2024-02-07T14:38:27-06:00 2023-03-31 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-04-01 041988945 WORCESTER COUNTY HORTICULTURAL SOCIETY WORC 5088696111 11 FRENCH DRIVE BOYLSTON MA 01505 MICHAEL MACHNOWSKI TREASURER 5088696111 2024-02-07 1 MICHAEL MACHNOWSKI 999009999 0 BARBARA E KING P00005629 5087557107 2024-02-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NEW ENGLAND BOTANIC GARDEN AT TOWER HILL MICHAEL MACHNOWSKI 11 FRENCH DRIVE BOYLSTON MA 01505 19881550 0 X NEBG.ORG X 1842 MA NEW ENGLAND BOTANIC GARDEN AT TOWER HILL CREATES EXPERIENCES WITH PLANTS THAT INSPIRE PEOPLE AND IMPROVE THE WORLD. 26 26 152 307 0 0 3946536 5042657 1834490 2535232 2848306 73106 257986 455347 8887318 8106342 0 0 0 0 2938243 3573915 3375 0 955400 2765780 3472780 5707398 7046695 3179920 1059647 53254772 52393106 1716140 1408518 51538632 50984588 X NEW ENGLAND BOTANIC GARDEN AT TOWER HILL CREATES EXPERIENCES WITH PLANTS THAT INSPIRE PEOPLE AND IMPROVE THE WORLD. 0 0 2839137 2216578 HORTICULTURE - NEW ENGLAND BOTANIC GARDEN AT TOWER HILL FEATURES SEVENTEEN DISTINCT GARDENS, TWO INDOOR CONSERVATORIES, MEADOWS, WOODLAND PLANT COLLECTIONS, TRAILS, MEADOWS, PONDS, AND CONSERVATION LAND OVER 171 ACRES. IN ADDITION, THE GARDEN HAS A FOCUSED OUTREACH IN SURROUNDING COMMUNITIES, INCLUDING WORCESTER, THE SECOND LARGEST CITY IN NEW ENGLAND. NEW ENGLAND BOTANIC GARDEN AT TOWER HILL STAFF ENGAGES MEMBERS OF THE COMMUNITY THROUGH A VARIETY OF PROJECTS AIMED IMPROVING THE QUALITY OF LIFE IN URBAN AREAS THROUGH PLANTS AND ACCESS TO NATURE. WITH GUIDANCE AND SUPPORT FROM THE OUTREACH COMMITTEE OF THE BOARD OF TRUSTEES, NEW ENGLAND BOTANIC GARDEN AT TOWER HILL STAFF AND VOLUNTEERS PARTNER WITH ORGANIZATIONS ON PROJECTS SUCH AS TREE MAINTENANCE, URBAN GREENING, STORMWATER MAINTENANCE, ENVIRONMENTAL EDUCATION, AND MORE. NEW ENGLAND BOTANIC GARDEN AT TOWER HILL'S OUTREACH WORK ALSO INCLUDES SERVING AS A RESOURCE FOR LOCAL STAKEHOLDERS AND EDUCATING THE PUBLIC ABOUT PLANT-BASED SOLUTIONS TO ISSUES INCLUDING ENVIRONMENTAL JUSTICE AND CLIMATE CHANGE. 1844166 403836 EDUCATION - ALL OF NEW ENGLAND BOTANIC GARDEN AT TOWER HILL'S EDUCATIONAL OFFERINGS ARE DESIGNED TO CREATE AN INQUISITIVE, KNOWLEDGEABLE, DIVERSE COMMUNITY, INSPIRED TO STEWARD AND ADVOCATE FOR THE NATURAL WORLD. WE SEEK TO EMPOWER PEOPLE TO WORK TOWARDS A SUSTAINABLE FUTURE AND TO ADDRESS THE GROWING DISCONNECT BETWEEN PEOPLE AND PLANTS. BY EXPERIENCING THE NATURAL WORLD IN YOUTH EDUCATION PROGRAMS AT THE GARDEN AND IN THE COMMUNITY, CHILDREN GAIN KNOWLEDGE AND UNDERSTANDING OF THE NATURAL WORLD, BECOMING ADVOCATES FOR THE ENVIRONMENT AND LIFELONG STEWARDS. INTERACTION WITH PLANTS THROUGH NEW ENGLAND BOTANIC GARDEN AT TOWER HILL'S EDUCATIONAL PROGRAMS AND EVENTS ALLOWS ALL VISITORS TO STRENGTHEN THEIR CONNECTION TO THE WORLD AROUND THEM, BUILD SKILLS TO IDENTIFY AND SOLVE ENVIRONMENTAL CHALLENGES, AND GAIN AN AWARENESS AND SENSITIVITY TO THESE ISSUES. 