2011-11-14T15:10:52-06:00 2011-06-30 PICCERELLI GILSTEIN & CO LLP 144 WESTMINSTER STREET PROVIDENCE RI 029032282 990 2010-07-01 042104242 FRIENDS ACADEMY INC FRIE 5089991356 1088 TUCKER ROAD NORTH DARTMOUTH MA 027473122 CAROL PRAY 5089991356 2011-11-03 1 WILLIAM J PICCERELLI 4018310200 2010 2016-03-07 17:11:31Z MRS CAROL PRAY 1088 TUCKER ROAD DARTMOUTH MA 02747 7469889 0 X WWW.FRIENDSACADEMY1810.ORG X 1810 MA FRIENDS ACADEMY IS A CO-EDUCATIONAL, INDEPENDENT DAY SCHOOL SERVING STUDENTS IN PRESCHOOL THROUGH GRADE EIGHT. THE MISSION OF FRIENDS ACADEMY IS TO PROVIDE EACH STUDENT WITH AN EDUCATIONAL FOUNDATION THAT WILL INSTILL THE ACADEMIC KNOWLEDGE AND SKILLS, RESPONSIBLE CITIZENSHIP, RESPECT FOR DIVERSITY AND DIFFERENCES, AND A SENSE OF WELL BEING NEEDED FOR A LIFETIME OF LEARNING AND PERSONAL GROWTH. 17 17 91 75 0 0 1732005 1330545 5578055 5877196 43425 36179 30649 81005 7384134 7324925 1056950 1217403 0 0 3554907 3689488 63911 0 438591 1702040 1666812 6377808 6573703 1006326 751222 7616685 8881308 907593 768518 6709092 8112790 X THE MISSION OF FRIENDS ACADEMY IS TO PROVIDE EACH STUDENT WITH AN EDUCATIONAL FOUNDATION THAT WILL INSTILL THE ACADEMIC KNOWLEDGE AND SKILLS, RESPONSIBLE CITIZENSHIP, RESPECT FOR DIVERSITY AND DIFFERENCES, AND A SENSE OF WELL BEING NEEDED FOR A LIFETIME OF LEARNING AND PERSONAL GROWTH. 0 0 4646039 1217403 5910338 PROVIDE EDUCATION TO TWO HUNDRED SEVENTY NINE STUDENTS ATTENDING PRESCHOOL THROUGH EIGHTH GRADE. 4646039 1 1 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 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 19 0 91 1 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X KATHERINE FURTADO 5089991356 1088 TUCKER ROAD NO DARTMOUTH MA 027473122 GEORGE CHARETTE 1.10 X 0 0 0 GEORGE WALKER 1.10 X 0 0 0 GERTRUDE BURR 1.10 X 0 0 0 JOY HORSTMANN 1.10 X 0 0 0 ANNA BULLARD 1.10 X 0 0 0 VINCENT MURPHY 1.10 X 0 0 0 WILLIAM BURKE 1.10 X 0 0 0 JOHN LATAWIEC 1.10 X 0 0 0 CYNTHIA MAXIM 1.10 X 0 0 0 YVONNE DRAYTON 1.10 X 0 0 0 CALVIN SIEGAL 1.10 X 0 0 0 ANN BOXLER 1.10 X 0 0 0 JOANELLA CANNELL 1.10 X 0 0 0 SANDRA HEWITT 1.10 X 0 0 0 FREDERIC MOCK 1.10 X 0 0 0 ANNA BULLARD 1.10 X 0 0 0 GEORGE FEARONS 1.10 X 0 0 0 DOREEN PATYS 1.10 X 0 0 0 CAROL PRAY 1.10 X 0 0 0 DAVID KAISER 1.10 X 0 0 0 JACK GIERHART 1.10 X 0 0 0 NATHANIEL STITES 1.10 X 0 0 0 PETER RUSCITTO 40.00 X 85936 0 0 WILLIAM PERRINE 40.00 X 69660 0 0 MELINDA FOLEY-MARSELLO 40.00 X 78191 0 0 KATHERINE GAUDET 40.00 X 74000 0 0 ANDREW RODIN 40.00 X 268212 0 45183 268212 0 45183 1 1 1 0 0 1330545 73847 1330545 TUITION 611600 5679206 5679206 STUDENT SUPPORT SERVIC 611600 197990 197990 5877196 40729 40729 3400 3400 3400 3400 74977 76080 3447 -1103 -3447 -4550 -4550 113300 65437 47863 47863 MISCELLANEOUS INCOME 611600 29742 29742 29742 7324925 5910338 0 84042 1217403 1217403 375052 231467 143585 2825057 2038303 695504 91250 110036 72567 33837 3632 163074 105650 57050 374 216269 153661 55627 6981 26326 26326 117167 36700 80467 3988 3988 149231 79993 69238 