Annual Report - Wellington.com

Transcription

Wellin gto n Management Fo u ndatio n
2015 Annual Report
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Wellington Management Foundation Annual report 2015
Mission statement
The mission of our Foundation is to support programs and organizations in our communities that
improve the education and educational opportunities for economically disadvantaged youth.
TABLE OF CONTENTS
2015 Grant Recipients�� 2
Letter from the Board Chair�� 3 – 4
Advisory Board and Administrative Support�� 5
Grant Review Committee Members�� 6
Grant Recipients��7 – 13
Independent Auditors’ Report and Financial Statements�� 14 – 27
3
2015 Grant Recipients
2015 Catalyst Gifts and Annual Grants
The Foundation awarded a record US$3,553,000 to 55 nonprofits in London, Frankfurt,
Singapore, Sydney, and the four US regions where we have offices. This amount includes
both annual grants to organizations and programs, and a new program of one-time major
gifts to organizations launching new strategic initiatives or expansions of their programming.
Catalyst Gifts
Boston Debate League
BUILD Greater Boston
City Year Boston
Match Beyond
Nativity Preparatory School
Steppingstone Scholars, Philadelphia
Annual Grants
Early Childhood Education
and Literacy
Generations Inc
Horizons for Homeless Children
Nurtury
Parent-Child Home Program
(Somerville)
Smart from the Start
District-wide and
School- based Programs
BUILD Boston
UP Education (Boston, Lawrence)
Charter Schools
Academy of the Pacific Rim
Boston Preparatory Charter School
Bridge Boston Charter School
Codman Academy Charter School
Excel Charter School
Independent Schools
Beacon Academy
Blessed Stephen Bellesini (Lawrence)
Esperanza Academy (Lawrence)
Epiphany School
Nativity School of Worcester
(Worcester)
Community Boat Building
MathPOWER
Arts, Language, Civics
Artists for Humanity
Generation Citizen
VSA Massachusetts
Liz Raskopf
GMA Foundations
(617) 391-3092
[email protected]
Benjamin Franklin Institute
Boston Higher Education
Resource Center
Breakthrough of Greater Boston
Leap for Education
Let’s Get Ready
Minds Matter
Steppingstone Academy
Multi -year Grants
Math, Science, Business
For more information about
annual grant-making, please
visit the Foundation’s website
www.wellingtonfoundation.org
or contact:
College Access and
Persistence
After School & Summer
Brookview House
Earthen Vessels
Friends of the Children
Horizons at Dedham Country Day
Sociedad Latina
St. Stephen’s Youth Programs
4
826 Boston
Hyde Square Task Force
Global Grants
Frankfurt — Die Arche
Singapore — Child at Street 11
Sydney — Aboriginal Literacy
Foundation
Chicago
Casa Juan Diego
Chicago Jesuit Academy
Sue Duncan Children’s Center
London
Doorstep Library Network
Real Action
Radnor
Breakthrough Greater Philadelphia
Steppingstone Scholars Greater
Philadelphia
Teen SHARP
San Francisco
10,000 Degrees
Aim High
First Graduate
letter from the board chair
How can we make a real and lasting difference in the lives
of high-need youth in our communities?
That’s the challenge that drives the efforts of hundreds of supporters of the
Wellington Management Foundation every year, and I’m very excited to highlight
some of the creative solutions we came up with in 2015, as well as the remarkable
increase in donations and the continually improving grant-making process.
Recognizing the generosity of our donors
The Foundation depends on the incredible support and generosity of donors
to fund its grant-making initiatives, and 2015 was a record-breaking year.
Donations totaled almost US$5 million, including more than US$1.1 million from
over 400 employees of Wellington Management through the Annual Appeal,
almost US$500,000 from withdrawn partners of the firm, and US$3 million from
the firm itself. Thank you!
Collaborating to give more and give wisely
The level of engagement between our hundreds of volunteers and the Foundation and individual grantees also increased dramatically in 2015, bringing more
expertise and a stronger, more consistent process to our grant-making decisions.
In December, the Foundation’s Advisory Board approved grants for 52 nonprofits totaling US$2.1 million, an increase of 20% over 2014. Grants ranged from
US$15,000 to US$75,000 and averaged US$40,385 — a new high. As part of the
annual Grant Review Committee process, more than 150 employee volunteers were
assigned to review 76 applications for funding from nonprofits in Boston, Chicago,
Philadelphia, San Francisco, and London. In addition, employee volunteers in
Frankfurt, Singapore, and Sydney collaborated to check in on organizations that
received grants in 2014.
Catalyzing change with a new giving program
In August, the Foundation launched the Catalyst Giving Initiative, a direct result
of the increased generosity of the firm and part of the Foundation’s plan to engage
in long-term strategic partnerships with select organizations. The Catalyst Giving
Initiative is designed to help innovative education-focused nonprofits that are
showing meaningful and sustainable academic outcomes make a significant
leap forward in pursuit of their strategic objectives. For the inaugural year
of the program, the Foundation awarded grants totaling $1.45 million to five
organizations in Boston (BUILD Greater Boston; Boston Debate League; City
Year Boston; Match Beyond; Nativity Preparatory School) and one in Philadelphia
(Steppingstone Scholars).
I encourage you to read about all of the organizations the Foundation supports, as
well as stories of the youth whose lives they impact, in the pages that follow.
Strengthening relationships with grant recipients
As an extension of the Catalyst Giving Initiative and given the ongoing and strong
support of our volunteers, the Foundation developed Relationship Teams and
assigned them to the six Catalyst grant recipients as well as several other nonprofits
that have long-standing working relationships with Wellington Management.
These teams will act as liaisons between each of these organizations and employees
across the firm, seeking to foster better engagement and support throughout the
year and to streamline the process of making volunteer opportunities available to
employees. We also expect that these relationships will allow the Foundation and
the firm to be more engaged in our communities and to enhance the sustainability
of these organizations.
5
Advisory Board Chairs
Molly K. Shannon
2014 – present
Jamie Rome
2010 – 2014
William Hannigan
2009 – 2010
Maryann Carroll
2007 – 2009
Joseph Schwartz
2003 – 2007
Valerie Mosley Diamond
2001 – 2003
Mary Ann Tynan
1998 – 2001
Jim Walters and
Dena Willmore
1992 – 1997
Board Vice Chairs
Fatima Penrose
2013 – present
Jennifer Hunnewell
2011 – 2013
Sara Lou Sherman
2009 – 2010
William Hannigan
2007 – 2009
Maryann Carroll
2004 – 2007
Binkley Shorts
2002 – 2004
letter from the board chair
Building on our understanding of educational challenges and solutions
We have stepped up efforts to create a dialogue across the firm on topics related
to education and philanthropy. In October, we launched a speaker series featuring
representatives of the six recipients of Catalyst Gifts, and we will welcome other guest
speakers in 2016. In addition, we will be providing research-related opportunities
for members of the Foundation’s Advisory Board to deepen their understanding
of the state of education and opportunities to improve it. Finally, the Board will be
considering ideas for sharpening its portfolio allocation strategy so that we can have a
greater impact on organizations and the young people they support.
I believe these and other steps we’re taking can help put more young people on the
path to a high-quality education. We are committed to identifying innovative ways to
expand our reach and would welcome new ideas.
I wish to thank the Board members with whom I had the pleasure of serving in 2015,
including David Chang, who joined in July. Thank you to all of our supporters without
whom this work wouldn’t be possible. I look forward to seeing what we can achieve
together in the year ahead.
With gratitude,
Molly K. Shannon
Chair
Wellington Management Foundation
Total grants and scholarships awarded
by Wellington Management Foundation
in 2015: US$3,553,000
6
2015 advisory board and administrative support
Thank you!
We would like to thank our Advisory Board and volunteer staff for their dedication and hard work
throughout 2015. We are also extremely thankful to Wellington Management Company llp for
providing the funds to manage our operations, enabling us to devote 100% of our capital to programs.
