Annual Report - Wellington.com
Transcription
Annual Report - Wellington.com
Wellin gto n Management Fo u ndatio n 2015 Annual Report This page intentionally left blank. 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 Boston Debate League 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 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 www.wellingtonfoundation.org or contact: Liz Raskopf GMA Foundations (617) 391-3092 [email protected] www.aboriginalliteracyfoundation.org 9 Grants to Organizations 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 Debate League 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. In addition to an annual grant, the 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 Grants to Organizations 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 US$200,000 Catalyst Gift 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 Grants to Organizations 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 Grants to Organizations 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 US$250,000 Catalyst Gift 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 Grants to Organizations 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 US$250,000 Catalyst Gift 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 Grants to Organizations 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 US$250,000 Catalyst Gift 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. In addition to an annual grant, the 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 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Wellington Management Foundation Statements of Financial Position Statements of Financial Position December 31, 2015 and 2014 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. See accompanying notes to financial statements. -317 33,459,629 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Statements of Activities For the Years Ended December 31, 2015 and 2014 Wellington Management Foundation 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 notes to financial statements. See accompanying 18 notes to financial statements. -4- $ 31,624,329 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Statements of Cash Flows For the Years Ended December 31, 2015 and 2014 Wellington Management Foundation 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 See accompanying notes to financial statements. 19 See accompanying notes to financial statements. -5- 2014 $ 4,310,917 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Notes to Financial Statements December 31, 2014 and 2013 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 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Notes to Financial Statements — Continued December 31, 2015 and 2014 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 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Notes to Financial Statements — Continued December 31, 2015 and 2014 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 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Notes to Financial Statements – Continued December 31, 2015 and 2014 — Continued Notes to Financial Statements Wellington Management Foundation December 31, 2015 and 2014 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 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Wellington Management Foundation – Continued December 31, 2015 and 2014 — Continued Notes to Financial Statements Notes to Financial Statements December 31, 2015 and 2014 3. Investments—- Continued Continued 3. Investments Mutual Funds Vanguard Fixed Income Vanguard High Yield Fund 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 Emerging Markets Debt Government Relative Value Portfolio Ultra Short Duration 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) Total Common Trust Funds $ 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 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 Total Equity $ $ 24 Independent Auditors’ Report and Financial Statements Wellington Management Foundation Notes to Financial Statements – Continued 31, 2015 and 2014 Wellington ManagementDecember Foundation 3. Investments - Continued Notes to Financial Statements — Continued December 31, 2015 and 2014 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 High Yield Fund Vanguard Capital Value Fund Vanguard Health Care Fund SunAmerica Senior Floating Rate CLA Total Mutual Funds Common Trust Funds Emerging Markets Debt Intermediate Bond Ultra Short Duration Emerging Markets Enduring Assets Global Contrarian Equity International Opportunities Japan Small Cap Equity Quality Value Asia Contrarian Mid Cap Growth Commodities Total Common Trust Funds 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 Independent Auditors’ Report and Financial Statements continued Wellington Management Foundation Wellington Management Foundation Notes to Financial Statements – Continued — Continued Notes to Financial Statements December 31, 2015 and 2014 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 High Yield Fund Vanguard Energy Fund Vanguard Health Care Fund SunAmerica Senior Floating Rate CLA 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 Emerging Markets Debt Government Relative Value Portfolio Emerging Markets Enduring Assets Global Contrarian Equity International Opportunities Japan Small Cap Equity Quality Value Commodities Ultra Short Duration Total Common Trust Funds $ - $ - $ 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% Independent Auditors’ Report and Financial Statements Wellington ManagementReport Foundationand Financial Statements continued Independent Auditors’ Notes to Financial Statements – Continued December 31, 2015 and 2014 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 December 31, 2015 and 2014 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: www.wellingtonfoundation.org 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