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Wellington ManageMent Foundation

2017 Annual Report

Wellington ManageMent Foundation annual report 2017

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Mission statement

The mission of the Wellington Management Foundation is to support best-in-class programs and organizations in our communities that improve the education and educational opportunities for under-resourced youth.

taBle oF ContentS

2017 Grant Recipients �� 3

Letter from the Board Chair �� 4

Letter from Manager of Philanthropy �� 5

Advisory Board and Administrative Support �� 6

Grant Review Committee Members�� 7

Grants to Organizations �� 8

Independent Auditors’ Report and Financial Statements ��17

2017 Grant recipients

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Strategic PartnershipsCity Year Boston

Opportunistic GrantListen for Good via the Fund for Shared Insight (to support Boston Scores)

Catalyst Gifts10,000 DegreesBottom LineBreakthrough Greater BostonEpiphany SchoolGeneration Citizen

Annual Grantsearly Childhood eduCation and literaCyFirst TeacherGenerations Inc.Horizons for Homeless ChildrenNurtury Parent Child Home Program (Somerville)Smart from the Start

Charter and diStriCt SChoolSAtlantis Educational FoundationBoston Collegiate Charter School Boston Preparatory Charter SchoolBridge Boston Charter SchoolCodman Academy FoundationFriends of Excel Academy Charter SchoolsUP Education Network

Free independent SChoolSBeacon AcademyBellisini Academy (Lawrence)Epiphany SchoolEsperanza Academy (Lawrence)Nativity School of Worcester

enriChMent prograMSBoston Debate LeagueBUILD Greater BostonCommunity Boat Building Discovering JusticeGeneration CitizenVSA MassachusettsWrite Boston

aFter SChool SportS and artS-BaSed prograMS826 BostonBoston ScoresArtists for HumanityBoston After School and BeyondHyde Square Task ForceMassachusetts College of Art and Design FoundationRaw Art Works (Lynn)Soccer Without BordersSociedad LatinaSportsmen’s Tennis & Enrichment Center

aFter SChool and SuMMer prograMSBrookview HouseEVkidsHorizons at Dedham Country Day SchoolSt. Stephen’s Youth ProgramsCollege aCCeSS and SuCCeSS prograMSBreakthrough of Greater BostonCollege for Social InnovationInvest in GirlsJermiah ProgramLa Vida (Lynn)LEAP for Education (Salem)Let’s Get ReadyMATCH EducationMinds Matter of BostonNoonan ScholarsOne GoalResilient Coders

SChool SuCCeSS & Mentoring prograMS1647Benjamin Franklin Institute of TechnologyFriends of the ChildrenSteppingstone Foundation

ChiCagoChicago Jesuit Academy Sue Duncan Children’s Center

radnorBreakthrough of Greater Philadelphia Steppingstone Scholars Teen SHARP

San FranCiSCo10,000 Degrees Aim High for High SchoolFirst Graduate

hong KongPrincipal Chan Free Tutorial World

SingaporeChild at Street 11

SydneyAboriginal Literacy Foundation

2017 Annual Grants, Catalyst Gifts, Strategic Partnerhips, and Opportunistic GrantsThe Foundation is pleased to announce the organizations selected to receive funding as part of the 2017 Annual Grant Making Initiative. In total, 72 nonprofits in Singapore, Sydney, Hong Kong and the four US regions where we have offices will receive a total of almost $3 million in grants. This is in addition to $1.8 million in Catalyst Gifts announced in August, a $100,000 grant to support our Strategic Partnership with City Year Boston, a $15,000 Opportunistic Grant, and £290,000 granted to 11 organizations by the UK Foundation in September.

For more information about annual grant-making, please visit the Foundation’s website www.wellingtonfoundation.org or contact:

phil Cappello (617) 399-1852 [email protected]

letter from the board chair

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advisory Board Chairs

Sandhya douglas 2017 – present

Molly K. Shannon 2014 – 2017

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

david Chang 2017 – present

Sandhya douglas 2016 – 2017

Fatima penrose 2013 – 2016

Jennifer hunnewell 2011 – 2013

Sara lou Sherman 2009 – 2010

William hannigan 2007 – 2009

Maryann Carroll 2004 – 2007

Binkley Shorts 2002 – 2004

I’m humbled to be writing you as the current chair of the Wellington Management Foundation Advisory Board, succeeding Molly Shannon in the role, as of July 1, 2017. The Foundation, our firm, the organizations we serve, and the communities in which we live and work all benefited greatly from Molly’s three years of leadership (and 5 full years on the Board), seeing the Foundation through a strategic planning process and the launch of our Catalyst Gift program, which dramatically increased the impact our Foundation has in the community. The Foundation’s assets and connections across the Wellington community of employees, partners and retired partners have also never been stronger. Thank you Molly, we are truly grateful for your stewardship!

We are grateful also to several Advisory Board members whose positions ended in 2017, and are delighted to welcome several new Board members — our deepest gratitude to Michael Carmen, Michael Hong, and Michael Masdea and a hearty welcome to Karl Bandtel, Adam Berger, Erin Murphy, and Liz Shortsleeve.

2017 marked a significant milestone in our foundation’s history — we celebrated the 25th Anniversary of our founding, with over 700 friends and supporters at a record-setting gala in March. As a result of our fundraising at the gala and throughout the year, the Foundation was able to award a record 79 grants to 75 organizations totaling over $5million dollars in Eastern Massachusetts, greater Philadelphia, Chicago, the San Francisco Bay Area, and in Tokyo, Singapore, Hong Kong and Sydney. Our colleagues in the UK also had a record setting year with our sister Foundation, making 11 grants totaling £290,000 to organizations in London, Frankfurt and Zurich.

And yet, we have much more to do, and are energized by the opportunities ahead! Our global expansion is continuing with our colleagues in Asia/Pacific working together to broaden the number and support we give to organizations offering educational opportunities to marginalized groups in their communities. And here in Massachusetts, our Manager of Philanthropy and Community Engagement, Karen Pfefferle, is leading a Board supported strategic effort to deepen our impact on the community, share more of our resources with best in class organizations, and generate longer lasting ties and outcomes in partnership with them. I hope you’ll read more about that work below. Finally, we are refining our grant making policy and practices to further institutionalize processes, and, importantly, offer greater transparency and guidance to our current and potential grantees.

On behalf of the entire Advisory Board, our grantees, and the thousands of youth they serve, I thank the firm, and each and every one of the donors, volunteers, and supporters who collectively make this foundation so much more impactful than the sum of its parts. This is, after all, our foundation, and I am truly grateful for all that you do! Our goal is to keep this flywheel spinning, and I look forward to updating you in 2018 with a report across our full spectrum of initiatives.

