CUSHING ACADEMY TRUSTEES: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- CUSHING ACADEMY TRUSTEES (EIN 04-2104048)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2013-05-13
- IRS object ID
- 201331339349301713
- Schema version
- 2011v1.5
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule C
- Schedule D
- Schedule E
- Schedule I
- Schedule J
- Schedule K
- Schedule L
- Schedule M
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-05-13T10:15:29-05:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 420714325 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MCGLADREY LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 80 CITY SQUARE | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 021293742 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042104048 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE TRUSTEES OF CUSHING ACADEMY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | TRUS | NameControl |
| Phone | 9788275911 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 39 SCHOOL STREET | AddressLine1 |
| City | ASHBURNHAM | City |
| State | MA | State |
| ZIP Code | 01430 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | MCGLADREY LLP | Name |
| Title | CFO | Title |
| Phone | 9788275911 | Phone |
| Date Signed | 2013-05-10 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | LYNNE JOHNSON | Name |
| PTIN | P00757336 | PTIN |
| Phone | 6179129000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
Doing Business As DoingBusinessAs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CUSHING ACADEMY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | JAMES TRACY | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 39 SCHOOL STREET | AddressLine1 |
| City | ASHBURNHAM | City |
| State | MA | State |
| ZIP Code | 01430 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 33151402 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.CUSHING.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1865 | YearFormation |
| State Legal Domicile | MA | StateLegalDomicile |
| Activity Or Mission Description | INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 13 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 13 | NbrIndependentVotingMembers |
| Total Nbr Employees | 255 | TotalNbrEmployees |
| Total Nbr Volunteers | 100 | TotalNbrVolunteers |
| Total Gross UBI | 211749 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | -93764 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 3443824 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 4000102 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 24201949 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 24413509 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 929799 | InvestmentIncomePriorYear |
| Investment Income Current Year | 521267 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 516604 | OtherRevenuePriorYear |
| Other Revenue Current Year | 508643 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 29092176 | TotalRevenuePriorYear |
| Total Revenue Current Year | 29443521 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 4005566 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 3966621 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 12942379 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 13779119 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 1200305 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 11431730 | OtherExpensePriorYear |
| Other Expenses Current Year | 11719790 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 28379675 | TotalExpensesPriorYear |
| Total Expenses Current Year | 29465530 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 712501 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -22009 | RevenuesLessExpensesCY |
| Total Assets BOY | 88621134 | TotalAssetsBOY |
| Total Assets EOY | 87038279 | TotalAssetsEOY |
| Total Liabilities BOY | 38537650 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 39529417 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 50083484 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 47508862 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 21817158 | Expense |
| Grants | 3966621 | Grants |
| Revenue | 24467604 | Revenue |
| Description | 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 447 STUDENTS: 372 BOARD 75 DAYS. IN ADDITION, THE ACADEMY HAS 66 FULL TIME TEACHING FACULTY. | Description |
