2012-05-15T13:01:47-05:00 2011-06-30 GREENBERG ROSENBLATT KULL & BITSOLI PC 306 MAIN STREET SUITE 400 WORCESTER MA 016150034 990 2010-07-01 042105855 WORCESTER ACADEMY WORC 5087545302 81 PROVIDENCE STREET WORCESTER MA 01604 THOMAS DICONZA 5087545302 2012-05-14 1 RICHARD F POWELL CPA 5087910901 2010 2016-02-24 21:20:13Z THOMAS DICONZA 81 PROVIDENCE STREET WORCESTER MA 01604 32494386 0 X WWW.WORCESTERACADEMY.ORG X 1834 MA OPERATION OF AN INDEPENDENT COLLEGE PREPARATORY SCHOOL FOR STUDENTS IN GRADES 6-12 AND POSTGRADUATES DEDICATED TO PROMOTING SELF-DEVELOPMENT AND EDUCATION. 24 24 300 50 0 0 1776993 4131029 19945517 21174660 -642557 1296845 38131 154434 21118084 26756968 3684043 4365838 0 0 11196124 11733228 10401 2281 1326579 7727805 7779755 22618373 23881102 -1500289 2875866 75468178 91785488 12745995 12574129 62722183 79211359 WORCESTER ACADEMY EXISTS TO INSTILL IN ITS STUDENTS THE DESIRE TO LEARN THROUGHOUT LIFE, TO ENGAGE PASSIONATELY WITH THE WORLD AROUND THEM, AND TO BE HONORABLE PERSONS OF STRONG AND RESOURCEFUL CHARACTER. 0 0 18670165 4365838 20865594 OPERATION OF PREPARATORY SCHOOL FOR APPROXIMATELY 647 STUDENTS IN GRADES 6-12 AND POSTGRADUATES. THE SCHOOL RECEIVED DONATED SERVICES FROM A SUBSTANTIAL NUMBER OF INDIVIDUALS DURING THE YEAR. THESE SERVICES ARE NOT INCLUDED IN CONTRIBUTIONS AS NO OBJECTIVE VALUE CAN BE ASSIGNED TO THEM. 182727 309066 SUMMER PROGRAMS BENEFITING APPROXIMATELY 500 STUDENTS AGES 7-14. 18852892 1 1 0 0 0 0 1 0 0 1 1 0 0 1 1 0 1 0 1 0 0 0 1 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 0 1 60 0 300 1 0 0 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X THE SCHOOL 5087545302 81 PROVIDENCE STREET WORCESTER MA 01604 ANDREW B O'DONNELL ESQ X 0 0 0 ARTHUR KENTROS X 0 0 0 BRIAN A O'CONNELL ESQ X X 0 0 0 CHARLES O'CONNOR X 0 0 0 DANA R LEVENSON X 0 0 0 DAVID P FORSBERG X 0 0 0 J MICHAEL GRENON X 0 0 0 PATRICIA EPPINGER X 0 0 0 HENRY DORMITZER III X X 0 0 0 BENJAMIN S AMBUSH X 0 0 0 CRAIG DUFRESNE X 0 0 0 JACQUELINE PETERSON X 0 0 0 JAMES J PIETRO X 0 0 0 HERVEY S ROSS X 0 0 0 SARAH S PULSIFER X X 0 0 0 SHIRLEY DOYLE X 0 0 0 SUSAN WEAGLY JACOBS X X 0 0 0 THOMAS HEISER X 0 0 0 VICTOR FIELDS X 0 0 0 WILLIAM A KETTLEWELL X 0 0 0 YVONNE GOLDSBERRY X 0 0 0 LUKE VALLAINCOURT X 0 0 0 DEXTER MORSE 40.00 X 286167 0 26401 JOEL STROGOFF 40.00 X 109440 0 19912 MARILLYN EARLEY 40.00 X 119767 0 5988 JOHN FOX 40.00 X 107494 0 8870 WILLIAM TOOMEY 40.00 X 135089 0 11601 757957 0 72772 5 0 1 0 QUIRK CONSTRUCTION 1 MARTEL WAY GEORGETOWN MA 01833 CONSTRUCTION 1484373 SAGE DINING SERVICES INC 13 ROCKLAND ROAD AUBURN MA 01501 DINING SERVICES 1179404 METRO CRIME PREVENTION 70 JAMES STREET WORCESTER MA 01603 SECURITY SERVICES 454679 STANTEC 13980 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 ARCHITECT 180731 HIRTLE CALLAGHAN & COMPANY FIVE TOWER BRIDGE 300 BARR HARBOR WEST CONSHOHOCKEN PA 19428 INVESTMENT SERVICES 129560 5 38465 4092564 1359948 4131029 TUITION 611600 21174660 21174660 21174660 595742 595742 2000 23483 -21483 -21483 -21483 6197402 5496299 701103 701103 