With gratitude,

Sandhya Douglas Advisory Board Chair Wellington Management Foundation

Letter from manager of PhiLanthroPy

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Total grants and scholarships awarded by Wellington Management Foundation in 2017: uS$4,918,000

I have been involved with the Foundation since I started at Wellington as curator of the art collection in 2003. My role has gradually increased over time, from volunteer grant reviewer, to GRC team leader, to Advisory Board member and now as the Business Manager and Strategic Advisor to the Board. The last 5 years have been particularly exciting as I’ve worked with the Board on a strategic planning process, and helped implement several new initiatives, the last of which I’m happy to announce here. The Foundation now approaches grant making in 3 distinct buckets—Annual Grants, Catalyst Gifts and Strategic Partnerships.

Our Annual Grants are the core of what we do, last year reaching 72 organizations in 8 geographic regions and spanning the education spectrum from early childhood programs to college and career success initiatives. The employee-led review process is an important component of our firm’s culture and a tremendous opportunity for employee engagement in the communities in which we live and work.

In 2015 we began a major gifts program that we branded Catalyst Gifts which are an opportunity for us to support organizations moving forward with a new program launch, program expansion or need for capacity building and are the best opportunity we have to support systemic change. And now in 2017, to further that work, we’re beginning a new group of Strategic Partnerships that offer benefits in both directions—financial support for large scale, systemic programs but also opportunities for further community engagement for Wellington colleagues, longer term benefits for the Foundation and the firm such as information and education around a program area, an expanded recruiting pipeline, and more!

It’s my sincere hope that in 2018 our foundation continues to be seen as a trusted and long term supporter of best in class nonprofits working to close the opportunity and achievement gaps in urban educational systems. We couldn’t support that work without the dedication of hundreds of volunteer colleagues across the firm who engage with these organizations, review their proposals for funding, and help the Board complete its due diligence. Along the way, many of these individuals are building real subject matter expertise and establishing deep relationships between these community organizations and many more people across our firm. The ripples are ever increasing and we are humbled by this work.

Thank you! Karen Pfefferle Art Curator and Manager of Philanthropy Business Manager and Strategic Advisor to the Wellington Management Foundation

2017 advisory board and administrative support

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Support StaFF

FinanCe Support

tax Support

inVeStMent relationShip Manager

gMa FoundationS

legal Support

Sydney Mokel

andrea paucar

Juliana prieto

Stephanie ptak

eugene Ferri

elze guillen

Sarah Millen

Jeffrey ng

ting Chen

elizabeth reiser

Mike gallagher

angelique richardson

phil Cappello

phil hall

emily Babalas

Brittany Kaminski

Valerie tipping

Thank you!

We would like to thank our Advisory Board and volunteer staff for their dedication and hard work throughout 2017. We are also extremely thankful to Wellington Management Company llp for providing the funds to manage our operations, which enables us to devote 100% of our capital to programs.

advisory Board

Sandhya douglas, Chairdavid Chang, Vice Chairadam Berger Michael Federalyssa irvingerin Murphytom pappasJawan parkerBob randsMolly Shannonliz Shortsleevegreg Williams

Business Manager

Karen pfefferle

teaM leaderS Mike DiGregorioMike Dugan Aahudgee GreeneMargy HalloranMatt HandAnna HughesLiz KleinermanShena LambrightBridget OlsenBeth PiskorowskiDrew Snow

VolunteerSMarc AbrogarYoshie AkiyamaVictoria AlbertAdam AldenAndy AllenJoel AyeeEmily BannisterLauren BaranowskiAndrew BayerlKatherine BelleroseKarina BercanAdam BergerKatie BragginsRyan BrennanPaul BurkeKimberly Ann CalderoneMorgan CappettaJoseph CarrollMichele CassidyMaggie CastiglionePatrick ChatfieldJay ChenVictor CherianChris CoddingtonScott CokelyLance ConnollyRobert Corbett

Michele CotterDaniel CoughlinWendy CromwellColin CrossLindsey CurleySeema DasguptaCody DeanJulie DelongchampLance DialGioia DominedoMark DonahueAJ DoyleTanya DuplessyChristopher DurlacherMichael EliasAdam FraserAmit FernandesNoel FernandezConnor FitzgeraldLiz FlavinThomas ForanGraham ForumRick FreniereBill GagliardiHarrison GalushaAlesia GarrettFaith GeatingDonna GeeSofia GiordanoNicholas GirardiCzarina HagedornAllie HaleRoseanne HallMelissa HarrisJeremy HartmanNita HeMonica HealyJeff HeuerRichard HoffmanVera HorganDavid Hsu

Michael HuberMichelle HunterSarah IngoldsbySarah IselinScott JanesBrent JiangLarissa JoubertColleen KaneMasayo KawakamiBrian KerrJake KidderJenna KimJane KimMoala KitayimbwaJoanna KuangShelly KuhnEd LandseidelChelsea LeDucCalantha LeeSarah LewisRobert LinChang LiuAlex MagnellSuchita MalikPeter ManisVicky MaoSara MartinKathryn MastromarinoJames MathengeJessica MayerJennifer McCarthyJane McIntyreMeagan McKiernanDouglas McLaneMatt McLaughlinChris MelendesClaye MetelmannSydney MokelJeffrey MorrisseyMegan MullinAnthony Munro

Erika MurphyDavid MyersKristin O’DonnellKathy O’LearyCatherine OwYaro PanPaula PapasthathisArpit PatelSunita PatelRobert PattenRoss PerlmutterJane PeyrouseMelanie PhamKatrina PriceJulie RancourtMike RandallJhordan RiddJoshua RieflerDan RiffDavid RittnerJillian RooneyRoberto RossiconeAlec RussellKazuhiro SameshimaTrupti SawantJennifer SchraderMichael ShavelLiz SheehyWen ShiDrew SnowJo SugitaCheryl SwansonKumito TakahashiMotohiro TaniguchiDick tenEyckJessica TheophileNicole ThomasDiana ThompsonErin TiceLiz TullyBalaji Venkataraman

Clarissa VentimigliaAlexandra WayeDanielle WilliamsBelinda WongMary WoodruffMona YuanAna Yurrita

2017 grant reVieW CoMMittee MeMBerS

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Grants to orGanizations

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For more information about annual grant-making, please visit the Foundation’s website www.wellingtonfoundation.org or contact:

phil Cappello (617) 399-1852 [email protected]

