2024-02-02T08:22:34-06:00 2023-06-30 222027092 WITHUM SMITH BROWN PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2022-07-01 222581930 MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION INC MASS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 JAMES MCKENZIE DIRECTOR & CHAIR 7812393000 2024-01-25 1 JAMES MCKENZIE 999009999 0 DAVID A DIIULIS P00303577 6174711120 2024-01-25 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES MCKENZIE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 3457722 0 X WWW.MASSBAY.EDU X 1984 MA TO PROVIDE SCHOLARSHIPS AND COLLEGE FUNDRAISING 12 12 0 87 0 0 1093071 2292599 0 0 136984 293296 0 0 1230055 2585895 360315 386533 0 0 0 0 0 0 0 886108 2083298 1246423 2469831 -16368 116064 6708548 7063730 113580 86174 6594968 6977556 X THE FOUNDATION BOARD ENHANCES THE VITALITY OF THE COLLEGE BY PROMOTING INVESTMENT FROM EXTERNAL SOURCES, GROWING THE ENDOWMENT, AWARDING SCHOLARSHIPS, AND CREATING PARTNERSHIPS FOR LEARNING. IN SO DOING, THE FOUNDATION SEEKS TO BE A CATALYST FOR TRANSFORMING THE COLLEGE BY SUPPORTING EDUCATIONAL EXCELLENCE AND ACHIEVEMENT. 0 0 386533 386533 AWARDS SCHOLARSHIPS TO VARIOUS STUDENTS. 2004599 ACADEMIC PROGRAMS AND STUDENT SERVICES. 2391132 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X STEPHEN BACCARI COMPTROLLER 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 X X JAMES J MCKENZIE DIRECTOR & CHAIR 0.50 X X 0 0 0 STEPHEN T HIBBARD DIRECTOR & VICE CHAIR 0.50 X X 0 0 0 JOSEPH ASAYA DIRECTOR 0.50 X 0 0 0 CHRIS CAVALLERANO DIRECTOR 0.50 X 0 0 0 THOMAS W CLEVERDON DIRECTOR 0.50 X 0 0 0 HOWARD FERRIS DIRECTOR 0.50 X 0 0 0 REBECCA KANNAM DIRECTOR 0.50 X 0 0 0 DAVID KENNEDY DIRECTOR 0.50 X 0 0 0 TONY LOFTIS DIRECTOR 0.50 X 0 0 0 TINA KAO MYLON DIRECTOR 0.50 X 0 0 0 STACY OKADA DIRECTOR 0.50 X 0 0 0 TODD OFENLOCH DIRECTOR 0.50 X 0 0 0 0 0 0 0 0 0 0 0 2292599 100322 2292599 133987 133987 1031136 871827 159309 159309 159309 2585895 0 0 293296 386533 386533 12994 12994 30000 30000 33075 33075 2630 2630 ACADEMIC PROGRAMS AND S 2004599 2004599 2469831 2391132 78699 0 637716 774883 261130 79611 0 889666 5809702 5319570 6708548 7063730 113580 86174 113580 86174 X 1574234 1440918 5020734 5536638 6594968 6977556 6708548 7063730 116064 266524 0 X X 0 1 X 1 0 X 333467 1370245 668097 1093071 2292599 5757479 85210 92978 105282 83514 152208 519192 418677 1463223 773379 1176585 2444807 6276671 6276671 129955 121104 114099 137839 133987 636984 6913655 0.90790 0.87720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5064751 511004 367863 5207892 6228805 -933573 230481 5064751 5310997 1307862 390054 6228805 5562396 133473 384872 5310997 5552763 370943 361310 5562396 0.28000 0.31000 0.41000 0 0 0 EQUITY FUNDS 3487797 F BOND FUNDS 1831773 F 5319570 DUE TO AFFILIATES 86174 86174 X 2974627 266524 152208 418732 2555895 30000 30000 2585895 2592039 152208 152208 2439831 30000 30000 2469831 PART V, LINE 4: THE INTENDED USE OF THE FOUNDATION'S ENDOWMENT FUNDS ARE TO SUPPORT THE FOUNDATION'S PROGRAMS INCLUDING, BUT NOT LIMITED TO, PROVIDING SCHOLARSHIPS TO THE STUDENTS OF MASSACHUSETTS BAY COMMUNITY COLLEGE. PART X, LINE 2: MASSACHUSETTS BAY COMMUNITY COLLEGE FOUNDATION, INC. 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 THE ACCOMPANYING 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. 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. AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES, THE FOUNDATION MAY, HOWEVER, BE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME. 1 MASSACHUSETTS BAY COMMUNITY COLLEGE 50 OAKLAND STREET WELLESLEY MA 02481 042762416 115 386533 0 FMV SCHOLARSHIPS PART I, LINE 2: GRANT FUNDS RECEIVED BY THE FOUNDATION ARE ACCOMPANIED BY A MEMORANDUM OF UNDERSTANDING, AGREEMENT, OR GRANT AWARD LETTER. IF THIS DOCUMENTATION IS NOT RECEIVED WITH THE CHECK, DOCUMENTATION OF THE UNDERSTANDING IS PREPARED AND AGREED TO BY BOTH PARTIES TO COMPILE A CLEAR UNDERSTANDING OF THE REQUIREMENTS OF THE GRANT. ALL FOUNDATION GRANTS ARE MANAGED THROUGH THE NORMAL ACCOUNTING PROCESSES AND PROCEDURES OF THE COLLEGE. REPORTING AND MONITORING OF GRANT OUTCOMES IS THE RESPONSIBILITY OF THE MASSACHUSETTS BAY COMMUNITY COLLEGE GRANTS OFFICE, FISCAL OFFICE, AND THE GRANT MANAGER, OR PRINCIPAL INVESTIGATOR ASSIGNED TO THE GRANT. X 13 100322 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B 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 AND AUDIT 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 AND AUDIT 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. A PORTION OF THE SALARY FOR THE BOOKKEEPER WAS ASSUMED BY THE FOUNDATION. FORM 990, PART XII, LINE 2C: FINANCE AND AUDIT COMMITTEE THE ORGANIZATION HAS A FINANCE AND 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 HIGHER EDUCATION MA SEC 115 N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 MASSACHUSETTS BAY COMMUNITY COLLEGE B 386533 FAIR VALUE MASSACHUSETTS BAY COMMUNITY COLLEGE O 152208 FAIR VALUE