2013-01-30T11:37:58-06:00 2012-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 02129 990 2011-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 THOMAS M KENT 7813800503 2013-01-30 1 P00757336 6179129000 2011 2016-02-25 16:41:14Z THAYER ACADEMY INC WILLIAM T KOSKORES 745 WASHINGTON STREET BRAINTREE MA 02184 32553861 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. 27 27 340 195 950 0 2585379 4156960 24468432 25757073 736016 1173554 590116 565993 28379943 31653580 4587139 4921481 0 0 13919405 14825981 0 0 1000180 10046776 9555700 28553320 29303162 -173377 2350418 103240355 103104737 41583731 43737693 61656624 59367044 THE MISSION AND PROGRAM OF THAYER ACADEMY IS TO INSPIRE A DIVERSE COMMUNITY OF STUDENTS IN GRADES 6 THROUGH 12 TO MORAL, INTELLECTUAL, AESTHETIC AND PHYSICAL EXCELLENCE SO THAT EACH MAY RISE TO HONORABLE ACHIEVEMENT AND CONTRIBUTE TO THE COMMON GOOD. 0 0 24316456 4921481 24875221 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. THE ACADEMY HAD 685 STUDENTS ENROLLED THIS YEAR. 623415 843150 SUMMER PROGRAM OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (I.E. ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 219811 278203 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, PARENTS, FACULTY, AND STAFF. 25159682 1 1 0 0 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 1 0 0 0 0 1 55 0 340 1 1 1 0 0 0 0 1 1 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X WILLIAM F STEPHENSON 7813800503 745 WASHINGTON STREET BRAINTREE MA 021845751 PAULA L BECKER 2.00 X X 0 0 0 DONALD J MACKINNON 2.00 X X 0 0 0 NEIL MCLAUGHLIN 2.00 X X 0 0 0 THOMAS M KENT 2.00 X X 0 0 0 ARTHUR R OSWALD 2.00 X 0 0 0 DANIEL C BUDDE 2.00 X 0 0 0 DAVID P GOODING 2.00 X 0 0 0 DR JOHN DOUGLAS PINNEY 2.00 X 0 0 0 DR MIRA IRONS 2.00 X 0 0 0 DR WILLIAM L DANDRIDGE 2.00 X 0 0 0 EDWARD R GOLDFARB 2.00 X 0 0 0 ERIC P LIMONT 2.00 X 0 0 0 JAMES J FERRERA 2.00 X 0 0 0 JOHN F POOLE 2.00 X 0 0 0 JOHN J CALNAN 2.00 X 0 0 0 JUDITH B HALE 2.00 X 0 0 0 JUDY M AVENI 2.00 X 0 0 0 JULIAN H CHERUBINI 2.00 X 0 0 0 KEVIN R GILL 2.00 X 0 0 0 MARISA ANN O'DWYER 2.00 X 0 0 0 MARK FREITAS 2.00 X 0 0 0 MELISSA B TEARNEY 2.00 X 0 0 0 MICHAEL J SHEEHAN 2.00 X 0 0 0 MINIARD CULPEPPER SR 2.00 X 0 0 0 PETER S CAHALL 2.00 X 0 0 0 RICHARD J DANIELS 2.00 X 0 0 0 ROBERT F DAYLOR 2.00 X 0 0 0 WILLIAM F STEPHENSON 40.00 X 183762 0 30279 WILLIAM T KOSKORES 40.00 X 355297 0 63795 JONATHAN WHITE 40.00 X 112842 0 30335 MARK E GUTIERREZ 40.00 X 157110 0 28223 809011 0 152632 4 0 1 0 CE FLOYD CO 135 SOUTH ROAD BEDFORD MA 01730 CONTRACTOR 1936068 JOSEPH INGLE BUS SERVICE PO BOX 1185 HANOVER MA 02339 TRANSPORTATION 552591 SAGE DINING SERVICES INC 222 BOSLEY AVENUE SUITE B-7 TOWSON MD 21204 FOOD SERVICE MANAGEMENT 521147 CLEANCO MAINTENANCE CORP 318 BEAR HILL ROAD WALTHAM MA 02451 CLEANING SERVICES 287819 ACELLA CONSTRUCTION CORP INC 62 ACCORD PARK DRIVE NORWELL MA 02061 CONTRACTOR 234715 11 205282 3951678 320341 4156960 TUITION AND FEES 611600 24655676 24655676 YOUTH AND SUMMER PROGR 611710 843150 843150 TRANSPORTATION 480000 234604 234604 AUXILIARY 611710 23643 23643 25757073 658983 950 658033 434364 99151 335213 335213 335213 1124787 610216 514571 514571 514571 51353 205282 74890 -23537 -23537 120924 116024 4900 4900 PROGRAM TRIPS 611710 219545 219545 INTEREST-FIN AID LOANS 900099 9658 9658 VENDING MACHINE INCOME 722210 258 258 19956 19956 249417 31653580 25996574 950 1499096 4921481 4921481 678130 565395 112735 10589615 9127311 1015255 447049 952167 789562 115310 47295 1825086 1570502 228915 25669 780983 669839 81212 29932 6374 6374 71266 71266 86029 86029 63386 31865 26521 5000 109420 60338 24526 24556 1693745 1476121 186871 30753 5058 410 4648 51601 35799 10779 5023 1153485 1153485 2640003 2534403 52800 52800 62750 62750 SUPPLIES 811445 685958 52411 73076 ATHLETICS 564940 564940 FOOD SERVICES 551258 457354 33444 60460 TRIP EXPENSE 211048 211048 1473892 869676 523032 81184 29303162 25159682 3143300 1000180 16954 4000 2392164 2715615 2303754 2376035 558428 582201 63551 57797 509907 472652 85708095 25420465 59179599 60287630 