1647, BoSton, MauS$25,000

1647 partners with district and individual schools in order to further positive outreach. It provides training and coaching to teachers and school administrators, helping them engage with students and their families. Its strategies for increasing family engagement include teacher home visits and academic partnerships because they believe that this is essential in student learning and success.www.1647families.org

10,000 degreeS, San raFael, CauS$70,000

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 year round activities, they provide SAT/ACT prep, essay writing workshops, campus visits, mentoring sessions, financial aid workshops and more.

uS$350,000CatalySt giFtIn addition to an Annual Grant, The Foundation made a one-time major gift to support 10,000 Degrees’ initiative to expand their program of high school to baccalaureate degree completion to a new market, San Francisco.www.10000degrees.org

826 BoSton, MauS$60,000

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 six to eighteen, 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 after school program at the Grove Hall branch of the Boston Public Library and Writer’s Room at the Jeremiah Burke High School and the John D. O’Bryant School of Math and Science.www.826boston.org

aBoriginal literaCy Foundation, MelBourne, auStraliauS$30,000

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.www.aboriginalliteracyfoundation.org

aidha, SingaporeuS$25,000neW grant reCipient

Located in Singapore, Aidha aims to break the poverty cycle by providing a curriculum to low income women, many of whom have left their home countries, that helps them develop practical skills in money management in order to empower them and ensure their financial independence. www.aidha.org

aiM high For high SChool, San FranCiSCo, CauS$50,000

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

artiStS For huManity, BoSton, MauS$25,000

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.afhboston.org

atlantiS eduCational Foundation, Fall riVer, MauS$50,000neW grant reCipient

Atlantis Charter School opened in Fall River in 1995 and is one of the original 13 charter schools in Massachusetts. ACS’s mission is to provide educational choices to families in the greater Fall River area. The school leverages connections to higher education, local industry and the broader communities to ensure students are prepared for college and career successwww.atlantiscs.org

Grants to Organizations


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BeaCon aCadeMy, inC., BoSton, MauS$45,000

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, MauS$60,000

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.bfit.org

BleSSed Stephen BelleSini, oSa aCadeMy, inC., laWrenCe, MauS$65,000

Bellesini Academy has been providing tuition-free preparatory education to at-risk boys in grades five through eight since 2002. Located in Lawrence, Massachusetts, the Academy offers small classes, a twelve-hour 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 aFter SChool and Beyond, Ma uS$35,000

Boston After School & Beyond (BASB) is a public-private partnership that seeks to increase learning and skill development opportunities for students during the afterschool hours and summer months.www.bostonbeyond.org

BoSton Collegiate Charter SChool, MauS$25,000neW grant reCipient

The Boston Collegiate Charter School serves 700 students from grades 5-12 coming from neighborhoods all over Boston. Their program is a comprehensive college preparatory education, and has resulted in 100% of their graduates being accepted into four-year colleges since 2004.www.bostoncollegiate.org

BoSton deBate league, BoSton, MauS$100,000

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.www.bostondebate.org

BoSton preparatory Charter puBliC SChool, MauS$50,000

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 low-income, urban, first-generation, minority college students who have graduated from this high-performing grade 6 – 12 school.www.bostonprep.org

BoSton SCoreS, MauS$50,000

Boston Scores operates in 20 middle and elementary schools in Boston, serving a total of 660 students. With coaching provided by Boston Public Schools teachers, the program is divided into semesters, with the fall portion devoted to creative writing and the spring to service learning projects. Concurrent to this activity, students participate in soccer leagues two afternoons a week. www.bostonscores.org

liSten For good, BoSton, Ma uS$15,000opportuniStiC grant

In addition to an Annual Grant, The Foundation made a one-time gift to support Boston Scores’ application to the Listen for Good evaluation program sponsored by the Fund for Share Insight run by the Rockefeller Philanthropic Advisors. The Listen for Good initiative provides support for customer-facing nonprofits to use feedback to effectively target those they seek to help.www.fundforsharedinsight.org/ listen-for-good/

BottoM line, BoSton, MauS$350,000CatalySt giFt

Bottom Line’s mission is to help first generation students from low-income backgrounds get into college and ensure college and career success by providing students with one-on-one guidance and support from the beginning of the college application process until college graduation.

The Foundation made a one-time major gift to Bottom Line to support their goal of deepening their model both regionally and nationally and building a full-service, enterprise wide Career Center. The initiative will pilot in Massachusetts and then extend to Chicago and NYC.www.bottomline.org


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BreaKthrough greater BoSton, MauS$75,000

Breakthrough is a year-round, tuition-free academic program serving under-resourced middle and high school students. Its six-year program starts in middle school and supports the students through high school until college matriculation.

uS$500,000CatalySt giFtIn addition to an Annual Grant, The Foundation made a one-time major gift to support Breakthrough’s Somerville expansion, as well as to launch their College Access Program to 11th graders at New Mission High School, Neighborhood House Charter School and TechBoston Academy. www.breakthroughcambridge.org

BreaKthrough greater philadelphia, pauS$85,000

Breakthrough is a year-round, tuition-free academic program serving under-resourced 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

Bridge BoSton Charter SChool, MauS$50,000

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.bridgebostoncs.org

BrooKVieW houSe, BoSton, MauS$50,000

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, MauS$50,000

BUILD is a unique four-year high school program using entrepreneurship to excite and propel disengaged, low-income 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. www.buildinboston.org

ChiCago JeSuit aCadeMy, iluS$30,000

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

KoFi Fynn SCholarShip reCipient

Ravonne Washington Ravonne Washington is an eighth-grade student at Chicago Jesuit Academy (CJA)� This is his third year at CJA� Ravonne lives with his mother in Chicago� She has battled illness and has spent significant time in the hospital� Ravonne is responsible at times for her care — even when needs come up in the middle of the night� Ravonne enjoys art, robotics and coding� Ravonne is a member of the CJA Robotics Team and is also a part of CJA’s Bike Club� In Robotics, he learns coding and programs robots that he builds with his teammates to complete tasks at local competitions� In Bike Club, Ravonne learns all of the parts of a bike, including basic maintenance and road safety, and he gets exercise on weekly rides� Ravonne’s best subject is currently Math� He enjoys learning about how to problem solve and use the resources he has available to solve equations and justify his answers� He is also enjoying reading Brown Girl Dreaming by Jacqueline Woodson in Language Arts� This book has taught him to learn more about himself and how powerful he is� He is very thankful to Wellington Management Foundation for helping to support his education this year�

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.