Advisory Board
Michael Carmen
David Chang
Sandhya Douglas
Michael Feder
Michael Hong
Alyssa Irving
Michael Masdea
Ed Owens
Fatima Penrose, Vice Chair
Bob Rands
Molly Shannon, Chair
Danny Sharp
Business Manager
Karen Pfefferle
Support
Staff
Finance
Support
Tax
Support
Investment
Relationship GMA
Manager
Foundations
Legal
Support
Kathleen
MacKinnon
Sonia
Benevides
Elizabeth
Reiser
Mike
Gallagher
Phil
Hall
Emily
Babalas
Elizma
Sexton
Eugene
Ferri
Angelique
Richardson
Elisabeth
Raskopf
Brittany
Kaminski
Lindsey
Hedrick
Valerie
Tipping
Jeffrey
Ng
Brittany
Russell
7
2015 Grant Review Committee Members
Team Leaders
Mike DiGregorio
Mike Dugan
Gary Barrett
Margy Halloran
Matt Hand
Enna Jimenez
Mirko Kamann
Shena Lambright
Neil Leonard
Bridget Olsen
Beth Piskorowski
Lisa Stevens
Research
Leaders
Brian Barbetta
Aidan Fisher
Peter Fisher
Rob Hayes
Adam Kaplan
Liz Kleinerman
Conor McEachern
F. Halsey Morris
Julius Moschitz
Anh Nguyen
Cory Perry
Daniel Riff
Eric Shapiro
David Siegle
Ben Swanson
Vera Trojan
Volunteers
Tanya Ahuja
Victoria Albert
Adam Allden
Andrew Allen
Emeka Amaizu
Emily Babalas
Stephanie Barbosa
Meagan Barry
Philip Bartels
Andrew Bayerl
Chris Beaven
Brescia Beckner
Navin Belani
Sonia Benevides
Jennifer Bialobrzeski
Sue Bonfeld
Ryan Brennan
Kimberly Ann
Calderone
Joanne Carey
Tim Casaletto
Melissa Charette
Jay Chen
Izac Chyou
Kenneth Ciriello
Kristen Coen
Scott Cokely
Kelli Comb
Lance Connolly
Brian Conroy
Brad Couture
Seema Dasgupta
Julie Delongchamp
John Dickson
Katherine Duckworth
Tanya Duplessy
Michael Elias
Kelly Ellis
Denise England
Diane Evans
Amit Fernandes
Noel Fernandez
Aiden Fisher
Brendan Fludder
Will Foley
Graham Forum
Adam Fraser
Jonathan Fussell
Shuyu Gao
Louis Gardner
Paul Gastello
Michelle George
Christina Ghobrial
Nicholas Girardi
Christopher Gobron
Jose Gonzalez
Aahudgee Greene
Austin Greenwalt
Michael Griffin
Ann-Marie Groutage
Veronika Gusakova
Rosanne Halloran
William Hannigan
Graham Harrall
Melissa Harris
Philip Hattwick
Jeff Heuer
Laura Hirst
Rich Hoffman
Vera Horgan
Cissy Hu
Michael Huber
Anna Hughes
Maisie Hughes
Michelle Hunter
Sarah Ingoldsby
Alyssa Irving
Roberto Isch
Mathew Jakobsons
8
Hari Kabra
Sean Kammann
Petra Koehler
Julie Krakauer
Shelly Kuhn
Mark Labbe
Ruth Labrie
Jackie Lafond
Robert Lin
Chang Liu
Giuliana Loukas
Susan Lucey
Don Maciag
Courtney Madden
Doris Mbabu
Jennifer McCarthy
Margaret McCurdy
Thomas McGillycuddy
Douglas McLane
Maryse Medawar
Mary-Elizabeth Meli
Shane Merriweather
Claye Metelmann
Estelle Minniss
Ashish Mittal
Derek Monroe
Felix Montanez
Thomas Mucha
Anthony Munro
Erika Murphy
Ashton Nagey
John Nay
Kendra Nevins
Kristen Novello
Sinead O’Brien
Kristin O’Donnell
Alex Olivieri
Nata Orisma
Manny Ortega
Sunita Patel
Bob Patten
Giles Peel
Joy Perry
Jane Peyrouse
Karen Pfefferle
Masmin Phelan
Yvonne Pichert
Liz Polich
Rachel Polisher
Mike Randall
Derek Ricciuto
David Rittner
Helen Rombalski
Charlie Ruch
Jennifer Rynne
Jennifer Schrader
Lisa Setow
Wen Shi
Ben Singer-Scott
Mark Smith
Samantha Smith
Andrew Snow
Luke Stellini
James Stoll
Cheryl Swanson
Pik Ting Szeto
Tania Tagliavento
William Tarnel
Libby Teborek
Kenneth Thelen
Ketki Tipnis
Andrew Tubman
Simone Valois
Richard Van Lienden
Alex Vander Baan
Danielle Williams
Greg Williams
Belinda Wong
Sabrina Young
Ana Yurrita
Grants to Organizations
10,000 Degrees,
San Rafael, CA
US$50,000
10,000 Degrees is a nationally recognized
college access and success organization
serving more than 4,000 students
annually from low-income families in
the North Bay region of San Francisco.
Through a Summer Intensive and yearround activities, they provide SAT/ACT
prep, essay writing workshops, campus
visits, mentoring sessions, financial aid
workshops, and more.
www.10000degrees.org
826
Boston
US$45,000
Third and final year of
Multi -year Grant
Based in Roxbury’s Egleston Square, 826
Boston is a nonprofit youth writing and
tutoring center dedicated to teaching
creative and expository writing to
underserved students ages 6 – 18, and to
helping Boston Public School teachers
inspire their students to write. 826 has
extended and intensified its programming
recently with the addition of an afterschool program at the Grove Hall branch
of the Boston Public Library and a Writer’s
Room at the John D. O’Bryant School of
Math and Science.
Academy of the Pacific Rim
Charter Public School
Boston
US$45,000
ARTISTS for Humanity
Boston
US$15,000
New Grant Recipient
The Academy opened its doors in 1997
and now serves 500 students in grades
5 – 12 with a mission to empower
urban students of all racial and ethnic
backgrounds to achieve their full
intellectual and social potential by
combining the best of the East — high
standards, discipline, and character
education with the best of the West — a
commitment to individualism, creativity,
and diversity.
AFH provides under-resourced urban
youth with paid employment in art and
design that includes intensive mentorships,
introductions to career possibilities,
experiential arts, and STEM learning and
a productive place to be after school.
www.pacrim.org
Aim High For High School
San Francisco
US$25,000
New Grant Recipient
Aim High provides under-resourced
middle school youth with a free five-week
summer learning program that propels
them towards success in high school
and college.
www.aimhigh.org
www.afhboston.org
Beacon Academy, Inc.
Boston
US$60,000
Beacon Academy works with 20 motivated Boston-area youth who receive an
extra year of preparation between eighth
and ninth grades designed to prepare
them for competitive independent and
public exam high schools.
www.beaconacademy.org
Benjamin Franklin Institute
of Technology
Boston
US$50,000
One of New England’s oldest colleges of
engineering and technology, Benjamin
Franklin Institute of Technology partners
with the Boston Public Schools for its
Dual Enrollment Program, serving more
than 140 inner-city students. Students
take classes at the Franklin Institute
for both high school and college credit,
gaining experience and comfort with a
higher education setting.
www.826boston.org
Aboriginal Literacy
Foundation
Melbourne, Australia
US$35,000
www.bfit.edu
ALF seeks to transform the lives of
Indigenous children by collaborating
with local communities and partners
to develop literacy skills and numeracy
education. The Digital Literacy Hub
aims to bring a range of assets including
networks, libraries, schooling resources,
tools, and portals to a digital platform
that enables an easy to access interactive
learning environment.
