2022-04-14T13:52:17-05:00 2021-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2020-07-01 041200600 CONCORD ACADEMY CONC 9784022200 166 MAIN STREET CONCORD MA 01742 AMY MILLER-FREDERICKS CFOO 9784022200 2022-04-14 1 AMY MILLER-FREDERICKS 999009999 LYNNE JOHNSON P00757336 6179129000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SARAH YEH 166 MAIN STREET CONCORD MA 01742 251348506 0 X WWW.CONCORDACADEMY.ORG X 1922 MA CONCORD ACADEMY IS A FOUR-YEAR, NONPROFIT, COEDUCATIONAL, BOARDING AND DAY COLLEGE-PREPARATORY SCHOOL CONSISTING OF GRADES NINE THROUGH TWELVE. THE 2020-21 ENROLLMENT WAS COMPOSED OF 401 STUDENTS, 155 OF WHOM WERE BOARDING STUDENTS AND 246 OF WHOM WERE DAY STUDENTS. ENROLLMENT FOR THE 2020-21 YEAR CONSISTED OF STUDENTS FROM 14 STATES/TERRITORIES AND 14 FOREIGN COUNTRIES. 30 29 248 334 -50444 0 7560778 15031098 23031751 23103331 659517 14551968 0 0 31252046 52686397 4977805 5380719 0 0 15356755 15564867 0 91000 2187815 9581520 12221614 29916080 33258200 1335966 19428197 148552196 169702633 24452391 23375222 124099805 146327411 X CONCORD ACADEMY IS A COMMUNITY ANIMATED BY LOVE OF LEARNING, DIVERSE AND STRIVING FOR EQUITY, WITH COMMON TRUST AS OUR FOUNDATION. HONORING EACH INDIVIDUAL, WE CHALLENGE AND EXPAND OUR UNDERSTANDING OF OURSELVES AND THE WORLD THROUGH PURPOSEFUL COLLABORATION AND CREATIVE ENGAGEMENT. CONCORD ACADEMY CULTIVATES EMPATHY, INTEGRITY, AND RESPONSIBILITY TO BUILD A MORE JUST AND SUSTAINABLE FUTURE. 0 0 25895876 5380719 23103331 SECONDARY EDUCATION: 401 STUDENTS IN GRADES 9 THROUGH 12; EDUCATIONAL PROGRAMS, GENERAL/OTHER: SUMMER CAMP 8-WEEK PROGRAM FOR CHILDREN IN GRADES PRE-K THROUGH 9. 25895876 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 83 0 1 248 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X AMY MILLER-FREDERICKS CFOO 9784022200 166 MAIN STREET CONCORD MA 01742 RICHARD G HARDY EMERITUS HEAD OF OF SCHOOL (HOS UNTIL 10/31/20) 55.00 0.00 X X 901391 0 184072 AMY MILLER-FREDERICKS CHIEF FINANCIAL & OPERATING OFFICER 55.00 0.00 X 273213 0 66642 ALICE R ROEBUCK DIR OF ADVANCEMENT & ENGAGEMENT 55.00 0.00 X 243529 0 48848 DONALD KINGMAN DIR OF CAMPUS PLANNING, DESIGN & CO 55.00 0.00 X 160521 0 70568 MARIE MYERS DIRECTOR OF ENROLLMENT MANAGEMENT 55.00 0.00 X 142339 0 74028 SARAH YEH INTERIM HEAD OF SCHOOL (FROM 11/1/20) 55.00 0.00 X X 167211 0 46796 CHRISTINE H FLASHNER DIRECTOR OF DEVELOPMENT 55.00 0.00 X 145181 0 49748 FRANCIS GALLAGHER CONTROLLER 55.00 0.00 X 131340 0 21794 DAVID LEACH DIR. OF ADMINISTRATIVE SYSTEMS 55.00 0.00 X 131993 0 10474 JENNIFER J BURLEIGH TRUSTEE 3.00 0.00 X 0 0 0 ADIL BAHALIM TRUSTEE 1.00 0.00 X 0 0 0 SEAN M DALTON TRUSTEE 3.00 0.00 X 0 0 0 PAULINE LIN TRUSTEE 1.00 0.00 X 0 0 0 BRIDGET C JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 JAMIE KLICKSTEIN TRUSTEE 