| Total Program Service Expense | 21817158 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 1 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 1 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 1 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 1 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 1 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 1 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 1 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 1 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 1 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 72 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 255 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 13 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 13 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | MA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JOSEPH MCPEAK CFO | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 9788277021 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 39 SCHOOL STREET | AddressLine1 |
| City | ASHBURNHAM | City |
| State | MA | State |
| ZIP Code | 01430 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (23 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|
| MARC A BINGHAM | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| JEREMY A DUFFY | ||||||||
| VICE PRESIDENT/TRUSTEE | 7.00 | X | 0 | 0 | 0 | X | ||
| RICHARD J HARRINGTON | ||||||||
| PRESIDENT/TRUSTEE | 10.00 | X | 0 | 0 | 0 | X | ||
| THEODORE L IORIO | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| DONALD IRVING | ||||||||
| TREASURER | 7.00 | X | 0 | 0 | 0 | X | ||
| M KERBY SAUNDERS II | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| JOHN G SOMMERS | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| JOSEPH MARZILLI | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| M ELIZABETH AKERS | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| MARK S CASADY | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| PETER A SNYDER | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| VERNON R TATE | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| ROBERT A YOUNG | ||||||||
| TRUSTEE | 2.00 | X | 0 | 0 | 0 | |||
| JAMES TRACEY | ||||||||
| HEADMASTER | 50.00 | 329741 | 0 | 82609 | X | |||
| JOSEPH MCPEAK | ||||||||
| CHIEF FINANCIAL OFFICER | 50.00 | 164039 | 0 | 25776 | X | |||
| CATHERINE POLLOCK | ||||||||
| ASSISTANT HEAD OF SCHOOL | 50.00 | 212519 | 0 | 20769 | X | |||
| MELANIE CONNORS | ||||||||
| DEAN OF ENROLLMENT SERVICES | 40.00 | 191337 | 0 | 31568 | X | |||
| AMY LOGAN | ||||||||
| SPECIAL ASSISTANT TO HEAD OF SCHOOL | 40.00 | 168069 | 0 | 18537 | X | |||
| ROBERT MACIOCI | ||||||||
| CO-DEAN OF STUDENTS | 40.00 | 148053 | 0 | 33986 | X | |||
| SUSAN CARLISLE | ||||||||
| DEAN OF ACADEMICS | 40.00 | 143102 | 0 | 36616 | X | |||
| BARRY CONNORS | ||||||||
| CO-DEAN OF STUDENTS | 40.00 | 144621 | 0 | 34690 | X | |||
| JANET SARGENT-TRACY | ||||||||
| GRANT COORDINATOR | 40.00 | 141026 | 0 | 23129 | X | |||
| SEAMUS COLLINS | ||||||||
| VP OF DEVELOPMENT | 40.00 | 132105 | 0 | 13839 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1774612 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 321519 | TotalOtherCompensation |
| Number Individuals GT100 K | 14 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| ARAMARK CORPORATION | |||||
| 2 PLEASURE ISLAND ROAD | WAKEFIELD | MA | 01880 | DINING SERVICES | 2120550 |
| ROY BROS OIL AND PROPANE | |||||
| PO BOX 802 | ASHBURNHAM | MA | 01430 | HEATING OIL, PROPANE & REPAIR SERVICES | 662992 |
| BURNHAM CONSTRUCTION COMPANY | |||||
| PO BOX 2642 | S HAMILTON | MA | 01982 | GENERAL CONTRACTOR | 409245 |
| WILSON BUS LINES | |||||
| 203 PATRIOTS ROAD | E TEMPLETON | MA | 01438 | CHARTER BUS SERVICES | 202565 |
| APOLLO SECURITY INC | |||||
| 2150 BOSTON-PROVIDENCE HWY | WALPOLE | MA | 02081 | SECURITY SERVICES | 190366 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 14 | NumberOfContractorsGT100K |
| All Other Contributions | 4000102 | AllOtherContributions |
| Noncash Contributions | 30000 | NoncashContributions |
| Total Contributions | 4000102 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (4 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| TUITIONS & FEES | 611600 | 24279518 | 24279518 |
| TRANSCRIPT & ENROLLMEN | 611710 | 99585 | 99585 |
| SUMMER SCHOOL PROGRAMS | 611710 | 22868 | 22868 |
| TUTORING | 611710 | 11538 | 11538 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 24413509 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 595262 | TotalRevenueColumn |
| Unrelated Business Revenue | 8164 | UnrelatedBusinessRevenue |
| Exclusion | $587,098 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 3147174 | Securities |
| Other | 7500 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 3228669 | Securities |
| Other | 0 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -81495 | Securities |