For more information about
annual grant-making, please
visit the Foundation’s website
or contact:
Liz Raskopf
GMA Foundations
(617) 391-3092
[email protected]
www.aboriginalliteracyfoundation.org
9
Blessed Stephen Bellesini,
OSA Academy, Inc.
Lawrence, MA
US$50,000
Bellesini Academy has been providing
tuition-free preparatory education to
at-risk boys in grades 5 – 8 since 2002.
Located in Lawrence, Massachusetts, the
Academy offers small classes, a twelvehour school day, an extended school year,
and a rigorous curriculum designed to
prepare students for success in private
preparatory high schools.
www.bellesiniacademy.org
Boston
US$50,000 and
Catalyst Gift US$250,000
The Boston Debate League seeks to help
the Boston Public Schools build a culture
of academic and intellectual excellence
by extending the social and academic
benefits of debate to as many students
as possible.
In addition to an annual grant, the
Foundation made a one-time major gift
to support the implementation of BDL’s
strategic plan so that by 2021 every Boston
Public School student in graders 6 – 12
attends a school with a debate team (an
increase from 28 to 75 schools) and a
growing number of school use evidencebased argumentation programs as a core
method of instruction.
www.bostondebate.org
Boston Higher Education
Resource Center
Boston
US$25,000
Boston Preparatory
Charter Public School
boston
US$40,000
New Grant Recipient
Bridge Boston
Charter School
Boston
US$40,000
New Grant Recipient
Located in the Mattapan neighborhood,
Boston Prep serves 415 students and
140 alumni in a unique two-part mission:
college graduation and ethical growth.
The school’s Persistence Project is a
multi-faceted set of programs designed
to address the challenges faced by lowincome, urban, first-generation, minority
college students who have graduated from
this high-performing grade 6 – 12 school.
Located in the Dorchester neighborhood,
Bridge Boston currently serves 230
students in K1 – 4th grade and is adding
a new grade each year until they reach
maturity with 335 students through
8th grade. Their academic programs
and community partnerships draw on
best practices learned by the founder
and current principal from her time at
Epiphany School, a long-time
Wellington grantee.
www.bostonprep.org
www.bridgebostoncs.org
Breakthrough Greater
Boston
US$75,000
Breakthrough is a year-round, tuitionfree academic program serving underresourced middle and high school
students. Its six-year program starts
in middle school and supports the
students through high school until
college matriculation.
www.breakthroughcambridge.org
Breakthrough OF GREATER
Philadelphia
US$75,000
Breakthrough is a year-round, tuitionfree academic program serving underresourced middle and high school
students. Its six-year program starts in
middle school and supports the
students through high school until
college matriculation.
www.breakthroughphilly.org
Boston HERC serves under-represented
urban students in grades 6 – 12 and
their families through out-of-school
academic enrichment, academic support
and retention services to help them
graduate from high school, and college
and career advising.
Brookview House
Boston
US$40,000
Brookview’s mission is to help
homeless and at-risk families learn the
skills necessary to break the cycle of
homelessness and poverty. Their Youth
Development Programs address the
persistent academic problems of
homeless youth in transitional housing,
including academic as well as behavioral
health issues.
www.brookviewhouse.org
BUILD Greater Boston
boston
US$35,000 and
US$250,000 Catalyst Gift
BUILD is a unique four-year high
school program using entrepreneurship
to excite and propel disengaged, lowincome students through high school to
college success. BUILD students develop
their own business ideas, write business
plans, pitch to funders, and launch
real businesses. Students also receive
individualized academic support and
college advising to ensure they graduate
college-eligible and prepared to succeed in
a postsecondary environment.
Foundation made a one-time major gift to
support BUILD’s five-year growth plan to
increase the number of students it serves
from 200 to 800 and double the number
of schools from 4 to 8 by 2020.
www.bostonherc.org
www.buildinboston.org
10
Kofi Fynn scholarship recipient
Jovan Thormes
Jovan Thormes is a founding freshman at the Excel Academy High School, after graduating in the
founding class of Excel’s Chelsea Middle School. Jovan is the oldest of three children born to his
Dominican and Puerto Rican mother and El Salvadoran father. He will be the first person in his family
to graduate from college. Jovan saw success in middle school due to his inquisitive mind. He earned
honor roll every year, and was chosen by his peers to be the 8th grade commencement speaker.
Jovan has wasted no time in getting involved in his new high school. He was chosen as co-captain
of the soccer team, selected to represent his school as a Dean’s Council member, and became a
squad leader in the Young Men’s Leadership Group and treasurer of the Technology club. He has
done all of this while maintaining honor roll grades. Over the summer, Jovan is planning to take
academic coursework and live in a residence hall at a local college to gain exposure to new academic
challenges in the field of science and to see what it would be like to live on a college campus. He also
plans to volunteer in his community, coaching youth in a Chelsea youth soccer organization.
The US$1,500 annual Kofi Fynn scholarship is named on behalf of a former Wellington Management employee. The recipient
exhibits many of the qualities exemplified by Kofi Fynn, including a passion for education and personal development, a high level of
intelligence and achievement, and commitment to the community.
Casa Juan Diego
Chicago
US$30,000
Child at Street 11
Singapore
US$15,000
Casa Juan Diego is a community youth
center in the predominantly Hispanic
Pilsen neighborhood of Chicago. Their
after-school and summer programs
are focused on academic support and
personal development through academic
tutoring, homework help, structured
recreation, cultural activities, computer
training, educational field trips, and
personal and social development training.
Child at Street 11 is a multi-racial, secular,
independent, nonprofit organization
dedicated to helping low-income and
dysfunctional families provide quality early
years education for their children. The
center serves children ages 2 – 6 in a full
day program in Singapore, where most
preschools do not have integrated programs
for children from low-income homes.
www.street11.org.sg
www.casajuandiego.org
Chicago Jesuit Academy
Chicago
US$25,000
New Grant Recipient
Located on Chicago’s West Side, Chicago
Jesuit Academy is an independent boys’
middle school currently serving 140
students. The school’s College Persistence
Program is integrated into the school
curriculum and focuses on a student’s
progression from elementary to high
school and on to college or career.
www.chicagojesuitacademy.org
City Year
Boston
City Year is an education-focused nonprofit that partners with public schools
to provide targeted interventions for
students at risk of dropping out. The
Foundation’s Catalyst Gift was a one-time
major gift to support the expansion of
City Year’s programming for two years to
the McKay School in East Boston. City
Year AmeriCorps members will serve as
tutors, mentors and role models to more
than 700 new students with the goal
that 90% demonstrate improvement in
English Language Arts (ELA) and math
assessments and 70% improve average
daily attendance.
www.cityyear.org/boston
11
Codman Academy Charter
Public School
Boston
US$40,000
CACPS is Dorchester’s first charter high
school created in response to a strong
community need for a college preparatory,
small high school in the Codman Square/
Four Corners area. Students attend school
six days a week, with one extended day
Monday through Friday. The Codman
program is holistic, addressing students’
physical and mental health needs along
with academics.
www.codmanacademy.org
Community Boat Building,
Boston
US$50,000
Community Boat Building’s
comprehensive school-year program
reinforces the academic curriculum
by teaching pupils how to apply math
and science to sail and build boats.
Participants also have an opportunity to
study the Boston Harbor and its islands,
engage in science experiments, and visit
the historic ships USS Constitution and
USS Casson Young.
www.communityboatbuilding.org
Mary Ann Tynan scholarship recipient
Hawa Ibrahim
Hawa Ibrahim is a senior at Codman Academy Charter Public School. She was chosen to receive
this scholarship because she is a strong and devoted student who cares very deeply about her
academics, her fellow students, and the world around her. This year, she took on the leadership role
of creating Codman Academy’s Yearbook Club and is now the president of the club. Hawa also is a
proud member of the Boston Bantu Girls, a weekly girls’ empowerment group for refugee girls in
high school that focuses on the pursuit of higher education.