1.00 0.00 X 0 0 0 ROSE PEABODY LYNCH TRUSTEE 3.00 0.00 X 0 0 0 IMANI PERRY TRUSTEE 1.00 0.00 X 0 0 0 LY TRAN TRUSTEE 1.00 0.00 X 0 0 0 KARL BANDTEL TRUSTEE 1.00 0.00 X 0 0 0 KERRY HOFFMAN TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW GINSBURG TRUSTEE 1.00 0.00 X 0 0 0 JOHN GROSSMAN TRUSTEE 3.00 0.00 X 0 0 0 YUCHUN LEE TRUSTEE 1.00 0.00 X 0 0 0 SUNREDI ADMADJAJA TRUSTEE 1.00 0.00 X 0 0 0 DR HARVEY J BERGER TRUSTEE 1.00 0.00 X 0 0 0 KAREN LIESCHING TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW MCCAHILL TRUSTEE 1.00 0.00 X 0 0 0 ANDY ORY TRUSTEE 1.00 0.00 X 0 0 0 CLAIRE MORIARTY SCHAEFFER TRUSTEE 1.00 0.00 X 0 0 0 DERRICK PANG TRUSTEE 1.00 0.00 X 0 0 0 LORI HICK TRUSTEE 1.00 0.00 X 0 0 0 STEPHEN KRAMARSKY TRUSTEE 1.00 0.00 X 0 0 0 KAREN MCALMON TRUSTEE 1.00 0.00 X 0 0 0 JONATHAN DESIMONE TRUSTEE 3.00 0.00 X 0 0 0 FAY LAMPERT SHUTZER PRESIDENT 4.00 0.00 X X 0 0 0 JENNIFER A PLINE TREASURER 3.00 0.00 X X 0 0 0 CAROLYN STAFFORD STEIN SECRETARY 3.00 0.00 X X 0 0 0 KEVIN PARKE VICE PRESIDENT 3.00 0.00 X X 0 0 0 2296718 0 572970 24 0 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FOOD SERVICES 735088 DEWING SCHMID KEARNS 30 MONUMENT SQUARE SUITE 200B CONCORD MA 01742 ARCHITECTURAL SERVICES 532452 OUNCE IT LLC PO BOX 3137 WORCESTER MA 01613 IT SERVICES 468285 MACCORMACK PLUMBING 17 BRIDGE ST SUITE 104 BILLERICA MA 01821 PLUMBING 337001 CITY WIDE OF BOSTON 11 MAIN STREET SUITE 12 SOUTHBOROUGH MA 01772 CLEANING SERVICES 301330 11 2519300 12511798 1011926 15031098 TUITION AND FEES/SUMMER PROGRAM 611110 23087675 23087675 MISCELLANEOUS INCOME 611110 15656 15656 23103331 617772 -50444 668216 212596305 198662109 13934196 13934196 13934196 52686397 23103331 -50444 14602412 10000 10000 5370719 5370719 1584617 90450 1199397 294770 10588189 8121274 1449290 1017625 811982 610902 124030 77050 1732555 1223723 332964 175868 847524 585022 170525 91977 64969 64969 102987 102987 91000 91000 338578 338578 1229100 859441 291693 77966 87759 200 47219 40340 118172 97376 13932 6864 224458 95008 121524 7926 785370 742313 26095 16962 52452 46526 4424 1502 54278 36520 15863 1895 359407 339236 12225 7946 2351326 2219364 79977 51985 189690 189690 COVID EXPENSES 3515615 3377528 138087 FOOD 887493 868889 10871 7733 EQUIPMENT 835119 788105 29089 17925 DUES AND SUBSCRIPTIONS 262646 139777 71108 51761 762195 273503 339972 148720 33258200 25895876 5174509 2187815 2951 6400 13864135 15358926 4993660 10211457 9592 6545 9197 23108 292289 629182 76948364 34241643 43789319 42706721 15485669 61315009 68536200 37926053 1569184 1519232 148552196 169702633 1655911 1442659 5490095 7397282 13747036 13383543 3559349 1151738 24452391 23375222 X 62186078 67496615 61913727 78830796 124099805 146327411 148552196 169702633 X 19428197 2731470 67939 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 