2312417 2107641 33705190 32230942 2198391 2270224 103240355 103104737 2583848 2471727 6511583 6337099 29170000 28530000 3318300 6398867 41583731 43737693 X 41196855 38445107 8572032 8426427 11887737 12495510 61656624 59367044 103240355 103104737 X 2350418 -4639998 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31080251 476332 -120896 2129102 29306585 26922640 353646 6219931 2415966 31080251 25170519 165199 3797085 2210163 26922640 35422189 1196574 -6911420 4536824 25170519 0.38260 0.40620 0.21120 0 0 8967192 8967192 70133094 22135175 47997919 5022088 3285290 1736798 1585721 1585721 60287630 COMMONFUND FIXED INCOME INVESTMENTS 7728347 F COMMONFUND EQUITY INVESTMENTS 24199622 F OTHER COMMONFUND INVESTMENTS 302973 F 32230942 OTHER LIABILITIES 67609 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 6331258 6398867 31653580 29303162 2350418 -1093360 -3546638 -4639998 -2289580 21979763 -1093360 -8765196 -9858556 31838319 -184739 -184739 31653580 24269343 184739 184739 24084604 5218558 5218558 29303162 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S INVESTMENT POLICY STATES TWO PRIMARY FUNCTIONS FOR THE ENDOWMENT. THE FIRST IS TO PROVIDE LONG-TERM SECURITY AND FINANCIAL STABILITY FOR THE ACADEMY. IN FULFILLING THIS MISSION, THE BOARD OF TRUSTEES OF THE ACADEMY SEEKS TO PRESERVE THE PURCHASING POWER OF THE ENDOWMENT IN PERPETUITY, THEREBY SUSTAINING ITS ABILITY TO SUPPORT FUTURE PROGRAMS. THE SECOND FUNCTION OF THE ENDOWMENT IS TO MAXIMIZE, WITHIN AN APPROPRIATE LEVEL OF VOLATILITY AND RISK, THE TOTAL RATE OF RETURN EARNED BY THE ENDOWMENT. THE ACADEMY INTENDS TO USE ITS ENDOWMENT FUNDS FOR THE OPERATING ACTIVITIES OF THE ACADEMY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ACADEMY IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. THE ACADEMY FOLLOWS THE FASB ASC 740, 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 INCOME TAXES. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2009. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -3,164,134. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 106,441. CHANGE IN VALUE OF GIFT ANNUITITES 84,503. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE -573,448. TOTAL TO SCHEDULE D, PART XI, LINE 8: -3,546,638. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -3,164,134. INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -86,029. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -211,048. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS -4,921,481. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 106,441. CHANGE IN VALUE OF GIFT ANNUITITES 84,503. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE -573,448. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -74,890. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -109,849. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 74,890. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 109,849. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 86,029. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 211,048. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS 4,921,481. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 PUBLISHED IN THE BOSTON GLOBE ON DECEMBER 4, 2011. AUCTION 196150 172032 24118 24118 16757 GOLF TOURNEY 60485 33250 27235 34015 256635 205282 51353 24118 50772 74890 -23537 1 FINANCIAL ASSISTANCE 234 4921481 FMV SCHOLARSHIPS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ACADEMY PROVIDES FINANCIAL AID TO STUDENTS WHO ARE ELIGIBLE. STUDENTS WHO WISH TO APPLY MUST COMPLETE AN APPLICATION AND SUBMIT IT ALONG WITH COPIES OF THEIR TAX RETURNS TO THE ACADEMY, WHO WILL DETERMINE IF THE CRITERIA ARE MET FOR FINANCIAL AID. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 WILLIAM F STEPHENSON 182178 0 0 0 1584 0 18400 0 11879 0 214041 0 0 0 WILLIAM T KOSKORES 277095 0 0 0 78202 0 42252 0 21543 0 419092 0 0 0 MARK E GUTIERREZ 155526 0 0 0 1584 0 15950 0 12273 0 185333 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A HOUSING ALLOWANCE AND PERSONAL USE OF CAR ALLOWANCE TO THE HEADMASTER, WILLIAM T. KOSKORES. THE VALUE OF THESE BENEFITS ARE INCLUDED IN PART II, COLUMN (B)(III). PART I, LINE 4B THE ACADEMY HAS TWO DEFERRED COMPENSATION AGREEMENTS WITH THE HEADMASTER FOR THE BENEFIT OF THE HEADMASTER. THE AGREEMENTS HAVE VESTING AND TERMINATION PROVISIONS AND THE ACCOUNTS ARE CREDITED QUARTERLY WITH EARNINGS BASED ON THE RETURN OF THE ACADEMY'S ENDOWMENT FUND. THE EXPENSE OF THESE AGREEMENTS IS INCLUDED IN PART II, COLUMN (C). MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 1810000 30340000 20042724 742636 9554640 2008 1 0 1 1 0 0 0 0 0.02880 0.02880 1 0 1 1 DEPFA BANK AND ROYAL BANK OF 30.000000000000 0 0 0 0 0 SCHEDULE K, PART I, COLUMN (F) DESCRIPTION OF PURPOSE: FUNDING FOR VARIOUS CAPITAL PROJECTS. A PORTION OF BOND PROCEEDS WAS USED TO REFUND A PREVIOUS $20 MILLION 2004 BOND ISSUE. X 20 320341 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE NUMBER OF NONCASH CONTRIBUTIONS OF STOCK IS BASED ON THE NUMBER OF STOCK GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11 THE PREPARED FORM 990 IS REVIEWED IN DETAIL BY THE CONTROLLER AND THE ASSISTANT TREASURER. FOLLOWING THE REVIEW, A FULL VERSION COPY OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE BOARD CHAIR AND THE FINANCE CHAIR FOR THEIR REVIEW. THE REMAINDER OF THE TRUSTEES ARE NOTIFIED THAT A PUBLIC DISLOSURE VERSION OF THE FINAL DRAFT FORM 990 IS AVAILABLE ON THE BOARD OF TRUSTEES SECTION OF THE ACADEMY'S WEBSITE FOR THEIR REVIEW IN ADVANCE OF THE BOARD MEETING AT WHICH QUESTIONS MAY BE ASKED. AT THIS MEETING THEY ARE ASKED TO SPECIFICALLY APPROVE THE FILING OF THIS FINAL VERSION WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND KEY EMPLOYEES ARE REQUIRED ANNUALLY TO COMPLETE AN "ANNUAL DISCLOSURE OF AFFILIATIONS AND CONFLICT OF INTEREST" FORM. THE HEADMASTER REQUESTS THESE FROM KEY EMPLOYEES AND THE FORMS ARE RETURNED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. THE CHAIRMAN OF THE BOARD OF TRUSTEES REQUESTS THESE FROM ALL TRUSTEES, AND THE ASSISTANT TO THE HEADMASTER PROVIDES FOLLOW UP TO ENSURE ALL ARE RECEIVED. THE COMPLETED FORMS ARE THEN ROUTED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE SCHOOL'S HEADMASTER IS SET BY A VOTE OF THE FULL BOARD OF TRUSTEES (IN EXECUTIVE SESSION), ACTING ON THE RECOMMENDATION OF A SPECIFICALLY TASKED SUB-COMMITTEE. THE SUB-COMMITTEE IS COMPOSED OF THE STANDING COMMITTEE CHAIRS AND THE BOARD CHAIR. THE SUB-COMMITTEE MEETS AS NECESSARY IN ORDER TO PREPARE THAT RECOMMENDATION. COMPARABILITY DATA REVIEWED BY THE SUB-COMMITTEE INCLUDES REGULAR ANNUAL SALARY, DEFERRED COMPENSATION AMOUNTS AND THE VALUE OF OTHER BENEFITS PROVIDED. THIS IS PROVIDED BY THE SCHOOL'S BUSINESS MANAGER, WHO OBTAINS IT FROM THE DATABASE MAINTAINED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS). IT IS PROVIDED IN STATISTICAL FORMAT WITHOUT IDENTIFYING AMOUNTS WITH SPECIFIC SCHOOLS, SHOWING MINIMUM, MAXIMUM, MEAN, MEDIAN, AND QUARTILE FIGURES FOR THE 14 SCHOOLS THAT ARE CONSIDERED A MEANINGFUL PEER GROUP FOR THAYER ACADEMY. THE SAME GROUP IS USED CONSISTENTLY FROM YEAR TO YEAR. COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE HEADMASTER. IN DOING SO THE HEADMASTER IS GUIDED BY THE SAME PEER GROUP COMPARATIVE DATA PROVIDED BY THE BUSINESS MANAGER FOR THE FOLLOWING POSITIONS: DIRECTOR OF ADMISSIONS, DIRECTOR OF COMMUNICATIONS, DIRECTOR OF DEVELOPMENT, ATHLETIC DIRECTOR, DIRECTOR OF TECHNOLOGY, BUSINESS MANAGER AND THE HEADS OF THE MIDDLE SCHOOL AND UPPER SCHOOL DIVISIONS. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,093,360. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -3,164,134. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 106,441. CHANGE IN VALUE OF GIFT ANNUITITES 84,503. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE -573,448. TOTAL TO FORM 990, PART XI, LINE 5: -4,639,998. FORM 990, PART VI, LINE 14: THE SCHOOL FOLLOWS THE RECORDS RETENTION POLICY AS RECOMMENDED BY THE NATIONAL BUSINESS OFFICER'S ASSOCIATION (OF INDEPENDENT SCHOOLS). THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 11C, III-FI 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0