Hawa immigrated to the United States from a refugee camp in Kenya at the age of 7. She currently
lives in Boston with her parents and her eight siblings, of which she is the third oldest. In college,
she plans to major in Marketing and Communication. Her goal after graduating is to create ways for
people from different backgrounds to connect over shared interests and passions. She also plans to
be socially and politically aware and active so she can find ways to improve her community.
The US$1,500 annual Mary Ann Tynan scholarship is distributed annually to a deserving graduating woman from among the
organizations that the Wellington Management Foundation supports. The scholarship is named for former Wellington Management
Partner Mary Ann Tynan, and is awarded to encourage and assist the recipient in achieving her educational goals.
Die Arche
Frankfurt, Germany
US$25,000
Die Arche is a national organization
with 18 branches across Germany,
each of which provides support for the
educational and emotional needs of
underprivileged children in their
respective community.
www.kinderprojekt-arche.eu
Doorstep Library Network
London
US$60,000
The Doorstep Library Network seeks
to instill the love of reading in children
and improve their educational potential
through teams of volunteers reading
stories on doorsteps and in homes on
council estates. In addition, valuable
relationships are fostered with parents,
enabling Doorstep to support families
and facilitate access to additional
services, while encouraging them to take
an active role in the children’s education.
www.doorsteplibrary.org.uk
Earthen Vessels
Boston
US$25,000
Earthen Vessels is an after-school
program serving children in the Harbor
Point section of Dorchester and
a life-changing summer camp in the
mountains of Vermont. Their long-term
engagement with children in grades
4 – 12 consists of tutoring, mentoring, and
family engagements through a community
of support.
www.evkids.org
Epiphany School, Inc.,
Boston
US$40,000
Epiphany School provides not only an
excellent middle school education, but a
home away from home. Students receive
meals, counseling, health care, and social
services. In exchange, their families
volunteer at the school for a minimum of
two hours per week. Epiphany stresses
academic growth, with small class sizes
ensuring increased support and attention
for students’ individual learning needs.
www.epiphanyschool.org
Esperanza Academy
Lawrence, MA
US$40,000
Esperanza Academy is a tuition-free, girls’
middle school offering a transformative
education that integrates a rigorous
academic curriculum with cocurricular
programs in athletics, the arts, community
service, cultural enrichment, social skills,
and spirituality. Its intensive approach
to urban education includes an extended
12
school day, mandatory summer education,
and sustained support for students long
after they have graduated.
www.esperanzaacademy.org
Excel Academy Charter
Schools
Boston, MA
US$30,000
Excel operates three middle schools and
a high school in East Boston, Chelsea,
and Orient Heights and supports
students and graduates to succeed in
high school, graduate college, and apply
their learning to engage productively in
their communities. Currently, they serve
790 individuals and their families and
will grow to 1,350 students in grades
5 – 12 by 2019.
www.excelacademy.org
First Graduate
San Francisco, CA
US$25,000
The goal of First Graduate is to help San
Francisco students finish high school
through a 10-year coaching relationship
with students and their families, working
with them to assess each student’s
academic potential. Coaches then help
students to identify short and long-term
goals for both their current education and
future career. First Graduate maps out an
education pathway that enables
students to reach their goals by providing
access to resources, skill-building
opportunities, and experiences necessary
for success.
Horizons at
Dedham Country Day School
Dedham, MA
US$50,000
www.firstgraduate.org
The Horizons program involves a sixweek summer enrichment program,
where, from kindergarten through eighth
grade, students will return for a summer
of academic and cultural experiences. In
addition, the year-round program offers
six “Super Saturday” sessions to keep
students connected during the regular
school year.
Friends of the Children Boston, Inc.
Boston
US$50,000
Friends of the Children-Boston is an
innovative mentoring organization
committed to providing intensive support
for high-risk children, as an attempt
to assist children and their families in
breaking cycles of poverty. The organization
connects some of Boston’s most vulnerable
children with full-time, paid, professional
mentors known as Friends. Children are
selected in first grade and remain in the
program until they graduate from high
school and continue on to college.
www.friendsboston.org
Generation Citizen
Boston
US$30,000
Generation Citizen works to ensure
that every student in the US receives an
effective civics education that provides
them with the knowledge and skills
necessary to participate as active citizens
in our democracy. Their innovative inclass curriculum pairs students with local
leaders to resolve local problems, giving
them real-world experience.
www.generationcitizen.org
GENERATIONS INCORPORATED
Boston
US$25,000
New Grant Recipient
Generations Incorporated is an
intergenerational program placing
ExperienceCorps members in
underperforming schools for highly
intentional and structured reading
support for young children. These
activities include interactive reading
aloud, independent reading, phonics and
skill support, and writing support and
provide not only meaningful volunteer
experiences for older adults but also key
support for struggling students.
www.generationsinc.org
www.horizonsnational.org/dedham.php
Horizons for
Homeless Children
US$10,000
Among a full suite of support services,
Horizons for Homeless Children
maintains a Director of Community
Schools and Family Partnership that
helps prepare families of young children
to navigate the process for enrolling in
school and ensure children are placed in
appropriate programs.
www.horizonsforhomelesschildren.org
Hyde Square Task Force
Boston
US$45,000
Third and final year
of Multi -year Grant
The Hyde Square Task Force Paths to
College and Career Program serves
high school students, offering tutoring,
mentoring, workshops, and field trips
to help youth explore their options
and achieve their goals. College-bound
seniors receive one-on-one mentoring
and guidance in selecting and applying to
college, securing financial assistance, and
preparing for interviews for schools or jobs.
www.hydesquare.org
Leap for Education
Salem, MA
US$25,000
LEAP for Education helps low-income
and first generation students in the North
Shore communities of Boston succeed in
high school and graduate from college.
Their Academic Learning Center helps
middle and high school students learn
13
and explore their interests before entering
the College Success program, where they
develop their aspirations and get the
support they need to succeed in college
and career.
www.leap4ed.org
Let’s Get Ready
Boston
US$50,000
Let’s Get Ready provides low-income
high school students with free SAT
preparation, admissions counseling, and
other support services needed to gain
admission to and graduate from college.
In addition to the SAT, students receive
guidance on their college essays and
applying for financial aid.
www.letsgetready.org
Match Beyond
Boston
Match Beyond was created in partnership
with Southern New Hampshire
University’s College for America program
to offer an efficient and cost-effective
pathway for low-income high school
graduates and GED recipients to earn
Associate and Bachelor degrees and to
prepare for, obtain, and succeed in careertrack employment. The Foundation’s onetime Catalyst Gift will put this program on
the path to achieving their goal of enrolling
500 students by 2020 and demonstrating
at least a 50% persistence rate and 75%
degree completion so that 75% of their
participants acquire middle-class jobs.
www.matcheducation.org
MathPOWER Boston
US$50,000
MathPOWER’s Algebra Plus Summer
Camp enhances the understanding of key
math concepts in an intensive five-week
program. Morning sessions are focused
on mathematics, reinforcing last year’s
topics, and preparing for upcoming
lessons in the grade ahead. Afternoon
sessions involve participation in education
clubs addressing topics such as college
and career preparation, community
involvement, health and nutrition, and
arts and humanities.
www.mathpower.neu.edu
Minds Matter of Boston, Inc.
Boston
US$50,000
Nurtury
Boston
US$25,000
Smart From the Start
Boston
US$25,000
Minds Matter’s Prep Program pairs
each student with two mentors who
provide SAT preparation, tutoring, and
assistance identifying and applying to
competitive academic summer programs.
Students who successfully complete the
Prep Program continue on to the Senior
Program. Here, students and mentors
focus on college applications, financial
aid, and the admissions process.