80021483 1890094 16209254 728454 2827546 0 94564831 80169190 4053596 -941303 625137 2634863 80021483 72889992 6704821 3686377 541804 2570196 80169190 67056380 4497504 4394108 510528 2547472 72889992 60362974 2477923 7235483 505118 2514882 67056380 0.30650 0.51060 0.18290 0 0 8171694 8171694 61974001 30670749 31303252 5579385 3518905 2060480 1223284 51989 1171295 42706721 HIGH QUALITY FIXED INCOME 12663752 F ABSOLUTE RETURN 4899804 F PRIVATE EQUITY 8352872 F DEFENSIVE EQUITY 3611140 F REAL ASSET 2374683 F DIRECT LENDING 6023802 F 37926053 ACTIVITIES ACCOUNT - BOOKSTORE 579983 CAPITAL LEASE OBLIGATIONS 47679 HOUSING DEPOSITS 17062 REGISTRATION DEPOSITS 484370 TUITION REFUND INSURANCE DEPOSITS 22644 1151738 X 50162793 2731470 -4916496 -2185026 52347819 338578 338578 52686397 27935187 0 27935187 338578 4984435 5323013 33258200 PART V, LINE 4: THE ENDOWMENT FUNDS ARE TO BE USED IN FURTHERANCE OF THE ACADEMY'S EXEMPT PURPOSES. PART X, LINE 2: THE ACADEMY QUALIFIES AS A TAX-EXEMPT, NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAX ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE INCOME TAX HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. 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 TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ACADEMY'S TAX POSITIONS AND CONCLUDED THAT THE ACADEMY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. UNDER INTERNAL REVENUE SERVICE STATUTES, WITH FEW EXCEPTIONS, THE ACADEMY IS ONLY SUBJECT TO INCOME TAX EXAMINATIONS BY THE FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 67,939. FINANCIAL AID GRANTS NETTED WITH REVENUE ON FINANCIAL STATEMENTS -4,984,435. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID GRANTS NETTED WITH REVENUE ON FINANCIAL STATEMENTS 4,984,435. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE FOLLOWING STATEMENT IS MADE AVAILABLE ON THE SCHOOL'S WEBSITE: WE REAFFIRM OUR LONG-STANDING POLICY OF NONDISCRIMINATORY ADMISSION OF STUDENTS. WE ADMIT STUDENTS OF ANY RACE, COLOR, RELIGIOUS AFFILIATION, NATIONAL AND ETHNIC ORIGIN AND QUALIFIED HANDICAPPED STUDENTS TO ALL RIGHTS, PRIVILEGES, PROGRAMS AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT OUR SCHOOL. WE DO NOT DISCRIMINATE IN VIOLATION OF ANY LAW OR STATUTE IN THE ADMINISTRATION OF OUR EDUCATIONAL POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAM, AND ATHLETIC OR OTHER SCHOOL ADMINISTERED PROGRAMS. INFORMATION AND SCHOOL CATALOGUES MAY BE OBTAINED BY CALLING THE SCHOOL. SCHEDULE E, PART I, LINE 6 IN MAY 2020, THE ACADEMY RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT FOR A GRANT UNDER THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT (CARES ACT) AS PART OF THE PAYROLL PROTECTION PROGRAM (PPP) THROUGH THE SMALL BUSINESS ADMINISTRATION (SBA). THE TOTAL