2020-07-10T21:01:09-05:00 2019-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2018-07-01 042104048 THE TRUSTEES OF THE CUSHING ACADEMY TRUS 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL M SILVA CFO 9788277600 2020-07-10 1 LYNNE JOHNSON P00757336 6179129000 73.226.132.236 2020-07-10 19:48:02 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 AECF77219117B6B1EC9B6AE33341583F740A001D 2018 2021-01-29 14:40:06Z CUSHING ACADEMY COLETTE DE LABRY 39 SCHOOL STREET ASHBURNHAM MA 01430 65733781 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 12 12 231 100 179590 0 3251404 34036382 24602341 27171238 475801 758113 361087 320661 28690633 62286394 6051899 6864661 0 0 11203167 11683975 0 0 970107 12096844 12468237 29351910 31016873 -661277 31269521 164335375 193931346 40498923 37865401 123836452 156065945 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 25377166 6864661 27171238 CUSHING ACADEMY OFFERS A RIGOROUS AND TRANSFORMATIVE INDEPENDENT SECONDARY SCHOOL EXPERIENCE FOR STUDENTS IN GRADS 9-12 AND POST GRADUATES. CUSHING ACADEMY HAS 392 STUDENTS, 346 OF WHOM BOARD AND 46 WHO ATTEND BY DAY. 25377166 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 54 0 1 231 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 12 12 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 COLETTE DE LABRY PRESIDENT 2.00 X X 0 0 0 JOSEPH MARZILLI TREASUER 2.00 X X 0 0 0 MELISSA IRVING CHRISTENSEN VICE PRESIDENT 2.00 X X 0 0 0 CHARLES V SCHAEFER TRUSTEE 2.00 X 0 0 0 DANA BARNES TRUSTEE 2.00 X 0 0 0 HENDDRICK SIN TRUSTEE 2.00 X 0 0 0 HIROYUKI ARITA TRUSTEE 2.00 X 0 0 0 KRISTEN KELLY FISHER TRUSTEE 2.00 X 0 0 0 M ELIZABETH AKERS TRUSTEE 2.00 X 0 0 0 PETER SNYDR TRUSTEE (UNTIL 8/10/18) 2.00 X 0 0 0 RICHARD LAPIDUS TRUSTEE 2.00 X 0 0 0 STACY SILVERMAN TRUSTEE (UNTIL 8/31/18) 2.00 X 0 0 0 STANLEY CLARK TRUSTEE 2.00 X 0 0 0 SUE HAWKES WIGHT TRUSTEE 2.00 X 0 0 0 RANDY BERTIN HEAD OF SCHOOL 50.00 X 155130 0 35570 CATHERINE POLLOCK ASSOC. HEAD OF SCHOOL FOR ENROLLMENT MGMT 50.00 X 193279 0 37270 MARGARET LEE ASSOC. HEAD OF SCHOOL-ACDEMIC AFFAIRS 50.00 X 166872 0 27113 PAUL M SILVA CFO 50.00 X 204795 0 10155 DAVID STONE DEAN OF FACULTY 40.00 X 116070 0 20330 MARK HARASIMOWICZ DIRECTOR OF PLANT & PROPER 40.00 X 122421 0 20361 958567 0 150799 6 0 1 0 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 01915 CONSTRUCTION COMPANY 22408050 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2183126 AMERICAN REFRIDGERATION COMPANY INC 149 RIVER STREET SUITE 3 ANDOVER MA 01810 CONSTRUCTION COMPANY 932233 ARC 501 BOYLSTON SUITE 4101 BOSTON MA 02116 CONSTRUCTION COMPANY 632782 CSL CONSULTING 30 NOTHE AVE BURLINGTON MA 01803 CONSTRUCTION COMPANY 584226 15 41687 33994695 699794 34036382 TUITIONS & FEES 611600 26182429 26182429 INTERNATIONAL FEE 611710 725000 725000 TRANSCRIPT & ENROLLMENT 611710 127355 127355 TUTORING & LESSONS 611710 80512 80512 SUMMER PROGRAMS 611710 55942 55942 27171238 763517 2337 761180 3134916 600 3140920 0 -6004 600 -5404 -5404 54488 41687 28223 26265 26265 323890 278244 45646 -180 45826 ICE RINK RENTAL 900099 177433 177433 TRANSPORTATION 480000 23625 23625 BANK FEES 900099 1827 1827 45865 45865 248750 62286394 27171238 179590 899184 6864661 6864661 1025107 1025107 7880471 6533124 895085 452262 670607 491957 144594 34056 1467477 1077771 315416 74290 640313 469733 138062 32518 155409 155409 81089 81089 22991 22991 253946 21159 212189 20598 796164 366678 374969 54517 84389 33382 48553 2454 1622101 1445175 167396 9530 223905 