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Child at Street 11, SingaporeuS$40,000

Child at Street 11 is a multi-racial, secular, independent, non-profit 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

City year, BoSton, MauS$100,000StrategiC partnerShip

City Year is an education-focused nonprofit that partners with public schools to provide targeted interventions for students at risk of dropping out. In 2017 the US Foundation extended its five-year relationship with City Year under its Strategic Partnership rubric, by continuing our sponsorship of the McKay School in Boston. This partnership provides a multitude of community engagement, volunteer, and mentoring opportunities for dozens of employees of the firm under the auspices of our Wellington Young Professionals business network.www.cityyear.org/boston

CodMan aCadeMy Foundation, BoSton, MauS$50,000

Codman Academy Charter Public School 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

College For SoCial innoVation, BoSton, MauS$25,000neW grant reCipient

The College for Social Innovation places low income college students in semester long fellowships that combine mentorship and work place skill building with hands-on experiences in Boston’s leading social sector organizations. This program allows students to make the best of their liberal arts education while also developing real world skills that connect theory and practice.www.collegeforsocialinnovation.org

CoMMunity Boat Building, BoSton, MauS$40,000

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

diSCoVering JuStiCe, BoSton, MauS$25,000

Discovering Justice is a nonprofit organization that focuses on civic and justice education. Its curriculum is implemented in the school districts of Boston, Lawrence, and Worcester to students in grades K-6. It teaches students about citizenship, US and foreign governments, the function of the judicial system and how laws are made. As part of the Discovering Justice curriculum, classes visit the Federal Courthouse in Boston and argue an appellate case in court.www.discoveringjustice.org

Mary ann tynan SCholarShip reCipient

Jada alexis Medina Jada Alexis Medina is a senior at Sparhawk School in Amesbury, Massachusetts and an alumna of Esperanza Academy – a tuition-free middle school for girls from Lawrence, Massachusetts� Esperanza Academy makes a 12-year commitment to students and families and supports graduates through high school and college – a commitment that has helped Jada become a curious and creative student who demonstrates a great determination to succeed� Academically Jada is open-minded and unafraid to ask questions and take risks� Both in and out of the classroom she leads by example and her academic confidence and drive have inspired many� She has been an effective and willing mentor to younger students and teaches a seminar on organizational skills�

Jada has a strong commitment to social justice� This is apparent both in and outside the classroom� As a student, she is poised and well informed� She is not afraid to take on and debate difficult topics with peers� Outside of the classroom, Jada is a member of the Social Justice Club, the Student Life Council, the Student Advisory Board and an active leader in Sparhawk’s Restorative Justice program� Jada has also done several internships at law practices in the area where she has spent time observing court proceedings with attorneys and working in their offices doing administrative work� She is planning to attend Merrimack College in the fall of 2018 to begin her Bachelor’s degree in Criminal Justice or Law�

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.


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epiphany SChool, inC., BoSton, MauS$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.

uS$250,000 CatalySt giFt In addition to an Annual Grant, The Foundation made a one-time major gift to support the Early Learning Center at Epiphany School. The Center will apply the same “whole child, whole family” model that has resulted in success for the school’s middle schoolers to ensure children start elementary school ready to learn.www.epiphanyschool.com

eSperanza aCadeMy, laWrenCe, MauS$65,000

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 school day, mandatory summer education, and sustained support for students long after they have graduated. www.esperanzaacademy.org

eVKidS, BoSton, MauS$40,000

EVkids 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

FriendS oF exCel aCadeMy Charter SChoolS, BoSton, MauS$50,000

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 793 individuals and their families and will grow to 1350 students in grades 5 – 12 by 2019.www.excelacademy.org

FirSt graduate, San FranCiSCo, CauS$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 which enables students to reach their goals by providing access to resources, skill-building opportunities, and experiences necessary for success.www.firstgraduate.org

FirSt teaCher, BoSton, MauS$25,000 neW grant reCipient

First Teacher creates a community to equip parents and caregivers with the tools necessary to ensure success for their children in kindergarten and beyond. First Teacher identifies parents as untapped resources and gives them the opportunity to develop and facilitate their own programs.www.firstteacherboston.org

FriendS oF the Children, BoSton, MauS$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, MauS$45,000

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 in-class curriculum pairs students with local leaders to resolve local problems, giving them real world experience.

uS$350,000 CatalySt giFt In addition to an Annual Grant, The Foundation made a one-time major gift to Generation Citizen to help them expand to five new Gateway cities in eastern Massachusetts, increasing their scope of service by over 50% in two years, for a total of 40 schools, 200 classrooms, and 5,000 students.www.generationcitizen.org

generationS inC., BoSton, MauS$45,000

Generations Inc. 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 both meaningful volunteer experiences for older adults but also key support for struggling students.www.generationsinc.org


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horizonS at dedhaM Country day SChool, dedhaM, MauS$40,000

The Horizons program involves a six-week 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. www.horizonsnational.org/dedham.php

horizonS at epiSCopal aCadeMy, neWtoWn Square, pauS$25,000neW grant reCipient

Horizons at Episcopal Academy is a six-week tuition free summer program for returning students from kindergarten through eighth grade. The program focuses on academic enrichment to ensure growth and learning opportunities and attempts to eliminate summer learning loss for low-income students in order to bridge the achievement gap. www.horizonsea.org

horizonS For hoMeleSS Children, BoSton, MauS$40,000

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 to enroll for school and ensure children are placed in appropriate programs.www.horizonsforhomelesschildren.org

hyde Square taSK ForCe, BoSton, MauS$45,000

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

inVeSt in girlS, lynn, MauS$25,000neW grant reCipient

Invest in Girls delivers a curriculum that gives girls a strong foundation of financial confidence, exposure to women role models, and access to career opportunities. Additionally, IIG is launching a longitudinal study to discover the impact of the program on girls over the long-term. www.investgirls.org

JereMiah prograM, BoSton, MauS$20,000

Jeremiah supports single mothers pursuing college degrees by providing a community as well as skill-building programs. These programs include both group classes and one-on-one coaching. Jeremiah also supports these mothers by connecting them with high-quality early childhood education for their children, assisting them in finding safe, high-quality housing and connecting them to other social service organizations when needed. As part of the program, participants are required to complete 25 hours each month of Life Skills education, with the goal of helping them acquire the “social capital” of peer networks, potential mentors, etc.www.jeremiahprogram.org

