2016-04-27T12:03:56-05:00 2015-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2014-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 JOSEPH MCPEAK CFO 9788275911 2016-04-27 1 LYNNE JOHNSON P00757336 6179129000 2014 2016-08-17 19:52:53Z CUSHING ACADEMY CHRISTOPHER TORINO 39 SCHOOL STREET ASHBURNHAM MA 01430 29486127 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 14 14 249 100 319628 0 11356532 3098768 25251787 23703176 725896 778526 477373 606903 37811588 28187373 4752963 4478707 0 0 13581828 12867925 0 0 1153585 12013993 12179985 30348784 29526617 7462804 -1339244 101617004 101018276 36234195 36260713 65382809 64757563 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. 0 0 22184876 4478707 23654006 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 391 STUDENTS: 324 BOARD 67 DAYS. IN ADDITION, THE ACADEMY HAS 64 FULL TIME TEACHING FACULTIES. 22184876 1 1 0 1 0 1 0 0 0 0 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 1 249 1 1 1 0 0 0 0 1 1 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X JOSEPH MCPEAK CFO 9788277000 39 SCHOOL STREET ASHBURNHAM MA 01430 M ELIZABETH ACKERS TRUSTEE 2.00 X 0 0 0 MARC A BINGHAM TRUSTEE 2.00 X 0 0 0 MELISSA IRVING CHRISTENSEN TRUSTEE 2.00 X 0 0 0 DOUGLAS R DUBIEL TRUSTEE 2.00 X 0 0 0 JEREMY A DUFFY VICE PRESIDENT/TRUSTEE 2.00 X X 0 0 0 KRISTEN KELLY FISHER TRUSTEE 2.00 X 0 0 0 RICHARD J HARRINGTON PRESIDENT/TRUSTEE 5.00 X X 0 0 0 IBRADLEY HOFFMAN TRUSTEE 2.00 X 0 0 0 PETER A SNYDER TRUSTEE 2.00 X 0 0 0 SCOTT D WHITNEY TREASURER/TRUSTEE 2.00 X X 0 0 0 ROBERT A YOUNG TRUSTEE 2.00 X 0 0 0 MARK S CASADY TRUSTEE 2.00 X 0 0 0 THEODORE L IORIO TRUSTEE (UNTIL APRIL 2015) 2.00 X 0 0 0 JOSEPH MAREZILLI TRUSTEE (UNTIL JULY 2014) 2.00 X 0 0 0 VERNON R TATE TRUSTEE 2.00 X 0 0 0 CHRISTOPHER TORINO HEADMASTER 50.00 X 294703 0 62940 JOSEPH MCPEAK CFO 50.00 X 173530 0 30536 CATHERINE POLLOCK ASSISTANT HEAD OF SCHOOL 50.00 X 212442 0 22201 SUSAN CARLISLE DEAN OF ACADEMICS 40.00 X 112891 0 31943 CAITLIN O'BRIEN DEVELOPMENT DIRECTOR 40.00 X 120845 0 29630 JOHN MOYLAN DIRECTOR OF PLANT AND PROPERTY 40.00 X 120476 0 34013 MARGARET LEE DIRECTOR OF SUMMER PROGRAMS 40.00 X 117009 0 24410 MELLANIE CONNORS DEAN OF ENROLLMENT SERVICES 40.00 X 108964 0 20648 1260860 0 256321 11 0 1 0 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2786143 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, OIL, PROPANE & REPAIR SERVICES 836938 BARGMANN HENDRIE & ARCHETYPE INC 300 A STREET BOSTON MA 02210 ARCHITECT 578166 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 01915 CONSTRUCTION 494975 CSL CONSULTING 30 NORTH AVE BURLINGTON MA 01803 PROJECT MANAGER - CONSTRUCTION 230415 8 35061 3063707 157350 3098768 TUITIONS & FEES 611600 23554490 23505320 49170 TRANSCRIPT & ENROLLMENT 611710 82736 82736 TUTORING 611710 53637 53637 SUMMER SCHOOL PROGRAMS 611710 12313 12313 23703176 784113 25214 758899 870749 874686 1650 -3937 -1650 -5587 -5587 50885 35061 18294 32591 32591 451424 404124 47300 -9301 56601 ICE RINK RENTAL 900099 254545 254545 TRANSPORTATION 480000 86982 86982 E-RATE FUNDS 900099 48649 48649 136836 136836 527012 28187373 23654006 319628 1114971 4478707 4478707 821316 690850 130466 9098269 6174690 2589428 334151 807546 516897 252966 37683 1430235 792081 522790 115364 710559 454501 222799 33259 265450 265450 82154 82154 87425 87425 414386 27251 74577 312558 189388 990 114807 73591 147295 76121 37474 33700 273012 90545 180554 1913 2516197 2463357 52840 287022 44125 161997 80900 910359 910359 2039535 2039535 230975 173231 57744 ACADEMIC/INSTRUCTIONAL 1996386 1996386 FOOD SERVICES 837882 837882 