Founded in 1878 as Associated Early Care
and Education, Nurtury is New England’s
first and largest nonprofit child care and
early education provider. In six Early Care
and Education Centers, Nurtury follows
NAEYC guidelines regarding teacher child
ratios, and provides breakfast, lunch, and
snack. Nurtury also provides training
and support to over 130 Family Child
Care Providers to help them achieve high
standards in early education, the physical
environment, and nutrition.
Smart from the Start is a family support,
community engagement, and schoolreadiness initiative that works to
eliminate the achievement gap among
Boston’s poorest children. The program
works to engage underserved families by
providing them with the resources, tools,
and support they need to break cycles of
chronic school underachievement and
generational poverty.
www.nurturyboston.org
Sociedad Latina, Inc.
Boston
US$50,000
www.mindsmatter.org
Nativity Preparatory School
Boston
For over 25 years, Nativity has provided
a high-quality, tuition-free middle school
education for fourth- through eighthgrade boys from low-income families in
Boston — the Foundation has supported
Nativity for 17 of those years. The
Catalyst Gift was a one-time major gift
to jump-start an initiative to expand and
enhance the school’s Graduate Support
Program so that it includes redesigned
college services and increased one-onone counseling with the goal that 100%
of graduates who are accepted in college
attend and succeed.
Parent- Child Home Program
Somerville, MA
US$50,000
The Parent-Child Home Program bridges
the “preparation gap” with home visitors
who help parents realize their role as
their children’s first and most important
teacher, generating enthusiasm for
learning and verbal interaction through
the use of engaging books and stimulating
toys. Parents are never given homework
or assignments to complete but are
encouraged to continue quality play and
reading between visits with the books and
toys they receive each week.
www.nativityboston.org
www.parent-child.org
Nativity School of
Worcester, Inc.
Worcester, MA
US$60,000
Real Action
London
US$50,000
Nativity School of Worcester is a
tuition-free, independent, Jesuit middle
school for inner-city boys living in
vulnerable neighborhoods in Worcester,
Massachusetts. Founded in 2002, the
school enrolls students in grades 5 – 8 for
an extended day of learning with small
class sizes, on-site counseling, a Summer
Academic and Leadership Program,
and several athletic and extracurricular
clubs. Nativity also boasts an intensive
alumni support system, which supports
graduates through high school to college
and beyond.
The Learning Store is Real Action’s home
and center of operations, strategically
placed at the heart of the extremely
deprived section of north Westminster,
which the charity was originally created
to serve. Their Butterfly Saturday
Reading Programme in local primary
schools teaches several thousand of the
most underprivileged children in the
community to read and write through
direct intervention and an “embed and
spread” teacher-training initiative.
www.realaction.org.uk
www.nativityworcester.org
14
www.smartfromthestartinc.org
Sociedad Latina’s Mission Enrichment
After-School Program for middle school
students infuses learning with fun,
offering learning games and activities, arts
and sports clubs, community service, and
standardized test preparation software
in addition to traditional tutoring and
homework help.
www.sociedadlatina.org
St. Stephen’s Youth
Programs, Inc.
Boston
US$35,000
St. Stephen’s flagship program, the
B-READY after-school program, serves
youth in grades K – 12 with academic
and recreational programs, leadership
training, community service projects, and
neighborhood improvement initiatives.
High school students are placed in
the St. Stephen’s Place of Opportunity
program, where they are paid to work
with the younger students while receiving
training, academic support, life skills and
leadership training, college and career
planning, community organizing, and
social activities.
www.ststephensbos.org
Steppingstone Academy
Boston
US$50,000
Beginning the summer before fifth
grade, highly motivated students attend
14 months of academic programming
designed to prepare them for admission
and entrance into the Boston region’s
top college-preparatory schools.
Between sixth and twelfth grades,
students also participate in Saturday
mentoring and tutoring sessions as
needed, working toward the ultimate
goal of college enrollment.
Sue Duncan
Children’s Center
Chicago
US$50,000
UP Education Network
Boston and Lawrence, MA
US$70,000
New Grant Recipient
The Sue Duncan Children’s Center
provides year-round academic and
educational enrichment programming
for children in pre-K through grade 12 on
Chicago’s South Side. Sue Duncan aims
to support the whole child through a free,
year-round curriculum that includes all
core academic subjects, behavioral and
social adjustment, athletics, art, music,
and ethics.
UP Education Network is a school
turnaround management organization.
Currently, the network is operating in
five schools in Boston and Lawrence,
Massachusetts, with plans for additional
schools in those cities and in Springfield,
Massachusetts. The organization’s unique
model provides 12 months of targeted
managerial and administrative support to
launch a new school, including assessing
a school’s specific challenges, designing
a plan of curriculum change, staff and
faculty restructuring and training, and
family engagement before assuming full
management of a school.
www.tsf.org
www.sueduncanchildrenscenter.org
Steppingstone Scholars
Philadelphia
US$50,000 and
TeenSHARP
Camden, NJ
US$15,000
New Grant Recipient
Beginning the summer before fifth
grade, highly motivated students attend
14 months of academic programming
designed to prepare them for admission
and entrance into the Philadelphia
region’s top college-preparatory schools.
Between sixth and twelfth grades,
students also participate in Saturday
mentoring and tutoring sessions as
needed, working toward the ultimate
goal of college enrollment.
TeenSHARP was founded in 2009 to
increase underrepresented students’
access to college and develop studentleaders who are Successful, HighAchieving, and Reaching Potential
(SHARP). TeenSHARP operates one
site at Rutgers University’s Camden
Campus where it serves Philadelphia and
Southern New Jersey students beginning
in grade 6 with full-day programming
each Saturday, and school year-round.
Foundation made a one-time major
gift to support the development of
Steppingstone’s STEAM program
in conjunction with University of
Pennsylvania’s School of Engineering.
The robotics-based STEAM curriculum
and related programs will be tailored
to students from 4th grade through
college and is focused on reducing the
achievement and access gap in STEAMrelated fields.
www.teensharp.org
www.upeducationnetwork.org
VSA Massachusetts
boston
US$25,000
VSA Massachusetts promotes the
involvement of people with disabilities
in our culture and communities through
arts-integrated education programs. They
have achieved this by developing multisensory arts-based teaching strategies and
sponsoring exhibitions and performances
by artists of all abilities.
www.vsamass.org
www.steppingstonescholars.org
15
Independent Auditors’ Report and Financial Statements
To the Trustees of Wellington Management Foundation
We have audited the accompanying financial statements of Wellington Management Foundation (the “Foundation”), which
comprise the statements of financial position as of December 31, 2015 and 2014, and the related statements of activities
and cash flows for the years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits
in accordance with auditing standards generally accepted in the United States of America. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
position
Wellington
Management
Foundation
as of December
31,material
2014 and
2013, and
Infinancial
our opinion,
the of
financial
statements
referred
to above present
fairly, in all
respects,
thethe
financial position of
changes
in
its
net
assets
and
its
cash
flows
for
the
years
then
ended
in
accordance
with
accounting
Wellington Management Foundation as of December 31, 2015 and 2014, and the changes in its net assets and its cash flows
principles
accepted
in the United
of America.
for
the yearsgenerally
then ended
in accordance
with States
accounting
principles generally accepted in the United States of America.
April 17, 2015
April 6, 2016
A Certified MBE and DBE Massachusetts Statewide Contractor
75 Arlington Street Suite 500 Boston Massachusetts 02116 | Tel (617) 848-4547 Fax (978) 988-0780
How Diverse is Your Supplier Network?