AMOUNT OF THE FUNDING WAS $2,519,300. THE FUNDS WERE FORGIVABLE BY THE SBA BASED UPON CERTAIN CONDITIONS BEING MET. DURING THE YEAR ENDED JUNE 30, 2021, THE ACADEMY SUBMITTED ITS FORGIVENESS APPLICATION TO THE SBA AND RECEIVED NOTIFICATION FROM THE SBA THAT THE FUNDS HAD BEEN FORGIVEN ON JUNE 8, 2021. AS SUCH, THESE FUNDS WERE RECOGNIZED AS REVENUE AND RECORDED AS GOVERNMENT GRANTS DURING THE YEAR ENDED JUNE 30, 2021. THE FORGIVENESS OF THE LOAN IS SUBJECT TO POTENTIAL AUDIT FOR UP TO SIX YEARS FROM THE DATE OF FORGIVENESS. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 14426535 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 2336218 0 0 0 0 0 0 16762753 0 16762753 1 0 1 1 1 0 PART III ACCOUNTING METHOD: X X X 1 GRAHAM PELTON ASSOCIATES INC 39 BEECHWOOD RD SUMMIT NJ 07901 PROFESSIONAL FUNDRAISING CAMPAIGN CONSULTING 0 0 91000 -91000 91000 -91000 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 CONCORD FREE PUBLIC LIBRARY CORPORATION 129 MAIN STREET CONCORD MA 01742 042121328 501(C)(3) 10000 FMV CAPITAL CAMPAIGN 1 TUITION GRANTS 101 5080435 DIFFERENCE AFTER EXPECTED FAMILY CONTRIBUTION PER FINANCIAL AID (FA) GRANTS DEDUCTED FROM SCHOOL TUITION MUSIC LESSON FINANCIAL AID 45 67700 PERCENTAGE OF FINANCIAL AID AWARD FINANCIAL AID DEDUCTED FROM MUSIC LESSON FEES HEALTH INSURANCE FINANCIAL AID 5 6268 PERCENTAGE OF FINANCIAL AID AWARD FINANCIAL AID DEDUCTED FROM STUDENT HEALTH INSURANCE COSTS MONTHLY SUPPLEMENTAL FOR INCIDENTALS 38 22000 TRAVEL EXPS - FA STUDENTS TIX PURCHASED ON THEIR BEHALF TO/FROM HOME; SUMMER PROGRAM/TRAVEL EXPENSE 5 57 260 CASH REIMBURSEMENTS TRAVEL EXPENSES PURCHASED FOR STUDENTS BY DIRECTOR OF FA ON STUDENT'S BEHALF FA STUDENTS COMPUTER GRANTS/COMPUTER SUPPLIES 69 38678 6607 CASH REIMBURSEMENTS SUPPLIES PURCHASED FOR STUDENTS BY DIRECTOR OF FA ON STUDENT'S BEHALF ACTIVITIES ACCOUNT GRANTS 107 143653 ESTIMATE FOR STUDENT RELATED BOOK AND INCIDENTAL EXPENSES FA DEDUCTED FROM STUDENT INCIDENTAL CHARGES HEALTH EXPENSES PURCHASED BY CA ON BEHALF OF STUDENT 2 0 5061 CASH REIMBURSEMENTS HEALTH EXPENSES PURCHASED BY HEALTH SERVICES DEPT ON STUDENT'S BEHALF PART I, LINE 2: CONCORD ACADEMY AWARDED FINANCIAL ASSISTANCE TO 107 STUDENTS INCLUDING TUITION GRANTS AND ASSISTANCE FOR MUSIC LESSONS, HEALTH INSURANCE, BOOKSTORE PURCHASES, TRANSPORTATION AND MISCELLANEOUS EXPENSES. ASSISTANCE IS AWARDED ON A FINANCIAL NEED BASIS THROUGH THE FINANCIAL AID OFFICE. THE DIRECTORS OF FINANCIAL AID AND THE FINANCE OFFICE STAFF ADMINISTER AND MONITOR ALL GRANTS AND STUDENT SPENDING ON A MONTHLY BASIS. THE FINANCIAL AID DIRECTORS MEET MONTHLY WITH EACH FINANCIAL AID RECIPIENT TO REVIEW SPENDING. X 1 1 X X X X 0 1 0 0 0 0 0 1 0 RICHARD G HARDY EMERITUS HEAD OF OF SCHOOL (HOS UNTIL 10/31/20) 399217 0 50000 0 452174 0 118254 0 65818 0 1085463 0 402500 