2026-05-14T08:05:39-05:00 2025-06-30 331498605 PLANTE & MORAN PLLC 401 EDGEWATER PLACE SUITE 300 WAKEFIELD MA 01880 990 2024-07-01 042103623 ST MARK'S SCHOOL OF SOUTHBOROUGH INC STMA 5087866000 25 MARLBORO ROAD SOUTHBOROUGH MA 01772 ELIZABETH DIONNE CHIEF FINANCIAL OFFICER 5087866000 2026-05-07 1 1 JODY K BOOTH P00963825 7812459999 2026-05-07 2024 2025-03-06 01:10:19Z ELIZABETH DIONNE 25 MARLBORO ROAD SOUTHBOROUGH MA 01772 37308889 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. 29 28 327 11 168270 0 5412776 4784972 26134857 27190392 -1846980 3169069 925647 1859064 30626300 37003497 5835920 6788207 0 0 20917234 21778623 0 0 3184174 18144200 19264503 44897354 47831333 -14271054 -10827836 255951565 263293161 61030788 66587845 194920777 196705316 X REFER TO SCHEDULE O, PAGE 73 0 0 36216091 6788207 26645892 ST. MARK'S SCHOOL OF SOUTHBOROUGH, INC. WAS FOUNDED IN 1865 AND PROVIDES CO-EDUCATIONAL SECONDARY LEVEL EDUCATION TO APPROXIMATELY 375 RESIDENTIAL AND DAY STUDENTS. 0 1618429 AUXILIARY AND OTHER INCOME 0 1618429 36216091 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 80 0 327 1 0 0 0 0 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA GA NY X X ELIZABETH DIONNE 5087866171 25 MARLBORO ROAD SOUTHBOROUGH MA 01772 MICHAEL MOORE PRESIDENT 4.00 X X 0 0 0 MARK F VASSALLO TREASURER 4.00 X X 0 0 0 REVEREND PATRICIA PHANEUF ALEXANDER TRUSTEE, CLERK 4.00 X 0 0 0 JAMES BARTLETT TRUSTEE 4.00 X 0 0 0 PATRICIA BRANCH TRUSTEE 4.00 X 0 0 0 TARAH BREED TRUSTEE 4.00 X 0 0 0 ALDEL BROWN TRUSTEE 4.00 X 0 0 0 GELENE BROWN TRUSTEE 4.00 X 0 0 0 R WILLLIAM BURGESS TRUSTEE 4.00 X 0 0 0 SUNG SHIK SONNY CHO 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 THOMAS DAVIS TRUSTEE 4.00 X 0 0 0 NICHOLAS EVERETT TRUSTEE 4.00 X 0 0 0 REVEREND CANNON PRESTON HANNIBAL TRUSTEE 4.00 X 0 0 0 ELAINE HARVEY TRUSTEE 4.00 X 0 0 0 XIN JANE HE TRUSTEE 4.00 X 0 0 0 F STEPHEN HODI TRUSTEE 4.00 X 0 0 0 JIE JACK LING TRUSTEE 4.00 X 0 0 0 FRANCISCO LOPEZ-BALBOA TRUSTEE 4.00 X 0 0 0 VICTOR LOPEZ-BALBOA TRUSTEE 4.00 X 0 0 0 RUSSELL PYNE TRUSTEE 4.00 X 0 0 0 DR IVORY HILLS HEAD OF SCHOOL 40.00 X 244682 0 16923 MACKIN PULSIFER TRUSTEE 4.00 X 0 0 0 RUEBEN RICHARDS 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 PAUL SCHLAACK TRUSTEE 4.00 X 0 0 0 JULI HODI TRUSTEE 4.00 X 0 0 0 BEATRIX SANDERS CHIEF ADVANCEMENT OFFICER 40.00 X 304243 0 63603 ROBERT KUKLEWICZ FORMER CFO (3/7/25) 40.00 X 323122 0 65234 STEPHANIE KATZ DIRECTOR OF MAJOR & PRINCIPAL GIFTS 40.00 X 183261 0 55566 CALEB COCHRAN DIRECTOR OF COMMUNICATIONS Q 40.00 X 153557 0 15887 JOHN WARREN FORMER HEAD OF SCHOOL (6/30/24) 40.00 X 883786 0 29147 2092651 0 246360 36 1 1 0 FLIK INDEPENDENT SCHOOLS 2 INTERNATIONAL DR RYE BROOK NY 10573 FOOD SERVICES 2603500 PREFERRED CONTRACTORS INC 223 CENTER STREET PEMBROKE MA 02359 DESIGN BUILD ENGINEERING 890549 FALCONI BROS INC 223 CENTER STREET PEMBROKE MA 02359 OIL HEATING 425779 AALANCO 80-B TURNPIKE ROAD WESTBOROUGH MA 01581 HEATING AND AIR-CONDITIONING 361679 ENVOYS 1751 PINNACLE DR SUITE 600 MACLEAN VA 22102 EXPERIENTIAL LEARNING PROGRAMS 214600 8 4784972 229324 4784972 TUITION 611600 27190392 27190392 27190392 671029 671029 2656513 4977 0 163450 2656513 -158473 2498040 -158473 2656513 214320 141942 72378 72378 MISCELLANEOUS