2022-05-13T11:17:14-05:00 2021-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2020-07-01 042104048 THE TRUSTEES OF THE CUSHING ACADEMY TRUS 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL M SILVA CFO 9788277600 2022-05-13 1 PAUL SILVA 999009999 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z CUSHING ACADEMY JOSEPH MARZILLI 39 SCHOOL STREET ASHBURNHAM MA 01430 32526536 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL. 14 13 197 50 21119 0 7187221 5647934 28672991 23494629 510033 62589 260919 17876 36631164 29223028 6591558 5872017 0 0 11627973 11031626 0 0 974754 13812137 12239836 32031668 29143479 4599496 79549 200657323 208929433 39343896 35789636 161313427 173139797 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 23766028 5872017 23423826 CUSHING ACADEMY OFFERS A RIGOROUS AND TRANSFORMATIVE INDEPENDENT SECONDARY SCHOOL EXPERIENCE FOR STUDENTS IN GRADS 9-12 AND POST GRADUATES. CUSHING ACADEMY HAS 356 STUDENTS, 321 OF WHOM BOARD AND 35 WHO ATTEND BY DAY. 23766028 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 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 48 0 1 197 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 14 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 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 370624 0 102093 CHARLES V SCHAEFER TRUSTEE (UNTIL 4/29/21) 2.00 X 0 0 0 COLETTE DE LABRY TRUSTEE 2.00 X 0 0 0 DANA BARNES TRUSTEE 2.00 X 0 0 0 DOUGLAS CRAMER TRUSTEE (FROM 4/29/2021) 2.00 X 0 0 0 HIROYUKI ARITA TRUSTEE 2.00 X 0 0 0 KEN CHUNG TRUSTEE 2.00 X 0 0 0 KIMBERLY SAMSON TRUSTEE (FROM 4/29/2021) 2.00 X 0 0 0 KRISTEN KELLY FISHER TRUSTEE (UNTIL 4/29/21) 2.00 X 0 0 0 KRISTINE PELLETIER TRUSTEE (FROM 4/29/2021) 2.00 X 0 0 0 M ELIZABETH AKERS TRUSTEE 2.00 X 0 0 0 MATT SIEGAL TRUSTEE (FROM 4/29/2021) 2.00 X 0 0 0 RICHARD LAPIDUS TRUSTEE 2.00 X 0 0 0 STANLEY CLARK TRUSTEE (UNTIL 8/10/20) 2.00 X 0 0 0 SUE HAWKES WIGHT TRUSTEE 2.00 X 0 0 0 JOSEPH MARZILLI PRESIDENT & TREASURER 2.00 X X 0 0 0 MELISSA IRVING CHRISTENSEN VICE PRESIDENT 2.00 X X 0 0 0 PAUL SILVA CFO 50.00 X 241320 0 18885 CATHERINE POLLOCK ASSOC. HEAD OF SCHOOL 50.00 X 208632 0 60173 EDWARD KIRK DIRECTOR OF MASTER PLANNING/ENGINEERING 40.00 X 157286 0 34397 DAVID STONE DEAN OF FACULTY 40.00 X 126041 0 16403 DANIEL MORRISSEY DIRECTOR OF ADMISSIONS 40.00 X 121192 0 51952 JENNIFER VIANA DIRECTOR OF ATHLETICS 40.00 X 114344 0 44499 RAJA BALA DIRECTOR OF ACADEMIC AFFAIRS 40.00 X 101497 0 34176 1440936 0 362578 9 0 1 0 TIMBERLINE CONSTRUCTION CORPORATION 300 PINE STREET CANTON MA 02021 CONSTRUCTION COMPANY 10226781 BROCK AND COMPANY 257 GREAT VALLEY PARKWAY MALVARN PA 19355 DINING SERVICES 1270097 CSL CONSULTING 30 NORTH AVENUE BURLINGTON MA 01803 CONSTRUCTION COMPANY 441183 EYP INC 201 FULLER ROAD ALBANY NY 12203 CONSTRUCTION COMPANY 344763 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 221315 19 2139449 3508485 105533 5647934 TUITIONS & FEES 611600 22373972 22373972 INTERNATIONAL FEE 611710 884000 884000 TRANSCRIPT & ENROLLMENT 611710 205215 205215 TUTORING & LESSONS 611710 26492 26492 SUMMER PROGRAMS 611710 4950 4950 23494629 63083 847 62236 3113196 3113690 -494 -494 -494 126217 189818 -63601 -70803 7202 ICE RINK RENTAL 900099 13420 13070 350 ROOM CHARGES 900099 675 675 TRANSPORTATION 480000 32 32 67350 67350 81477 29223028 23423826 21119 126044 5872017 5872017 888673 888673 7731367 6185937 1080722 464708 602791 387862 186286 28643 1207790 1011350 145418 51022 601005 438156 139690 23159 144141 144141 76075 76075 1532001 1243263 212035 76703 118644 26046 69500 23098 712164 386811 295503 29850 234511 119601 110220 4690 991105 884045 101294 5766 96307 28699 28683 38925 6319 2986 1952 1381 536341 536341 4312676 3786695 497651 28330 291524 183703 106757 1064 FOOD SERVICES 1371547 1371547 REPAIRS AND MAINTENANCE 676382 596033 76030 4319 SECURITY 237013 208487 26990 1536 BAD DEBT 18845 18845 884241 477604 215077 191560 29143479 23766028 4402697 974754 13781451 16753 14253864 29951881 23673116 12528785 317669 649664 44597 52507 440945 339653 169194425 55951441 106699397 113242984 41390913 52077077 55371 70129 200657323 208929433 3703051 2228845 14393046 15291490 18699550 17907967 193596 168541 108237 88649 2246416 104144 39343896 35789636 X 94247541 113470865 67065886 59668932 161313427 173139797 200657323 208929433 X 