2024-05-15T18:46:47-05:00 2023-06-30 042943536 TONNESON & COMPANY PC 401 EDGEWATER PLACE SUITE 300 WAKEFIELD MA 018806208 990 2022-07-01 042103623 ST MARK'S SCHOOL OF SOUTHBOROUGH INC STMA 5087866000 25 MARLBOROUGH ROAD SOUTHBOROUGH MA 01772 MARK VASSALLO FINANCE CHAIR 5087866000 2024-05-15 1 MARK VASSALLO 999009999 0 JODY K BOOTH P00963825 7812459999 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARK VASSALLO 25 MARLBOROUGH ROAD SOUTHBOROUGH MA 01772 40634335 0 X WWW.STMARKSSCHOOL.ORG X 1865 MA REFER TO SCHEDULE OST. MARK'S SCHOOL EDUCATES YOUNG PEOPLE FOR LIVES OF LEADERSHIP AND SERVICE. FOUNDED IN 1865 AS AN INTENTIONALLY SMALL RESIDENTIAL COMMUNITY, THE SCHOOL CHALLENGES ITS STUDENTS TO DEVELOP THEIR PARTICULAR ANALYTIC AND CREATIVE CAPABILITIES BY BOTH INSPIRING THEIR ACADEMIC AND SPIRITUAL CURIOSITY AND KINDLING THEIR PASSION FOR DISCOVERY. WE VALUE COOPERATION OVER SELF-INTEREST, AND WE ENCOURAGE EACH PERSON TO EXPLORE HIS OR HER PLACE IN THE LARGER WORLD BEYOND OUR CAMPUS. 37 36 258 10 330039 302636 8249540 14546568 24278385 25174138 -2235544 -42039 1621670 582655 31914051 40261322 6014053 5701699 0 0 17525601 18444827 0 0 3678732 16359655 18851678 39899309 42998204 -7985258 -2736882 236787459 253209709 50949382 62106289 185838077 191103420 X REFER TO SCHEDULE O, PAGE 67 0 0 31457644 5701699 25174138 ST. MARK'S SCHOOL OF SOUTHBOROUGH PROVIDES A HIGH QUALITY FOUR YEAR CO-EDUCATIONAL SECONDARY LEVEL EDUCATION TO APPROXIMATELY 379 RESIDENTIAL AND DAY STUDENTS. 173448 AUXILIARY AND OTHER INCOME 173448 31457644 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 87 0 1 258 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 37 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X ROBERT KUKLEWICZ 5087866172 ST MARKS SCHOOL OF SOUTHBOROUGH SOUTHBOROUGH MA 01772 X R WILLIAM BURGESS JR TRUSTEE 4.00 X 0 0 0 FRANCISCO J LOPEZ-BALBOA TREASURER 4.00 X X 0 0 0 MARK BECHARD TRUSTEE 4.00 X 0 0 0 BIJAN SABET TRUSTEE 4.00 X 0 0 0 PATRICIA ALEXANDER TRUSTEE, CLERK 4.00 X 0 0 0 JAMES BARTLETT TRUSTEE 4.00 X 0 0 0 TARAH BREED TRUSTEE 4.00 X 0 0 0 CHARLES EWALD TRUSTEE 4.00 X 0 0 0 REVEREND PRESTON B HANNIBAL TRUSTEE 4.00 X 0 0 0 PETER C HEARN TRUSTEE 4.00 X 0 0 0 LAUREN SABET TRUSTEE 4.00 X 0 0 0 RUSSELL B PYNE TRUSTEE 4.00 X 0 0 0 SARAH BENNISON MACHIELS TRUSTEE 4.00 X 0 0 0 JEE LING TRUSTEE 4.00 X 0 0 0 MICHAEL MOORE PRESIDENT 4.00 X X 0 0 0 REUBEN RICHARDS TRUSTEE 4.00 X 0 0 0 MACKIN PULSIFER TRUSTEE 4.00 X 0 0 0 VANESSA RYAN TRUSTEE 4.00 X 0 0 0 ELIZABETH SANTINI TRUSTEE 4.00 X 0 0 0 NICK EVERETT TRUSTEE 4.00 X 0 0 0 PATRICIA BRANCH TRUSTEE 4.00 X 0 0 0 MARISSA RANDAZZO TRUSTEE 