2025-05-08T14:24:53-05:00 2024-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2023-07-01 042104048 THE TRUSTEES OF THE CUSHING ACADEMY TRUS 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL M SILVA CFO 9788277600 2025-05-08 1 0 LYNNE JOHNSON P00757336 6179129000 2025-05-07 2023 2025-03-06 01:10:19Z CUSHING ACADEMY JOSEPH MARZILLI 39 SCHOOL STREET ASHBURNHAM MA 01430 68696327 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL. 13 12 222 50 229044 0 3069885 2931077 31588225 32092425 374188 1924299 412802 347188 35445100 37294989 5552113 5063901 0 0 13461654 14645618 0 0 1504183 14131737 14913523 33145504 34623042 2299596 2671947 237291058 248517302 40277716 41048184 197013342 207469118 X CUSHING ACADEMY, FOUNDED AS A COEDUCATIONAL BOARDING SCHOOL IN 1865, EXISTS FOR STUDENTS, THEIR ACADEMIC GROWTH AND THEIR PERSONAL DEVELOPMENT. WE ARE DEDICATED TO EDUCATING THE MIND, SHAPING THE CHARACTER, AND NURTURING THE CREATIVITY OF YOUNG MEN AND WOMEN. IN A COMMUNITY THAT IS ACADEMICALLY AND CULTURALLY DIVERSE, WE CHALLENGE EACH INDIVIDUAL, SUPPORT EXCELLENCE IN EVERY ASPECT OF THE LEARNING PROCESS, AND PROMOTE ACTIVE PARTICIPATION IN ALL AREAS OF LIFE AND LEARNING. WE OFFER A DEMANDING COLLEGE PREPARATORY CURRICULUM, TEACH SKILLS THAT BUILD CONFIDENCE, AND INSTILL VALUES THAT ENDURE. CUSHING ACADEMY EXISTS FOR STUDENTS AND DEVELOPS CURIOUS, CREATIVE, AND CONFIDENT LEARNERS AND LEADERS. 0 0 27469352 5063901 32101554 CUSHING ACADEMY OFFERS A RIGOROUS AND TRANSFORMATIVE INDEPENDENT SECONDARY SCHOOL EXPERIENCE FOR STUDENTS IN GRADES 9-12 AND POST GRADUATES. CUSHING ACADEMY HAS 396 STUDENTS, 359 OF WHOM BOARD AND 37 WHO ATTEND BY DAY. 27469352 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 55 0 1 222 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 13 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X PAUL M SILVA CFO 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 RANDY BERTIN TRUSTEE, HEAD OF SCHOOL 50.00 X X 472262 0 146572 DANA BARNES TRUSTEE 2.00 X 0 0 0 SPENCER BUTTERFIELD TRUSTEE 2.00 X 0 0 0 KEN CHANG TRUSTEE 2.00 X 0 0 0 MELISSA IRVING CHRISTENSEN TRUSTEE (UNTIL 5/3/2024) 2.00 X 0 0 0 DOUGLAS CRAMER TRUSTEE 2.00 X 0 0 0 RICHARD LAPIDUS TRUSTEE (UNTIL 5/3/2024) 2.00 X 0 0 0 KRISTINE PELLETIER TRUSTEE 2.00 X 0 0 0 MAYA ROGERS TRUSTEE (AS OF 5/3/2024) 2.00 X 0 0 0 KIMBERLY SAMSON TRUSTEE 2.00 X 0 0 0 MARK STOEVER TRUSTEE (AS OF 5/3/2024) 2.00 X 0 0 0 GEORGE THOMAS TRUSTEE 2.00 X 0 0 0 JOSEPH MARZILLI CHAIR & TREASURER 2.00 X X 0 0 0 M ELIZABETH AKERS TRUSTEE (CURRENT)/VC (UNTIL 5/3/24) 2.00 X X 0 0 0 MATT SIEGEL TRUSTEE, VICE CHAIR (AS OF 5/3/2024) 2.00 X X 0 0 0 PAUL SILVA CFO 50.00 X 282463 0 29365 CATHERINE POLLOCK ASSOCIATE HEAD OF SCHOOL 50.00 X 233085 0 81151 GREGORY POLLARD DIRECTOR OF ADVANCEMENT 40.00 X 172395 0 61542 EDWARD KIRK DIRECTOR MASTER PLANNING/ENGINEERING 40.00 X 163258 0 41039 PAUL PEARL ADVANCEMENT OFFICER 40.00 X 125558 0 29475 DAVID STONE DEAN OF FACULTY 40.00 X 134735 0 14790 