701103 144326 38465 97997 46329 46329 110509 119639 -9130 -9130 BOND DEBT INTEREST SWA 900099 72099 72099 MISCELLANEOUS 900099 47561 47561 CAMPUS RENTAL 900099 14600 14600 4458 4458 138718 26756968 21174660 0 1451279 4365838 4365838 9475198 6536674 2262663 675861 581945 397140 143295 41510 997991 681064 245741 71186 678094 462755 166971 48368 46384 37229 9155 59159 59159 2281 2281 146574 146574 497158 497158 75330 75330 890379 499308 171858 219213 177967 173221 4473 273 1129336 1054406 74930 180780 137327 43453 210374 191305 19069 25288 11028 14260 1731066 1731066 188379 188379 DINING HALL EXPENSES 1008239 1008239 OTHER OPERATING EXPENSE 945389 871859 23894 49636 EXTRACURRICULAR ACTIVIT 467953 467953 BOND DEBT INTEREST SWAP 0 23881102 18852892 3701631 1326579 3301 3601 5839453 6978749 7542099 6429287 149343 74949 120000 0 68628 56358 124888 376414 57937937 19718997 36239467 38218940 19791974 23788385 4068362 3419722 1520663 12439083 75468178 91785488 1836865 1598696 2708218 2722431 7300000 7182466 900912 1070536 12745995 12574129 X 42563995 45726500 13192164 16093459 6966024 17391400 62722183 79211359 75468178 91785488 X 2875866 13613310 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 9.20 1 0 0 1 0 0 23551842 92429 15903423 1294798 38252896 28664964 245118 3519319 8877559 23551842 35844869 701058 -6209852 1671111 28664964 0.29000 0.45000 0.26000 1 0 7403679 7403679 238764 39925152 14095523 26068393 7602285 5623474 1978811 2768057 2768057 38218940 BOND ISSUANCE COSTS, NET 64486 BENEFICIAL INTEREST IN TRUST 12374597 12439083 LIABILITY UNDER REMAINDER TRUST 465085 CAPITAL LEASE OBLIGATIONS 301263 FAIR VALUE OF INTEREST RATE SWAP 304188 1070536 26756968 23881102 2875866 3880465 9732845 13613310 16489176 25893677 3880465 23483 3903948 21989729 146574 4620665 4767239 26756968 19137346 23483 23483 19113863 146574 4620665 4767239 23881102 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TO PROVIDE A STABLE SOURCE OF RETURNS TO SUPPORT THE ONGOING OPERATION AND ACTIVITIES OF THE SCHOOL. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH INCOME ON FORM 990 23,483. PART XII, LINE 4B - OTHER ADJUSTMENTS: SUMMER PROGRAM EXPENSES INCLUDED WITH REVENUE ON FINANCIAL STATEMENTS 182,727. FINANCIAL AID EXPENSE NETTED WITH REVENUE ON FINANCIAL STATEMENTS 4,365,838. BOND DEBT INTEREST SWAP INCLUDED WITH EXPENSES ON FINANCIAL STATEMENTS 72,100. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES INCLUDED WITH RENTAL INCOME ON FORM 990 23,483. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SUMMER PROGRAM EXPENSES INCLUDED WITH REVENUES ON FINANCIAL STATEMENTS 182,727. FINANCIAL AID EXPENSE NETTED WITH REVENUE ON FINANCIAL STATEMENTS 4,365,838. BOND DEBT INTEREST SWAP INCLUDED WITH EXPENSES ON FINANCIAL STATEMENTS 72,100. 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 THE POLICY IS INCLUDED ON THE WEBSITE AND IS PRINTED IN THE "VIEW BOOK" WHICH IS DISTRIBUTED AT OPEN HOUSES AND SENT TO ALL INDIVIDUALS REQUESTING SCHOOL INFORMATION. THE POLICY IS ALSO PUBLISHED ANNUALLY IN THE BOSTON GLOBE (W/ AISNE SCHOOLS). 