109668 25180 84488 190885 181526 9359 11638 11638 32349 32349 10442 10442 237506 225631 11875 49798 42203 7595 MISCELLANEOUS 167249 11566 155683 BICENTENNIAL CAMPAIGN 144178 144178 CURRICULUM ENRICHMENT 55786 55786 SPRING SWING 45558 45558 INSTRUCTIONAL AIDS 42919 42919 272124 121496 36359 114269 6573703 4646039 1489073 438591 1447781 1628265 362293 1071203 131487 29080 109407 96863 7167020 3099013 3954750 4068007 1610967 1792827 0 195063 7616685 8881308 213027 197045 462567 382939 227980 183516 4019 5018 907593 768518 X 4558543 4878620 1269465 2346733 881084 887437 6709092 8112790 7616685 8881308 X 751222 652476 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1801084 6353 182045 1989482 1500974 99971 200139 1801084 1818532 4850 -322408 1500974 0.40970 0.44610 0.14420 0 0 99446 99446 6405285 2751170 3654115 662289 347843 314446 4068007 MULTI STRATEGY BOND FUND 551057 F EQUITY FUND 1005040 F ACCESS EQUITY - UNREALIZED APPRECIA 236730 F 1792827 DEPOSITS HELD IN CUSTODY FOR OTHERS 5018 5018 7324925 6573703 751222 300723 351753 652476 1403698 7694532 300723 300723 7393809 -68884 -68884 7324925 6290834 68884 68884 6221950 351753 351753 6573703 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ORGANIZATION INTERNALLY MONITORS ITS TAX POSITIONS TO DETERMINE WHETHER ANY ARE UNCERTAIN. A TAX POSITION IS TAKEN IF IT IS DETERMINED THAT THE POSITION WILL "MORE-LIKELY-THAN-NOT" BE SUSTAINED UPON EXAMINATION BY A TAXING AUTHORITY. THE SCHOOL'S MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SCHOOL, AND HAS CONCLUDED THAT AS OF JUNE 30, 2011, THERE WERE NO UNCERTAIN POSITIONS TAKEN, OR EXPECTED TO BE TAKEN, THAT WOULD REQUIRE THE RECOGNITION OF A LIABILITY OR ASSET OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL IS NOT CURRENTLY SUBJECT TO AUDITS FOR ANY TAX PERIODS. THE SCHOOL'S MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE YEARS PRIOR TO 2006. PART XI, LINE 8 - OTHER ADJUSTMENTS: RELEASE ON RESTRICTIONS: EXPENSES 351,753. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF ASSETS -3,447. COST OF SPECIAL EVENTS -65,437. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF ASSETS 3,447. COST OF SPECIAL EVENTS 65,437. PART XIII, LINE 4B - OTHER ADJUSTMENTS: RELEASE ON RESTRICTIONS: EXPENSES 351,753. 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 LOCAL NEWSPAPER AND DIRECT MAILING CATALOG. SPRING SWING 41295 41295 17493 100 8327 PICASSO EVENT 72005 72005 10592 9150 6050 13725 3 113300 113300 28085 9150 6150 22052 65437 47863 KATHERINE FURTADO JODI PINK 1088 TUCKER ROAD NORTH DARTMOUTH MA 02747 0 FINANCIAL AID 74 832875 FINANCIAL AID ALLOWED TOWARD THE STUDENT'S TUITION TUITION REMISSION 22 384528 TUITION REMISSION REDUCING AMOUNT OF THE STUDENT'S TUITION PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FAMILIES APPLY FOR FINANCIAL AID BY COMPLETING A PARENTS FINANCIAL STATEMENT WHICH IS SUBMITTED TO THE SCHOOL SCHOLARSHIP SERVICE (SSS) ADMINISTERED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS. THE