4.00 X 0 0 0 RON SARGENT TRUSTEE 4.00 X 0 0 0 MARK VASSALLO TRUSTEE 4.00 X 0 0 0 CHARLES LOWERY TRUSTEE 4.00 X 0 0 0 WALTER CLAIR TRUSTEE 4.00 X 0 0 0 MICHELLE DAVIS TRUSTEE 4.00 X 0 0 0 TOM DAVIS TRUSTEE 4.00 X 0 0 0 JASON KRANTZ TRUSTEE 4.00 X 0 0 0 STEPHEN LEE TRUSTEE 4.00 X 0 0 0 ELAINE C HARVEY TRUSTEE 4.00 X 0 0 0 XIN HE TRUSTEE 4.00 X 0 0 0 XIANG HE TRUSTEE 4.00 X 0 0 0 VICTOR LOPEZ-BALBOA TRUSTEE 4.00 X 0 0 0 GELENE M BROWN TRUSTEE 4.00 X 0 0 0 ROBERT RANDAZZO TRUSTEE 4.00 X 0 0 0 JOHN C WARREN HEAD OF SCHOOL 40.00 X 401545 0 34661 ANNE BEHNKE DIRECTOR OF ADMISSION 40.00 X 148443 0 18887 STEPHANIE KATZ DIRECTOR OF MAJOR & PRINCIPAL GIFTS 40.00 X 175761 0 20608 ROBERT M KUKLEWICZ CHIEF FINANCIAL AND OP 40.00 X 280589 0 29236 BEATRIX SANDERS CHIEF ADVANCEMENT OFFICER 40.00 X 143373 0 93 KENNETH GRIFFIN CHIEF TECHNOLOGY OFFICER 40.00 X 174665 0 21845 1324376 0 125330 28 0 1 0 FLIK INDEPENDENT SCHOOLS 2 INTERNATIONAL DR NEW YORK NY 10573 FOOD SERVICES 2382811 AALANCO 80-B TURNPIKE ROAD WESTBOROUGH MA 01581 HEATING AND AIR-CONDITIONING 825117 SOLECT ENERGY 580 HARRISON AVENUE SUITE 3A BOSTON MA 02118 SOLAR 461681 FALCONI BROTHERS INC 29 BOSTON RD SOUTHBOROUGH MA 01772 OIL HEATING 433832 GOODY CLANCY 420 BOYLSTON STREET BOSTOB MA 02116 ARCHITECTURE & PLANNING 336972 20 14546568 960826 14546568 TUITION 611600 25174138 25174138 25174138 144392 144392 1502 185611 2322 -185611 -820 -186431 -820 -185611 263354 185080 78274 78274 FLOW-THROUGH INCOME FROM COMMONFU 900000 330039 330039 MISCELLANEOUS INCOME 611710 174342 174342 504381 40261322 25347660 330039 37055 X 5701699 5701699 448958 448958 13234547 8973335 2817192 1444020 4761322 3138980 1097923 524419 175746 175746 62412 62412 6293795 4378254 959534 956007 1160028 630920 388774 140334 869880 536426 318956 14498 2124131 1500562 535301 88268 565113 432370 72804 59939 600606 437615 132415 30576 1437000 1437000 4302467 3676790 436955 188722 UBIT TAX 60250 60250 MISCELLANEOUS 555357 251972 238218 65167 SPECIAL FUNCTIONS 365281 182192 22355 160734 MEMBERSHIPS AND SUBSCRI 135958 59177 72107 4674 143654 60102 82178 1374 42998204 31457644 7861828 3678732 13346662 9281175 2890320 9073054 198809 316096 166411 148100 918214 797684 179157586 96563443 72351864 82594143 4433725 3619353 142481454 147380104 236787459 253209709 11365944 9057054 5510336 3727023 32166227 47438242 1500000 1500000 406875 383970 50949382 62106289 X 51769849 49033387 134068228 142070033 185838077 191103420 236787459 253209709 X -2736882 8002222 3 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 133280098 5200240 7395843 8129335 137746846 149239678 6424758 -15960830 