2019-05-14T14:27:36-05:00 2018-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2017-07-01 042105855 WORCESTER ACADEMY WORC 5087545302 81 PROVIDENCE STREET WORCESTER MA 01604 THOMAS DICONZA CHIEF FINANCIAL OFFICER 5087545302 2019-05-14 1 BARBARA E KING P00005629 5087557107 2019-05-14 71.11.10.178 2019-05-14 13:21:55 ED P 572F2072D963F6946FC1DF8BF874B65DB477EE7A 954A65DB1995863A37271E4766999F33303993D7 2017 2019-02-21 02:37:17Z THOMAS DICONZA 81 PROVIDENCE STREET WORCESTER MA 01604 33673561 0 X WWW.WORCESTERACADEMY.ORG X 1834 MA OPERATION OF AN INDEPENDENT COLLEGE PREPARATORY SCHOOL FOR STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES DEDICATED TO PROMOTING SELF-DEVELOPMENT AND EDUCATION. 24 24 293 0 124955 -42332 1464847 2724746 24994899 26577836 1471939 1670181 253339 172933 28185024 31145696 6337347 5891524 0 0 12281998 13430554 0 0 1009681 11269498 11810479 29888843 31132557 -1703819 13139 104839298 105465505 23665301 23239843 81173997 82225662 WORCESTER ACADEMY EXISTS TO INSTILL IN ITS STUDENTS THE DESIRE TO LEARN THROUGHOUT LIFE, TO ENGAGE PASSIONATELY WITH THE WORLD AROUND THEM, AND TO BE HONORABLE PERSONS OF STRONG AND RESOURCEFUL CHARACTER. 0 0 20273460 5891524 26290571 OPERATION OF PREPARATORY SCHOOL FOR APPOXIMATELY 600 STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES. 200564 413913 SUMMER PROGRAMS BENEFITING APPROXIMATELY 500 STUDENTS AGES 7 - 14. 20474024 1 1 0 0 0 0 1 0 0 1 1 1 0 1 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 81 0 1 293 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X THE ORGANIZATION 5087545302 81 PROVIDENCE STREET WORCESTER MA 01604 ANDREW B O'DONNELL ESQ TRUSTEE 2.00 X 0 0 0 ARTHUR KENTROS TRUSTEE 2.00 X 0 0 0 BRIAN A O'CONNELL ESQ SECRETARY 2.00 X X 0 0 0 MEG O'LEARY TRUSTEE 2.00 X 0 0 0 DANA R LEVENSON TRUSTEE 2.00 X 0 0 0 DAVID P FORSBERG TRUSTEE 2.00 X 0 0 0 J MICHAEL GRENON TRUSTEE 2.00 X 0 0 0 HENRY DORMITZER III TRUSTEE 2.00 X 0 0 0 BENJAMIN S AMBUSH TRUSTEE 2.00 X 0 0 0 LAUREN S BAKER TRUSTEE 2.00 X 0 0 0 JACQUELINE PETERSON TRUSTEE 2.00 X 0 0 0 JAMES J PIETRO PRESIDENT 2.00 X X 0 0 0 SARAH S PULSIFER VICE PRESIDENT 2.00 X X 0 0 0 DAVID SHAMOIAN TRUSTEE 2.00 X 0 0 0 SUSAN WEAGLY JACOBS VICE PRESIDENT 2.00 X X 0 0 0 SUSAN PURYEAR TRUSTEE 2.00 X 0 0 0 VICTOR FIELDS TRUSTEE 2.00 X 0 0 0 JONATHAN STUART TREASURER 2.00 X X 0 0 0 WILLIAM R BREIDENBACH TRUSTEE 2.00 X 0 0 0 LUKE VALLAINCOURT TRUSTEE 2.00 X 0 0 0 JAMIE E LAVIN TRUSTEE 2.00 X 0 0 0 ROBERT F SCUMACI TRUSTEE 2.00 X 0 0 0 MATTHEW FINKLE TRUSTEE 2.00 X 0 0 0 WILLIAM HADDAD TRUSTEE 2.00 X 0 0 0 RONALD CINO HEAD OF SCHOOL 40.00 X 219158 0 55636 THOMAS DICONZA CFO 40.00 X 173343 0 24530 BARBARA AHALT ASSOC. HEAD OF SCHOOL 40.00 X 160793 0 21258 PATRICIA PETERLEITNER DIRECTOR OF UPPER SCHOOL 40.00 X 122489 0 23424 KIM STONE DIRECTOR OF DEVELOPMENT 40.00 X 121947 0 20254 797730 0 145102 12 0 1 0 SAGE