KatariBa, toKyouS$25,000neW grant reCipient

Katariba offers their program to approximately 220,000 students across Japan including 300 students that have been affected by natural disasters. The courses are tailored to the environment they are taught in because Katariba believes that the ability to survive and thrive is greatly influenced by the environment where children are born and raised. Some of their programs include a career learning program for high school students, a “world-field” program for after school opportunities and a “collaboration school program” for those impacted by the 2011 tsunami.www.katariba.or.jp

KidS door, toKyouS$27,000neW grant reCipient

Kidsdoor, a non-profit organization located in Japan, helps students that are casualties of educational gaps due to economic inequalities learn and grow in a healthy environment. Their core program, “Gakubora”, leverages student volunteers to support children with vigorous educational opportunities. www.kidsdoor.net

laVida, lynn, MauS$25,000

La Vida Scholars assists high-achieving high school students from low-income families in Lynn, MA with a three year program that provides after-school college preparatory coaching. This includes: academic support, campus visits, college entrance exam preparation, monthly parent meetings, matched college savings, individualized student advising and counseling, and help in the completion of scholarship and college applications. Students attend 5-7 hours per month depending on grade level and parents attend 1-2 hours per month from September to May.www.la-vida.org


14

leap For eduCation, SaleM, MauS$50,000

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 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, Ma 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

MaSSaChuSettS College oF art and deSign Foundation, BoSton, MauS$25,000

Massachusetts College of Art and Design is a public, independent college of art and design. Their Artward Bound program teaches students the importance of multiple aspects of school and life. As a national leader in visual art and design education, MassArt influences contemporary culture through the creative accomplishments of its students, alumni, faculty and staff.www.massart.edu

MatCh Beyond, BoSton, Ma uS$50,000

Match Beyond (now Duet) students enroll in online, low-cost, and competency based Bachelor’s and Associate’s degree programs through College for America, a division of Southern New Hampshire University. As they progress towards degree completion, full-time coaches provide them with academic support, life- coaching and employment services.www.matcheducation.org

MindS Matter oF BoSton, inC., MauS$70,000

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.www.mindsmatter.org

MultiCultural Center toKyouS$25,000neW grant reCipient

Multicultural Center Tokyo addresses the difficulties that immigrant children face when receiving an education in Japan. One of their programs is the Tabunka Free School, which provides Japanese lessons and preparatory classes for high school entrance exams. MCT also prepares multilingual educational information for immigrant children and their families and creates a support system with the help of community volunteers.www.tabunka.org.or.jp

natiVity SChool oF WorCeSter, inC., WorCeSter, MauS$65,000

Nativity School of Worcester is a tuition-free, independent, Jesuit middle school for boys living in vulnerable neighborhoods in Worcester, Massachusetts. Founded in 2002, Nativity Worcester enrolls students in grades five through eight 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.www.nativityworcester.org

nurtury, BoSton, MauS$25,000

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 Childcare Providers to help them achieve high standards in early education, the physical environment, and nutrition.www.nurtury.org

one goal, BoSton, MauS$15,000neW grant reCipient

One Goal is a three year program that begins a students’ junior year of high school and ends the first day of sophomore year of college. One Goal works closely with teachers already working in low-income public high schools to coach their students towards college enrollment and success by offering training and support. In 2017 they served 550 students in Boston Public Schools, Lawrence Public Schools, and the surrounding districts of New Bedford, Fall River and Revere.www.onegoalgraduation.org

parent Child hoMe, SoMerVille, MauS$35,000

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.parent-child.org


15

prinCipal Chan Free tutorial World ltd., hong Kong uS$28,000

Principal Chan Free Tutorial World provides free learning support to children with financial difficulties. Its services includes: one-to-one tutoring, playgroup & pre-school programs, small classes, talent development classes (musical instruments, photography, drawings etc.), and extra-curricular activities (Outdoor visits, parents and children workshops, English summer camps etc.).www.hkcnc.org.hk/en/

raW art WorKS, lynn, Ma uS$50,000

RAW has used the power of the arts to inspire thousands of young artists to tell their stories, envision new possibilities, and transform their lives. Its free programs include visual arts groups, a film school, leadership development opportunities and teen employment. Through Project Launch, mentors from the community guide RAW’s high school juniors and seniors through the daunting college admissions and financial aid process.www.rawartworks.org

reSilient CoderS, BoSton, MauS$15,000neW grant reCipient

Resilient Coders teaches high risk youth between the ages of 18 and 26 how to code, hires them back to build websites for paying clients and connects these students to internships or jobs with companies around the area--Bootcamp, Lab and Job. The Bootcamp portion of the program is eight weeks long and teaches students basic coding skills along with soft skills that will help them in the workplace.www.resilientcoders.org

noonan SCholarS, BoSton, MauS$50,000

Noonan Scholars helps high-achieving low-income students of color in the college admissions process. The program assists them apply to selective colleges and graduate with the degree, experiences, and skills they need for the career of their choosing. Noonan Scholars operates in the Boston area and is committed to bridging the college achievement gap. Under-resourced students follow a unique seven-step model proven to establish a foundation for lifelong success. www.scsnoonanscholars.org

SMart FroM the Start, BoSton, MauS$40,000

Smart from the Start is a family support, community engagement, and school readiness initiative that works to eliminate the achievement gap amongst 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.smartfromthestartinc.org

SoCCer Without BorderS, BoSton, MauS$15,000neW grant reCipient

Soccer without Borders equips new refugees, asylum seekers, and immigrant youth for success in America by providing them with a community where they feel confident and valued. Their team-based program offers 10-12 hours per week of on and off field activities to middle and high school aged participants where they attend academic mentoring sessions, skill-building workshops and soccer games and practices with a focus on team-building.www.soccerwithoutborders.org

SoCiedad latina, inC., BoSton, MauS$50,000

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

SportMan’S tenniS and enriChMent Center, BoSton, MauS$35,000

STEC is a year-round, youth-centered organization offering tennis, academic, and enrichment programs for students K – 12. STEC’s goal is to build leaders on the court, in the classroom, and in the greater community by providing academic wellness and social development programs alongside recreational and competitive tennis instruction. Located in Dorchester, close to Roxbury and Mattapan, their facility includes three classrooms, a computer lab, 14 tennis courts (seven indoor and seven outdoor), as well as a small kitchen and locker rooms. STEC is committed to improving life opportunities for youth in Boston’s Blue Hill Corridor while welcoming a diverse community from the Greater Boston area.www.sportsmenstennisclub.org

St. Stephen’S youth prograMS, inC., BoSton, Ma uS$40,000

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


16

SteppingStone Foundation, BoSton, MauS$50,000

Beginning the summer before fifth grade, highly motivated students begin 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.www.tsf.org

