2025-02-06T07:45:52-06:00 2024-03-31 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2023-04-01 041988945 WORCESTER COUNTY HORTICULTURAL SOCIETY WORC 5088696111 11 FRENCH DRIVE BOYLSTON MA 01505 MICHAEL MACHNOWSKI TREASURER 5088696111 2025-02-04 1 0 BARBARA E KING P00005629 5087557107 2025-02-04 2023 2025-03-06 01:10:19Z NEW ENGLAND BOTANIC GARDEN AT TOWER HILL MICHAEL MACHNOWSKI 11 FRENCH DRIVE BOYLSTON MA 01505 22609881 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. 25 25 153 310 0 0 5042657 6739593 2535232 2745739 73106 727513 455347 480875 8106342 10693720 0 0 0 0 3573915 3780972 0 0 979562 3472780 3489446 7046695 7270418 1059647 3423302 52393106 58921141 1408518 1398650 50984588 57522491 X NEW ENGLAND BOTANIC GARDEN AT TOWER HILL CREATES EXPERIENCES WITH PLANTS THAT INSPIRE PEOPLE AND IMPROVE THE WORLD. 0 0 2890163 2436782 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 OF 200 ACRES. IN ADDITION, THE GARDEN HAS A FOCUSED OUTREACH IN SURROUNDING COMMUNITIES, INCLUDING WORCESTER, THE SECOND LARGEST CITY IN NEW ENGLAND. NEBG 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, NEBG STAFF AND VOLUNTEERS PARTNER WITH ORGANIZATIONS ON PROJECTS SUCH AS TREE MAINTENANCE, URBAN GREENING, STORMWATER MAINTENANCE, ENVIRONMENTAL EDUCATION, AND MORE. NEBG'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. 1822945 444306 EDUCATION - ALL OF NEBG'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 NEBG'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. 4713108 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 88 0 1 153 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 25 25 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 GREG BROWN TRUSTEE 2.00 X 0 0 0 MATTHEW MATTUS VICE PRESIDENT 2.00 X X 0 0 0 ULUMPIXAN ATHOH'IL TRUSTEE 2.00 X 0 0 0 ASHLYN DONOHUE TRUSTEE 2.00 X 0 0 0 JIM KARADIMOS VICE PRESIDENT 2.00 X X 0 0 0 CATHERINE COLINVAUX VICE PRESIDENT 2.00 X X 0 0 0 JEAN POTEETE 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 GAYLE WEISS VICE PRESIDENT 2.00 X X 0 0 0 ELIZABETH MYSKA TRUSTEE 2.00 X 0 0 0 LISA MCDONOUGH VICE PRESIDENT 2.00 X X 0 0 0 SAMANTHA MCDONALD TRUSTEE 2.00 X 0 0 0 SHIRLEY WILLIAMS 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 TRUSTEE 2.00 X 0 0 0 MICHAEL MACHNOWSKI TREASURER 2.00 X X 0 0 0 KENT DUR RUSSELL PRESIDENT 2.00 X X 0 0 0 DENNIS MURPHY TRUSTEE 2.00 X 0 0 0 DIANE ROBBINS TRUSTEE 2.00 X 0 0 0 RICHARD LEIF SECRETARY 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 ASSISTANT TREASURER 2.00 X X 0 0 0 GRACE ELTON CEO 40.00 X 273746 0 15535 JANE ELLIS CFOO 40.00 X 162113 0 7111 THERESA LEE CHIEF DEVELOPMENT OFFICER 40.00 X 164546 0 6467 600405 0 29113 3 0 1 0 0 1111170 5628423 59945 6739593 GENERAL ADMISSION 110000 2265379 2265379 LECTURES 110000 377428 377428 CONTRACT REVENUE 110000 58400 58400 EVENTS 110000 44532 44532 2745739 837815 837815 799768 454242 345526 345526 345526 10560838 10671140 -110302 -110302 -110302 903782 790779 113003 113003 MISCELLANEOUS 110000 22346 22346 22346 10693720 2881088 0 1073039 588876 75908 313733 199235 2639291 1918886 458504 261901 281842 172388 75085 34369 270963 148261 82014 40688 51995 51995 364653 198289 130334 36030 249132 14315 226972 7845 209725 182652 14299 12774 54909 38766 12324 3819 46865 6413 38294 2158 700843 614086 43513 43244 187289 165641 11263 10385 SUPPLIES 647940 572455 22556 52929 REPAIRS & MAINTENANCE & 339909 301661 20124 18124 PROGRAM SERVICES 212336 212336 CAPITAL CAMPAIGN EXPENS 135431 135431 288419 91051 76738 120630 7270418 4713108 1577748 979562 103832 672975 2062645 4871225 1103463 1875094 86952 9594 96563 93256 151234 216900 39251023 14326817 24610815 24924206 24177602 26257891 52393106 58921141 770877 737979 589783 624835 47858 35836 1408518 1398650 X 25762893 26123040 25221695 31399451 50984588 57522491 52393106 58921141 X 3423302 3139601 -25000 X 0 1 X 1 0 X 3080794 5363611 3165626 5042657 6739593 23392281 1815997 889776 2583890 3359842 3671867 12321372 4896791 6253387 5749516 8402499 10411460 35713653 7775 109601 136527 653340 68340 975583 763487 2988819 542444 1983885 3565878 9844513 771262 3098420 678971 2637225 3634218 10820096 24893557 1490289 1097527 3251894 823601 1527281 8190592 1490289 1097527 3251894 823601 1527281 8190592 6387080 7350914 9001410 9226100 11938741 43904245 0.56700 0.52890 0.18660 0.21020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25331477 58700 3700663 1406110 27684730 26480716 1776432 -1596367 1329304 25331477 25734081 371935 703572 328872 26480716 17444442 440565 8316435 467361 25734081 20066650 120592 -1728002 1014798 17444442 0.05810 0.94190 0 0 1827335 1827335 18005759 9612784 8392975 13059887 3730680 9329207 1764716 983353 781363 4593326 4593326 24924206 FINANCE LEASE LIABILITY 35836 35836 14411674 3139601 765779 3905380 10506294 51995 135431 187426 10693720 7873771 790779 790779 7082992 51995 135431 187426 7270418 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 2024) 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 2024, THE BOARD APPROVED $912,464 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. THERE WERE NO UNDERWATER FUNDS AS OF MARCH 31, 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: RETAIL EXPENSES 790,779. LOSS ON UNCOLLECTIBLE PLEDGES -25,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: CAPITAL CAMPAIGN EXPENSE 135,431. PART XII, LINE 2D - OTHER ADJUSTMENTS: RETAIL EXPENSES 790,779. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAPITAL CAMPAIGN EXPENSE 135,431. X X 0 0 0 0 0 0 0 0 0 GRACE ELTON CEO 253746 0 20000 0 0 0 8533 0 7002 0 289281 0 0 0 THERESA LEE CHIEF DEVELOPMENT OFFICER 164546 0 0 0 0 0 4953 0 1514 0 171013 0 0 0 JANE ELLIS CFOO 162113 0 0 0 0 0 5019 0 2092 0 169224 0 0 0 X 4 59945 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. FORM 990, PART XI, LINE 9: LOSS ON UNCOLLECTIBLE PLEDGES -25,000.