2011-05-12T09:13:16-05:00 2010-06-30 rsm mcgladrey inc 80 city square boston MA 02129 990 2009-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 thomas m kent 7813800503 2011-05-12 1 6179129000 2009 2016-02-24 21:20:13Z thayer academy william t koskores 745 WASHINGTON STREET BRAINTREE MA 02184 28339214 0 X WWW.THAYER.ORG X 1879 MA college preparatory educational institution for grades 6 through 12. 29 29 346 180 131 0 4702588 1658546 22182182 23202996 1789152 895149 682099 582260 29356021 26338951 3693082 4221319 0 13669821 13570008 0 872455 10193841 9461200 27556744 27252527 1799277 -913576 95347542 97339439 40721967 41804529 54625575 55534910 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 22282870 4221319 22515012 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. the academy had 692 students enrolled this year. 527549 629340 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). 250810 283059 auxiliary services provided FOR THE CONVENIENCE OF STUDENTS, parents, FACULTY, and staff. 23061229 1 1 0 0 0 0 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 62 0 1 346 1 1 1 0 0 0 0 1 1 0 0 0 29 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X william f STEPHENSON 7813800503 745 WASHINGTON STREET BRAINTREE MA 021845751 BRUCE h HUMPHREY 2.00 X X 0 0 0 MICHAEL j SHEEHAN 2.00 X 0 0 0 MARISA O'DWYER 2.00 X 0 0 0 JUDith m AVENI 2.00 X 0 0 0 WILLIAM l DANDRIDGE 2.00 X 0 0 0 ROBERT F LUCEY 2.00 X 0 0 0 donald j mackinnon 2.00 X X 0 0 0 RICHARD J DANIELS 2.00 X 0 0 0 GREGORY P DESCHENES 2.00 X 0 0 0 EDWARD R GOLDFARB 2.00 X 0 0 0 MARK FREITAS 2.00 X 0 0 0 JOHN F POOLE 2.00 X 0 0 0 suzanne genest sullivan 2.00 X X 0 0 0 ERIC p LIMONT 2.00 X 0 0 0 CHARLES S GAZIANO 2.00 X 0 0 0 ARTHUR R OSWALD 2.00 X 0 0 0 PETER s CAHALL 2.00 X 0 0 0 DAVID P GOODING 2.00 X 0 0 0 NEIL MCLAUGHLIN 2.00 X X 0 0 0 paula l becker 2.00 X 0 0 0 john j calnan 2.00 X 0 0 0 julian h cherubini 2.00 X 0 0 0 miniard culpepper sr 2.00 X 0 0 0 robert f daylor 2.00 X 0 0 0 james j ferrera 2.00 X 0 0 0 judith b hale 2.00 X 0 0 0 mira b irons 2.00 X 0 0 0 thomas m kent 2.00 X 0 0 0 daniel budde 2.00 X 0 0 0 WILLIAM T KOSKORES 40.00 X 328426 0 246918 WILLIAM f STEPHENSON 40.00 X 163719 0 37640 mark e gutierrez 40.00 X 148770 0 30252 michael l clarke 40.00 X 137637 0 30602 jonathan white 40.00 X 104795 0 93619 883347 0 439031 5 0 1 0 Sage Dining Services Inc 222 Bosley Avenue Suite B-7 Towson MD 21204 Food Service Mgmt. 540501 Joseph Ingle Bus Service Inc po box 1185 hanover MA 02339 Transportation 502872 Acella Construction Corp Inc 62 Accord park Drive Norwell MA 02061 Contractor 390364 lc anderson inc 15 soldiers field place boston MA 02135 hvac maint contract and repairs 322393 SJ Services Inc 20 locust street ste 202 danvers MA 01923 Custodial Services 212697 10 139598 1518948 91191 1658546 TUITION AND FEES 611600 22329809 22329809 SUMMER PROGRAMS 611710 629340 629340 TRANSPORTATION 480000 216460 216460 Auxiliary 611710 27387 27387 23202996 616816 131 616685 413203 78147 335056 335056 335056 2007168 5450 1734285 272883 5450 278333 278333 56011 139598 56011 0 139593 131820 7773 7773 program trips 611710 185203 185203 interest - fw aid loan 900099 12706 12706 VENDING MACHINE INCOME 722210 2310 2310 39212 39212 239431 26338951 23427411 131 1252863 4221319 4221319 657514 545685 111829 9621307 8205250 1002220 413837 853692 712827 111105 29760 1735035 1304607 413626 16802 702460 597863 76443 28154 17850 17850 61250 61250 36787 36787 180503 24314 155689 500 80798 5890 58856 16052 1813179 1619359 193820 200003 197285 2718 45713 36445 8568 700 1358346 1358346 2596715 2518814 77901 67911 3497 64414 supplies 766992 633761 43688 89543 athleticS 501714 501714 FOOD SERVICES 494074 431938 15144 46992 instructional 152191 152191 telephone 123494 24699 74096 24699 963680 511110 358983 93587 27252527 23061229 3318843 872455 18552 33997 1107424 1666986 4120766 3127898 445886 498421 55779 58004 277381 341551 81515575 22548358 60036042 58967217 259192 2288430 27044261 28239291 1982259 2117644 95347542 97339439 1600300 1880384 5731521 6013726 30340000 29790000 3050146 4120419 40721967 41804529 X 36704157 36732386 6613919 7347391 11307499 11455133 54625575 55534910 95347542 97339439 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25170519 165199 3797085 1830559 27302244 35422189 1196574 -6911420 