SteppingStone SCholarS, philadelphia, pa uS$70,000

Beginning the summer before fifth grade, highly motivated students begin 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.www.steppingstonescholars.org

Sue dunCan Children’S Center, ChiCago, iluS$50,000

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.www.sueduncanchildrenscenter.org

teenSharp, CaMden, nJuS$30,000

TeenSHARP was founded in 2009 to increase underrepresented students’ access to college and develop student-leaders who are Successful, High-Achieving, 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, school year-round.www.teensharp.org

tutoring ChiCago, iluS$25,000neW grant reCipient

Tutoring Chicago was founded in 1965 as Cabrini Green Tutoring Program and is currently serving 626 disadvantaged youth from low income families around the Chicago area. The program helps elementary school students between the ages of six to twelve grow personally and academically with one-to-one tutoring and high quality programming that is developmental and reflective. www.tutoringchicago.org

up eduCation netWorK, BoSton and laWrenCe, MauS$50,000

UP Education Network is a school turnaround management organization. Currently, the network is operating in 5 schools in Boston and Lawrence, Mass with plans for additional schools in those cities and in Springfield, Mass. 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.upeducationnetwork.org

VSa MaSSaChuSettS 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 multi-sensory arts-based teaching strategies and sponsoring exhibitions and performances by artists of all abilities.www.vsamass.org

WriteBoSton, inC., MauS$25,000neW grant reCipient

WriteBoston works with youth in Massachusetts to provide them with opportunities to write about issues that matter to them and build writing confidence that can transfer onto real-world contexts. They operate three separate programs including tailored development services for educators, in-school writing centers and a student journalism program. By targeting essential adults in school ecosystems, they are able to have a greater outreach.www.writeboston.org

Total Grants and Scholarships: US$4,918,000

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, 2017 and 2016, 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 ResponsibilityOur 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.

OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wellington Management Foundation as of December 31, 2017 and 2016, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

May 31, 2018

A Certified MBE and DBE Massachusetts Statewide Contractor4238 Washington Street Suite 307 Boston Massachusetts 02131 | Tel (978) 764-8966 Fax (978) 988-0780

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independent auditorS’ report and FinanCial StateMentS

17

Wellington Management Foundation Statements of Financial Position

December 31, 2017 and 2016

See accompanying notes to financial statements. - 3 -

2017 2016

Cash and cash equivalents 6,340,729$ 4,543,043$ Contributions receivable 750,042 328,991 Prepaid expenses - 78,750 Investments, at fair value 41,466,410 33,785,177

Total assets 48,557,181$ 38,735,961$

Liabilities:Accounts payable 54,682$ 19,113$ Due to related party - 78,750 Grants payable 4,125,000 2,980,000 Refundable advances - 85,000

Total liabilities 4,179,682 3,162,863

Net Assets:Unrestricted 44,025,965 35,255,792 Temporarily restricted 351,534 317,306

Total net assets 44,377,499 35,573,098

Total liabilities and net assets 48,557,181$ 38,735,961$

Assets

Liabilities and Net Assets


Statements of Financial Position


2017 2016

See accompanying notes to financial statements.


18

Wellington Management Foundation Statements of Activities

For the Years Ended December 31, 2017 and 2016


2017 2016Changes in Unrestricted Net Assets:

Revenues, Gains, and Support:Contributions 6,769,645$ 4,525,536$ Special event 1,542,685 - Dividends and interest 918,707 827,447 Net realized gain (loss) on investments 500,875 (605,370) Unrealized appreciation on investments 4,244,742 2,673,367 Net assets released from restrictions 392,868 387,487

Total unrestricted revenues, gains, and support 14,369,522 7,808,467

Expenses:Program Expenses:

Grants to charitable organizations 4,995,625 4,497,770 Other program expenses 154,410 117,543

Total program expenses 5,150,035 4,615,313

Supporting Services:Management and general 129,347 430,322 Fundraising - special event 319,967 6,930

Total supporting services 449,314 437,252

Total expenses 5,599,349 5,052,565

Change in unrestricted net assets 8,770,173 2,755,902

Changes in Temporarily Restricted Net Assets:Contributions 425,618 426,984 Dividends and interest 1,478 312 Net assets released from restrictions (392,868) (387,487)

Change in temporarily restricted net assets 34,228 39,809

Change in net assets 8,804,401 2,795,711

Net assets, beginning of year 35,573,098 32,777,387

Net assets, end of year 44,377,499$ 35,573,098$


Statements of Activities for the Years Ended December 31, 2017 and 2016 2017 2016



19

Wellington Management Foundation Statements of Cash Flows

For the Years Ended December 31, 2017 and 2016


2017 2016Cash Flows From Operating Activities:

Change in net assets 8,804,401$ 2,795,711$ Adjustments to reconcile change in net assets to net cash

provided by operating activities:Realized (gain) loss on investments (500,875) 605,370 Unrealized appreciation on investments (4,244,742) (2,673,367) Uncollectible contributions 10,016 249,017 Decrease (increase) in operating assets:

Contributions receivable (431,067) 428,281 Prepaid expenses 78,750 (78,750)

(Decrease) increase in operating liabilities:Accounts payable 35,569 (6,852) Due to related party (78,750) 78,750 Grants payable 1,145,000 630,000 Refundable advances (85,000) 85,000

Net cash provided by operating activities 4,733,302 2,113,160

Cash Flows From Investing Activities:Purchases of investments (8,359,572) (2,875,883) Proceeds from sales of investments 5,423,956 866,000

Net cash used in investing activities (2,935,616) (2,009,883)

Net increase in cash and cash equivalents 1,797,686 103,277

Cash and cash equivalents, beginning of year 4,543,043 4,439,766

Cash and cash equivalents, end of year 6,340,729$ 4,543,043$


Statements of Cash Flows for the Years Ended December 31, 2017 and 2016 2017 2016



20


noteS to FinanCial StateMentSDecember 31, 2017 and 2016

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, between Wellington Management Group llp (“WMG”) 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.

To accomplish its mission, the Foundation makes grants to charitable organizations in communities where WMG has offices. Wellington Management Company llp (“WMC”), a subsidiary of WMG, provides the principal financial support for the Foundation through its and its employees’ contributions. The Foundation’s operations are also funded by gala and investment income.

2. SuMMary oF SigniFiCant aCCounting poliCieSBasis of AccountingThe 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, 2017, through the date the financial statements were available to be issued, May 31, 2018, have been evaluated in the preparation of the financial statements.