| Other | 7500 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -73995 | TotalRevenueColumn |
| Exclusion | -$73,995 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | 516874 | GrossSalesOfInventory |
| Cost Of Goods Sold | 479212 | CostOfGoodsSold |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 37662 | TotalRevenueColumn |
| Unrelated Business Revenue | -79976 | UnrelatedBusinessRevenue |
| Exclusion | $117,638 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Unrelated Business RevenueUnrelatedBusinessRevenue | ExclusionExclusionAmount |
|---|---|---|---|---|
| ICE RINK RENTAL | 900099 | 283561 | 283561 | |
| TRANSPORTATION | 480000 | 90509 | $90,509 | |
| STORAGE REVENUE | 900099 | 13950 | $13,950 |
Miscellaneous Revenue MiscellaneousRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 82961 | TotalRevenueColumn |
| Exclusion | $82,961 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 470981 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 29443521 | TotalRevenueColumn |
| Related Or Exempt Function Income | 24413509 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 211749 | UnrelatedBusinessRevenue |
| Exclusion | $818,161 | ExclusionAmount |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3966621 | Total |
| Program Services | 3966621 | ProgramServices |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1029742 | Total |
| Program Services | 403857 | ProgramServices |
| Management And General | 493780 | ManagementAndGeneral |
| Fundraising | 132105 | Fundraising |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 141025 | Total |
| Fundraising | 141025 | Fundraising |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 9510659 | Total |
| Program Services | 6370331 | ProgramServices |
| Management And General | 2720718 | ManagementAndGeneral |
| Fundraising | 419610 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 888450 | Total |
| Program Services | 547024 | ProgramServices |
| Management And General | 277856 | ManagementAndGeneral |
| Fundraising | 63570 | Fundraising |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1487144 | Total |
| Program Services | 941101 | ProgramServices |
| Management And General | 482491 | ManagementAndGeneral |
| Fundraising | 63552 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 722099 | Total |
| Program Services | 447036 | ProgramServices |
| Management And General | 226743 | ManagementAndGeneral |
| Fundraising | 48320 | Fundraising |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 96017 | Total |
| Management And General | 96017 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 90940 | Total |
| Management And General | 90940 | ManagementAndGeneral |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 67226 | Total |
| Management And General | 67226 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 605147 | Total |
| Program Services | 29603 | ProgramServices |
| Management And General | 314574 | ManagementAndGeneral |
| Fundraising | 260970 | Fundraising |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 98587 | Total |
| Program Services | 1129 | ProgramServices |
| Management And General | 97293 | ManagementAndGeneral |
| Fundraising | 165 | Fundraising |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 142304 | Total |
| Program Services | 82184 | ProgramServices |
| Management And General | 43578 | ManagementAndGeneral |
| Fundraising | 16542 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 245953 | Total |
| Program Services | 12825 | ProgramServices |
| Management And General | 214294 | ManagementAndGeneral |
| Fundraising | 18834 | Fundraising |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2720756 | Total |
| Program Services | 2666339 | ProgramServices |
| Management And General | 54417 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 344165 | Total |
| Program Services | 82285 | ProgramServices |
| Management And General | 226268 | ManagementAndGeneral |
| Fundraising | 35612 | Fundraising |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 988102 | Total |
| Management And General | 988102 | ManagementAndGeneral |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1975209 | Total |
| Program Services | 1975209 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 228273 | Total |
| Program Services | 174503 | ProgramServices |
| Management And General | 53770 | ManagementAndGeneral |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| ACADEMIC/INSTRUCTIONAL | 1971778 | 1971778 |
| FOOD SERVICES | 1615280 | 1615280 |
| STUDENT TRANSPORATION | 238870 | 238870 |
| SUMMER SESSION | 236492 | 236492 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 54691 | Total |
