2011-05-16T13:39:56-05:00 2010-06-30 RSM McGladrey Inc 80 City Square Boston MA 021293742 990 2009-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY CUSH 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 joseph mcpeak 9788275911 2011-05-16 1 6179129000 2009 2016-02-24 21:20:13Z JAMES TRACY 39 SCHOOL STREET ASHBURNHAM MA 01430 28495911 0 X www.cushing.org X 1865 MA INDEPENDENT college preparatory SECONDARY SCHOOL 15 13 216 100 274931 -164084 4433080 4334733 22684101 22635763 543060 511892 22940 448822 27683181 27931210 3352765 3476390 0 12411485 12396271 1068 0 1009792 10812121 10554041 26577439 26426702 1105742 1504508 79638381 84298125 36424376 38910365 43214005 45387760 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 21755805 3476390 22720683 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 445 students: 370 board 75 days. In addition, the academy has 65 full time teaching faculty. 21755805 1 1 0 1 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 94 0 1 216 1 1 1 0 0 0 0 0 0 0 0 15 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JOSEPH MCPEAK CFO 9788277021 39 SCHOOL STREET ASHBURNHAM MA 01430 Richard J Harrington 5.00 X X 0 0 0 Jeremy ADuffy 5.00 X X 0 0 0 Donald Irving 5.00 X X 0 0 0 M Elizabeth Akers 1.00 X 0 0 0 Marc A Bingham 1.00 X 0 0 0 Mark E Gudis 1.00 X 0 0 0 Theodore L Iorio 1.00 X 0 0 0 Joseph Marzilli 1.00 X 0 0 0 M Kerby Saunders II 1.00 X 0 0 0 Peter A Snyder 1.00 X 0 0 0 John G Sommers 1.00 X 0 0 0 Ronald M Stuart 1.00 X 0 0 0 Vernon r Tate 1.00 X 0 0 0 Robert A Young 1.00 X 0 0 0 mark e tuller 1.00 X 0 0 0 James Tracy 40.00 X 313889 0 71470 Joseph McPeak 40.00 X 146631 0 18618 Catherine Pollock 40.00 X 204255 0 20927 Melainie Connors 40.00 X 190808 0 24567 Nicholas Zaharias 40.00 X 181663 0 45896 Susan Carlisle 40.00 X 145180 0 28246 Barry Connors 40.00 X 145601 0 33266 Amy Logan 40.00 X 147173 0 15111 Wayne Sanborn 40.00 X 142856 0 28332 1618056 0 286433 13 0 1 0 aramark food services 2 pleasure island road wakefield MA 01880 dining services 1862449 Honeywell 12490 Collections Center Dr Chicago IL 60693 HVAC Supplies and Service 1029992 wilson bus line 203 patriots road e templeton MA 01438 charter bus provider 194236 Bayan Construction Co 128 S Main Street Gardner MA 02110 Construction Services 147714 Independent School Comp Corp PO BOX 415606 Boston MA 02241 WORKERS COMPENSATION 141173 5 4334733 97840 4334733 TUITIONS & FEES 611600 22480789 22480789 transcript & enrollmen 611710 101273 101273 SUMMER SCHOOL PROGRAMS 611710 47786 47786 tutoring 611710 5915 5915 22635763 511892 22361 489531 520900 564701 -43801 -53281 9480 ICE RINK RENTAL 900099 305851 305851 transportation 480000 87150 87150 storage revenue 900099 14702 14702 84920 84920 492623 27931210 22720683 274931 600863 3476390 3476390 1741300 436800 833900 470600 256540 256540 7546599 6966344 461360 118895 887780 701757 128632 57391 1292833 1122229 110309 60295 671219 563719 71642 35858 121818 121818 131898 131898 32916 32916 399700 222729 157096 19875 130848 66041 60880 3927 87685 38821 37021 11843 100237 68111 23962 8164 2476611 2448791 24335 3485 151571 81227 53997 16347 1052598 1052598 1807537 1807537 182205 140363 41842 food SERVICES departmen 1659635 1659635 Academic Office expense 966480 966480 athletics department ex 250628 250628 summer sessION expenses 247097 247097 student transportation 181787 181787 572790 52779 316899 203112 26426702 21755805 3661105 1009792 3660611 4891358 743252 1332035 132198 422547 369700 501195 3105 1519 96041 60747 1296772 1518107 72560175 26864287 46039325 45695888 21906302 24805849 5391075 5068880 79638381 84298125 1789028 1298340 7799219 10080580 24905000 24385000 34000 1931129 3112445 36424376 38910365 X 22212298 19473785 5692642 8374948 15309065 17539027 43214005 45387760 79638381 84298125 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: 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. 21906302 2229962 2343586 331250 1342751 24805849 24277875 2810379 -3829514 1352438 21906302 0.20360 0.70710 0.08930 0 0 52546776 16534412 36012364 12004530 9025149 2979381 8008869 1304726 6704143 45695888 limited partnership investment 23694395 F Mutual Funds 1111454 F 24805849 charitable lead trust 5068880 5068880 CHARITABLE GIFT ANNUITY 27337 INTEREST RATE SWAP AGREEMENT 3085108 3112445 27931210 26426702 1504508 1845959 -1176712 669247 2173755 25688768 1845959 -4653102 -2807143 28495911 -564701 -564701 27931210 23515013 564701 564701 22950312 3476390 3476390 26426702 Part V, Line 4: Description of Intended Use of Endowment Funds: To provide financial assistance to individuals/students desiring to attend Cushing Academy, but do not have the financial resources available to them. Part X: Description of Uncertain Tax Positions Under FIN 48: Effective July 1, 2009, the Academy adopted the standard Accounting for Uncertainty in Income Taxes. The standard 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 as of June 30, 2010 and 2009. Part XI, Line 8 - Other Adjustments: change in fair value of split interest agreement: 4604. Change in fair value of interest rate swap agreement: -1181316. Part XII, Line 2d - Other Adjustments: financial aid netted with revenue on audited financial statements: -3476390. Change in fair value of split interest agreement: 4604. Change in fair value of interest rate swap agreement: -1181316. Part XII, Line 4b - Other Adjustments: cost of goods sold reported in form 990, part viii, line 10b: -564701. Part XIII, Line 2d - Other Adjustments: cost of goods sold reported in form 990, part viii, line 10b: 564701. Part XIII, Line 4b - Other Adjustments: financial aid netted with revenue on audited financial statements: 3476390. 