2019-05-14T08:06:37-05:00 2018-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2017-07-01 042104048 THE TRUSTEES OF THE CUSHING ACADEMY TRUS 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL M SILVA CFO 9788277600 2019-05-14 1 LYNNE JOHNSON P00757336 6179129000 100.1.170.9 2019-05-14 07:58:05 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 1101CBF66FFAA2599057FE7F4407BFB8CB39BD08 2017 2019-02-21 02:37:17Z CUSHING ACADEMY COLETTE DE LABRY 39 SCHOOL STREET ASHBURNHAM MA 01430 30412081 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 13 13 231 100 113051 -57070 55043500 3251404 23864712 24602341 433744 475801 375709 361087 79717665 28690633 5472644 6051899 0 0 12484214 11203167 0 0 677431 12949264 12096844 30906122 29351910 48811543 -661277 161596412 164335375 40204763 40498923 121391649 123836452 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 20723945 6051899 24602341 CUSHING ACADEMY OFFERS A RIGOROUS AND TRANSFORMATIVE INDEPENDENT SECONDARY SCHOOL EXPERIENCE FOR STUDENTS IN GRADS 9-12 AND POST GRADUATES. CUSHING ACADEMY HAS 371 STUDENTS, 330 OF WHOM BOARD AND 41 WHO ATTEND BY DAY. 20723945 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 38 0 1 231 1 1 1 0 0 0 0 1 1 0 0 0 0 X 13 13 1 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 CHARLES V SCHAEFER 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 RICHARD LAPIDUS TRUSTEE (FROM FEB. 2018) 2.00 X 0 0 0 CAROL D SCHAEFER TRUSTEE (THRU FEB. 2018) 2.00 X 0 0 0 PETER SNYDER TRUSTEE 2.00 X 0 0 0 SCOTT D WHITNEY TREASURER (THRU DEC. 2017) 3.00 X X 0 0 0 STACY SILVERMAN TRUSTEE 2.00 X 0 0 0 STANLEY CLARK TRUSTEE (FROM FEB. 2018) 2.00 X 0 0 0 SUE HAWKES WIGHT TRUSTEE 2.00 X 0 0 0 COLETTE DE LABRY PRESIDENT 2.00 X X 0 0 0 JOSEPH MARZILLI TREASUER (FROM FEB. 2018) 2.00 X X 0 0 0 MELISSA IRVING CHRISTENSEN VICE PRESIDENT 2.00 X X 0 0 0 CATHERINE POLLOCK CO HEAD OF SCHOOL 50.00 X 193786 0 26582 MARGARET LEE CO-HEAD OF SCHOOL 40.00 X 194448 0 34308 WILLIAM KARL BAKER INTERIM CFO (THRU JAN. 2018) 40.00 X 121603 0 0 PAUL M SILVA CFO (FROM JAN. 2018) 40.00 X 0 0 0 DAVID STONE DEAN OF FACULTY 40.00 X 112501 0 21934 MARK HARASIMOWICZ DIRECTOR OF PLANT & PROPERTY 40.00 X 110051 0 21735 CHRISTOPHER TORINO FORMER HEADMASTER 0.00 X 304359 0 0 1036748 0 104559 6 1 1 0 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 01915 CONSTRUCTION 19944077 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2377596 ARC 501 BOYLSTON ST SUITE 4101 BOSTON MA 02116 CONSTRUCTION 2161216 CSL CONSULTING 30 NORTH AVE BURLINGTON MA 01803 CONSTRUCTION 665791 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, PROPANE & REPAIR SERVICE 534186 21 66767 3184637 46993 3251404 TUITIONS & FEES 611600 24449768 24449768 TRANSCRIPT & ENROLLMENT 611710 91933 91933 SUMMER PROGRAMS 611710 57651 57651 TUTORING 611710 2989 2989 24602341 476027 645 475382 1400974 1401200 -226 -226 -226 83354 66767 30439 52915 52915 333285 289809 43476 2949 40527 ICE RINK RENTAL 900099 109457 109457 TRANSPORTATION 480000 36301 36301 BAD DEBT RECOVERY 900099 35918 35918 83020 83020 264696 28690633 24602341 113051 723837 6051899 6051899 444807 444807 8018702 5331662 2412095 274945 582946 378602 182442 21902 1261022 809611 335705 115706 895690 391089 483902 20699 52517 52517 86750 86750 711104 136400 573884 820 151722 719 151003 371269 57827 255156 58286 121746 11730 106219 3797 1274817 147493 1127324 401348 201848 162531 36969 9670 9670 1062960 1062960 3013296 3013296 171942 171942 FOOD SERVICES 2303954 2303954 SPECIAL PROGRAMS 