2018-05-14T14:37:24-05:00 2017-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2016-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL SILVA CFO 9788275911 2018-05-14 1 LYNNE JOHNSON P00757336 6179129000 2016 2022-09-23 18:48:47Z CUSHING ACADEMY COLETTE DE LABRY 39 SCHOOL STREET ASHBURNHAM MA 01430 93926007 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 12 12 263 100 235038 0 9353906 55043500 24489302 23864712 656530 433744 360765 375709 34860503 79717665 4666946 5472644 0 0 13464205 12484214 0 0 1073798 12011866 12949264 30143017 30906122 4717486 48811543 104759226 161596412 36480582 40204763 68278644 121391649 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 20029881 5472644 23864712 TRADITION, CHALLENGE AND EDUCATIONAL OPPORTUNITY FOR STUDENTS ACROSS THE COUNTRY AND AROUND THE WORLD IN WHICH TO EXPERIENCE GROWTH, SUPPORT AND SUCCESS THAT FLOURISH WITHIN THE COMMUNITY. CUSHING ACADEMY HAS 365 STUDENTS: 317 BOARD 48 DAYS. IN ADDITION, THE ACADEMY HAS 59 FULL TIME TEACHING FACULTIES. 20029881 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 1 0 1 0 0 0 0 0 0 0 0 1 67 0 1 263 1 1 1 0 0 0 0 1 1 0 0 0 0 X 12 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X PAUL SILVA CFO 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 M ELIZABETH AKERS TRUSTEE 2.00 X 0 0 0 HIROYUKI ARITA TRUSTEE 2.00 X 0 0 0 DAVID BERKOWITZ TRUSTEE (THRU OCT. 2016) 2.00 X 0 0 0 MELISSA IRVING CHRISTENSEN TRUSTEE 2.00 X 0 0 0 COLETTE DE LABRY PRESIDENT 2.00 X X 0 0 0 JEREMY A DUFFY VICE PRESIDENT (THRU APR. 2017) 3.00 X X 0 0 0 KRISTEN KELLY FISHER TRUSTEE 2.00 X 0 0 0 RICHARD J HARRINGTON PRESIDENT (THRU OCT. 2016) 5.00 X X 0 0 0 I BRADLEY HOFFMAN TRUSTEE (THRU JAN. 2017) 2.00 X 0 0 0 CAROL D SCHAEFER TRUSTEE 2.00 X 0 0 0 CHARLES V SCHAEFER TRUSTEE 2.00 X 0 0 0 STACY SILVERMAN TRUSTEE 2.00 X 0 0 0 HENDDRICK SIN TRUSTEE 2.00 X 0 0 0 PETER SNYDER TRUSTEE 2.00 X 0 0 0 SCOTT D WHITNEY TREASURER 3.00 X X 0 0 0 SUE HAWKES WIGHT TRUSTEE 2.00 X 0 0 0 ROBERT A YOUNG TRUSTEE (THRU NOV. 2016) 2.00 X 0 0 0 DOUGLAS DUBIEL TRUSTEE (THRU JUL. 2016) 2.00 X 0 0 0 VERNON TATE TRUSTEE (THRU JUL. 2016) 2.00 X 0 0 0 CHRISTOPHER TORINO HEADMASTER (THRU DEC. 2016) 50.00 X 338484 0 75908 JOSEPH MCPEAK CFO (THRU APR. 2017) 50.00 X 184431 0 31118 MARGARET LEE DIR. SUMMER PROG./ CO-HEAD OF SCHOOL 50.00 X 122964 0 26114 CATHERINE POLLOCK ASSOCIATE HEAD/ CO-HEAD OF SCHOOL 50.00 X 194890 0 23128 WILLIAM KARL BAKER INTERIM CFO 40.00 X 0 0 0 DAVID STONE DEAN OF FACULTY 40.00 X 109525 0 26166 DEBORAH GUSTAFSON DIRECTOR OF ADMISSIONS 40.00 X 106949 0 17317 WILLIAM O'HEARN MANAGING DIR., DEV. (THRU DEC. 2016) 40.00 X 184571 0 50916 1241814 0 250667 7 0 1 0 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 01915 CONSTRUCTION 5497621 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2507260 ARC 501 BOYLSTON ST SUITE 4101 BOSTON MA 02116 CONSTRUCTION 732616 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, PROPANE & REPAIR SERVICE 507702 CSL CONSULTING 30 NORTH AVE BURLINGTON MA 01803 CONSTRUCTION 321522 14 47683 54995817 65004 55043500 TUITIONS & FEES 611600 23610760 23610760 TRANSCRIPT & ENROLLMENT 611710 184667 184667 SUMMER PROGRAMS 611710 60245 60245 TUTORING 611710 9040 9040 23864712 433922 2702 431220 13818011 13818189 -178 -178 -178 83897 47683 57967 25930 25930 336967 332186 4781 6995 -2214 ICE RINK RENTAL 900099 239433 225341 14092 TRANSPORTATION 480000 49795 49795 ATM FEES 900099 9781 9781 45989 45989 344998 79717665 23864712 235038 574415 5472644 5472644 986176 986176 8361464 5624035 2218869 518560 683662 398531 246027 39104 1792959 944698 730789 117472 659953 410539 215398 34016 209693 209693 82568 82568 672860 134534 520342 17984 234688 16157 218531 189312 55124 90045 44143 19883 18893 990 2511731 258137 2250370 3224 293884 65387 171744 56753 1114641 1114641 2319168 2319168 293884 58940 234944 FOOD SERVICES 2101642 2101642 BAD DEBT EXPENSE 971803 971803 ATHLETICS 165479 165479 SUPPLIES 164891 164891 1603137 