2015-05-12T10:52:47-05:00 2014-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2013-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 MCGLADREY LLP CFO 9788275911 2015-05-12 1 LYNNE JOHNSON P00757336 6179129000 2013 2016-03-07 17:11:31Z CUSHING ACADEMY CHRISTOPHER TORINO 39 SCHOOL STREET ASHBURNHAM MA 01430 42012895 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 15 15 261 100 256977 0 4496365 11356532 26162961 25251787 626173 725896 720669 477373 32006168 37811588 4648706 4752963 0 0 14468942 13581828 0 0 1451688 12063814 12013993 31181462 30348784 824706 7462804 91169121 101617004 38234119 36234195 52935002 65382809 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 21700266 4752963 25203757 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 457 STUDENTS: 380 BOARD 77 DAYS. IN ADDITION, THE ACADEMY HAS 67 FULL TIME TEACHING FACULTIES. 21700266 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 60 0 1 261 1 1 1 0 0 0 0 1 1 0 0 0 0 X 15 15 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 1.00 X 0 0 0 MARC A BINGHAM TRUSTEE 1.00 X 0 0 0 MARK S CASADY TRUSTEE 1.00 X 0 0 0 MELISSA IRVING CHRISTENSEN TRUSTEE 1.00 X 0 0 0 DOUGLAS R DUBIEL TRUSTEE 1.00 X 0 0 0 JEREMY A DUFFY VICE PRESIDENT/TRUSTEE 2.00 X X 0 0 0 KRISTEN KELLY FISHER TRUSTEE 1.00 X 0 0 0 RICHARD J HARRINGTON PRESIDENT/TRUSTEE 5.00 X X 0 0 0 IBRADLEY HOFFMAN TRUSTEE 1.00 X 0 0 0 THEODORE L IORIO TRUSTEE 1.00 X 0 0 0 JOSEPH MAREZILLI TRUSTEE 1.00 X 0 0 0 PETER A SNYDER TRUSTEE 1.00 X 0 0 0 VERNON R TATE TRUSTEE 1.00 X 0 0 0 SCOTT D WHITNEY TRUSTEE 1.00 X 0 0 0 ROBERT A YOUNG TRUSTEE 1.00 X 0 0 0 CHRISTOPHER TORINO HEADMASTER (FROM JUL. 2013) 50.00 X 145647 0 44610 JOSEPH MCPEAK CFO 50.00 X 192611 0 24184 DONALD IRVING TREASURER 2.00 X 0 0 0 CATHERINE POLLOCK ASSISTANT HEAD OF SCHOOL 50.00 X 279285 0 25278 SEAMUS COLLINS VP OF DEVELOPMENT 50.00 X 302607 0 50242 MELANIE CONNORS DEAN OF ENROLLMENT SERVICES 40.00 X 142900 0 24728 SUSAN CARLISLE DEAN OF ACADEMICS 40.00 X 136037 0 30248 ROBERT MACIOCI CO-DEAN OF STUDENTS 40.00 X 137015 0 29531 BARRY CONNORS CO-DEAN OF STUDENTS 40.00 X 136859 0 29535 CAITLIN O'BRIEN DEVELOPMENT DIRECTOR 40.00 X 120791 0 23325 JAMES TRACY FORMER HEADMASTER 0.00 X 438256 0 21587 2032008 0 303268 14 1 1 0 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2712114 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, OIL, PROPANE & REPAIR SERVICES 884110 CITY LINE PAVING INC 3 ROSEMARY LANE WALPOLE MA 02081 CONSTRUCTION SERVICES - PAVING 222040 WILSON BUS LINES 203 PATRIOTS ROAD E TEMPLETON MA 01438 CHARTER BUS SERVICES 193270 APOLLO SECURITY 2150 BOSTON-PROVIDENCE HWY WALPOLE MA 02081 SECURITY SERVICES 179258 9 16500 11340032 271266 11356532 TUITIONS & FEES 611600 25065882 25017852 48030 TRANSCRIPT & ENROLLMENT 611710 105263 105263 SUMMER SCHOOL PROGRAMS 611710 67824 67824 TUTORING 611710 12818 12818 25251787 725779 38746 687033 3721551 3721434 117 117 117 17871 16500 13421 4450 4450 524190 466452 57738 -80292 138030 ICE RINK RENTAL 900099 250493 250493 TRANSPORTATION 480000 82400 82400 STORAGE REVENUE 900099 13460 13460 68832 68832 415185 37811588 25203757 256977 994322 4752963 4752963 913952 683636 230316 328573 328573 9258072 6198468 2510447 549157 840659 531417 263095 46147 1502897 874867 519416 108614 737675 452483 237687 47505 150525 150525 81499 81499 82149 82149 365989 28060 65585 272344 221277 935 126587 93755 114663 39101 50825 24737 262411 75502 181250 5659 2507998 2457570 50428 216028 39009 103565 73454 938937 938937 2012021 2012021 230569 174295 56274 FOOD SERVICES 2005035 2005035 ACADEMIC/INSTRUCTIONAL 920366 920366 STUDENT TRANSPORTATION 257162 257162 ATHLETICS 200283 200283 1447081 680729 766352 30348784 21700266 7196830 1451688 6858444 13715248 634993 799326 767772 448332 700595 799775 47781 31589 488830 645300 77880592 34580136 44368800 43300456 101529 32557195 37666909 4643182 4210069 91169121 101617004 1115749 1154514 10787773 9720961 22660000 22025000 10000 2000 3660597 3331720 38234119 36234195 X 17502680 18117455 12371189 15044545 23061133 32220809 52935002 65382809 91169121 101617004 X 7462804 4662666 322337 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 PART II-B, LINE 1: CUSHING ACADEMY IS A MEMBER OF MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS & COLLEGES, A GROUP WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. 