SARAH CATLIN DIRECTOR OF STUDENT AFFAIRS 40.00 X 133215 0 13723 1716971 0 417657 11 0 1 0 TIMBERLINE CONSTRUCTIONS 300 PINE STREET CANTON MA 02021 CONSTRUCTION COMPANY 18709491 BROCK 257 GREAT VALLEY PARKWAY MALVERN PA 19355 DINNING SERVICES 2716598 DIMELLA SHAFFER 24 FARNSWORTH STREET 4TH FLOOR BOSTON MA 02210 ARCHITECTURAL SERVICES 433544 CSL 152 MIDDLESEX DRIVE BURLINGTON MA 01803 PROJECT MANAGEMENT & MITIGATION 338712 SECURITAS SECURITY SERVICES USA INC PO BOX 403412 ATLANTA GA 30384 SECURITY SERVICES 337000 29 97770 2833307 72299 2931077 TUITIONS & FEES 611600 30833641 30833641 INTERNATIONAL FEE 611710 682900 682900 TRANSCRIPT & ENROLLMENT 611710 325434 325434 HEALTH CENTER FEES 611710 157890 157890 TUTORING & LESSONS 611710 51484 51484 41076 41076 32092425 1925801 1423 1924378 31100617 31101685 434 -1068 -434 -1502 -1502 78801 97770 42357 36444 36444 266385 256862 9523 9129 394 ICE RINK RENTAL 900099 240707 227227 13480 TRANSPORTATION 480000 20295 20295 DAMAGE CHARGES 900099 7325 7325 32894 32894 301221 37294989 32101554 229044 2033314 5063901 5063901 1136058 1136058 10226251 8383066 994874 848311 688593 488192 154764 45637 1769816 1109587 561577 98652 824900 584708 194799 45393 106394 106394 98332 98332 500 500 48212 48212 299320 149233 91627 58460 10045 1046 8999 1564421 1082663 369005 112753 376457 191993 176935 7529 1810440 1624266 175516 10658 633207 162431 365558 105218 459499 459499 4862080 4379429 453938 28713 612068 303752 306909 1407 FOOD SERVICES 2364747 2364747 REPAIRS AND MAINTENANCE 783088 706868 71857 4363 COMMUNICATION 417517 104379 208759 104379 SECURITY 301245 270767 28733 1745 165951 38825 96161 30965 34623042 27469352 5649507 1504183 218944 197674 44681501 51306618 19783568 5056484 491394 625677 30671 43826 697048 547179 203366480 69553337 122562049 133813143 48582394 43253218 75894 13518085 167595 155398 237291058 248517302 4401240 3777013 19368099 21908446 16252924 15153191 46485 23810 208968 185724 40277716 41048184 X 119945530 151091151 77067812 56377967 197013342 207469118 237291058 248517302 X 2671947 7779159 4670 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 500 500 0 PART II-B, LINE 1: CUSHING ACADEMY IS A MEMBER OF THE MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS AND COLLEGES (MANS&C), WHICH PARTICIPATES IN LOBBYING EFFORTS ON BEHALF OF ITS MEMBERS. THE $500 IS THE ANNUAL MEMBERSHIP FEE FOR THE 2023-2024 FISCAL YEAR. 69849789 5474366 9091069 402474 266526 83746224 39004105 26136944 5549990 637000 204250 69849789 45231320 1148181 -6078396 569000 728000 39004105 36112698 150 10332788 543000 671316 45231320 35030558 1394331 803929 520120 596000 36112698 0.40730 0.35990 0.23280 0 0 7877326 7877326 174150599 51520554 122630045 20703894 18032783 2671111 634661 634661 133813143 ALTERNATIVE INVESTMENTS 63633 F CORE EQUITY FUND 13454452 F 13518085 CHARITABLE GIFT ANNUITY OBLIGATION 88258 FINANCE LEASE LIABILITY 97466 185724 X 40314136 7779159 -5059231 2719928 37594208 -299219 -299219 