6423508 133280098 119842473 1684921 34967988 7255704 149239678 128830560 2487961 -2285301 9190747 119842473 130789594 4698885 4449373 11107292 128830560 0.11800 0.88200 0 0 1248801 1248801 106434981 68869217 37565764 32118796 27694226 4424570 39355008 39355008 82594143 MULTI-STRATEGY INVESTMENT FUND 3026273 F OPERATING RESERVE 3649799 F GREEN FUND 140704032 F 147380104 ANNUITIES PAYABLE 383970 383970 X 42686675 8002222 185080 8187302 34499373 5761949 5761949 40261322 37421335 185080 185080 37236255 5761949 5761949 42998204 PART V, LINE 4: THE SCHOOL'S PRIMARY OBJECTIVE IS LONG-TERM CAPITAL APPRECIATION WHICH TOGETHER WITH INCOME WILL PROVIDE FOR THE GROWTH OF THE ENDOWMENT WHILE ALLOWING SUPPORT FOR CURRENT ACTIVITIES. THE SCHOOL HAS ADOPTED A SPENDING POLICY WHEREBY A PERCENTAGE OF THE HISTORICAL AVERAGE MARKET VALUE OF THE ENDOWMENT FOR PROGRAM SERVICES AND CAPITAL NEEDS LESS THE OUTSTANDING BALANCE OF BONDS PAYABLE IS DISTRIBUTED AND TREATED AS SUPPORT FOR OPERATING ACTIVITIES. TO THE EXTENT THE TOTAL RETURN REQUIREMENT FOR THE CURRENT YEAR IS NOT FULFILLED BY INTEREST AND DIVIDENDS, THE SCHOOL UTILIZES REALIZED GAINS OF ITS ENDOWMENT. TO THE EXTENT THE TOTAL RETURN REQUIREMENT FOR THE CURRENT YEAR IS EXCEEDED BY INTEREST AND DIVIDENDS, THE SCHOOL ADDS THE EXCESS INCOME TO ITS ENDOWMENT. PART X, LINE 2: IN DETERMINING THE RECOGNITION OF UNCERTAIN TAX POSITIONS, THE SCHOOL APPLIES A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD AND DETERMINES THE MEASUREMENT OF UNCERTAIN TAX POSITIONS CONSIDERING THE AMOUNTS AND PROBABILITIES OF THE OUTCOMES THAT COULD BE REALIZED UPON ULTIMATE SETTLEMENT WITH TAXING AUTHORITIES. AS OF JUNE 30, 2023, THE SCHOOL HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 185,080. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,701,699. UNRELATED BUSINESS INCOME TAX 60,250. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 185,080. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,701,699. UNRELATED BUSINESS INCOME TAX 60,250. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY IS INCLUDED IN ALL COMMUNICATIONS TO THE COMMUNITY. THE SCHOOL IS A MEMBER OF THE ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND (AISNE). AISNE ANNUALLY PUBLISHES A RACIALLY NONDISCRIMINATORY POLICY IN VARIOUS NEWSPAPERS THROUGHOUT NEW ENGLAND FOR ITS MEMBERS. 