868172 493413 241552 30906122 20029881 9802443 1073798 9668701 9757054 1832633 1837244 7185772 45223301 946532 138261 32457 38574 583790 510020 111733959 40882418 52372200 70851541 705 28863942 30936653 3273199 2303059 104759226 161596412 2672553 8647113 10203715 10304787 20650000 19435847 2954314 1817016 36480582 40204763 X 25677351 39067985 10340811 50031625 32260482 32292039 68278644 121391649 104759226 161596412 X 48811543 3169556 1131906 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 2016-2017 FISCAL YEAR. 32665159 1029504 3143540 781250 1421328 34635625 40773999 30296 -659797 7479339 32665159 43022422 282123 1195303 3725849 40773999 32658724 9157984 5390254 2745263 1439277 43022422 28556408 1848461 4021918 1768063 32658724 0.00930 0.78800 0.20270 0 0 8008869 8008869 68870716 28230967 40639749 15292725 12651451 2641274 19561649 19561649 70851541 HEDGED INVESTORS COMPANY 352251 F BOND FUNDS 8837725 F PRIVATE EQUITY 491817 F EQUITY FUNDS 21254860 F 30936653 INTEREST RATE SWAP AGREEMENTS 1685724 CHARITABLE GIFT ANNUITY OBLIGATIONS 131292 1817016 X 78936636 3169556 -4340738 -1171182 80107818 -390153 -390153 79717665 25823631 390153 390153 25433478 5472644 5472644 30906122 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, 2017 AND 2016. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2014. 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 -5,472,644. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 1,129,853. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 2,053. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -57,967. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -332,186. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 57,967. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 332,186. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 5,472,644. 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 MEMBER'S NONDISCRIMINATION POLICY AND LIST EACH SCHOOL BY NAME. GOLF TOURNAMENT 91835 30246 61589 21404 11430 AUCTION 39745 17437 22308 2850 22283 131580 47683 83897 24254 33713 57967 25930 1 SCHOLARSHIPS 126 5472644 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 CHRISTOPHER TORINO HEADMASTER (THRU DEC. 2016) 338244 0 0 0 240 0 19615 0 56293 0 414392 0 0 0 JOSEPH MCPEAK CFO (THRU APR. 2017) 183727 0 0 0 704 0 18653 0 12465 0 215549 0 0 0 CATHERINE POLLOCK ASSOCIATE HEAD/ CO-HEAD OF SCHOOL 194490 0 0 0 400 0 19500 0 3628 0 218018 0 0 0 WILLIAM O'HEARN MANAGING DIR., DEV. (THRU DEC. 2016) 184322 0 0 0 249 0 9620 0 41296 0 235487 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 HEADMASTER, MANAGING DIRECTOR OF DEVELOPMENT, AND DEAN OF FACULTY RECEIVED THIS NONTAXABLE BENEFIT DURING THE YEAR. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. PART I, LINE 4A DEBORAH GUSTAFSON, DIRECTOR OF ADMISSIONS, RECEIVED SEVERANCE PAYMENTS IN THE AMOUNT OF $47,755 WHICH IS REPORTED IN PART II, COL. B(III). A SEVERANCE PACKAGE WAS OFFERED TO HER FOR SIX MONTHS OF PAY AND IT WAS PAID OUT BIWEEKLY UNTIL DECEMBER 31, 2016. CHRISTOPHER TORINO, HEADMASTER, RECEIVED A SEVERANCE PACKAGE DURING THE FISCAL YEAR 2017. HIS EMPLOYMENT TERMINATED ON DECEMBER 31, 2016. HE WAS PAID BI-WEEKLY FOR ONE YEAR (JAN. 2017 - DEC. 2017) FOR A TOTAL OF $290,000 UNDER HIS SEVERANCE AGREEMENT. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUILDINGS 0 1 0 A 7090000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 0.00000 0.04200 0.04200 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 A 0 DENA TORINO FAMILY MEMBER OF CHRISTOPHER TORINO, HEADMASTER 70061 EMPLOYMENT 0 X 8 65004 FAIR MARKET VALUE 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 CONTRACTS WITH A CONSULTING FIRM THAT REVIEWS PEER SCHOOLS 990'S, CONDUCTS SURVEYS AND REPORTS THEIR FINDINGS TO THE BOARD. THIS FORMAL PROCESS IS UNDERTAKEN PERIODICALLY (LAST COMPLETED IN MARCH 2013). 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 1,129,853. NET CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 2,053.