| Program Services | 54691 | ProgramServices |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 29465530 | Total |
| Program Services | 21817158 | ProgramServices |
| Management And General | 6448067 | ManagementAndGeneral |
| Fundraising | 1200305 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6784631 | BOY |
| EOY | 6663344 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 625452 | BOY |
| EOY | 624265 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 223913 | BOY |
| EOY | 388396 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 458614 | BOY |
| EOY | 643076 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 52305 | BOY |
| EOY | 52060 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 773304 | BOY |
| EOY | 451079 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 75196945 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 30590663 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 45056373 | BOY |
| EOY | 44606282 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 85015 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 29193521 | BOY |
| EOY | 28471393 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5453021 | BOY |
| EOY | 5053369 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 88621134 | BOY |
| EOY | 87038279 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1254978 | BOY |
| EOY | 1154195 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10438959 | BOY |
| EOY | 10205517 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 23840000 | BOY |
| EOY | 23265000 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 26000 | BOY |
| EOY | 18000 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2977713 | BOY |
| EOY | 4886705 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 38537650 | BOY |
| EOY | 39529417 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19965586 | BOY |
| EOY | 17181653 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10739606 | BOY |
| EOY | 9121975 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19378292 | BOY |
| EOY | 21205234 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 50083484 | BOY |
| EOY | 47508862 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 88621134 | BOY |
| EOY | 87038279 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | -22009 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -2552613 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School170b1 Aii | X | School170b1Aii |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Volunteers | 0 | Volunteers |
| Paid Staff Or Management | 0 | PaidStaffOrManagement |
| Media Advertisements | 0 | MediaAdvertisements |
| Mailings Members | 0 | MailingsMembers |
| Publications Or Broadcast | 0 | PublicationsOrBroadcast |
| Grants Other Organizations | 0 | GrantsOtherOrganizations |
| Direct Contact Legislators | 0 | DirectContactLegislators |
| Rallies Demonstrations | 0 | RalliesDemonstrations |
| Other Activities | 1 | OtherActivities |
| Total Lobbying Expenditures IIB | 0 | TotalLobbyingExpendituresIIB |
Form990 Schedule C Part IV Form990ScheduleCPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | EXPLANATION OF LOBBYING ACTIVITIES: | Identifier |
| Return Reference | PART II-B, LINE 1: | ReturnReference |
| Explanation | CUSHING ACADEMY IS A MEMBER OF MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS & COLLEGES, A GROUP WHICH MAY ENGAGE IN LOBBYING ACTIVITES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. | Explanation |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number DA Fs Held | 1 | NumberDAFsHeld |
| Number Funds Held | 1 | NumberFundsHeld |
| Donor Advised Contributions | 1831481 | DonorAdvisedContributions |
| Aggregate DAF Value | 15710755 | AggregateDAFValue |
| Aggregate Fund Value | 13176867 | AggregateFundValue |
| Disclosed Orgs Legal Control | 1 | DisclosedOrgsLegalControl |
| Disclosed For Charitable Purposes | 1 | DisclosedForCharitablePurposes |
Current Year CurrentYear
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 29193521 | BeginningOfYearBalance |
| Contributions | 1831481 | Contributions |
| Investment Earnings Or Losses | -289756 | InvestmentEarningsOrLosses |
| Other Expenditures | 2178838 | OtherExpenditures |
| End Of Year Balance | 28556408 | EndOfYearBalance |
Current Year Minus1 Year CurrentYearMinus1Year
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 24805849 | BeginningOfYearBalance |
| Contributions | 1830661 | Contributions |
| Investment Earnings Or Losses | 4389838 | InvestmentEarningsOrLosses |
| Other Expenditures | 1832827 | OtherExpenditures |
| End Of Year Balance | 29193521 | EndOfYearBalance |