1 FINANCIAL AID 100 5701699 PART I, LINE 2: THE SCHOOL MONITORS THE USE OF FINANCIAL ASSISTANCE FUNDS BY DIRECTLY APPLYING AWARDS/GRANTS TO THE STUDENT BILLS AS AN OFFSET TO BILLED TUITIONS. NO MONEY EVER PHYSICALLY EXCHANGES HANDS BETWEEN THE SCHOOL AND THE RECIPIENT. THUS, THE GENERAL LEDGER MUST BE IN SYNC WITH THE AWARDS LIST AT ALL TIMES. FINANCIAL AID IS BASED SOLELY UPON NEED. THE SCHOOL UTILIZES AN INDEPENDENT OUTSIDE SERVICE BUREAU TO HELP DETERMINE A FAMILY'S ABILITY TO PAY SCHOOL COSTS. THIS SERVICE AND PROCESS HELPS ENSURE THAT THE SCHOOL USES THE SAME METHODS AND OBJECTIVE PROCEDURES AS OTHER SCHOOLS IN EVALUATING AN APPLICANT'S APPLICATION. EMPLOYEE DEPENDENTS ARE EXEMPT FROM THIS PROCESS AND RECEIVE 100% FINANCIAL AID. TOTAL FINANCIAL AID IS APPROVED BY THE BOARD OF TRUSTEES. THE HEAD OF SCHOOL APPROVES ALL INDIVIDUAL FINANCIAL AID RECIPIENTS. X 1 0 X X X X X 0 0 0 0 0 0 0 0 0 JOHN C WARREN HEAD OF SCHOOL 401545 0 0 0 0 0 0 0 34661 0 436206 0 0 0 ROBERT M KUKLEWICZ CHIEF FINANCIAL AND OP 280589 0 0 0 0 0 0 0 29236 0 309825 0 0 0 KENNETH GRIFFIN CHIEF TECHNOLOGY OFFICER 174665 0 0 0 0 0 0 0 21845 0 196510 0 0 0 STEPHANIE KATZ DIRECTOR OF MAJOR & PRINCIPAL GIFTS 175761 0 0 0 0 0 0 0 20608 0 196369 0 0 0 ANNE BEHNKE DIRECTOR OF ADMISSION 148443 0 0 0 0 0 0 0 18887 0 167330 0 0 0 SCHEDULE J - PART 1 TYPE OF BENEFITS: HOUSING ALLOWANCE NUMBER OF PERSONS LISTED WHO RECEIVED THE BENEFITS: 2 TAXABILITY OF BENEFITS: NON-TAXABLE A BOSTON PRIVATE SERIES 2021A REVENUE BOND 042942314 2021-06-30 32546000 REFINANCE / FINANCE CONSTRUCTION COSTS 0 0 0 B BOSTON PRIVATE SERIES 2021B REVENUE BOND 042942314 2021-06-30 6000000 FINANCE CONSTRUCTION COSTS 0 0 0 C BOSTON PRIVATE SERIES 2021C REVENUE BOND 042942314 2021-06-30 9400000 FINANCE CONSTRUCTION COSTS 0 0 0 A 32546000 512523 231164 8191113 23611200 0 0 1 0 B 50001 5990260 0 0 0 0 C 59019 9400000 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 1 0 0 0 0 C 0 0 0 0 0 0 0 0 0 A 1 B 1 C 1 PART I COLUMN (A) PART I COLUMN (A) ROW B - BOSTON PRIVATE SERIES HAD AVAILABLE FINANCING FOR CONSTRUCTION TOTALING $6,000,000 IN THE FORM OF A DRAW-DOWN BOND. PROCEEDS DRAWN AS OF 6/30/2023 AMOUNTED TO $5,990,260. PART I COLUMN (A) ROW C - BOSTON PRIVATE SERIES HAD AVAILABLE FINANCING FOR CONSTRUCTION TOTALING $9,400,000 IN THE FORM OF A DRAW-DOWN BOND. PROCEEDS DRAWN AS OF 6/30/2023 AMOUNTED TO $9,400,000. X 29 960826 MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL'S TREASURER, CHIEF FINANCIAL AND OPERATIONS OFFICER AND CONTROLLER ARE RESPONSIBLE FOR OVERSEEING THE PREPARATION OF IRS FORM 990 (990). THE 990 AND ITS SUPPORTING SCHEDULES WERE PREPARED BY THE PUBLIC ACCOUNTING FIRM, TONNESON + CO (TONNESON), RESPONSIBLE FOR AUDITING THE SCHOOL'S FINANCIAL STATEMENTS. TONNESON'S WORK WAS BASED ON INFORMATION PROVIDED TO THEM DURING THE COURSE OF THE AUDIT BY THE SCHOOL'S ACCOUNTING DEPARTMENT, PLUS ADDITIONAL WORK REQUESTED