8440 150212 65253 51223 33904 10893 6426 964604 964604 3725276 3278488 422723 24065 124879 50816 73855 208 FOOD SERVICES 2104367 2104367 REPAIRS AND MAINTENANCE 624975 553302 67848 3825 SECURITY 197911 174463 22185 1263 BAD DEBT EXPENSE 4749 4749 1430259 905142 341024 184093 31016873 25377166 4669600 970107 12866013 7104480 4465434 13633090 18917095 32761045 256745 315686 36060 36418 486436 491121 147030219 47556361 92515667 99473858 32973663 39523597 1818262 592051 164335375 193931346 6751394 1978805 13782726 16566680 18689469 18985841 89741 90000 144659 126892 1040934 117183 40498923 37865401 X 56671744 85671511 38213090 40538856 28951618 29855578 123836452 156065945 164335375 193931346 X 31269521 1837529 -877557 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 2018-2019 FISCAL YEAR. 32855320 1903960 2065146 541500 1250000 35032926 34635625 1150022 2783326 625000 5088653 32855320 32665159 1029504 3143540 781250 1421328 34635625 40773999 30296 -659797 7479339 32665159 43022422 282123 1195303 3725849 40773999 0.76690 0.23310 0 0 8008869 8008869 119810614 33489933 86320681 17464776 14066428 3398348 1745960 1745960 99473858 BOND FUNDS 12297846 F PRIVATE EQUITY 328150 F EQUITY FUNDS 26871543 F MONEY MARKETS 26058 F 39523597 CHARITABLE GIFT ANNUITY OBLIGATIONS 117183 117183 X 56688172 1837529 -7662898 -5825369 62513541 -227147 -227147 62286394 24458679 306467 306467 24152212 6864661 6864661 31016873 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, 2019 AND 2018. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2016. 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 -6,864,661. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 216,828. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS -4,254. ANNUITY WRITE-OFF -709,936. LOSS ON EARLY EXTINGUISHMENT OF DEBT -442,512. ADJUSTMENT TO LETTER OF CREDIT 141,637. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -28,223. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -278,244. PRESENT VALUE DISCOUNT ON PRIOR YEAR PLEDGES ON FORM 990, PART VIII, LINE 1H 79,320. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 28,223. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 278,244. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 6,864,661. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 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. GOLF TOURNAMENT 96175 41687 54488 22052 6171 96175 41687 54488 22052 6171 28223 26265 1 FINANCIAL AID 154 6864661 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 X X X X 0 0 0 0 0 0 0 0 0 RANDY BERTIN HEAD OF SCHOOL 155130 0 0 0 0 0 11207 0 24363 0 190700 0 0 0 CATHERINE POLLOCK ASSOC. HEAD OF SCHOOL FOR ENROLLMENT 192879 0 0 0 400 0 19695 0 17575 0 230549 0 0 0 MARGARET LEE ASSOC. HEAD OF SCHOOL-ACDEMIC AFFAIR 164662 0 0 0 2210 0 16750 0 10363 0 193985 0 0 0 PAUL M SILVA CFO 204370 0 0 0 425 0 9797 0 358 0 214950 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2019-05-01 19200000 REFINANCE SERIES 2004 0 0 0 A 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 1 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 8 684068 FMV X ATHLETIC SUPPLIES & CLASSROOM SUPPLIES 9 15726 FMV 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 INTEREST RATE SWAP AGREEMENTS 216,828. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS -4,254. ANNUITY WRITE-OFF -709,936. LOSS ON EARLY EXTINGUISHMENT OF DEBT -442,512. ADJUSTMENT TO LETTER OF CREDIT 141,637. PRESENT VALUE DISCOUNT ON PRIOR YEAR PLEDGES -79,320.