4683303 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 75 0 1 152 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 MA X X HEATHER GRIFFIN 5088696111 11 FRENCH DRIVE BOYLSTON MA 01505 ALFRED D LEESON JR TRUSTEE 2.00 X 0 0 0 MATTHEW MATTUS SECRETARY 2.00 X X 0 0 0 ULUMPIXAN ATHOH'IL TRUSTEE 2.00 X 0 0 0 MATTHEW BEATON TRUSTEE 2.00 X 0 0 0 STEPHEN PITCHER TRUSTEE 2.00 X 0 0 0 CATHERINE COLINVAUX VICE PRESIDENT 2.00 X X 0 0 0 M HOWARD JACOBSON TRUSTEE 2.00 X 0 0 0 CURTIS FALZOI TRUSTEE 2.00 X 0 0 0 PATRICIA BIGELOW TRUSTEE 2.00 X 0 0 0 BARBARA MORSE TRUSTEE 2.00 X 0 0 0 ELIZABETH MYSKA TRUSTEE 2.00 X 0 0 0 LISA MCDONOUGH PRESIDENT 2.00 X X 0 0 0 SAMANTHA MCDONALD TRUSTEE 2.00 X 0 0 0 MARTHA PAPPAS TRUSTEE 2.00 X 0 0 0 SUSAN PALATUCCI TRUSTEE 2.00 X 0 0 0 ABRAHAM HADDAD TRUSTEE 2.00 X 0 0 0 THOMAS HALPIN VICE PRESIDENT 2.00 X X 0 0 0 MICHAEL MACHNOWSKI TREASURER 2.00 X X 0 0 0 KENT DUR RUSSELL VICE PRESIDENT 2.00 X X 0 0 0 DENNIS MURPHY TRUSTEE 2.00 X 0 0 0 MICHAEL PAGANO VICE PRESIDENT 2.00 X X 0 0 0 DIANE ROBBINS VICE PRESIDENT 2.00 X X 0 0 0 RICHARD LEIF VICE PRESIDENT 2.00 X X 0 0 0 INDIRA MAINI TRUSTEE 2.00 X 0 0 0 SHIAMIN MELVILLE TRUSTEE 2.00 X 0 0 0 EMILY WOOD TRUSTEE 2.00 X 0 0 0 GRACE ELTON CEO 40.00 X 257942 0 11991 JANE ELLIS CFOO 40.00 X 163101 0 6969 THERESA LEE CHIEF DEVELOPMENT OFFICER 40.00 X 162678 0 2300 JESSICA PEDERSON FORMER DIRECTOR OF EDUCATION 40.00 X 113396 0 6703 697117 0 27963 4 0 1 0 PETROLEX 48 PROVIDENCE STREET MILLBURY MA 01527 HEATING OIL 104722 1 1020609 4022048 59063 5042657 GENERAL ADMISSION 110000 1998978 1998978 LECTURES 110000 346290 346290 CONTRACT REVENUE 110000 137790 137790 EVENTS 110000 52174 52174 2535232 674972 674972 750495 380330 370165 370165 370165 10053584 10655450 -601866 -601866 -601866 819238 739428 79810 79810 MISCELLANEOUS 110000 5372 5372 5372 8106342 2620414 0 443271 575207 65545 307904 201758 2490937 1918050 376461 196426 267749 172915 59458 35376 240022 149355 56135 34532 47252 47252 475863 283179 110330 82354 292546 16304 267174 9068 211118 188144 13012 9962 85342 65847 19198 297 29906 4993 23842 1071 565842 507741 31122 26979 151383 137149 7806 6428 SUPPLIES 666335 597555 23634 45146 REPAIRS & MAINTENANCE & 360833 324493 21959 14381 CAPITAL CAMPAIGN EXPENS 176861 176861 PROGRAM SERVICES 161026 161026 248473 91007 42705 114761 7046695 4683303 1407992 955400 828665 103832 2252930 2062645 342800 1103463 236 86952 98560 96563 114354 151234 38424986 13814171 23643475 24610815 25973752 24177602 53254772 52393106 1078969 770877 597593 589783 39578 47858 1716140 1408518 X 26208716 25762893 25329916 25221695 51538632 50984588 53254772 52393106 1059647 -1613691 0 X 0 1 X 1 0 X 251919 3080794 5363611 3165626 5042657 16904607 251919 3080794 5363611 3165626 5042657 16904607 4348060 12556547 174983 1490289 1097527 3251894 823601 6838294 23742901 10554252 0.52890 0.56600 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26480716 1776432 -1596367 1329304 25331477 25734081 371935 703572 328872 26480716 17444442 440565 8316435 467361 25734081 20066650 120592 -1728002 1014798 17444442 18538219 1983032 454601 20066650 0.07640 0.92360 0 0 1803170 1803170 17639075 9222557 8416518 5422994 3644844 1778150 1462844 946770 516074 12096903 12096903 