0 0 0 0 0 0 0 0 0 0 SCHOLARSHIPS FOR STUDENTS ATTENDING WORCESTER ACADEMY NORTH AMERICA 3 128140 FINANCIAL ASSISTANCE PROVIDED TO ELIGIBLE STUDENTS FMV 0 0 0 0 0 0 GOLF TOURNAMENT 46045 14450 31595 5841 41787 5037 AUCTION 136746 24015 112731 26568 18764 182791 38465 144326 5841 68355 23801 97997 46329 1 SCHOLARSHIPS FOR STUDENTS ATTENDING WORCESTER ACADEMY. 246 4237698 FMV FINANCIAL ASSISTANCE PROVIDED TO ELIGIBLE STUDENTS. PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: WORCESTER ACADEMY IS FULLY COMMITTED TO ENROLLING A DIVERSE STUDENT BODY; DIVERSE IN TERMS OF INTERESTS, TALENTS, RACE, ETHNICITY AND ECONOMIC BACKGROUND. TO THIS END, THE ACADEMY HAS DEVELOPED A FINANCIAL AID PROGRAM TO PROMOTE ACCESS TO THE ACADEMY TO ALL QUALIFIED STUDENTS, REGARDLESS OF FAMILY FINANCIAL CIRCUMSTANCES. THE GOAL OF OUR FINANCIAL AID PROGRAM IS TO LESSEN THE GAP, BETWEEN WHAT A FAMILY CAN REASONABLY BE EXPECTED TO CONTRIBUTE AND WHAT IT ACTUALLY COSTS TO ATTEND WORCESTER ACADEMY. FINANCIAL AID IS AN ANNUAL AWARD AND STUDENTS MUST APPLY EACH YEAR FOR SUPPORT. X X X X X 0 1 X X X X X 0 0 0 0 0 0 0 0 0 DEXTER MORSE 261167 0 25000 0 0 0 20032 0 6369 0 312568 0 301976 0 PART I, LINE 1A DEXTER MORSE RECEIVED THE FOLLOWING: 1)COMPANION TRAVEL: TRAVEL WITH WIFE FOR ALUMNI EVENTS; 2)RESIDENCE: HOUSING AVAILABLE ON CAMPUS AND REQUIRED THAT HEAD OF SCHOOL LIVE ON CAMPUS; 3)DUES: SOCIAL CLUB DUES FOR BUSINESS MEETINGS WITH COMMUNITY LEADERS, POTENTIAL DONORS, AND CULTIVATING ONGOING ALUMNI RELATIONS; 4)PERSONAL SERVICES: CLEANING SERVICES FOR SCHOOL RESIDENCE. PART I, LINE 1B NO WRITTEN POLICY IS IN PLACE FOR THE BENEFITS PROVIDED ABOVE. HOWEVER, THESE ARE LONGSTANDING PRACTICES AT THE SCHOOL. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2010-12-29 7191000 TO PAYOFF 2000 AND 2008 BONDS. 0 0 0 7050000 45514 64486 22466 8534 2011 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 X 10 174744 STATED MARKET PRICE 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 AN ELECTRONIC COPY OF THE RETURN IS PROVIDED TO A SUBCOMMITTEE OF THE BOARD VIA SECURE FILE TRANSFER. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL HAS ADOPTED A CONFLICT OF INTEREST POLICY THAT REQUIRES EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DESIGNATED POWERS TO ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THEY HAVE RECEIVED A COPY OF THE POLICY, UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY AND UNDERSTANDS THAT THE SCHOOL IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. THE POLICY DEFINES INTERESTED PERSON, FINANCIAL INTEREST AND DISCUSSES VARIOUS FORMS OF COMPENSATION AND THEIR DUTIES TO DISCLOSE IF CONFLICTS EXIST. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL COMPARES INFORMATION AVAILABLE WITH NAIS AND SIMILIAR POSITIONS IN OTHER ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL GENERALLY DOES NOT MAKE ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,880,465. PRIOR PERIOD ADJUSTMENTS: 9,732,845. TOTAL TO FORM 990, PART XI, LINE 5: 13,613,310.