Current Year Minus2 Years CurrentYearMinus2Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 21906302 | BeginningOfYearBalance |
| Contributions | 2229962 | Contributions |
| Investment Earnings Or Losses | 2343586 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 331250 | GrantsOrScholarships |
| Other Expenditures | 1342751 | OtherExpenditures |
| End Of Year Balance | 24805849 | EndOfYearBalance |
Current Year Minus3 Years CurrentYearMinus3Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 24277875 | BeginningOfYearBalance |
| Contributions | 2810379 | Contributions |
| Investment Earnings Or Losses | -3829514 | InvestmentEarningsOrLosses |
| Other Expenditures | 1352438 | OtherExpenditures |
| End Of Year Balance | 21906302 | EndOfYearBalance |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated EOY Balance | 0.09820 | BoardDesignatedEOYBalance |
| Permanent Endowment EOY Balance | 0.74260 | PermanentEndowmentEOYBalance |
| Term Endowment EOY Balance | 0.15920 | TermEndowmentEOYBalance |
| Endowments Held By Unrelated Orgs | 0 | EndowmentsHeldByUnrelatedOrgs |
| Endowments Held By Related Orgs | 0 | EndowmentsHeldByRelatedOrgs |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 8008869 | OtherCostOrOtherBasis |
| Book Value | 8008869 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 53606653 | OtherCostOrOtherBasis |
| Depreciation | 20854742 | Depreciation |
| Book Value | 32751911 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 13075318 | OtherCostOrOtherBasis |
| Depreciation | 9735921 | Depreciation |
| Book Value | 3339397 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 506105 | OtherCostOrOtherBasis |
| Book Value | 506105 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 44606282 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities (4 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| HEDGED INVESTORS COMPANY | 1694969 | F |
| BOND FUNDS | 7654270 | F |
| PRIVATE EQUITY | 3278979 | F |
| EQUITY FUNDS | 15843175 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 28471393 | TotalOfBookValueSecurities |
Other Assets OtherAssets (2 entries)
| DescriptionDescription | Book ValueBookValue |
|---|---|
| DEFERRED FINANCING COSTS, NET | 642263 |
| CHARITABLE LEAD TRUST | 4411106 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | 5053369 | TotalBookValueOtherAssets |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| INTEREST RATE SWAP AGREEMENT | $4,702,768 |
| CHARITABLE GIFT ANNUITY | $183,937 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 4886705 | TotalOfAmounts |
| Total Revenue | 29443521 | TotalRevenue |
| Total Expenses | 29465530 | TotalExpenses |
| Excess Or Deficit For Year | -22009 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -798984 | NetUnrealizedGLOnInvestments |
| Other | -$1,753,629 | OtherAmount |
| Total Adjustments | -2552613 | TotalAdjustments |
| Excess Or Deficit Per FS | -2574622 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 26037607 | TotRevenueEtcAuditedFinclStmt |
| Other Revenues | -3966621 | OtherRevenues |
| Revenue Not Rptd F990 | -3966621 | RevenueNotRptdF990 |
| Revenue Subtotal | 30004228 | RevenueSubtotal |
| Other Revenues Not Included | -560707 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | -560707 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 29443521 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 28612229 | TotExpensesEtcAuditedFinclStmt |
| Losses Reported | 880479 | LossesReported |
| Other Expenses Included | 2232841 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 3113320 | ExpensesNotRptdF990 |
| Expenses Subtotal | 25498909 | ExpensesSubtotal |
| Other Expenses Not Included | 3966621 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 3966621 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 29465530 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (7 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: | 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. |
| DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | PART X: | THE ACADEMY FOLLOWS THE FASB GUIDANCE, ACCOUNTING FOR UNCERTAINTY IN 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. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THAT THE ACADEMY HAS NO MATERIAL UNCERTAINTIES IN INCOMES TAXES. AS OF JUNE 30, 2012, WITH FEW EXCEPTIONS, THE ACADEMY IS NO LONGER SUBJECT TO EXAMINATION BY FEDERAL OR STATE TAX AUTHORITIES FOR THE YEARS BEFORE 2009. |
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT: -4,539. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: -1,749,090. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,753,629. | |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -3,966,621. | |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -479,212. REALIZED LOSS ON INVESTMENTS REPORTED ON FORM 990, PART VIII, LINE 7C -81,495. | |