16
Statements of Financial Position Statements of Financial Position
December 31, 2015 and 2014
2015 20152014
2014
Assets
Cash and cash equivalents
Contributions receivable
Investments, at fair value
Total assets
$
4,439,766
1,006,289
29,707,297
$
4,310,917
562,764
28,585,948
$
35,153,352
$
33,459,629
25,965
2,350,000
$
13,000
1,822,300
Liabilities and Net Assets
Liabilities:
Accounts payable
Grants payable
$
Total liabilities
2,375,965
1,835,300
Net Assets:
Unrestricted
Temporarily restricted
32,499,891
277,496
30,873,768
750,561
32,777,387
31,624,329
Total net assets
Total liabilities and net assets
$
35,153,352
$
See accompanying notes to financial statements.
-317
33,459,629
Statements of Activities
For
the
Years
Ended December 31, 2015 and 2014
Statements of Activities for the Years Ended December 31, 2015 and 2014
2015
Changes in Unrestricted Net Assets:
Revenue and Support:
Contributions
Special event
Dividends and interest
Net realized gain on investments
Unrealized depreciation on investments
Net assets released from restrictions
$
4,932,718
661,217
285,408
(1,682,317)
819,219
Total unrestricted revenue and support
Expenses:
Program Expenses:
Grants to charitable organizations
Other program expenses
Total program expenses
Supporting Services:
Management and general
Fundraising - special event
Total supporting services
Total expenses
Change in unrestricted net assets
Changes in Temporarily Restricted Net Assets:
Contributions
Special event
Dividends and interest
Net assets released from restrictions
Change in temporarily restricted net assets
Change in net assets
Net assets, beginning of year
Net assets, end of year
2014
2015
$
2014
$
4,272,429
756,445
564,730
444,866
(791,419)
400,706
5,016,245
5,647,757
3,070,348
69,444
1,747,300
68,429
3,139,792
1,815,729
249,332
998
156,324
250,604
250,330
406,928
3,390,122
2,222,657
1,626,123
3,425,100
346,113
41
(819,219)
385,035
252,350
115
(400,706)
(473,065)
236,794
1,153,058
3,661,894
31,624,329
27,962,435
32,777,387
See accompanying 18
notes to financial statements.
-4-
$
31,624,329
Statements of Cash Flows
For the Years Ended December 31, 2015 and 2014
Statements of Cash Flows for the Years Ended December 31, 2015 and 2014
Cash Flows From Operating Activities:
Change in net assets
Adjustments to reconcile change in net assets to net cash
provided by operating activities:
Realized gain on investments
Unrealized depreciation on investments
(Increase) decrease in operating assets:
Contributions receivable
Increase (decrease) in operating liabilities:
Accounts payable
Grants payable
$
Net cash provided by operating activities
Cash Flows From Investing Activities:
Purchases of investments
Sales of investments
Net cash used in investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
2015
2014
2015
$
1,153,058
$
3,661,894
(285,408)
1,682,317
(444,866)
791,419
(443,525)
(126,588)
12,965
527,700
(13,666)
205,300
2,647,107
4,073,493
(7,717,025)
5,198,767
(6,378,232)
2,657,996
(2,518,258)
(3,720,236)
128,849
353,257
4,310,917
3,957,660
4,439,766
19
See accompanying notes to financial
statements.
-5-
2014
$
4,310,917
Notes to Financial Statements
1. Organization
Wellington Management Foundation (the “Foundation”), is a qualified charitable organization established, pursuant to a trust
agreement dated February 6, 1992, which was amended and restated by the Second Amended and Restated Trust Agreement, dated
March 1, 2008, as further amended on November 1, 2012 (the “Trust Agreement”), between Wellington Management Company, llp and
Wellington Trust Company, NA (as “Trustee” or “WTC”) to support programs and organizations in our communities that improve and/
or provide educational opportunities for disadvantaged youths. Effective January 1, 2015, Wellington Management Company, llp was
renamed Wellington Management Group llp (“WMG”).
To accomplish its mission, the Foundation makes grants to charitable organizations in communities where WMG has offices.
Commencing in 2015, Wellington Management Company llp (Delaware) (“WMC”), a subsidiary of WMG, provides the principal
financial support for the Foundation through its contributions and its employees’ contributions. The Foundation’s operations are also
funded by investment income.
2. Summary of Significant Accounting Policies
Basis of Accounting
The Foundation prepares its financial statements on the accrual basis of accounting in accordance with accounting principles generally
accepted in the United States of America (US GAAP). Any references to particular accounting topics in US GAAP in the accompanying
financial statements are referring to the corresponding accounting topics in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”).
Events or transactions occurring after December 31, 2015, through the date the financial statements were available to be issued, April 6,
2016, have been evaluated in the preparation of the financial statements.
Net Assets Classification
Net assets of the Foundation are classified into three categories. The classifications are related to the existence or absence of donorimposed restrictions as follows:
• Unrestricted Net Assets - net assets that are available for support of operations and not subject to donor-imposed stipulations.
• Temporarily Restricted Net Assets - assets whose use is limited by either donor-imposed time restrictions or purpose restrictions.
• Permanently Restricted Net Assets – assets that must be maintained by the Foundation in perpetuity. At December 31, 2015 and
2014, the Foundation had no permanently restricted net assets.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Actual results could differ from those estimates.
Contributions
Contributions are recognized when a donor makes a promise to give to the Foundation that is, in substance, unconditional. Such
contributions are typically received in less than one year and, therefore, the carrying value approximates fair value. Contributions
that are restricted by donors, which are primarily for the payments of grants, are reported as increases in unrestricted net assets if the
restrictions expire in the year in which the contributions are recognized. All other donor-restricted contributions are reported as increases
in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily
restricted net assets are reclassified to unrestricted net assets.
The Foundation uses the allowance method to determine uncollectible contributions receivable. The allowance is based on prior years’
experience and management’s analysis of specific promises made. At December 31, 2015 and 2014, all outstanding contributions receivable
were collectible and due within one year.
Cash and Cash Equivalents
For purposes of the statements of financial position and the statements of cash flows, cash and cash equivalents consist of cash and
other highly liquid investments, except for short-term cash held for investment purposes, with an original maturity of three months or
less when purchased.
20
Notes to Financial Statements — Continued
Contributed Services
Contributed services are recognized if the services create or enhance long-lived assets or require specialized skills, are provided by
individuals possessing those skills, and would typically need to be purchased if not donated.
Income Taxes
The Foundation is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is exempt from state
income taxes under Chapter 180 of the Massachusetts General Laws. Unrelated business taxable income, however, would be subject
to federal and state income taxes. Unrelated business taxable income is generated from an unrelated trade or business of an exempt
organization which is not substantially related to the exercise or performance of its exempt purpose. The Foundation had no activity
that did not substantially relate to the exercise or performance of its exempt purpose in 2015 or 2014. Consequently, the accompanying
financial statements do not reflect any provision for income taxes. The Foundation’s 2008 through 2014 tax years remain subject to
examination by federal and state tax authorities.
Investments and Investment Income
ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in accordance
with US GAAP, and expands disclosure about fair value measurements. In accordance with ASC 820, fair value is defined as the price
the Foundation would receive to sell an asset or pay for a liability in an orderly transaction between the market participants at the
reporting date. ASC 820 also establishes a three-level hierarchy for presenting valuations, based on the transparency of inputs into
valuation techniques used to measure fair valuation.
Inputs may be observable or unobservable, and refer broadly to the assumptions that a market participant would consider significant to
value an asset or liability. The determination of “observable” requires judgment. In general, the Foundation considers observable inputs
to be data readily available, regularly updated, reliable, arms-length, and verifiable. Unobservable inputs may be used when observable
inputs are not readily available, current or arms-length. In this situation, the Foundation may use one or more valuation techniques
(e.g. market or income approach), using the best available information as of the reporting date, along with the Foundation’s own
assumptions of market participant behavior.
The use of the market approach generally involves using inputs that are based on available market transactions or market observable
comparables. The income approach is generally based on expected cash flows or earnings. Under both approaches, adjustments may be
applied to reflect various risks (e.g. liquidity, financial health of the investment issuer, quality of the information available for fair value
measurement).