4536824 25170519 0.40200 0.41960 0.17840 0 0 8967192 8967192 65777072 17963060 47814012 6039953 4585298 1454655 731358 731358 58967217 COMMONFUND BOND INVESTMENTS 7307872 F COMMONFUND EQUITY INVESTMENTS 20585095 F other commonfund investments 346324 F 28239291 other liabilities 214770 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 3905649 4120419 26338951 27252527 -913576 2959794 -72266 -1064617 1822911 909335 29174806 2959794 -306626 2653168 26521638 -182687 -182687 26338951 28265471 1247304 1247304 27018167 234360 234360 27252527 Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part X: Description of Uncertain Tax Positions Under FIN 48: THE ACADEMY ADOPTED THE PROVISIONS OF THE ACOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES DURING THE FISCAL YEAR ENDED JUNE 30, 2009. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION MUST MEET IN CONNECTION WITH ACCOUNTING FOR UNCERTAINTIES IN INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN BY AN ENTITY BEFORE BEING MEASURED AND RECOGNIZED IN THE FINANCIAL STATEMENTS. THE ACADEMY HAS EVALUATED THE APPLICATION OF THE STANDARD AND HAS DETERMINED THAT THE ADOPTION OF THE STANDARD DOES NOT HAVE A MATERIAL IMPACT ON THE ACADEMY'S FINANCIAL STATEMENTS. Part XI, Line 8 - Other Adjustments: changes in value of interest rate swap agreements: -1017917. change in value of gift annuities: -29135. distributions from beneficial interest : -17500. change in value of beneficial interest in perpetual trust: -65. Part XII, Line 2d - Other Adjustments: investment fees netted with revenue on audited financial statements: -36787. program trip expenses netted with revenue on audited financial statements: -197285. BAD DEBT EXPENSEs netted with revenue on audited financial statements: -288. prior period adjustment netted with revenue on audited financial statements: -72266. Part XII, Line 4b - Other Adjustments: FUNDRAISING EXPENSE reported on Form 990, part Viii, line 8b: -56011. cost of goods sold reported on form 990, part viii, line 10b: -126676. Part XIII, Line 2d - Other Adjustments: FUNDRAISING EXPENSE reported on Form 990, part Viii, line 8b: 56011. CHANGE IN VALUE OF GIFT ANNUITIES: 29135. changes in value of interest rate swap agreements: 1017917. distributions from beneficial interest : 17500. change in value of beneficial interest in perpetual trust: 65. cost of goods sold reported on form 990, part viii, line 10b: 126676. Part XIII, Line 4b - Other Adjustments: investment fees netted with revenue on audited financial statements: 36787. program trip expenses netted with revenue on audited financial statements: 197285. BAD DEBT EXPENSEs netted with revenue on audited financial statements: 288. 1 1 1 Published in the Boston Globe on December 6, 2009. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 auction 128409 105190 23219 23219 golf tourney 67200 34408 32792 32792 195609 139598 56011 56011 56011 0 1 financial assistance 220 4221319 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 T KOSKORES 251428 0 0 0 76998 0 161118 0 85800 0 575344 0 0 0 WILLIAM f STEPHENSON 136175 0 0 0 27544 0 17200 0 20440 0 201359 0 0 0 mark e gutierrez 117877 0 0 0 30893 0 15200 0 15052 0 179022 0 0 0 michael l clarke 101103 0 0 0 36534 0 14150 0 16452 0 168239 0 0 0 jonathan white 83090 0 0 0 21705 0 11100 0 82519 0 198414 0 0 0 Part I, Line 1a THE ACADEMY PROVIDES A HOUSING ALLOWANCE AND AN ALLOWANCE FOR SOCIAL CLUB TO THE HEADMASTER, WILLIAM T. KOSKORES. THE VALUE OF THESE BENEFITS ARE INCLUDED IN PART II, COLUMN (B)(III). Part I, Line 4a 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 see schedule o 0 0 30340000 20042724 742636 9554640 2008 1 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 depfa bank and royal bank of 30.000000000000 0 0 0 X 15 83191 FAIR MARKET VALUE X piano 1 8000 fair market value 0 1 0 Method for Determining Number of Contributors: Part I, Column (b): NUMBER OF CONTRIBUTIONS REPORTED IS THE NUMBER OF CONTRIBUTIONS 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 safe keeping. 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 safe keeping. 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. schedule k, part i, column f Purpose of Bond Issued: Funding for various capital projects. a portion of bond proceeds was used to refund a previous $20 million 2004 bond issue.