INCOME 611710 1618416 1618416 FLOW-THROUGH INCOME FROM SMS IH, 900000 168270 168270 1786686 37003497 28650335 168270 3399920 6788207 6788207 489084 489084 15790397 10813899 3282083 1694415 5499142 3675942 1246160 577040 37445 37445 120455 120455 4358085 3580790 609298 167997 644796 563871 50826 30099 1013552 576458 329404 107690 2157565 1466271 649401 41893 370542 233314 46397 90831 1610323 1610323 6514812 5700461 651481 162870 MISCELLANEOUS 2027148 1001224 880125 145799 SPECIAL FUNCTIONS 369190 164741 38909 165540 UBIT TAX 40590 40590 47831333 36216091 8431068 3184174 3502000 8395038 2420504 1704215 269945 122650 144773 161983 773095 922832 183754952 108190996 81254098 75563956 8970299 6737849 158616851 169684638 255951565 263293161 9682465 9608888 4247257 11086010 46791715 45622427 309351 270520 61030788 66587845 X 44978407 39519809 149942370 157185507 194920777 196705316 255951565 263293161 -10827836 13137375 -525000 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 161158154 869903 16655625 8792116 169891566 137746846 8726050 23516339 8831081 161158154 133280098 5200240 7395843 8129335 137746846 149239678 6424758 -15960830 6423508 133280098 119842473 1684921 34967988 7255704 149239678 0.15657 0.84343 0 0 1248801 1248801 136941966 68383619 68558347 45289137 39807377 5481760 275048 275048 75563956 GEM FUNDS 86508042 F AGILITY COMPREHENSIVE SOLUTIONS FUND 81362806 F LEGACY INVESTMENTS 1813790 F 169684638 ANNUITIES PAYABLE 270520 270520 X 43454017 13137375 141942 13279317 30174700 6828797 6828797 37003497 41144478 141942 141942 41002536 6828797 6828797 47831333 PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT IS TO SUPPORT THE EDUCATIONAL MISSION OF ST. MARK'S SCHOOL BY PROVIDING A SUBSTANTIAL, SUSTAINABLE FLOW OF FUNDS TO THE OPERATING BUDGET. THE ENDOWMENT SERVES AS A RELIABLE FINANCIAL RESOURCE FOR BOTH CURRENT AND FUTURE NEEDS. THE ENDOWMENT IS MANAGED WITH THREE PRIMARY OBJECTIVES: TO PROVIDE A RELATIVELY PREDICTABLE AND STABLE REAL (INFLATION-ADJUSTED) SOURCE OF FUNDS TO PROVIDE FOR ANNUAL SPENDING IN SUPPORT OF THE SCHOOL'S OPERATIONS; TO PRESERVE AND ENHANCE THE REAL PURCHASING POWER OF THE ENDOWMENT; AND TO PROVIDE SUPPORT FOR THE SCHOOL'S CAPITAL INVESTMENT NEEDS SHOULD THE COMMITTEE AND BOARD DEEM IT APPROPRIATE. THE ENDOWMENT IS INVESTED AND MANAGED IN ACCORDANCE WITH ITS INVESTMENT POLICY STATEMENT, WHICH ALSO INCLUDES THE SCHOOL'S SPENDING POLICY. THIS POLICY ESTABLISHES A DRAW BASED UPON A ROLLING 12-QUARTER AVERAGE OF ENDOWMENT MARKET VALUES, CALCULATED ON A ONE-YEAR LAG. ALL DISTRIBUTIONS FROM THE ENDOWMENT ARE MADE IN ACCORDANCE WITH THE MASSACHUSETTS UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA). PER THIS ACT, THE SCHOOL CONSIDERS THE DURATION AND PRESERVATION OF THE ENDOWMENT FUNDS, THE PURPOSES OF THE FUNDS, AND GENERAL ECONOMIC CONDITIONS AT THE TIME OF THE DRAW. 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, 2025, 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 141,942. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,788,207. UNRELATED BUSINESS INCOME TAX 40,590. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 141,942. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,788,207. UNRELATED BUSINESS INCOME TAX 40,590. PART V - LINE 1C DURING THE FISCAL YEAR ENDING JUNE 30, 2025, MANAGEMENT REVISED ITS CLASSIFICATION OF ENDOWED FUNDS TO ALSO INCLUDE CERTAIN DONOR RESTRICTED FUNDS THAT ARE TEMPORARY IN NATURE, WHICH ALLOW FOR CORPUS SPENDING, IN ADDITION TO THE STANDARD DRAW. IN PRIOR YEARS, THESE FUNDS WERE EXCLUDED FROM MANAGEMENT'S CLASSIFICATION OF ENDOWED FUNDS. THIS CHANGE RESULTED IN AN INCREASE OF $8,324,664 WHICH IS INCLUDED "INVESTMENT EARNINGS" IN THE PRIOR YEAR COLUMN. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL INCLUDES ITS NONDISCRIMINATORY STATEMENT ON ITS WEBSITE. 1 FINANCIAL AID 110 6788207 PART I, LINE 2: FINANCIAL AID PRIMARILY CONSISTS OF NEED-BASED GRANTS THAT ARE PROVIDED VIA A REDUCTION IN TUITION. IT ALSO INCLUDES TUITION REMISSION FOR EMPLOYEE'S CHILDREN. X 1 0 X X X X 0 0 0 0 0 0 0 0 0 JOHN WARREN FORMER HEAD OF SCHOOL (6/30/24) 883786 0 0 0 0 0 0 0 29147 0 912933 0 0 0 ROBERT KUKLEWICZ FORMER CFO (3/7/25) 323122 0 0 0 0 0 0 0 65234 0 388356 0 0 0 BEATRIX SANDERS CHIEF ADVANCEMENT OFFICER 304243 0 0 0 0 0 0 0 63603 0 367846 0 0 0 DR IVORY HILLS HEAD OF SCHOOL 244682 0 0 0 0 0 0 0 16923 0 261605 0 0 0 STEPHANIE KATZ DIRECTOR OF MAJOR & PRINCIPAL GIFTS 183261 0 0 0 0 0 0 0 55566 0 238827 0 0 0 CALEB COCHRAN DIRECTOR OF COMMUNICATIONS Q 153557 0 0 0 0 0 0 0 15887 0 169444 0 0 0 SCHEDULE J - PART 1 TYPE OF BENEFITS: HOUSING ALLOWANCE NUMBER OF PERSONS LISTED WHO RECEIVED THE BENEFITS: 3 TAXABILITY OF BENEFITS: NON-TAXABLE NOTE: THE PERSONS WHO RECEIVE THIS BENEFIT ARE REQUIRED TO LIVE ON THE PREMESIS FOR LEGITIMATE BUSINESS PURPOSES, AND THE HOUSING IS ON THE PREMESIS. 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 6/30/2025 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 6/30/2025 AMOUNTED TO $9,400,000. X 12 229324 MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING, THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER, THE CONTROLLER, AND HEAD OF SCHOOL. A DRAFT OF THE RETURN IS PROVIDED TO THE FULL BOARD. ANY QUESTIONS ARE REQUESTED TO BE DIRECTED TO THE CHIEF FINANCIAL OFFICER. ONCE REVIEWED, THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST FROM BOARD MEMBERS, MEMBERS OF COMMITTEES, OFFICERS, AND KEY EMPLOYEES. ANY DISCLOSED CONFLICTS ARE REVIEWED BY THE BOARD OR A DESIGNATED COMMITTEE OF THE BOARD, WHICH DETERMINES APPROPRIATE ACTIONS TO MITIGATE OR RESOLVE CONFLICTS. INDIVIDUALS ARE EXPECTED TO DISCLOSE CONFLICTS OF INTEREST IF CHANGES IN CIRCUMSTANCES REQUIRE DISCLOSURE. RECORDS OF DISCLOSURES AND DECISIONS ARE MAINTAINED. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DETERMINES COMPENSATION FOR THE HEAD OF SCHOOL THROUGH A REVIEW PROCESS THAT INCLUDES BENCHMARKING AGAINST COMPARABLE POSITIONS IN SIMILAR ORGANIZATIONS. COMPENSATION DECISIONS ARE MADE BY THE BOARD OR A DESIGNATED COMMITTEE, WHICH CONSIDERS FACTORS SUCH AS EXPERIENCE, RESPONSIBILITIES, AND INDUSTRY STANDARDS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST BY CALLING THE BUSINESS OFFICE. THE FORM 990 AND FINANCIAL STATEMENTS ARE ACCESSIBLE THROUGH PUBLICLY AVAILABLE SOURCES INCLUDING THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE/WEBSITE. 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 0 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