Investments are classified into one of the following levels, based on the lowest level of input that is significant to the fair
value measurement:
• Level 1 Inputs – Quoted prices for identical assets or liabilities in active markets. Level 1 assets include listed mutual funds;
• Level 2 Inputs – Quoted prices in active markets for similar investments; quoted prices for identical investments in markets that
are inactive; prices based on observable inputs other than an unadjusted quoted price; and prices based on market-corroborated
inputs (such as interest rates, yield curves, volatilities, prepayment rates, credit risks and default rates). This level includes the WTC
Common Trust Funds (“CTFs”) which consist primarily of investments in active markets, valued using observable inputs and dealer
priced securities, which can be reasonably verified through an alternative source; and
• Level 3 Inputs – Prices based on significant unobservable inputs; valued in good faith by WTC. In these situations, it is possible that
a different valuation model could produce materially different fair value measurements.
Transfers into and transfers out of levels are recognized at the end of the reporting period. There were no significant transfers into or
out of Level 1, 2, or 3 during the years ended December 31, 2015 or 2014.
ASC 820 requires the Foundation to provide additional disclosures for financial instruments designated as Level 3, if any, including a
reconciliation of beginning and ending balances, separately for each major category of assets and liabilities.
The Foundation’s investments consist principally of pooled investment vehicles. The Foundation, as a practical expedient measures the
fair value of its investments in these pooled investment vehicles on the basis of their net asset value (“NAV”) unless it is probable at the
measurement date that the Foundation would sell its investments at an amount different than the calculated NAV.
21
Notes to Financial Statements — Continued
The Foundation determined that the fair value of its holdings in mutual funds, including the Vanguard Group of Investment Companies
and SunAmerica, is based on the NAV per share of those holdings. The Foundation considers the published NAVs of its investments in
regulated investment companies to be the readily determinable fair value in accordance with US GAAP.
The NAV of the CTFs is determined as of the last business day of each month. Admissions to and withdrawals from the CTFs can
generally be made in cash, or in WTC’s discretion by securities-in-kind transfer, and are based on the NAV per unit as determined on
the relevant valuation date. There was no change in the valuation technique during 2015 or 2014.
Generally, the Foundation may withdraw its assets from any of the CTFs as of any valuation date upon notice to the Trustee of at least
ten business days for the monthly CTFs, or such other period as determined by the Trustee for a particular fund. WTC, in its capacity as
Trustee, reserves the right to require a longer notice period of delay withdrawal requests payments, in certain circumstances.
Dividends, interest and gains and losses on investments are reported as increases or decreases in unrestricted net assets unless a donor
or law temporarily or permanently restricts their use. Dividends, interest and restricted gains whose restrictions are met in the same
reporting period are reported as unrestricted support.
Functional Allocation of Expenses
The costs of providing the various activities have been summarized on a functional basis in the statements of activities. Accordingly,
certain costs have been allocated among the services benefited. The Foundation’s only fundraising activity is its gala which typically is
held every two to three years.
22
Notes to Financial Statements – Continued
December
31, 2015 and 2014
— Continued
3.
Investments
3. Investments
Investments
at December
31, 2015
and 2014,
respectively,
were
as follows:
Investments
at December
31, 2015
and 2014,
respectively,
were as
follows:
December
31,31,2015
December
2015
Mutual Funds
Vanguard
Fixed Income
Vanguard High Yield Fund
Total Fixed Income
Cost
Market
Allocation
%
Unrealized
Gain/(Loss)
$
1,443,264 $
1,443,264
1,492,449
1,492,449
5% $
5%
49,185
49,185
$
2,066,349 $
1,302,335
3,368,684
1,641,666
1,700,439
3,342,105
5% $
6%
11%
(424,683)
398,104
(26,579)
$
2,895,448 $
2,895,448
2,647,436
2,647,436
9% $
9%
(248,012)
(248,012)
Total Mutual Funds
$
7,707,396 $
7,481,990
25% $
(225,406)
Common Trust Funds
Wellington Trust Company, NA
Fixed Income
Emerging Markets Debt
Intermediate Bond
Ultra Short Duration
Total Fixed Income
$
1,668,525 $
2,781,433
675,626
5,125,584 $
1,508,972
2,725,159
673,233
4,907,364
5% $
9%
2%
16% $
(159,553)
(56,274)
(2,393)
(218,220)
$
1,913,801 $
2,244,316
1,168,563
2,045,019
851,484
2,642,241
1,846,858
1,844,488
14,556,770 $
1,707,882
2,370,629
1,703,788
2,215,455
1,197,389
3,505,981
1,733,112
1,621,276
16,055,512
6% $
8%
6%
7%
4%
12%
6%
5%
54% $
(205,919)
126,313
535,225
170,436
345,905
863,740
(113,746)
(223,212)
1,498,742
Commodities
$
2,180,309 $
1,262,431
5% $
(917,878)
Total Common Trust Funds
$
21,862,663
$
22,225,307
75% $
362,644
Total Investments
$
29,570,059
$
29,707,297
100% $
137,238
Equity
Vanguard Capital Value Fund
Vanguard Health Care Fund
Total Equity
SunAmerica
Fixed Income
SunAmerica Senior Floating Rate CLA
Total Fixed Income
Equity
Emerging Markets
Enduring Assets
Global Contrarian Equity
International Opportunities
Japan Small Cap Equity
Quality Value
Asia Contrarian
Mid Cap Growth
Total Equity
$
$
23
– Continued
— Continued
Notes to Financial
Statements
3.
Investments—- Continued
Continued
3. Investments
Mutual Funds
Vanguard
Fixed Income
Total Fixed Income
December 31, 2014
December 31, 2014
Allocation
Market
%
Cost
Unrealized
Gain/(Loss)
$
1,333,577 $
1,333,577
1,496,385
1,496,385
5% $
5%
162,808
162,808
$
1,247,301 $
1,446,435
2,693,736
1,097,131
1,863,570
2,960,701
4% $
7%
11%
(150,170)
417,135
266,965
$
2,781,614 $
2,781,614
2,685,677
2,685,677
9% $
9%
(95,937)
(95,937)
Total Mutual Funds
$
6,808,927 $
7,142,763
25% $
333,836
Common Trust Funds
Wellington Trust Company, NA
Fixed Income
Government Relative Value Portfolio
Total Fixed Income
$
1,611,405 $
2,782,636
1,306,097
5,700,138 $
1,509,921
2,716,901
1,303,493
5,530,315
5% $
10%
5%
20% $
(101,484)
(65,735)
(2,604)
(169,823)
$
1,827,345 $
2,027,805
1,090,072
1,862,062
1,743,168
2,600,127
11,150,579 $
1,884,882
2,264,219
1,635,500
2,041,986
2,099,177
3,564,640
13,490,404
7% $
8%
6%
7%
7%
12%
47% $
57,537
236,414
545,428
179,924
356,009
964,513
2,339,825
Commodities
$
3,106,749 $
2,422,466
8% $
(684,283)
$
19,957,466
$
21,443,185
75% $
1,485,719
Total Investments
$
26,766,393
$
28,585,948
100% $
1,819,555
Equity
Vanguard Energy Fund
Total Equity
SunAmerica
Fixed Income
Total Fixed Income
Equity
Emerging Markets
Enduring Assets
Quality Value
Total Equity
$
$
24
31, 2015 and 2014
Wellington ManagementDecember
Foundation
3.