| PART XIII, LINE 2D - OTHER ADJUSTMENTS: | CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 1,749,090. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 4,539. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 479,212. | |
| PART XIII, LINE 4B - OTHER ADJUSTMENTS: | FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 3,966,621. |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | 1 | NondiscriminatoryPolicyStmt |
| Policy Statement In Brochures Etc | 1 | PolicyStatementInBrochuresEtc |
| Policy Publ Via Broadcast Media | 1 | PolicyPublViaBroadcastMedia |
| Maint Racial Composition Records | 1 | MaintRacialCompositionRecords |
| Maint Scholarships Records | 1 | MaintScholarshipsRecords |
| Maint Copies Of Brochures Etc | 1 | MaintCopiesOfBrochuresEtc |
| Maint Copies Of All Solicitations | 1 | MaintCopiesOfAllSolicitations |
| Discriminate Race Students Rights | 0 | DiscriminateRaceStudentsRights |
| Discriminate Race Admiss Policies | 0 | DiscriminateRaceAdmissPolicies |
| Discriminate Race Emplmn Faculty | 0 | DiscriminateRaceEmplmnFaculty |
| Discriminate Race Scholarships | 0 | DiscriminateRaceScholarships |
| Discriminate Race Educ Policies | 0 | DiscriminateRaceEducPolicies |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFclts |
| Discriminate Race Athletic Prog | 0 | DiscriminateRaceAthleticProg |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActy |
| Government Financial Aid Received | 0 | GovernmentFinancialAidReceived |
| Government Financial Aid Revoked | 0 | GovernmentFinancialAidRevoked |
| Compliance With Rev Proc7550 | 1 | ComplianceWithRevProc7550 |
Form990 Schedule E Part II Form990ScheduleEPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION | Identifier |
| Return Reference | SCHEDULE E, PART I, LINE 3 | ReturnReference |
| Explanation | 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. | Explanation |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Form990 Schedule I Part III Form990ScheduleIPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Grant | SCHOLARSHIPS | TypeOfGrant |
| Number Of Recipients | 190 | NumberOfRecipients |
| Amount Of Non Cash Assistance | 3966621 | AmountOfNonCashAssistance |
| Method Of Valuation | BOOK | MethodOfValuation |
| Description Of Non Cash Assistance | ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. | DescriptionOfNonCashAssistance |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: | Identifier |
| Return Reference | PART I, LINE 2: | ReturnReference |
| Explanation | SCHEDULE I, 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. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | X | FirstClassOrCharterTravel |
| Housing Allowance Or Residence | X | HousingAllowanceOrResidence |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Independent Consultant | X | IndependentConsultant |
| Form990 Of Other Organizations | X | Form990OfOtherOrganizations |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (9 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JAMES TRACEY | |||||||||||||
| 329189 | 0 | 0 | 0 | 552 | 0 | 39883 | 0 | 42726 | 0 | 412350 | 0 | 0 | 0 |
| JOSEPH MCPEAK | |||||||||||||
| 163705 | 0 | 0 | 0 | 334 | 0 | 16625 | 0 | 9151 | 0 | 189815 | 0 | 0 | 0 |
| CATHERINE POLLOCK | |||||||||||||
| 212242 | 0 | 0 | 0 | 277 | 0 | 19544 | 0 | 1225 | 0 | 233288 | 0 | 0 | 0 |
| MELANIE CONNORS | |||||||||||||
| 191177 | 0 | 0 | 0 | 160 | 0 | 19233 | 0 | 12335 | 0 | 222905 | 0 | 0 | 0 |
| AMY LOGAN | |||||||||||||
| 167741 | 0 | 0 | 0 | 328 | 0 | 16830 | 0 | 1707 | 0 | 186606 | 0 | 0 | 0 |
| ROBERT MACIOCI | |||||||||||||
| 147868 | 0 | 0 | 0 | 185 | 0 | 15113 | 0 | 18873 | 0 | 182039 | 0 | 0 | 0 |
| SUSAN CARLISLE | |||||||||||||
| 142571 | 0 | 0 | 0 | 531 | 0 | 14818 | 0 | 21798 | 0 | 179718 | 0 | 0 | 0 |
| BARRY CONNORS | |||||||||||||
| 144497 | 0 | 0 | 0 | 124 | 0 | 14818 | 0 | 19872 | 0 | 179311 | 0 | 0 | 0 |
| JANET SARGENT-TRACY | |||||||||||||
| 140769 | 0 | 0 | 0 | 257 | 0 | 14256 | 0 | 8873 | 0 | 164155 | 0 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| PART I, LINE 1A | FIRST CLASS TRAVEL - ON OCCASION, THE HEADMASTER MAY UTILIZE FIRST CLASS ACCOMMODATIONS DURING BUSINESS TRAVEL. HOUSING - 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 2012. |
| PART I, LINE 1B | FIRST CLASS TRAVEL AND TRAVEL FOR COMPANIONS - THE HEADMASTERS TRAVEL BUDGET IS SUBJECT TO THE APPROVAL OF THE PRESIDENT OF THE BOARD OF TRUSTEES AND THE FINANCE COMMITTEE OF THE BOARD. HOUSING - THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI
Issuer Name IssuerName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Issuer EIN | 042104048 | IssuerEIN |
| CUSIP Number | 57583F4G3 | CUSIPNumber |
| Date Issued | 2004-03-04 | DateIssued |
| Issue Price | 27000000 | IssuePrice |
| Description Of Purpose | CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS | DescriptionOfPurpose |
| Defeased | 0 | Defeased |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Pool Financing | 0 | PoolFinancing |
Form990 Schedule K Part II Form990ScheduleKPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Amount Retired | 3735000 | AmountRetired |
| Total Proceeds | 27000000 | TotalProceeds |
| Issuance Costs From Proceeds | 675000 | IssuanceCostsFromProceeds |
| Working Capital Expenditures | 623236 | WorkingCapitalExpenditures |
| Capital Expenditures | 25701764 | CapitalExpenditures |
| Year Of Subst Completion | 2004 | YearOfSubstCompletion |
| Current Refunding | 0 | CurrentRefunding |
| Advance Refunding | 0 | AdvanceRefunding |
| Final Allocation Made | 1 | FinalAllocationMade |
| Adequate Books And Recds Maintaind | 1 | AdequateBooksAndRecdsMaintaind |
Form990 Schedule K Part III Form990ScheduleKPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Owning Bond Financed Property | 0 | OwningBondFinancedProperty |
| Any Lease Arrangements | 0 | AnyLeaseArrangements |
| Mngment Cntrct Bond Financd Prprty | 0 | MngmentCntrctBondFinancdPrprty |
| Any Research Agreements | 0 | AnyResearchAgreements |
| Prcntge Prvt Business Use By Others | 0.00000 | PrcntgePrvtBusinessUseByOthers |
| Percentage Of Prvt Business Re UBI | 0.03750 | PercentageOfPrvtBusinessReUBI |
| Total Private Business Use | 0.03750 | TotalPrivateBusinessUse |
| Post Issuance Compliance Procdrs | 1 | PostIssuanceComplianceProcdrs |
Form990 Schedule K Part IV Form990ScheduleKPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8038 T Filed | 0 | Form8038TFiled |
| Variable Rate Issue | 1 | VariableRateIssue |
| Hedge Identified In Books And Recds | 1 | HedgeIdentifiedInBooksAndRecds |
Name Of Hedge Provider NameOfHedgeProvider
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MORGAN STANLEY | BusinessNameLine1 |
| Business Name Line2 | CAPITAL | BusinessNameLine2 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Term Of Hedge | 15.000000000000 | TermOfHedge |
| Superintegrated Hedge | 0 | SuperintegratedHedge |
| Hedge Terminated | 0 | HedgeTerminated |
| Gross Proceeds Invested In GIC | 0 | GrossProceedsInvestedInGIC |
| Gross Proceeds Invested | 0 | GrossProceedsInvested |
| Exception To Rebate | 0 | ExceptionToRebate |
Schedule L IRS990ScheduleL
Form990 Schedule L Part IV Form990ScheduleLPartIV
Name Of Interested Person NameOfInterestedPerson
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | JAN SARGENT TRACY | NamePerson |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship | FAMILY MEMBER OF JAMES TRACY, HEADMASTER OF THE ACADEMY | Relationship |
| Amount Of Transaction | 141025 | AmountOfTransaction |
| Description Of Transaction | EMPLOYMENT | DescriptionOfTransaction |
| Sharing Of Revenues | 0 | SharingOfRevenues |
Schedule M IRS990ScheduleM
Securities Publicly Traded SecuritiesPubliclyTraded
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | X | NonCashCheckbox |
| Number Of Contributions | 2 | NumberOfContributions |
| Noncash Contribs Rptd F990 | 30000 | NoncashContribsRptdF990 |
| Method Of Determining Revenues | FAIR MARKET VALUE | MethodOfDeterminingRevenues |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Any Property That Must Be Held | 0 | AnyPropertyThatMustBeHeld |
| Review Process Unusual NC Gifts | 1 | ReviewProcessUnusualNCGifts |
| Third Parties Used | 0 | ThirdPartiesUsed |
Form990 Schedule M Part II Form990ScheduleMPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: | Identifier |
| Return Reference | PART I, COLUMN (B): | ReturnReference |
| Explanation | THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS RECEIVED. | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (5 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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 15 | 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 MAY 2012). 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. IN ADDITION THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. | |
| FORM 990, PART XI, LINE 5: | NET UNREALIZED LOSSES ON INVESTMENTS: -798,984. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT: -4,539. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: -1,749,090. TOTAL TO FORM 990, PART XI, LINE 5: -2,552,613. | CHANGES IN NET ASSETS OR FUND BALANCES: |