1 1 9045000 712000 517000 2007000 31577000 13367000 1 1 32658724 9157984 5390254 2745263 44461699 28556408 1848461 4021918 1768063 32658724 29193521 1831481 -289756 2178838 28556408 24805849 1830661 4389838 1832827 29193521 21906302 2229962 2343586 331250 1342751 24805849 0.03920 0.72470 0.23610 0 0 8008869 8008869 55889915 23625795 32264120 13812183 10954341 2857842 169625 169625 43300456 HEDGED INVESTORS COMPANY 2650447 F BOND FUNDS 10041276 F PRIVATE EQUITY 2995193 F EQUITY FUNDS 21952530 F MONEY MARKETS 27463 F 37666909 INTEREST RATE SWAP AGREEMENT 3176434 CHARITABLE GIFT ANNUITY 155286 3331720 X 38523501 4662666 -4430626 232040 38291461 -479873 -479873 37811588 26075694 479873 479873 25595821 4752963 4752963 30348784 PART V, LINE 4: TO PROVIDE FINANCIAL ASSISTANCE TO WORTHY INDIVIDUALS/STUDENTS DESIRING TO ATTEND CUSHING ACADEMY. IN ADDITION, THE FUNDS PROVIDE FUNDING TO VISUAL AND/OR PERFORMING ARTS FUNDING, OR FOR ATHLETICS OR GENERAL ACADEMIC PURPOSES. 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, 2014 AND 2013. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2011. 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 -4,752,963. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 320,645. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 1,692. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -13,421. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -466,452. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 13,421. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 466,452. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 4,752,963. 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 34371 16500 17871 13421 34371 16500 17871 13421 13421 4450 1 SCHOLARSHIPS 198 4752963 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 (FROM JUL. 2013) 145502 0 0 0 145 0 5288 0 39322 0 190257 0 0 0 JOSEPH MCPEAK CFO 182427 0 10000 0 184 0 18594 0 5590 0 216795 0 0 0 CATHERINE POLLOCK ASSISTANT HEAD OF SCHOOL 229034 0 50000 0 251 0 25027 0 251 0 304563 0 0 0 SEAMUS COLLINS VP OF DEVELOPMENT 302247 0 0 0 360 0 28511 0 21731 0 352849 0 0 0 MELANIE CONNORS DEAN OF ENROLLMENT SERVICES 142852 0 0 0 48 0 14280 0 10448 0 167628 0 0 0 SUSAN CARLISLE DEAN OF ACADEMICS 135898 0 0 0 139 0 14090 0 16158 0 166285 0 0 0 ROBERT MACIOCI CO-DEAN OF STUDENTS 136877 0 0 0 138 0 14015 0 15516 0 166546 0 0 0 BARRY CONNORS CO-DEAN OF STUDENTS 136717 0 0 0 142 0 14015 0 15520 0 166394 0 0 0 JAMES TRACY FORMER HEADMASTER 169669 0 0 0 268587 0 16555 0 5032 0 459843 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 2014. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. PART I, LINE 4A THE ACADEMY WAS TO PAY THE FORMER HEADMASTER, JAMES TRACY, ONE-YEAR SALARY AFTER HIS DEPARTURE, JUNE 30, 2013. IF HE FOUND EMPLOYMENT PRIOR TO THE END OF THE YEAR, THE ACADEMY WOULD HAVE TO PAY THE DIFFERENCE UNTIL JUNE 30, 2014 IF THE NEW SALARY WAS LOWER THAN HIS SALARY AT THE TIME HE DEPARTED THE ACADEMY. THE FORMER HEADMASTER RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $165,586 DURING THE YEAR ENDED JUNE 30, 2014. THERE ARE NO AMOUNTS DUE AFTER JUNE 30, 2014. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS 0 1 0 A 4975000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 0.03920 0.03920 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 A 0 X 5 271266 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: 1,692. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: 320,645.