Investments
- Continued
Notes
to Financial
Statements — Continued
Fair values of assets measured on a recurring basis at December 31, 2015 and 2014 were as
follows:
3. Investments — Continued
Fair values of assets measured on a recurring basis at December 31, 2015 and 2014 were as follows:
Quoted in
Active
Quoted in Significant
Significant
Market
for Market Other Other Significant
Active
Significant
Identical
Unobservable
for IdenticalObservable
Observable
Unobservable
Inputs
InputsInputsInputs
2015
AssetsAssets
2015
Assets:
Investments
Mutual Funds
Vanguard Capital Value Fund
Total Mutual Funds
Common Trust Funds
Intermediate Bond
Emerging Markets
Enduring Assets
Quality Value
Asia Contrarian
Mid Cap Growth
Commodities
Total Investments
Level 1
Level 2
$
7,481,990
$
22,225,307 $
$
1,492,449 $
1,641,666
1,700,439
2,647,436
7,481,990 $
December 31,
2015
Level 3
$
29,707,297
- $
- $
- $
- $
1,492,449
1,641,666
1,700,439
2,647,436
7,481,990
$
- $
- $
1,508,972 $
2,725,159
673,233
1,707,882
2,370,629
1,703,788
2,215,455
1,197,389
3,505,981
1,733,112
1,621,276
1,262,431
22,225,307 $
- $
- $
1,508,972
2,725,159
673,233
1,707,882
2,370,629
1,703,788
2,215,455
1,197,389
3,505,981
1,733,112
1,621,276
1,262,431
22,225,307
$
7,481,990 $
22,225,307 $
- $
29,707,297
$
$
% of Total Investments
25%
75%
- 12 25
-
0%
100%
Independent Auditors’ Report and Financial Statements continued
Wellington Management
Foundation
Wellington
Management
Foundation
— Continued
December
31, 2015 and 2014
3.
Investments - Continued
3. Investments — Continued
Quoted in
Quoted in Significant
Significant
Active
Market
forMarket OtherOther Significant
Active
Significant
Identical
for IdenticalObservable
ObservableUnobservable
Unobservable
Inputs
InputsInputsInputs
Assets
Assets
2014
2014
Assets:
Investments
Mutual Funds
Vanguard Energy Fund
Total Mutual Funds
Level 1
Level 2
$
7,142,763
$
21,443,185 $
$
1,496,385 $
1,097,131
1,863,570
2,685,677
7,142,763 $
$
Common Trust Funds
Government Relative Value Portfolio
Emerging Markets
Enduring Assets
Quality Value
Commodities
$
- $
- $
Total Investments
$
7,142,763 $
$
% of Total Investments
$
28,585,948
- $
- $
- $
- $
1,496,385
1,097,131
1,863,570
2,685,677
7,142,763
1,509,921 $
2,716,901
1,884,882
2,264,219
1,635,500
2,041,986
2,099,177
3,564,640
2,422,466
1,303,493
21,443,185 $
- $
- $
1,509,921
2,716,901
1,884,882
2,264,219
1,635,500
2,041,986
2,099,177
3,564,640
2,422,466
1,303,493
21,443,185
21,443,185 $
- $
28,585,948
25%
- 13 -
December 31,
2014
Level 3
75%
26
-
0%
100%
Wellington
ManagementReport
Foundationand Financial Statements continued
Independent
Auditors’
4.
Wellington
Management Foundation
Related
Party Transactions
Notes 31,
to Financial
Statements
Continued investments were invested in
At December
2015 and 2014,
75% of the— Foundation's
certain CTFs for which WTC acts as trustee and WMC in 2015 and WMG in 2014 acted as
investment sub-advisor. In addition, WMC in 2015 and WMG in 2014 was the largest donor,
4. operating
Relatedexpenses
Party Transactions
paid the
of the Foundation and provides office space and administrative
31,to
2015
2014, 75% of
the Foundation’s
investments
were invested
in certain
supportAtatDecember
no charge
theand
Foundation.
During
2015, WMC
paid Foundation
expenses
thatCTFs for which WTC acts as trustee
WMC inDuring
2015 and
WMG
in 2014
acted
as investment
sub-advisor.
addition,
WMC in
2015 and WMG in 2014 was the largest
totaled and
$297,176.
2014,
WMG
paid
Foundation
expenses
that In
totaled
$222,229.
The
donor,
paid
the recognized
operating expenses
of the Foundation
and provides office space and administrative support at no charge to the
donations
have
been
in the financial
statements.
Foundation. During 2015, WMC paid Foundation expenses that totaled $297,176. During 2014, WMG paid Foundation expenses that
5.
totaled $222,229.
The donations
have been recognized in the financial statements.
Temporarily
Restricted
Net Assets
At December
31, 2015 and
2014, temporarily
restricted net assets were use restricted for the
5. Temporarily
Restricted
Net Assets
following:
At December 31, 2015 and 2014, temporarily restricted net assets were use restricted for the following:
Grants to charitable organizations:
Scholarship grants
General grants
Total
6.
2015
2015
2014
2014
$
32,140
245,356
$
35,123
715,438
$
277,496
$
750,561
6. Current
Vulnerability
Due Concentrations
to Certain Concentrations
Current
Vulnerability
Due to Certain
Contributions
Contributions
During 2015, the Foundation received 64% of its total contributions from WMC. During 2014, the Foundation received 59% of its
total contributions from WMG. At December 31, 2015, there was a receivable of $25,965 from WMC that represented 3% of the
Duringcontributions
2015, the Foundation
received
64% of its31,total
from WMC.
During
receivable balance.
At December
2014,contributions
there was a receivable
of $13,000
from WMG that represented 2% of the
2014, the
Foundation
received
59% of its total contributions from WMG. At December 31,
contributions
receivable
balance.
2015, there was a receivable of $25,965 from WMC that represented 3% of the contributions
Credit
and Investment
Risk31, 2014, there was a receivable of $13,000 from WMG that
receivable
balance.
At December
The Foundation’s
cash and cash equivalents
and investments in mutual funds, money market and CTF portfolios are not insured. The
represented
2% of the contributions
receivable balance.
Foundation has not experienced any losses in the accounts due to institutional insolvency. It is the opinion of management that the
solvency
of theRisk
institutions is not of particular concern at this time. The Foundation’s investments are subject to market fluctuations.
Credit and
Investment
Due to the level of risk associated with investments, it is at least reasonably possible that changes in the value of investments will
occur in the near
such changes
materially
thefunds,
financial
statements.
The Foundation's
cashterm
and and
cashthat
equivalents
andcould
investments
in affect
mutual
money
market
and CTF portfolios are not insured. The Foundation has not experienced any losses in the
accounts
due to institutional
insolvency.
It is the opinion of management that the solvency of
7. Grants
to Charitable
Organizations
the institutions
is
not
of
particular
concern
at this time. The Foundation’s investments are
Unconditional
subject to market fluctuations. Due to the level of risk associated with investments, it is at least
During 2015 and 2014, the Foundation awarded grants totaling $3,070,348 and $1,747,300, respectively, which are presented in
reasonably
possible that changes in the value of investments will occur in the near term and
program expenses in the financial statements. As of December 31, 2015, grants payable in the amount of $2,350,000 represented
that such changes could materially affect the financial statements.
unconditional grants owed by the Foundation. Through March 2016, the Foundation made subsequent payments totaling
$2,225,000 related to this liability. The remaining outstanding payable of $125,000 reflects an unconditional award to an
organization to be paid during 2016 in accordance with the grant agreement.
As of December 31, 2014, grants payable totaled $1,822,300. Through July 2015, the Foundation made subsequent payments in full
related to this liability.
Conditional
At December 31, 2015 and 2014, the Foundation had conditional obligations to pay $475,000 and $90,000 in future grants,
respectively, based on multi-year grant awards. The awards will be recorded as grant expenses in the financial statements when the
conditions on which they depend are substantially
met.
- 14 -
27
For more information about the Wellington Management Foundation, please visit:
Applying for a Grant
For more information about the grant application and review process, please contact:
Liz Raskopf
GMA Foundations
[email protected]
617.391.3101
419555_9

Annual Report - Wellington.com

Transcription

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