24610815 FINANCE LEASE LIABILITY 47858 47858 6995841 -1613691 739428 -874263 7870104 47252 188986 236238 8106342 7549885 739428 739428 6810457 47252 188986 236238 7046695 PART V, LINE 4: THE SOCIETY'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR-RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE SOCIETY TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE SOCIETY CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND IS CLASSIFIED AS NET ASSETS WITH DONOR RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SOCIETY IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE SOCIETY CAN CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE SOCIETY AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE SOCIETY; AND THE INVESTMENT POLICIES OF THE SOCIETY. THE SOCIETY HAS ADOPTED INVESTMENT AND SPENDING POLICIES APPLICABLE TO THE SOCIETY'S DONOR-RESTRICTED ENDOWMENT FUND ASSETS AND TO THE TRUSTEE DESIGNATED FUND ASSETS. THE PURPOSE OF THESE POLICIES IS TO PROVIDE FINANCIAL SUPPORT FOR THE SOCIETY'S ACTIVITIES WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THOSE ENDOWMENT ASSETS, WITH SECONDARY EXPECTATION OF MODERATE GROWTH. THE SOCIETY EXPECTS ITS ENDOWMENT FUNDS OVER TIME TO PROVIDE AN AVERAGE TOTAL RETURN OF 8%. ALTHOUGH ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT, THE S&P 500 EQUITY INDEX AND THE BARCLAYS AGGREGATE BOND INDEX PROVIDE THE BROAD MEASURES OF BENCHMARK PERFORMANCE. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SOCIETY RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND DIVIDEND AND INTEREST YIELD. THE SOCIETY HAS INVESTED IN SEVERAL MUTUAL FUNDS TO PROVIDE DIVERSIFIED ASSET ALLOCATION WITH MODERATE RISK. THE ALLOCATION PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS WITH CONSIDERATION GIVEN TO LONG-TERM OBJECTIVES AND RISK. THE SOCIETY HAS A PRESENT POLICY (ADOPTED IN 1999, REVISED IN 2014 AND AFFIRMED IN 2022) THAT DETERMINES THE ANNUAL DISTRIBUTION FROM THE ENDOWMENT FUND TO SUPPORT OPERATIONS. IT IS KNOWN AS A "HYBRID" MODEL, USING THE AVERAGE MARKET VALUE OF THE PRIOR 20 QUARTERS THROUGH THE THIRD QUARTER OF THE FISCAL YEAR PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS TO BE MADE. THE RATE OF 4.5% RATE IS APPLIED TO THE AVERAGE MARKET VALUE. THE DISTRIBUTION INCLUDES 40% OF THAT CALCULATION. IN ADDITION, THE PRIOR FISCAL YEAR APPROVED DRAW IS ADJUSTED BY THE CPI INFLATION RATE IN ACCORDANCE WITH THE POLICY. SIXTY-PERCENT OF THE ADJUSTED FIGURE IS USED FOR THE REMAINDER OF THE DISTRIBUTION. THIS POLICY TAKES INTO CONSIDERATION THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT AND THE OBJECTIVE TO MAINTAIN ITS PURCHASING POWER. DEPENDING UPON MARKET CONDITIONS AND THE NEEDS AND AVAILABLE RESOURCES OF THE SOCIETY, APPROPRIATIONS FOR EXPENDITURE MAY BE TEMPORARILY SUSPENDED TO FACILITATE PRESERVATION OF THE ENDOWMENT OR BE MADE IN EXCESS OF THE SPENDING POLICY AS DEEMED PRUDENT BY THE BOARD. IN 2023, THE BOARD APPROVED $847,020 AS THE DRAW BASED ON THE ENDOWMENT DISTRIBUTION POLICY. THIS AMOUNT IS REFLECTED IN NET INVESTMENT RETURN APPROPRIATED FOR OPERATIONS ON THE STATEMENT OF ACTIVITIES. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE SOCIETY TO RETAIN AS A FUND OF PERPETUAL DURATION. THE SOCIETY MAY APPROPRIATE FOR EXPENDITURE FROM THESE UNDERWATER ENDOWMENT FUNDS IN ACCORDANCE WITH THE PRUDENT MEASURES PRESCRIBED BY STATE LAW. AS OF MARCH 31, 2023, FUNDS WITH AN ORIGINAL GIFT VALUE OF $71,616 WERE UNDERWATER BY $1,866. PART XI, LINE 2D - OTHER ADJUSTMENTS: RETAIL EXPENSES 739,428. LOSS ON UNCOLLECTIBLE PLEDGES PART XI, LINE 4B - OTHER ADJUSTMENTS: CAPITAL CAMPAIGN EXPENSE 188,986. PART XII, LINE 2D - OTHER ADJUSTMENTS: RETAIL EXPENSES 739,428. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAPITAL CAMPAIGN EXPENSE 188,986. X X 0 0 0 0 0 0 0 0 0 GRACE ELTON CEO 237942 0 20000 0 0 0 8129 0 3862 0 269933 0 0 0 JANE ELLIS CFOO 158101 0 5000 0 0 0 5043 0 1926 0 170070 0 0 0 THERESA LEE CHIEF DEVELOPMENT OFFICER 157678 0 5000 0 0 0 909 0 1391 0 164978 0 0 0 X 4 59063 NYSE 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP SHALL BE AVAILABLE TO ALL REGISTERED PERSONS OR ORGANIZATIONS SUPPORTIVE OF THE PURPOSE AND OBJECTIVES OF THE SOCIETY. FORM 990, PART VI, SECTION A, LINE 7A A) EACH MEMBER SHALL BE ACCORDED PRIVILEGES CONSISTENT WITH HIS OR HER CLASS OF MEMBERSHIP, AS DETERMINED FROM TIME TO TIME BY THE BOARD. B) ANY FIFTEEN MEMBERS MAY NOMINATE A CANDIDATE FOR ANY POSITION TO BE FILLED BY ELECTION AT THE NEXT ANNUAL MEETING. NOMINATION PAPERS SIGNED BY SUCH MEMBERS SHALL BE DELIVERED TO THE EXECUTIVE DIRECTOR AT LEAST TWO WEEKS BEFORE THE ANNUAL MEETING. C) EACH MEMBER PRESENT AT ANY ANNUAL MEETING OR SPECIAL MEETING SHALL HAVE THE RIGHT TO VOTE. D) AT ANY ANNUAL MEETING OR SPECIAL MEETING, ANY MEMBER MAY VOTE BY PROXY AS PROVIDED BY SECTION 6A OF CHAPTER 180 OF THE GENERAL LAWS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE SOCIETY MUST APPROVE ANY CHANGES TO THE BYLAWS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OPERATING OFFICER AND THE SENIOR FINANCE MANAGER AND THEN FORWARDED TO THE TREASURER FOR REVIEW AND SIGNATURE. ANY MEMBERS OF THE ORGANIZATION CAN REVIEW A COPY OF THE 990 AND FORM PC UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF TRUSTEES AND EMPLOYEES ARE ASKED TO REVIEW AND SIGN OFF ON THE CONFLICT OF INTEREST POLICY. INDIVIDUALS ARE ENCOURAGED TO DOCUMENT ANY RELATED PARTY TRANSACTIONS ON THE FORM. THE POLICY IS REVIEWED BY MANAGEMENT AND APPROPRIATELY COMMUNICATED TO THE AUDITORS FOR DISCLOSURE IN THE AUDITED FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS DETERMINED THROUGH ANALYSIS OF COMPARABLE COMPENSATION DATA, MARKET FLUCTUATIONS AND BUDGETARY RESTRICTIONS. CEO IS EVALUATED ANNUALLY BY THE BOARD OF TRUSTEES. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BASED UPON HISTORIC COMPENSATION INFORMATION, DATA FROM THE AMERICA PUBLIC GARDENS ASSOCIATION AND/OR OTHER RELEVANT SALARY SURVEY DATA AND BUDGETARY RESTRICTIONS. EMPLOYEES ARE EVALUATED ANNUALLY FOR PERFORMANCE AND ANY COMPENSATION CHANGES. FORM 990, PART VI, SECTION C, LINE 19 FORMS ARE AVAILABLE IN THE BUSINESS OFFICE FOR REVIEW DURING THE BUSINESS HOURS OF 10AM TO 5PM.