DINING SERVICES INC 13N ROCKLAND ROAD AUBURN MA 01501 DINING ROOM SERVICES 1458121 METRO CRIME PREVENTION 70 JAMES STREET WORCESTER MA 01603 SECURITY SERVICE 558829 COMPASS FACILITIES SERVICES 65 JACKMAN STREET GEORGETOWN MA 01833 FACILITIES 265283 HIRTLE CALLAHAN 300 BARR HARBOR DRIVE WEST CONSHOHOCKEN PA 19428 INVESTMENT FEES 185194 AA TRANSPORTATION 605 HARTFORD TURNPIKE PO BOX 639 MO SHREWSBURY MA 01545 TRANSPORTATION 180929 5 123412 2601334 117796 2724746 TUITION AND FEES 611600 26577836 26577836 26577836 1461426 1461426 205773 0 205773 205773 124955 80818 2411375 98309 2300929 0 110446 98309 208755 98309 110446 95083 123412 156262 -61179 -61179 65671 70674 -5003 -5003 VENDING & MISC. INCOME 611600 33342 33342 33342 31145696 26704484 124955 1591511 5891524 5891524 9413418 6072703 3340715 709662 709662 2542194 37300 2504894 765280 765280 93430 93430 60994 60994 192855 192855 39697 3484 36213 48457 37813 10644 862441 199435 498361 164645 643250 639190 4060 2916861 2412221 445112 59528 371161 230249 74323 66589 247833 44084 101203 102546 475216 383314 82666 9236 2821250 2341638 423187 56425 DINING ROOM EXPENSES 1251503 1251503 OTHER OPERATING EXPENSE 818152 278084 540068 EXTRACURRICULAR ACTIVIT 766815 766815 SUMMER PROGRAM EXPENSES 200564 200564 31132557 20474024 9648852 1009681 4870648 6462239 1824326 360867 319567 345721 14339 8339 641627 781491 88407336 36649776 53494392 51757560 27717383 29906111 6497253 6662437 9459763 9180740 104839298 105465505 2078752 2103782 2154688 2087761 19033545 18488546 133330 66660 264986 493094 23665301 23239843 X 51026581 51561234 9639697 8253831 20507719 22410597 81173997 82225662 104839298 105465505 X 13139 1014927 23599 X 0 1 X 1 0 X X 1 0 42642565 2113677 2550274 1500000 45806516 36863582 3168007 4366917 1755941 42642565 39288886 432215 -1138059 1719460 36863582 39225643 304470 1123553 1364780 39288886 35336991 292686 4924969 1329003 39225643 0.36470 0.48390 0.15140 1 0 11284589 11284589 65623263 26501691 39121572 11495894 10148085 1347809 3590 3590 51757560 OTHER INVESTMENTS 6662437 F 6662437 BENEFICIAL INTEREST IN TRUST 9180740 9180740 CAPITAL LEASE OBLIGATIONS 493094 493094 X 26077830 1014927 202150 1217077 24860753 192855 6092088 6284943 31145696 25026165 178551 178551 24847614 192855 6092088 6284943 31132557 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF ENDOWMENT FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS. THE BOARD OF TRUSTEES HAS INTERPRETED THE PROVISIONS OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA) AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS OF THE CONTRARY. AS A RESULT OF THE INTERPRETATION, THE SCHOOL CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT AND ACCUMULATIONS TO THE PERMANENT ENDOWMENT IN ACCORDANCE WITH THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. IN ACCORDANCE WITH UPMIFA, THE SCHOOL CONSIDERED THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: 1 - THE DURATION AND PRESERVATION OF VARIOUS FUNDS; 2 - THE PURPOSES OF THE DONOR-RESTRICTED ENDOWMENT FUNDS; 3 - GENERAL ECONOMIC CONDITIONS; 4 - THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; 5 - THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; 6 - OTHER RESOURCES OF THE SCHOOL; AND 7 - THE SCHOOL'S INVESTMENT POLICIES. THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT FUNDS THAT STRIVE TO PROVIDE A STABLE SOURCE OF RETURNS TO SUPPORT THE ONGOING OPERATION AND ACTIVITIES OF THE SCHOOL WHILE SEEKING TO ACHIEVE A LONG-TERM RATE OF RETURN THROUGH BOTH CAPITAL APPRECIATION AND INVESTMENT YIELDS SUFFICIENT TO PRODUCE REAL GROWTH OF FUND ASSETS, NET OF SPENDING REQUIREMENTS, INFLATION AND INVESTMENT EXPENSES. ENDOWMENT FUNDS ARE INVESTED IN A DIVERSIFIED ASSET MIX, WHICH IS INTENDED TO RESULT IN A CONSISTENT INFLATION-PROTECTED RATE OF RETURN AND SUFFICIENT LIQUIDITY TO MAKE ANNUAL DISTRIBUTIONS AS DETERMINED BY COMMITTEES OF THE BOARD OF TRUSTEES. THE SCHOOL TARGETS A DIVERSIFIED ASSET ALLOCATION AND MANAGES ITS INVESTMENT STRATEGIES TO ACHIEVE ITS OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE SCHOOL'S ANNUAL SPENDING APPROPRIATION IS DETERMINED BY THE FINANCE COMMITTEE IN CONSULTATION WITHIN THE INVESTMENT COMMITTEE USING AVERAGE MARKET VALUES AND INVESTMENT RETURNS FOR THE PREVIOUS THREE YEARS. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR-IMPOSED RESTRICTIONS REQUIRE THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, DEFICIENCIES OF THIS NATURE ARE REPORTED IN UNRESTRICTED NET ASSETS. SUCH DEFICIENCIES AMOUNTED TO ($3,750) AS OF JUNE 30, 2018. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE SCHOOL HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE SCHOOL'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 454,064. WORKERS COMP INSURANCE REBATE 22,289. UNCOLLECTIBLE PROMISE TO GIVE -430,465. SPECIAL EVENT EXPENSE 156,262. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,891,524. SUMMER PROGRAM EXPENSES 200,564. PART XII, LINE 2D - OTHER ADJUSTMENTS: WORKERS COMP INSURANCE REBATE 22,289. SPECIAL EVENT EXPENSE 156,262. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,891,524. SUMMER PROGRAM EXPENSES 200,564. 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 POLICY IS INCLUDED ON THE WEBSITE AND IS PRINTED IN THE "VIEW BOOK" WHICH IS DISTRIBUTED AT OPEN HOUSES AND SENT TO ALL INDIVIDUALS REQUESTING SCHOOL INFORMATION. THE POLICY IS ALSO PUBLISHED ANNUALLY IN THE BOSTON GLOBE (W/ AISNE SCHOOLS). ROWE GOLF TOURNAMENT 55045 25645 29400 39368 GALA 163450 97767 65683 37966 78928 218495 123412 95083 37966 118296 156262 -61179 1 EDUCATIONAL SCHOLARSHIPS 296 5891524 BOOK PART I, LINE 2: WORCESTER ACADEMY IS FULLY COMMITTED TO ENROLLING A DIVERSE STUDENT BODY; DIVERSE IN TERMS OF INTERESTS, TALENTS, RACE, ETHNICITY AND