569 372551 372551 241982 774376 372551 53120 425671 348705 0 348705 532394 53120 53120 479274 0 479274 PART XII, LINE 2D DIRECT EVENT COSTS $53,120 PART XIII, LINE 2D DIRECT EVENT COSTS $53,120 FORM 990, PART X, LINE 2 THE ORGANIZATION IS A NONPROFIT ORGANIZATION EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE ORGANIZATION AS DEFINED IN SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION MONITORS ITS ACTIVITIES AND IT CONSIDERS THE POTENTIAL FOR INCOME TAXES IF ANY ACTIVITIES ARE NOT RELATED TO ITS EXEMPT PURPOSE. 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 MANAGEMENT SERVICES 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-THROUGH ENTITY; 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 STATUE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. THE ORGANIZATION 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 ORGANIZATION 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 ORGANIZATION DOES NOT EXPECT ANY MATERIAL CHANGES IN ITS POSITION REGARDING THIS MATTER IN THE NEXT TWELVE MONTHS. GOLF EVENT 36635 36635 17122 FOUNDATION DINNER 29550 29550 18556 3 15996 15996 17442 82181 82181 53120 53120 29061 0 MOUNT WACHUSETT COMMUNITY COLLEGE 144 GREEN STREET GARDNER MA 01440 046002284 501(C)(3) 325695 TO FULLFILL THE MISSION OF THE FOUNDATION BY SUPPORTING MOUNT WACHUSETT COMMUNITY COLLEGE. 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 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 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 372,551. FORM 990, PART XI, 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. FORM 990, PART VI, SECTION B, LINE 15: THE MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION HAS NO EMPLOYEES. THE FOUNDATION INSTEAD USES EMPLOYEES OF MOUNT WACHUSETT COMMUNITY COLLEGE. ALL SALARIES FOR THESE EMPLOYEES ARE PAID BY MOUNT WACHUSETT COMMUNITY COLLEGE AND FULLY REIMBURSED BY THE FOUNDATION THROUGH MANAGEMENT FEES PAID TO THE COLLEGE. 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 1 0 0 0 1 0 0 0 MOUNT WACHUSETT COMMUNITY COLLEGE B 325695 END-OF-YEAR MARKET VALUE MOUNT WACHUSETT COMMUNITY COLLEGE O 123921 END-OF-YEAR MARKET VALUE MOUNT WACHUSETT COMMUNITY COLLEGE K 53120 END-OF-YEAR MARKET VALUE