Net Assets ClassificationNet assets of the Foundation are classified into three categories. The classifications are related to the existence or absence of donor-imposed 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, 2017 and 2016, the Foundation had no permanently restricted net assets.

EstimatesThe 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.

ContributionsContributions 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, 2017 and 2016, all outstanding contributions receivable were collectible and due within one year.

Cash and Cash EquivalentsFor 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.


21


noteS to FinanCial StateMentS — ContinuedDecember 31, 2017 and 2016

2. SuMMary oF SigniFiCant aCCounting poliCieS – ContinuedRefundable AdvancesRefundable advances represent conditional contributions received to support the Foundation’s fundraising gala. If the gala was not held, the contributions were to be returned. During the year ended December 31, 2017, the gala was held and the contributions were recognized as 2017 support.

Contributed ServicesContributed 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 TaxesThe 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 2017 or 2016. Consequently, the accompanying financial statements do not reflect any provision for income taxes.

Investments and Investment IncomeASC 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 approaches (e.g. market or income approach) and one or more valuation techniques within those approaches (e.g. the present value and option-pricing models techniques within the income approach).

The use of the market approach generally involves using inputs that are based on available market transactions or market observable comparable. The income approach is generally based on expected cash flows 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 the Foundation. 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, 2017 or 2016.


22

2. SuMMary oF SigniFiCant aCCounting poliCieS – Continued 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.

During 2017, the Foundation adopted the provisions of Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent). This standard update removes the requirement to include investments in the fair value hierarchy for which fair value is measured using the net asset value per share practical expedient. The guidance has been applied on a retrospective basis in accordance with ASU 2015-07. The adoption of this new accounting guidance did not have a material impact on the Foundation’s financial statements. Prior to adoption, these investments at December 31, 2016 were presented as Level 2 in the fair value hierarchy.

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 Foundation’s remaining investments consist of CTFs. The Foundation, as a practical expedient measures the fair value of its investments in these CTFs 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.

The NAV of the CTF pools is determined daily for the daily priced CTF pools and as of the last business day of the month for the monthly priced CTF pools. 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 2017 or 2016.

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 ExpensesThe 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.




23

Wellington Management Foundation Notes to Financial Statements – Continued


- 11 -

3. Investments

Investments at December 31, 2017 and 2016, respectively, were as follows:

Mutual Funds Vanguard Cost Market Allocation %

UnrealizedGain/(Loss)

EquityVanguard Capital Value Fund 2,373,096$ 2,395,583$ 5% 22,487$ Vanguard Health Care Fund 903,538 1,064,164 3% 160,626 Total Equity 3,276,634$ 3,459,747$ 8% 183,113$

Total Mutual Funds 3,276,634$ 3,459,747$ 8% 183,113$

Common Trust Funds Wellington Trust Company, NAFixed IncomeIntermediate Bond 8,252,382$ 8,218,440$ 20% (33,942)$ Opp Fixed Income Allocation 3,721,409 3,718,610 9% (2,799) Ultra Short Duration 166,101 165,884 0% (217) Total Fixed Income 12,139,892$ 12,102,934$ 29% (36,958)$

EquityAsia Contrarian 1,779,926$ 2,423,509$ 6% 643,583$ Capital Appreciation 1,944,533 2,344,249 6% 399,716 Emerging Markets 2,192,513 3,039,982 7% 847,469 Enduring Assets 2,511,746 3,046,740 7% 534,994 Energy 1,745,487 2,251,664 5% 506,177 Global Contrarian Equity 1,373,157 2,428,448 6% 1,055,291 International Opportunities 2,297,015 3,002,430 7% 705,415 Japan Small Cap Equity 409,783 771,290 2% 361,507 Quality Value 2,991,125 4,727,090 12% 1,735,965 Real Estate Securities 1,749,252 1,868,327 5% 119,075 Total Equity 18,994,537$ 25,903,729$ 63% 6,909,192$

Total Common Trust Funds 31,134,429$ 38,006,663$ 92% 6,872,234$

Total Investments 34,411,063$ 41,466,410$ 100% 7,055,347$

December 31, 2017



3. inVeStMentSInvestments at December 31, 2017 and 2016, respectively, were as follows:

December 31, 2017


24


25



3. inVeStMentS — Continued

December 31, 2016



- 12 -

3. Investments – Continued

Mutual Funds Vanguard Cost Market Allocation %

UnrealizedGain/(Loss)

Fixed IncomeVanguard High Yield Fund 1,455,412$ 1,585,840$ 5% 130,428$

EquityVanguard Capital Value Fund 2,329,522$ 2,122,066$ 6% (207,456)$ Vanguard Health Care Fund 764,516 829,542 2% 65,026 Total Equity 3,094,038$ 2,951,608$ 9% (142,430)$

SunAmericaFixed IncomeSunAmerica Senior Floating Rate CLA 3,212,740$ 3,134,044$ 9% (78,696)$

Total Mutual Funds 7,762,190$ 7,671,492$ 23% (90,698)$

Common Trust Funds Wellington Trust Company, NAFixed IncomeEmerging Markets Debt 1,584,511$ 1,505,694$ 4% (78,817)$ Intermediate Bond 3,290,839 3,259,910 10% (30,929) Ultra Short Duration 400,790 400,184 1% (606) Total Fixed Income 5,276,140$ 5,165,788$ 15% (110,352)$

EquityAsia Contrarian 2,021,546$ 1,984,698$ 6% (36,848)$ Capital Appreciation 1,865,618 1,910,752 6% 45,134 Emerging Markets 2,499,650 2,547,022 8% 47,372 Enduring Assets 2,203,441 2,367,159 7% 163,718 Energy 1,344,525 1,900,881 6% 556,356 Global Contrarian Equity 1,262,666 1,918,005 6% 655,339 International Opportunities 2,206,164 2,373,657 7% 167,493 Japan Small Cap Equity 401,261 572,572 2% 171,311 Quality Value 2,692,716 3,931,865 12% 1,239,149 Real Estate Securities 1,438,655 1,441,286 4% 2,631 Total Equity 17,936,242$ 20,947,897$ 62% 3,011,655$

Total Common Trust Funds 23,212,382$ 26,113,685$ 77% 2,901,303$

Total Investments 30,974,572$ 33,785,177$ 100% 2,810,605$

December 31, 2016


26



3. inVeStMentS — ContinuedFair values of assets at December 31, 2017 and 2016 were as follows:

2017

Assets

Quoted in Active Market for

Identical Assets(Level 1)

Significant Other Observable

Inputs(Level 2)

Significant Unobservable

Inputs(Level 3)