SPECIFIC TO THE 990. THE TREASURER, CHIEF FINANCIAL AND OPERATIONS OFFICER AND CONTROLLER PERFORMED A DETAILED REVIEW OF THE COMPLETED 990 AND REPORTED THE RESULTS OF ITS REVIEW TO THE FINANCE COMMITTEE. THE FINANCE COMMITTEE RECOMMENDED TO THE BOARD OF TRUSTEES THE APPROVAL OF THE FORM 990. THE BOARD OF TRUSTEES THEN VOTED TO APPROVE THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF TRUSTEES, COMMITTEE MEMBERS, OFFICERS AND MANAGEMENT-LEVEL EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY ANY EXISTING OR POTENTIAL CONFLICT OF INTEREST. THE BOARD OF TRUSTEES MAY ALSO PROVIDE FOR SUCH CORRECTIVE ACTION AS IT DEEMS APPROPRIATE BY REASON OF A FAILURE TO DISCLOSE SUCH CONFLICT OF INTEREST, WHICH MAY INCLUDE REMOVAL FROM A POSITION OR OFFICE. DISCLOSURE FORMS SHALL BE UPDATED ANNUALLY OR SOONER IF CHANGED CIRCUMSTANCES REQUIRE DISCLOSURE. ALL PERSONS SUBJECT TO THIS POLICY ARE EXPECTED TO UPDATE THEIR "STATEMENT CONCERNING POSSIBLE DUALITY OF INTEREST AND CONFLICT OF INTEREST" AT ANY TIME DURING THE YEAR THAT THE INFORMATION REQUESTED ON THE FORM CHANGES. THE ADMINISTRATION AND MAINTENANCE OF THE "STATEMENT CONCERNING POSSIBLE DUALITY OF INTEREST AND CONFLICT OF INTEREST" SHALL BE THE RESPONSIBILITY OF THE BOTH THE HEAD OF SCHOOL AND THE PRESIDENT OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF TRUSTEES INITIALLY DETERMINES COMPENSATION FOR THE HEAD OF SCHOOL AND REVIEWS COMPENSATION FOR OTHER KEY EMPLOYEES BASED ON BENCHMARKING WITH AREA PEER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND FORM 990 ARE IMMEDIATELY MADE AVAILABLE TO THE PUBLIC BY CALLING THE SCHOOL'S OFFICE, WALKING INTO THE SCHOOL'S OFFICE OR MAILING IN A REQUEST TO THE SCHOOL. THE FORM 990 AND FINANCIAL STATEMENTS ARE ALSO AVAILABLE THROUGH THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE/WEBSITE. ADDITIONALLY, THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 4,049,813. MANAGEMENT AND GENERAL EXPENSES 480,508. FUNDRAISING EXPENSES 939,317. TOTAL EXPENSES 5,469,638. OTHER FEES: PROGRAM SERVICE EXPENSES 246,552. MANAGEMENT AND GENERAL EXPENSES 396,502. FUNDRAISING EXPENSES 16,266. TOTAL EXPENSES 659,320. RECRUITING: PROGRAM SERVICE EXPENSES 81,889. MANAGEMENT AND GENERAL EXPENSES 82,524. FUNDRAISING EXPENSES 424. TOTAL EXPENSES 164,837. FORM 990, PART XI, LINE 9: ROUNDING 3. SMS INVESTMENTS HOLDINGS LP 550 S TRYON STREET SUITE 3500 CHARLOTTE NC 28202 383971009 INVESTMENT PORTFOLIO MANAGEMENT DE ST MARK'S SCHOOL OF SOUTHBOROUGH INC INVESTMENT 2936669 0 330039 0 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 SMS INVESTMENTS HOLDINGS LP A K-1 SMS INVESTMENTS HOLDINGS LP S K-1