1 1 1 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. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 scholarships 199 3476390 book ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. THE ASSISTANCE MAY INCLUDE REDUCED TUiTION AND INCIDENTALS, I.E. TEXTBOOKS AND OTHER EXPENSES NECESSARY for a FULL EDUCATIONAL EXPERIENCE AT CUSHING ACADEMY. Procedure for Monitoring Grants in the U.S.: Part I, Line 2: 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 ANALYSIS 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 X X 0 1 X X X X X 0 0 0 0 0 0 0 0 0 James Tracy 313889 0 0 0 0 0 31770 0 39700 0 385359 0 0 0 Joseph McPeak 146631 0 0 0 0 0 13793 0 4825 0 165249 0 0 0 Catherine Pollock 204255 0 0 0 0 0 20424 0 503 0 225182 0 0 0 Melainie Connors 190808 0 0 0 0 0 19080 0 5487 0 215375 0 0 0 Nicholas Zaharias 181663 0 0 0 0 0 18555 0 27341 0 227559 0 0 0 Susan Carlisle 145180 0 0 0 0 0 14840 0 13406 0 173426 0 0 0 Barry Connors 145601 0 0 0 0 0 14840 0 18426 0 178867 0 0 0 Amy Logan 147173 0 0 0 0 0 14715 0 396 0 162284 0 0 0 Wayne Sanborn 142856 0 0 0 0 0 14560 0 13772 0 171188 0 0 0 Part I, Line 1a First Class Travel - On occasion, the Headmaster may utilize first class accommodations during business travel. Travel for Companions - On occasion, the Headmasters spouse travels with the Headmaster to certain fundraising and networking events to assist in these activities which further the mission of the Academy. 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. 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. massachusetts development finance agency 043431814 57583f4g3 2004-03-04 27000000 construction of new building and numerous renovations to others 0 0 27000000 675000 623236 25701764 2004 0 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 morgan stanley capital services 15.000000000000 0 0 1 Roy Brothers Oil and Propane see schedule o 108828 see sch. o 0 Jan Sargent Tracy See schedule o 125549 See SCH. O 0 matthew tuller see schedule o 38384 see sch. o 0 X 6 97840 fair market value 0 1 0 Method for Determining Number of Contributors: Part I, Column (b): the organization is reporting the number of contributions received. Form 990, Part VI, Section B, line 11 A draft version of the Form 990 is sent to the Chief Financial Officer for an initial review. During the initial review if any questions are raised they are brought to the attention of the tax preparers. Once all questions have been adequately answered the Draft Form 990 is reviewed by the finance and audit committee. PRIOR TO FILING A COPY OF THE FORM 990 IS SENT TO THE FULL BOARD. 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 Compensation of the organization's ceo is set by a vote of the full board of trustees. Comparability data reviewed by the BOARD includes regular annual salary, deferred compensation amounts and the value of other benefits provided. The comparability data is obtained FROM other PEER INDEPENDENT SCHOOL PUBLIC IRS FORM 990 FILINGS. the board also utilizes services of an independent consultant as part of the compensation review. for the compensation of the officers and key employees, the CEO reviews each individual's performance and takes into consideration of comparability data to determine the annual salaries for such individuals. 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 I, LINE 6 ESTIMATE OF VOLUNTEERS: NUMBER OF BOARD MEMBERS AND VOLUNTEERS AT ANNUAL DONOR RECOGNITION EVENT. form 990, schedule l, part iv business transactions involving interested persons: (A) name of person: ROY BROTHERS OIL & PROPANE (B) relationship between interested person and organization: ENTITY MORE THAN 35% OWNED through October 2009 BY MARC A. BINGHAM, TRUSTEE OF CUSHING ACADEMY'S BOARD. (C) Amount of transaction: $108,828 (D) Description of transaction: Purchase of heating oil, propane and repair services (E) Sharing of organization revenues? = NO (A) name of person: Jan Sargent Tracy (B) relationship between interested person and organization: College Counseling and development assoc.; Spouse of an officer (C) Amount of transaction: 125,549 (D) Description of transaction: Compensation for employment (E) Sharing of organization revenues? = NO (A) name of person: matthew tuller (B) relationship between interested person and organization: son of a trustee (C) Amount of transaction: 38,384 (D) Description of transaction: Compensation for employment (E) Sharing of organization revenues? = NO