Invesments Measured at

NAV1December 31,

2017

2016

Assets

Quoted in Active Market for

Identical Assets(Level 1)

Significant Other Observable

Inputs(Level 2)

Significant Unobservable

Inputs(Level 3)

Invesments Measured at

NAV1December 31,

2017



- 13 -

3. Investments - Continued

Fair values of assets at December 31, 2017 and 2016 were as follows:

2017Quoted in

Active Market forIdentical Assets

Significant OtherObservable

Inputs

SignificantUnobservable

InputsAssets: (Level 1) (Level 2) (Level 3)

Mutual Funds 3,459,747$ -$ -$ -$ 3,459,747$ Common Trust Funds - - - 38,006,663 38,006,663

Total Investments 3,459,747$ -$ -$ 38,006,663$ 41,466,410$

% of Total Investments 8% 0% 0% 92% 100%

Investments Measured at

NAV(1)December 31,

2017

2016Quoted in



Inputs






December 31,2016


NAV(1)

(1)Amounts are comprised of certain investments measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. However, the amounts are presented to enable reconciliation with amounts presented on the statements of financial position.

4. Related Party Transactions

At December 31, 2017 and 2016, respectively, 92% and 77% of the Foundation's investments were invested in certain CTFs for which WTC acts as trustee and WMC acted as investment sub-advisor. In addition, WMC was the largest donor, paid the operating expenses of the Foundation, and provides office space and administrative support at no charge to the Foundation. During 2017 and 2016, WMC paid Foundation expenses that totaled $305,627 and $302,378, respectively. The donations of which have been recognized in the financial statements. At December 31, 2016, $78,750 was due to WMC for gala expenses paid on the Foundation’s behalf.



- 13 -

3. Investments - Continued

Fair values of assets at December 31, 2017 and 2016 were as follows:

2017Quoted in



Inputs







NAV(1)December 31,

2017

2016Quoted in



Inputs






December 31,2016


NAV(1)

(1)Amounts are comprised of certain investments measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. However, the amounts are presented to enable reconciliation with amounts presented on the statements of financial position.

4. Related Party Transactions

At December 31, 2017 and 2016, respectively, 92% and 77% of the Foundation's investments were invested in certain CTFs for which WTC acts as trustee and WMC acted as investment sub-advisor. In addition, WMC was the largest donor, paid the operating expenses of the Foundation, and provides office space and administrative support at no charge to the Foundation. During 2017 and 2016, WMC paid Foundation expenses that totaled $305,627 and $302,378, respectively. The donations of which have been recognized in the financial statements. At December 31, 2016, $78,750 was due to WMC for gala expenses paid on the Foundation’s behalf.

4. related party tranSaCtionS At December 31, 2017 and 2016, respectively, 92% and 77% of the Foundation’s investments were invested in certain CTFs for which WTC acts as trustee and WMC acted as investment sub-advisor. In addition, WMC was the largest donor, paid the operating expenses of the Foundation, and provides office space and administrative support at no charge to the Foundation. During 2017 and 2016, WMC paid Foundation expenses that totaled $305,627 and $302,378, respectively. The donations of which have been recognized in the financial statements. At December 31, 2016, $78,750 was due to WMC for gala expenses paid on the Foundation’s behalf.

1 Amounts are comprised of certain investments measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. However, the amounts are presented to enable reconciliation with amounts presented on the statements of financialposition.

IndEPEndEnT AudITORS’ REPORT And FInAnCIAL STATEMEnTS continued

27




5. teMporarily reStriCted net aSSetSAt December 31, 2017 and 2016, temporarily restricted net assets were use restricted for the following:

2017 2016



- 14 -

5. Temporarily Restricted Net Assets

At December 31, 2017 and 2016, temporarily restricted net assets were use restricted for the following:

2017 2016

Grants to charitable organizations:Scholarship grants 28,455$ 30,735$ General grants 323,079 286,571

Total 351,534$ 317,306$

6. Current Vulnerability Due to Certain Concentrations Contributions

During 2017 and 2016, the Foundation received 62% and 71%, respectively, of its total contributions from WMC. At December 31, 2017, there was a receivable of $29,687 from WMC that represented 4% of the contributions receivable balance. At December 31, 2016, there was a receivable of $16,113 from WMC that represented 5% of the contributions receivable balance. Credit and Investment Risk The Foundation's cash and cash equivalents and investments in mutual funds, 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 the institutions is not of particular concern at this time. The Foundation’s investments are subject to market fluctuations. 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 term and that such changes could materially affect the financial statements.

7. Grants to Charitable Organizations During 2017 and 2016, the Foundation awarded grants totaling $4,995,625 and $4,497,770, respectively, which are presented in program expenses in the financial statements. As of December 31, 2017, grants payable in the amount of $4,125,000 represented unconditional grants owed by the Foundation. Through March 2018, the Foundation made subsequent payments totaling $3,000,000 related to this liability. The remaining outstanding payable of $1,125,000 reflects unconditional awards to be paid during 2018, 2019, and 2020 in accordance with the grant agreements. As of December 31, 2016, grants payable totaled $2,980,000. Through March 2017, the Foundation made subsequent payments totaling $2,330,000 related to this liability.

6. Current VulneraBility due to Certain ConCentrationSContributionsDuring 2017 and 2016, the Foundation received 62% and 71%, respectively, of its total contributions from WMC. At December 31, 2017, there was a receivable of $29,687 from WMC that represented 4% of the contributions receivable balance. At December 31, 2016, there was a receivable of $16,113 from WMC that represented 5% of the contributions receivable balance.

Credit and Investment RiskThe Foundation’s cash and cash equivalents and investments in mutual funds, 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 the institutions is not of particular concern at this time. The Foundation’s investments are subject to market fluctuations. 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 term and that such changes could materially affect the financial statements.

7. grantS to CharitaBle organizationSDuring 2017 and 2016, the Foundation awarded grants totaling $4,995,625 and $4,497,770, respectively, which are presented in program expenses in the financial statements. As of December 31, 2017, grants payable in the amount of $4,125,000 represented unconditional grants owed by the Foundation. Through March 2018, the Foundation made subsequent payments totaling $3,000,000 related to this liability. The remaining outstanding payable of $1,125,000 reflects unconditional awards to be paid during 2018, 2019, and 2020 in accordance with the grant agreements.

As of December 31, 2016, grants payable totaled $2,980,000. Through March 2017, the Foundation made subsequent payments totaling $2,330,000 related to this liability.

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:Phil CappelloGMA Foundationpcappello@gmafoundations�com617�399�1852

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