FORM REQUIRES DISCLOSURE OF FAMILY FINANCIAL INFORMATION LISTING INCOME, ASSETS AND DEBT. THE SCHOOL HAS A FINANCIAL AID COMMITTEE THAT INCLUDES THE HEADMASTER, BUSINESS MANAGER, COMPTROLLER, DIRECTOR OF ADMISSIONS AND THE ACADEMIC DIVISION HEADS. THESE ADMINISTRATORS REVIEW THE PFS AND MAKE AN AWARD BASED UPON THE FINANCIAL INFORMATION AVAILABLE AND IN THE CASE OF NEWLY ADMITTED STUDENTS, THE RECOMMENDATION OF THE DIRECTOR OF ADMISSIONS. TUITION REMISSION WAS ELIMINATED AS A FRINGE BENEFIT BY THE BOARD OF TRUSTEES IN SCHOOL YEAR 2010- 2011. TUITION REMISSION IS PROVIDED FOR SOME FACULTY CHILDREN WHO WERE RECEIVING THE FUNDS UNDER A PREVIOUS POLICY. FACULTY ARE ELIGIBLE TO APPLY FOR FINANCIAL AID BY COMPLETING THE APPLICATION PROCESS AS STATED ABOVE. X 0 1 X X X X X X 0 0 0 0 0 0 0 0 0 ANDREW RODIN 268212 0 0 0 0 0 0 0 45183 0 313395 0 137355 0 PART I, LINE 1A THE CURRENT THREE YEAR CONTRACT FOR THE HEAD OF THE SCHOOL INCLUDED LANGUAGE ALLOWING GROSS UP PAYMENT FOR THE HEADMASTER'S FAMILY HEALTH INSURANCE PREMIUM CO-PAYMENT. DUE TO CHANGES IN THE MASSACHUSETTS HEALTH INSURANCE LAWS, THIS PROVISION WAS ELIMINATED AND AN ADDENDUM WAS WRITTEN BY OUR ATTORNEY TO ADDRESS THE CHANGE. THE BOARD'S COMPENSATION COMMITTEE WILL BE NEGOTIATING A NEW ENROLLMENT CONTRACT WITH THE HEADMASTER. THE SCHOOL LEASED A VEHICLE FOR THREE YEARS FOR THE HEADMASTER AND TUITION REMISSION IS PROVIDED TO HIS CHILDREN. X 5 73847 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS WILL REVIEW THE 990 AND DISCUSS IT WITH THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF TRUSTEES, ADMINISTRATION AND FACULTY OF FRIENDS ACADEMY MUST SIGN A COPY OF THE CONFLICT OF INTEREST POLICY EVERY YEAR TO CONFIRM THAT NO CONFLICTS EXIST. THE HEADMASTER'S SECRETARY COLLECTS THESE DOCUMENTS. FORM 990, PART VI, SECTION B, LINE 15 THE FINANCE COMMITTEE MAKES RECOMMENDATIONS TO THE FULL BOARD REGARDING COMPENSATION FOR ALL EMPLOYEES, WITH THE EXCEPTION OF THE HEADMASTER. THE HEADMASTER'S COMPENSATION IS THE RESPONSIBILITY OF THE HEAD'S COMPENSATION/CONTRACT COMMITTEE. THE CURRENT MEMBERS OF THIS COMMITTEE ARE THWE FORMER PRESIDENT, CURRENT PRESIDENT AND TREASURER OF THE BOARD. THEY ARE ADVISED BY THE SCHOOL'S LEGAL COUNSEL, VENABLE, LLP. THE FINANCE COMMITTEE DISCUSSES RAISES FOR THE FACULTY AND STAFF. THE HEADMASTER HAS SOME FLEXIBILITY IN DETERMINING RAISES. HE MAKES THE FINAL DECISION ABOUT EMPLOYEE COMPENSATION USING GUIDELINES FROM THE BOARD AND FINANCE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE BY- LAWS AND THE ANNUAL FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FROM THE HEADMASTER. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 300,723. RELEASE ON RESTRICTIONS: EXPENSES 351,753. TOTAL TO FORM 990, PART XI, LINE 5: 652,476. HOW IS THE FORM 990 MADE AVAILABLE FORM 990 PART VI SECTION C Q# 19 A COPY OF THE FORM 990 WILL BE AVAILABLE IN THE BUSINESS OFFICE FOR ANY BOARD MEMBERS OR INTERESTED PARTIES WHO WOULD LIKE TO REVIEW THE DOCUMENT.