716253 463386 192614 60253 REPAIRS AND MAINTENANCE 663519 39761 623758 SECURITY 188634 188634 795343 321708 399251 74384 29351910 20723945 7950534 677431 9757054 12866013 1837244 4465434 45223301 18917095 138261 256745 38574 36060 510020 486436 136377756 43862089 70851541 92515667 30937358 32973663 2303059 1818262 161596412 164335375 8647113 6985794 10304787 13782726 19435847 18689469 1817016 1040934 40204763 40498923 X 39067985 69759886 50031625 25124948 32292039 28951618 121391649 123836452 161596412 164335375 X -661277 2334342 771738 X 0 1 X 1 0 X 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 2017-2018 FISCAL YEAR. 34635625 1150022 2783326 625000 5088653 32855320 32665159 1029504 3143540 781250 1421328 34635625 40773999 30296 -659797 7479339 32665159 43022422 282123 1195303 3725849 40773999 32658724 9157984 5390254 2745263 1439277 43022422 0.75940 0.24060 0 0 8008869 8008869 93597118 30552580 63044538 16366241 13309509 3056732 18405528 18405528 92515667 HEDGED INVESTORS COMPANY 15001 F BOND FUNDS 10213831 F PRIVATE EQUITY 405783 F EQUITY FUNDS 22338061 F MONEY MARKETS 987 F 32973663 INTEREST RATE SWAP AGREEMENTS 916828 CHARITABLE GIFT ANNUITY OBLIGATIONS 124106 1040934 X 26065062 2334342 -5280161 -2945819 29010881 -320248 -320248 28690633 23620259 320248 320248 23300011 6051899 6051899 29351910 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, 2018 AND 2017. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2015. 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 -6,051,899. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 768,896. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 2,842. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -30,439. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -289,809. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 30,439. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 289,809. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 6,051,899. 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 94534 64883 29651 21322 7939 AUCTION 55587 1884 53703 1178 150121 66767 83354 21322 9117 30439 52915 1 FINANCIAL AID 143 6051899 BOOK ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. PART I, LINE 2: ALL GRANTS ARE BASED ON FINANCIAL NEED OR ACADEMIC MERIT. 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 1 0 0 0 0 0 0 0 0 CATHERINE POLLOCK CO HEAD OF SCHOOL 193386 0 0 0 400 0 19500 0 7082 0 220368 0 0 0 MARGARET LEE CO-HEAD OF SCHOOL 193657 0 0 0 791 0 19500 0 14808 0 228756 0 0 0 CHRISTOPHER TORINO FORMER HEADMASTER 0 0 0 0 304359 0 0 0 0 0 304359 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 DEAN OF FACULTY RECEIVED THIS NONTAXABLE BENEFIT DURING THE YEAR. THE FORMER HEADMASTER RECEIVED SEVERANCE DURING THE CALENDAR YEAR 2017. HE WAS ALSO PROVIDED ON-CAMPUS HOUSING, FOR WHICH HE RECEIVED $14,359 IN TAXABLE HOUSING. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. PART I, LINE 4A THE FORMER HEADMASTER RECEIVED SEVERANCE, DURING THE CALENDAR YEAR 2017, FOR A TOTAL OF $290,000, WHICH IS REPORTED IN PART II, COL. B (III). A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUILDINGS 0 1 0 A 7870000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 A 0 X 6 2283 FAIR MARKET VALUE X HOUSEHOLD ITEMS 178 44711 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION A, LINE 2 CAROL AND CHARLES SCHAEFER, TRUSTEES, HAVE A FAMILY RELATIONSHIP. 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 768,896. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 2,842.