0 AMY MILLER-FREDERICKS CHIEF FINANCIAL & OPERATING OFFICER 272421 0 0 0 792 0 40026 0 26616 0 339855 0 0 0 ALICE R ROEBUCK DIR OF ADVANCEMENT & ENGAGEMENT 243409 0 0 0 120 0 20365 0 28483 0 292377 0 0 0 DONALD KINGMAN DIR OF CAMPUS PLANNING, DESIGN & CO 159729 0 0 0 792 0 13914 0 56654 0 231089 0 0 0 MARIE MYERS DIRECTOR OF ENROLLMENT MANAGEMENT 142063 0 0 0 276 0 12491 0 61537 0 216367 0 0 0 SARAH YEH INTERIM HEAD OF SCHOOL (FROM 11/1/20) 167091 0 0 0 120 0 13500 0 33296 0 214007 0 0 0 CHRISTINE H FLASHNER DIRECTOR OF DEVELOPMENT 145001 0 0 0 180 0 13132 0 36616 0 194929 0 0 0 FRANCIS GALLAGHER CONTROLLER 131248 0 0 0 92 0 10822 0 10972 0 153134 0 0 0 PART I, LINE 1A CONCORD ACADEMY IS A COEDUCATIONAL BOARDING AND DAY SCHOOL. AS A REQUIREMENT OF EMPLOYMENT, SOME FACULTY AND STAFF LIVE IN SCHOOL-OWNED HOUSING WHICH IS A NONTAXABLE BENEFIT TO THEM. LISTED EMPLOYEES WHO RECEIVE THIS HOUSING INCLUDE THE HEAD OF SCHOOL EMERITUS (THROUGH OCTOBER 31, 2020), THE INTERIM HEAD OF SCHOOL, THE DIRECTOR OF ENROLLMENT MANAGEMENT, AND THE DIRECTOR OF CAMPUS PLANNING, DESIGN & CONSTRUCTION. PART I, LINE 3 THE CONCORD BOARD OF TRUSTEES COMPENSATION COMMITTEE REVIEWS AND DELIBERATES COMPENSATION FOR THE HEAD OF SCHOOL USING PEER SCHOOL DATA AND FINANCIAL REPORTING (FORM 990) AND OTHER EXTERNAL SOURCES. RICHARD HARDY DEPARTED THE ROLE OF HEAD OF SCHOOL EFFECTIVE OCTOBER 31, 2020 AND TRANSITIONED TO THE ROLE OF EMERITUS HEAD OF SCHOOL. SARAH YEH TRANSITIONED FROM THE ASSOCIATE HEAD OF SCHOOL/DEAN OF FACULTY TO THE INTERIM HEAD OF SCHOOL ROLE EFFECTIVE NOVEMBER 1, 2020. THE COMPENSATION COMMITTEE WAS INVOLVED IN APPROVING COMPENSATION FOR EACH OF THESE INDIVIDUALS. KEY EMPLOYEE JOB PERFORMANCE, INCLUDING THE CFOO AND DIRECTOR OF ADVANCEMENT AND ENGAGEMENT, IS EVALUATED BY THE HEAD OF SCHOOL. THE COMPENSATION PROCESS INVOLVES ATTENTION TO AND AVOIDANCE OF CONFLICTS OF INTEREST AS WELL AS THE USE OF COMPARABILITY DATA GATHERED AND GENERATED THROUGH AN EXTERNAL DATABASE. SUCH DECISIONS ARE DOCUMENTED. PART I, LINE 4B RICHARD G. HARDY, EMERITUS HEAD OF SCHOOL, PARTICIPATES IN THE ACADEMY'S NONQUALIFIED RETIREMENT PLAN (SEC. 457F PLAN). ON JUNE 30, 2020, THE AMOUNT OF $451,382 RELATED TO THE DEFERRED COMPENSATION PLAN BECAME VESTED AND IT IS BEING REPORTED ON FORM 990, PART VII, COLUMN D AND SCHEDULE J, PART II, COLUMN B(III). EMPLOYER CONTRIBUTIONS FOR FY20-21 ARE IN THE AMOUNT OF $75,000 WHICH IS INCLUDED IN FORM 990, PART VII, COLUMN F AND SCHEDULE J, PART II, COLUMN C. AN ADDITIONAL $35,000 WAS ACCRUED ON JUNE 30, 2021 AS A PART OF AN AMENDED CONTRACT WITH RICHARD. THE DEFERRED COMPENSATION AMOUNT UNDER THE NEW EXTENDED PLAN WILL BE VESTED ON JUNE 30, 2022. PART I, LINE 7 THE ACADEMY PAID $50,000 IN JUNE 2020 FOR RICHARD G. HARDY, EMERITUS HEAD OF SCHOOL, BASED