ECONOMIC BACKGROUND. TO THIS END, THE ACADEMY HAS DEVELOPED A FINANCIAL AID PROGRAM TO PROMOTE ACCESS TO THE ACADEMY TO ALL QUALIFIED STUDENTS, REGARDLESS OF FAMILY FINANCIAL CIRCUMSTANCES. THE GOAL OF OUR FINANCIAL AID PROGRAM IS TO LESSEN THE GAP, BETWEEN WHAT A FAMILY CAN REASONABLY BE EXPECTED TO CONTRIBUTE AND WHAT IT ACTUALLY COSTS TO ATTEND WORCESTER ACADEMY. FINANCIAL AID IS AN ANNUAL AWARD AND STUDENTS MUST APPLY EACH YEAR FOR SUPPORT. X X X X 0 1 X X X X X 0 1 0 0 0 0 0 0 0 RONALD CINO HEAD OF SCHOOL 219158 0 0 0 0 0 39328 0 16308 0 274794 0 0 0 THOMAS DICONZA CFO 173343 0 0 0 0 0 8613 0 15917 0 197873 0 0 0 BARBARA AHALT ASSOC. HEAD OF SCHOOL 160793 0 0 0 0 0 14284 0 6974 0 182051 0 0 0 PART I, LINE 1A THE HEAD MASTER RECEIVED THE FOLLOWING: (1) COMPANION TRAVEL; TRAVEL WITH WIFE FOR ALUMNI EVENTS; (2) RESIDENCE; ON CAMPUS HOUSING IS REQUIRED FOR HEAD OF SCHOOL; (3) VEHICLE LEASE ALLOWANCE AND 4) PERSONAL SERVICES: CLEANING SERVICES FOR CAMPUS HOUSING. PART I, LINE 1B NO WRITTEN POLICY IS IN PLACE FOR THE BENEFITS PROVIDED TO THE HEAD OF THE SCHOOL LISTED ABOVE. HOWEVER, THESE ARE LONG STANDING PRACTICES OF THE SCHOOL. PART I, LINE 4B IN 2016, THE SCHOOL ESTABLISHED A DEFINED CONTRIBUTION RETIREMENT PLAN FOR THE HEAD MASTER. THE SCHOOL'S CONTRIBUTION TO THE PLAN IS EQUAL TO THE SCHOOL'S CONTRIBUTION TO THE DEFINED CONTRIBUTION RETIREMENT ANNUITY PLAN FOR HIM. THE SCHOOL'S CONTRIBUTION TO THIS PLAN FOR THE CURRENT YEAR WAS $19,664. A MASSACHUSETTS DEV FINANCE AGENCY -SERIES 2013A 043431814 2013-05-01 20266630 REFINANCE OF 2010 BOND AND CONSTRUCTION PROJECT FINANCINGS 0 0 0 A 7658283 11677760 164310 1 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 0 0 0 0 A 1 X 12 79830 NYSE X AUCTION ITEMS 0 37966 FMV 0 0 1 PART I, LINE 32B: INVESTMENT FIRM RECEIVES AND SELLS MARKETABLE SECURITIES RECEIVED AS CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B AN ELECTRONIC COPY OF THE RETURN IS PROVIDED TO A SUBCOMMITTEE OF THE BOARD VIA SECURE FILE TRANSFER. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL HAS ADOPTED A CONFLICT OF INTEREST POLICY THAT REQUIRES EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DESIGNATED POWERS TO ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THEY HAVE RECEIVED A COPY OF THE POLICY, UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY AND UNDERSTAND THAT THE SCHOOL IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. THE POLICY DEFINES INTEREST PERSON, FINANCIAL INTEREST AND DISCUSSES VARIOUS FORMS OF COMPENSATION AND THEIR DUTIES TO DISCLOSE IF CONFLICTS EXIST. FORM 990, PART VI, SECTION B, LINE 15A THE SCHOOL COMPARES INFORMATION AVAILABLE WITH NAIS AND SIMILIAR POSITIONS IN OTHER ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL GENERALLY DOES NOT MAKE ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUSTS 454,064. UNCOLLECTIBLE PROMISE TO GIVE -430,465.