37294989 29858360 299219 299219 29559141 5063901 5063901 34623042 PART V, LINE 4: TO PROVIDE FINANCIAL GRANTS/SCHOLARSHIPS FOR QUALIFYING STUDENTS AND TO PROVIDE FUNDING FOR GENERAL EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONORS' DIRECTIVES. PART X, LINE 2: THE ACADEMY FOLLOWS FASB ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THE ACADEMY RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ACADEMY'S TAX POSITIONS AND CONCLUDED THAT THE ACADEMY HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2024 AND 2023. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE UNITED STATES FEDERAL, STATE, OR LOCAL TAX AUTHORITIES AFTER THREE YEARS FROM THE FILING DATE. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF INCOME TAX EXPENSE IN THE ACCOMPANYING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -5,063,901. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT 4,670. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -256,862. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -42,357. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 256,862. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 42,357. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 5,063,901. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 EXPLANATION OF NONDISCRIMINATION POLICY: THE ACADEMY PUBLICIZES ITS NONDISCRIMINATION POLICY ON ALL ADMISSION/MARKETING MATERIAL. IN ADDITION, AISNE (ASSOCIATION INDEPENDENT SCHOOL OF NEW ENGLAND) PLACES SEVERAL ADVERTISEMENTS IN NEW ENGLAND AREA PERIODICALS STATING ITS MEMBERS' NONDISCRIMINATION POLICY AND LISTING EACH SCHOOL BY NAME. THE ACADEMY ALSO POSTS ITS NONDISCRIMINATION POLICY ON THE ORGANIZATION'S WEBSITE TO ENSURE ACCESSIBILITY TO ALL. GOLF TOURNAMENT 176571 97770 78801 27144 15213 176571 97770 78801 27144 15213 42357 36444 1 FINANCIAL AID 111 5063901 BOOK ALL GRANTS ARE USED FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY PART I, LINE 2: ALL GRANTS ARE BASED ON FINANCIAL NEED. THE ACADEMY UTILIZES THE SERVICES OF A THIRD PARTY TO ANALYZE THE APPLICANT'S FINANCES TO DETERMINE THE ESTIMATED FAMILY CONTRIBUTION. THE FINANCIAL AID COMMITTEE MAINTAINS ALL RECORDS REGARDING THE SELECTING AND AWARDING OF GRANTS. X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 RANDY BERTIN TRUSTEE, HEAD OF SCHOOL 447088 0 20000 0 5174 0 69564 0 77008 0 618834 0 0 0 CATHERINE POLLOCK ASSOCIATE HEAD OF SCHOOL 232112 0 0 0 973 0 26125 0 55026 0 314236 0 0 0 PAUL SILVA CFO 281313 0 0 0 1150 0 28065 0 1300 0 311828 0 0 0 GREGORY POLLARD DIRECTOR OF ADVANCEMENT 171724 0 0 0 671 0 11300 0 50242 0 233937 0 0 0 EDWARD KIRK DIRECTOR MASTER PLANNING/ENGINEERING 162304 0 0 0 954 0 14487 0 26552 0 204297 0 0 0 PAUL PEARL ADVANCEMENT OFFICER 125132 0 0 0 426 0 8181 0 21294 0 155033 0 0 0 PART I, LINE 1A DUE TO THE RESIDENTIAL NATURE OF THE SCHOOL, CERTAIN EMPLOYEES, AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, RECEIVE ON-CAMPUS HOUSING. THE HEAD OF SCHOOL, ASSOCIATE HEAD OF SCHOOL, AND DIRECTOR OF ADVANCEMENT. THIS BENEFIT IS NONTAXABLE TO THE NOTED EMPLOYEES AND ARE REPORTED UNDER FORM 990, PART VII, COL. F AND SCH. J, PART II, COL. D. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. PART I, LINE 4B CUSHING ACADEMY HAS ESTABLISHED A DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) FOR THE HEAD OF SCHOOL. THE ORGANIZATION ON THE LAST DAY OF EACH FISCAL YEAR DURING THE INITIAL TERM OF THIS AGREEMENT (WHICH BEGINS JULY 1, 2018 AND ENDS ON JUNE 30, 2023) DURING WHICH DR. BERTIN IS EMPLOYED AS HEAD, THE ACADEMY SHALL CREDIT HIS ACCOUNT UNDER THE SECTION 457(F) PLAN WITH A NOTIONAL CONTRIBUTION. ALL NOTIONAL CONTRIBUTIONS TO THE SECTION 457(F) PLAN SHALL FULLY VEST ON JULY 1, 2024, SUBJECT TO THE HEAD'S CONTINUED EMPLOYMENT THROUGH THE INITIAL TERM (I.E., THROUGH JUNE 30, 2023) BUT WITHOUT REGARD TO WHETHER OR NOT THERE ARE ANY SUCCESSIVE TERMS UNDER THE AGREEMENT. THE AMOUNT THE ORGANIZATION HAS CONTRIBUTED TO THIS SECTION 457(F) PLAN IN CALENDAR YEAR 2023 IS $20,000 AND IT IS REPORTED IN PART II, COLUMN (C). THE HEAD OF SCHOOL ENTERED INTO A NEW 457(F) DEFERRED COMPENSATION PLAN THAT WILL FULLY VEST JULY 1, 2028 PROVIDED THE EMPLOYEE MAINTAINS EMPLOYMENT WITH THE ACADEMY THROUGH THAT TIME. PART I, LINE 7 THE HEAD OF SCHOOL'S BONUS IS PURSUANT TO HIS EMPLOYMENT CONTRACT WITH THE FINAL BONUS AMOUNT DETERMINED AT THE BOARD'S DISCRETION EACH YEAR. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583F4G3 2019-05-01 19200000 REFINANCE SERIES 2004 0 0 0 A 4137335 19200000 199750 19000250 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 X 5 57845 FMV X QUILT, STONES FOR METAL SHOP 2 14454 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER REPRESENTS THE TOTAL NUMBER OF CONTRIBUTORS. FORM 990, PART I, ITEM C DBA: CUSHING ACADEMY FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY SENIOR MANAGEMENT. IN ADDITION TO THE REVIEW BY SENIOR MANAGEMENT, A DRAFT COPY OF THE FORM 990 IS MADE AVAILABLE TO THE MEMBERS OF THE GOVERNING BODY FOR REVIEW PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, KEY EMPLOYEES AND ALL BOARD MEMBERS ARE REQUIRED ANNUALLY TO COMPLETE AN ANNUAL DISCLOSURE AND CONFLICT OF INTEREST FORM. IF ANY CONFLICT EXISTS, THE BOARD MEMBERS AND EMPLOYEES MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL OR DUALITY INTEREST AND MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE TRUSTEES AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL OR DUALITY INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD PERIODICALLY CONTRACTS WITH CONSULTANTS THAT REVIEW PEER SCHOOLS 990'S, CONDUCT SURVEYS, REVIEWS OTHER PUBLIC INFORMATION AND REPORT THEIR FINDING TO THE BOARD. THIS REVIEW WAS LAST PERFORMED IN FALL OF 2022. IN THE INTERIM YEARS, THE COMPENSATION COMMITTEE (AN AD HOC COMMITTEE OF THE BOARD) REVIEWS PEER SCHOOLS 990'S AND OTHER AVAILABLE DATA. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA CANDID AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT 4,670.