79549 11729747 17074 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 2020-2021 FISCAL YEAR. 36112698 150 10332788 543000 671316 0 45231320 35030558 1394331 803929 520120 596000 36112698 32855320 1903960 2065146 541500 1252368 35030558 34635625 1150022 2783326 625000 5088653 32855320 32665159 1029504 3143540 781250 1421328 34635625 0.00000 0.62000 0.38000 0 0 8014269 8014269 141815693 40106388 101709305 18758394 15845053 2913341 606069 606069 113242984 BOND FUNDS 12348311 F PRIVATE EQUITY 179329 F EQUITY FUNDS 38534748 F MONEY MARKETS 1014689 F 52077077 CHARITABLE GIFT ANNUITY OBLIGATIONS 104144 104144 X 35287650 11729747 -5854943 5874804 29412846 -189818 -189818 29223028 23461280 189818 189818 23271462 5872017 5872017 29143479 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, 2021 AND 2020. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2018. 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: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -5,872,017. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 17,074. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -189,818. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 189,818. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 5,872,017. 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 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. SCHEDULE E, PART I, LINE 6 DURING THE YEAR ENDED JUNE 30, 2020, THE ACADEMY WAS GRANTED A PAYCHECK PROTECTION PROGRAM ("PPP") LOAN FROM A BANK IN THE AGGREGATE AMOUNT OF $2,135,888 UNDER DIVISION A, TITLE I OF THE CORONAVIRUS, AID, RELIEF AND ECONOMIC SECURITY ACT ("CARES ACT"), WHICH WAS ENACTED MARCH 27, 2020. FUNDS FROM THE PPP LOAN COULD ONLY BE USED FOR PAYROLL COSTS, COSTS USED TO CONTINUE GROUP HEALTH CARE BENEFITS, MORTGAGE PAYMENTS, RENT, UTILITIES AND INTEREST ON OTHER DEBT OBLIGATIONS. THE ACADEMY USED THE ENTIRE PPP LOAN FOR QUALIFYING EXPENSES. UNDER THE TERMS OF THE PPP, CERTAIN AMOUNTS OF THE PPP LOAN WERE ELIGIBLE TO BE FORGIVEN IF THEY WERE USED FOR QUALIFYING EXPENSES AS DESCRIBED IN THE CARES ACT. DURING THE YEAR ENDED JUNE 30, 2021, THE ACADEMY WAS GRANTED FULL FORGIVENESS OF THE PPP LOAN. IN CONNECTION WITH THE FORGIVENESS, THE ACADEMY RECOGNIZED A GAIN ON FORGIVENESS OF NOTE PAYABLE OF $2,139,449 FOR THE YEAR ENDED JUNE 30, 2021. 1 FINANCIAL AID 126 5872017 BOOK ALL GRANTS ARE 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 350488 0 20000 0 136 0 49073 0 53020 0 472717 0 0 0 CATHERINE POLLOCK ASSOC. HEAD OF SCHOOL 208419 0 0 0 213 0 21287 0 38886 0 268805 0 0 0 PAUL SILVA CFO 231087 0 10000 0 233 0 16983 0 1902 0 260205 0 0 0 EDWARD KIRK DIRECTOR OF MASTER PLANNING/ENGINEER 157062 0 0 0 224 0 8169 0 26228 0 191683 0 0 0 DANIEL MORRISSEY DIRECTOR OF ADMISSIONS 121138 0 0 0 54 0 8170 0 43782 0 173144 0 0 0 JENNIFER VIANA DIRECTOR OF ATHLETICS 114322 0 0 0 22 0 7764 0 36735 0 158843 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, DIRECTOR OF ADMISSIONS, AND DIRECTOR OF ATHLETICS. 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 ORGANZATION 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, 2023, 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 2020 IS $15,000 AND IT IS REPORTED IN PART II, COLUMN (C). 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. THE BONUS FOR CFO IS DETERMINED AT THE DISCRETION OF THE BOARD. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2019-05-01 19200000 REFINANCE SERIES 2004 0 0 0 A 1529790 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 SCHEDULE K, PART II, LINE 11: OTHER SPENT PROCEEDS INCLUDE $18,253,170 USED TO REDEEM THE SERIES 2004 BONDS, $47,080 TO PAY THE ISSUER'S ADMINISTRATIVE FEE AND $700,000 TO PAY A SWAP TERMINATION FEE RELATING TO THE SERIES 2004 BONDS. X 17 105533 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE NUMBER OF GIFTS RECEIVED. 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 ARE NOT ALLOWED INPUT ON ISSUES THAT WOULD RAISE THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD PERIODICALLY CONTRACTS WITH CONSULTANTS THAT REVIEW PEERS SCHOOL 990'S, CONDUCT SURVEYS, REVIEWS OTHER PUBLIC INFORMATION AND REPORT THEIR FINDING TO THE BOARD. THIS REVIEW WAS LAST PERFORMED IN SEPTEMBER OF 2017. 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 GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 17,074.