2024-03-20T12:55:01-05:00 2023-06-30 222027092 WITHUM SMITH BROWN PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2022-07-01 042742359 MASSACHUSETTS COLLEGE OF ART AND DESIGN FOUNDATION INC MASS 6178797024 621 HUNTINGTON AVENUE BOSTON MA 02115 DEIRDRE NECTOW CHAIR 6178797024 2024-03-15 1 DEIRDRE NECTOW 999009999 0 DAVID A DIIULIS P00303577 6174711120 2024-03-15 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DEIRDRE NECTOW 621 HUNTINGTON AVENUE BOSTON MA 02115 7642380 0 X WWW.MASSART.EDU X 1981 MA TO ASSIST IN THE EDUCATIONAL PROGRAMS, EXHIBITS, AWARDS, AND SCHOLARSHIPS FOR STUDENTS OF MASSACHUSETTS COLLEGE OF ART AND DESIGN. 21 20 0 82 0 0 3394695 3570294 0 0 719281 2264 -59177 66816 4054799 3639374 2512002 2388820 0 0 129876 127995 0 0 379822 116952 444608 2758830 2961423 1295969 677951 16667670 18543628 55852 265876 16611818 18277752 TO ASSIST IN THE EDUCATIONAL PROGRAMS, EXHIBITS, AWARDS, AND SCHOLARSHIPS, FOR STUDENTS OF MASSACHUSETTS COLLEGE OF ART AND DESIGN. 0 0 2338820 2338820 PROVIDE SCHOLARSHIPS AND AWARDS TO THE STUDENTS OF MASSACHUSETTS COLLEGE OF ART AND DESIGN AND FUNDING FOR EDUCATIONAL PROGRAMS AND EXHIBITS. 50000 50000 PROVIDE FUNDING FOR THE MASSACHUSETTS COLLEGE OF ART AND DESIGN GALLERIES CAPITAL PROJECT. 2388820 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 1 1 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 1 139 0 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X DEIRDRE NECTOW 6178797045 621 HUNTINGTON AVENUE BOSTON MA 02115 DEIRDRE NECTOW CHAIR 1.00 X X 0 0 0 PATRICIA RIVERS VICE CHAIR 0.50 X X 0 0 0 CHARLES JOBSON TREASURER 1.00 X X 0 0 0 MARJORIE O'MALLEY CLERK & EXECUTIVE DIRECTOR 1.00 40.00 X X 0 207516 25663 HENRY BINER DIRECTOR 0.50 X 0 0 0 KATIE BLOCK DIRECTOR 0.50 X 0 0 0 RICHARD COFFMAN DIRECTOR 0.50 X 0 0 0 ANDRA DEKKERS DIRECTOR 0.50 X 0 0 0 NINA FLETCHER DIRECTOR 0.50 X 0 0 0 MICHELLE INGARI DIRECTOR 0.50 X 0 0 0 KRISTINE IRVING DIRECTOR 0.50 X 0 0 0 ALISON JUDD DIRECTOR 0.50 X 0 0 0 ASHLEY KARGER DIRECTOR 0.50 X 0 0 0 WANITA KENNEDY DIRECTOR 0.50 X 0 0 0 FRED LIANG DIRECTOR 0.10 40.00 X 0 112165 18266 ELIZABETH LOWREY DIRECTOR 0.50 X 0 0 0 TED MACLEAN DIRECTOR 0.50 X 0 0 0 ROBERTA MOORE DIRECTOR 0.50 X 0 0 0 EMMA PICKARD DIRECTOR 0.50 X 0 0 0 VALENTINE TALLAND DIRECTOR 1.00 X X 0 0 0 CHIARA TRABUCCHI DIRECTOR 0.50 X 0 0 0 JAMES MASON DIRECTOR 0.10 40.00 X 0 177540 24339 0 497221 68268 0 0 1 0 0 650796 2919498 314465 3570294 345539 345539 3031717 3374992 -343275 -343275 -343275 694830 650796 628014 66816 66816 3639374 0 0 69080 X 2388820 2388820 127995 127995 19654 19654 25000 25000 380955 1133 379822 12170 12170 6829 6829 2961423 2388820 192781 379822 527101 854270 2040318 3418786 1128610 88781 12971641 14178251 0 3540 16667670 18543628 44179 254698 11673 11178 55852 265876 X 848941 735282 15762877 17542470 16611818 18277752 16667670 18543628 677951 987983 0 X X 0 1 X 1 0 X 2927323 4319530 4517134 3394695 3570294 18728976 35038 37589 37186 36935 42829 189577 2962361 4357119 4554320 3431630 3613123 18918553 18918553 635300 362694 209335 231451 345539 1784319 20702872 0.91380 0.92010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15762877 2355277 933778 1509462 17542470 17524555 2097906 -2208128 1651456 15762877 14981237 3213063 1514788 2184533 17524555 13929034 2656616 469698 2074111 14981237 17127084 2170863 868109 6237022 13929034 0.52552 0.47448 0 0 0 EQUITY MUTUAL FUNDS 10210839 F FIXED INCOME MUTUAL FUNDS 3967412 F 14178251 ANNUITY PAYABLE 11178 11178 X 5273200 987983 42829 628014 1658826 3614374 25000 25000 3639374 3607266 42829 628014 670843 2936423 25000 25000 2961423 PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES 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. PART XI, LINE 2D EXPENSES ALLOCATED TO FUNDRAISING EVENTS: FUNDRAISING EVENT EXPENSES $628,014 PART XII, LINE 2D EXPENSES ALLOCATED TO FUNDRAISING EVENTS: FUNDRAISING EVENT EXPENSES $628,014 PART V, LINE 4 EXPLANATION: THE INVESTMENT POLICY FOR ENDOWMENT FUNDS IS INTENDED TO PRESERVE CAPITAL TO THE EXTENT POSSIBLE AND PROVIDE A REASONABLY PREDICTABLE STREAM OF REVENUE IN ORDER TO PROVIDE APPROPRIATE FUNDING TO THE PROGRAMS SUPPORTED BY ENDOWMENT FUNDS. ART AUCTION 1252893 559196 693697 11696 114489 454882 FASHION PARTY 92733 91600 1133 891 15365 30691 1345626 650796 694830 12587 129854 485573 628014 66816 1 MASSACHUSETTS COLLEGE OF ART AND DESIGN 621 HUNTINGTON AVE BOSTON MA 02115 046002284 115 2388820 0 FMV SCHOLARSHIPS, CAPITAL PROJECTS AND FINANCIAL AID 1 0 SCHEDULE I, PART I, LINE 2: THE FOUNDATION INSPECTS CHARGES TO ENSURE THAT THEY ARE APPROPRIATE AND ALLOWABLE. THIS INCLUDES CHECKING CLERICAL ACCURACY AND CHECKING COMPLIANCE WITH APPLICABLE AGENCIES AND FEDERAL GUIDELINES. THE FOUNDATION ALSO MAKES SURE THAT EXPENSES FIT WITHIN THE REQUIRED CATEGORIES AND BUDGET AMOUNTS. THIS INCLUDES REVIEWING EXPENSE CATEGORIES, REBUDGETING OR TRANSFERING EXPENSES AS NEEDED. 0 0 0 0 0 0 0 0 0 MARJORIE O'MALLEY CLERK & EXECUTIVE DIRECTOR 0 207516 0 0 0 0 0 0 0 25663 0 233179 0 0 JAMES MASON DIRECTOR 0 177540 0 0 0 0 0 0 0 24339 0 201879 0 0 PART I LINE 3 THE PRESIDENT OF THE COLLEGE DETERMINES THE COMPENSATION OF THE FOUNDATION'S EXECUTIVE DIRECTOR. X EDUCATION PROGRAMS 18 207943 FMV X EVENT ITEMS 16 103686 FMV X MATERIALS AND SUPPLIES 5 2836 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B IT IS THE EXPRESS POLICY OF THE MASSACHUSETTS COLLEGE OF ART AND DESIGN FOUNDATION, INC. THAT THE ORGANIZATION'S FORM 990 IS REVIEWED BY ITS GOVERNING BODY BEFORE BEING FILED. SPECIFICALLY, THE COMPLETED FORM 990 IS REVIEWED: 1. BY THE FOUNDATION CONTROLLER AND EXECUTIVE DIRECTOR 2. BY THE FOUNDATION TREASURER AND PRESIDENT 3. BY OTHER MEMBERS OF THE FOUNDATION EXECUTIVE COMMITTEE. REVIEWS MAY BE CONDUCTED BY E-MAIL, PROVIDED THAT THERE IS SUFFICIENT TIME FOR COMMENTS BEFORE THE FILING DEADLINE. SUFFICIENCY WILL BE DETERMINED BY THE FOUNDATION EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES DIRECTORS AND OFFICERS TO EXECUTE A CONFLICT OF INTEREST STATEMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE MASSACHUSETTS COLLEGE OF ART AND DESIGN FOUNDATION, INC. HAS NO EMPLOYEES. THE FOUNDATION INSTEAD USES EMPLOYEES OF THE MASSACHUSETTS COLLEGE OF ART AND DESIGN. ALL SALARIES FOR THESE EMPLOYEES ARE PAID BY MASSACHUSETTS COLLEGE OF ART AND DESIGN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON DEMAND AT ITS OFFICES. FORM 990, PART IX, LINE 11G MISCELLANEOUS : PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,133. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,133. FUNDRAISING EVENTS & CULTIVATION: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 379,822. TOTAL EXPENSES 379,822. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE WHOSE PURPOSE IS THE OVERSIGHT AND REVIEW OF THE AUDITED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR. MASSACHUSETTS COLLEGE OF ART AND DESIGN 621 HUNTINGTON AVENUE BOSTON MA 02115 046002284 STATE COLLEGE MA 115 N/A N/A 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 MASSACHUSETTS COLLEGE OF ART AND DESIGN B 2388820 FAIR MARKET VALUE MASSACHUSETTS COLLEGE OF ART AND DESIGN M 137979 FAIR MARKET VALUE MASSACHUSETTS COLLEGE OF ART AND DESIGN O 137979 FAIR MARKET VALUE MASSACHUSETTS COLLEGE OF ART AND DESIGN D 3540 FAIR MARKET VALUE