STUDENT TRANSPORTATION 253944 253944 ATHLETICS 215664 215664 1432911 638610 794301 29526617 22184876 6188156 1153585 13715248 11297168 799326 1815123 448332 691690 799775 773112 31589 39781 645300 717191 80836004 36583196 43300456 44252808 37666909 37676936 4210069 3754467 101617004 101018276 1154514 1738185 9720961 10068514 22025000 21355000 2000 3331720 3099014 36234195 36260713 X 18117455 18877551 15044545 13377819 32220809 32502193 65382809 64757563 101617004 101018276 X -1339244 490885 223113 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 ASSOC. OF NON-PROFIT SCHOOL AND COLLEGES (MANS&C) WHICH PARTICIPATES IN LOBBYING EFFORTS ON BEHALF OF ITS MEMBERS. THE $500 IS THE ANNUAL MEMBERSHIP FEE FOR THE 2014-2015 FISCAL YEAR. 1 173075 861000 30465198 1 1 44461699 282123 1240238 2864849 861000 42258211 32658724 9157984 5390254 2745263 44461699 28556408 1848461 4021918 1768063 32658724 29193521 1831481 -289756 2178838 28556408 24805849 1830661 4389838 1832827 29193521 0.04200 0.76900 0.18900 0 0 8008869 8008869 56647163 25052138 31595025 13973278 11531058 2442220 2206694 2206694 44252808 HEDGED INVESTORS COMPANY 2827847 F BOND FUNDS 10081112 F PRIVATE EQUITY 2576367 F EQUITY FUNDS 22173228 F MONEY MARKETS 18382 F 37676936 INTEREST RATE SWAP AGREEMENT 2952582 CHARITABLE GIFT ANNUITY 146432 3099014 X 24845082 490885 -4255594 -3764709 28609791 -422418 -422418 28187373 25470328 422418 422418 25047910 4478707 4478707 29526617 PART V, LINE 4: TO PROVIDE FINANCIAL GRANTS/SCHOLARSHIPS FOR QUALIFING 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, 2015 AND 2014. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2012. 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 -4,478,707. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 223,852. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS -739. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -18,294. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -404,124. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 18,294. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 404,124. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 4,478,707. 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 OUTING 85946 35061 50885 18294 85946 35061 50885 18294 18294 32591 1 SCHOLARSHIPS 179 4478707 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 0 0 0 0 0 0 0 0 0 CHRISTOPHER TORINO HEADMASTER 294463 0 0 0 240 0 12500 0 50440 0 357643 0 0 0 JOSEPH MCPEAK CFO 173177 0 0 0 353 0 17771 0 12765 0 204066 0 0 0 CATHERINE POLLOCK ASSISTANT HEAD OF SCHOOL 211995 0 0 0 447 0 21199 0 1002 0 234643 0 0 0 CAITLIN O'BRIEN DEVELOPMENT DIRECTOR 120758 0 0 0 87 0 9753 0 19877 0 150475 0 0 0 JOHN MOYLAN DIRECTOR OF PLANT AND PROPERTY 120269 0 0 0 207 0 12500 0 21513 0 154489 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 AND DEAN OF ENROLLMENT SERVICES RECEIVED THIS NONTAXABLE BENEFIT DURING THE FISCAL YEAR 2015. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS 0 1 0 A 5645000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 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 X 2 157350 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11 THE FINAL DRAFT WILL BE REVIEWED BY THE AUDIT COMMITTEE, A STANDING COMMITTEE OF THE BOARD OF TRUSTEES. THE COMMITTEE WILL REVIEW THE RETURN IN DETAIL AND MAKE A PRESENTATION TO THE ENTIRE BOARD OF TRUSTEES. THE RETURN WILL THEN BE FILED IN A TIMELY BASIS. 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 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT -739. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 223,852.