UPON THE ACADEMY MEETING ITS ANNUAL BUDGET, AS WELL AS THE EMPLOYEE MEETING SPECIFIC PERFORMANCE METRICS ESTABLISHED BY THE BOARD OF TRUSTEES. THE AMOUNT IS REPORTED ON SCH. J, PART II, COLUMN B(II). A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2020-03-01 14045589 SEE PART VI 0 0 0 A 461787 14045589 14045589 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (F) DESCRIPTION OF PURPOSE: TO REFINANCE THE SERIES 2017A BONDS AND THE SERIES 2017B BONDS. X 67 1011926 FAIR MARKET VALUE 0 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS OF PUBLICLY TRADED SECURITIES IS BASED ON THE NUMBER OF GIFTS OF SECURITIES RECEIVED. PART I, LINE 32B: MORGAN STANLEY SMITH BARNEY, LLC PROCESSED AND SOLD THE STOCK DONATIONS ON BEHALF OF THE ACADEMY. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF THE 2020 FORM 990, THE ENTIRE FORM IS FIRST REVIEWED BY MANAGEMENT; SOON AFTER, THE FORM, NOT INCLUDING SCHEDULE B, IS REVIEWED WITH THE CHAIR OF THE AUDIT COMMITTEE; THEN THE FORM, NOT INCLUDING SCHEDULE B, IS PRESENTED IN A MEETING WITH ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CONCORD ACADEMY BOARD OF TRUSTEES FOR REVIEW, DISCUSSION, INCLUDING ANY PROPOSED CHANGES, AND APPROVAL. AFTER APPROVAL AND BEFORE FILING WITH THE IRS, THE FORM, NOT INCLUDING SCHEDULE B, IS MADE AVAILABLE TO EACH BOARD MEMBER ON THE CONCORD ACADEMY TRUSTEE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C IN OCTOBER OF EACH YEAR NEW AND RETURNING TRUSTEES ARE ASKED TO COMPLETE A CONFLICT OF INTEREST FORM ELECTRONICALLY WHICH IS THEN MADE AVAILABLE TO THE ASSISTANT TO THE HEAD OF SCHOOL. ONCE RETURNED, EACH FORM IS REVIEWED BY THE ASSISTANT AND ANY EXCEPTIONS ARE REPORTED TO THE HEAD AND CFOO TO ENSURE COMPLIANCE. IN THE EVENT OF A CONFLICT, SAID CONFLICT WOULD BE DISCUSSED WITH THE COMMITTEE ON TRUSTEES AND/OR LEGAL COUNSEL TO DETERMINE HOW TO PROCEED. AN ELECTRONIC RECORD OF THE RESPONSES IS SAVED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE CONCORD BOARD OF TRUSTEES COMPENSATION COMMITTEE REVIEWS AND DELIBERATES COMPENSATION FOR THE HEAD OF SCHOOL USING PEER SCHOOL DATA AND FINANCIAL REPORTING (FORM 990) AND OTHER EXTERNAL SOURCES. KEY EMPLOYEE JOB PERFORMANCE, INCLUDING THE CFOO AND DIRECTOR OF ADVANCEMENT AND ENGAGEMENT, IS EVALUATED BY THE HEAD OF SCHOOL. THE COMPENSATION PROCESS INVOLVES ATTENTION TO AND AVOIDANCE OF CONFLICTS OF INTEREST AS WELL AS THE USE OF COMPARABILITY DATA GATHERED AND GENERATED THROUGH AN EXTERNAL DATABASE. SUCH DECISIONS ARE DOCUMENTED. THE COMPENSATION COMMITTEE MEETS TO APPROVE THE HEAD OF SCHOOL'S COMPENSATION NOTED IN SCHEDULE J, PART I, LINE 7. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 67,939. CHARITABLE REMAINDER TRUSTS (1) CHARITABLE TRUST MA CONCORD ACADEMY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0