2024-05-14T17:38:57-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2022-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JULAINE MCINNIS CHIEF FINANCIAL/OPERATIONS OFFICER 7816642519 2024-05-13 1 JULAINE MCINNIS 999009999 0 JOHN TOSCANO P00358542 8605614000 2024-04-28 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z THAYER ACADEMY JULAINE MCINNIS 745 WASHINGTON STREET BRAINTREE MA 02184 57289732 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. 16 16 461 16 -6840 0 5535153 4356718 39810424 42266607 674908 -129928 425263 571582 46445748 47064979 8081237 8307266 0 0 22884123 23966069 0 0 1843435 14638716 15883015 45604076 48156350 841672 -1091371 167302971 178053491 72698912 78289675 94604059 99763816 THE MISSION AND PROGRAM OF THAYER ACADEMY IS TO INSPIRE A DIVERSE COMMUNITY OF STUDENTS IN GRADES 5 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 34351631 8307266 40627068 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. THE ACADEMY HAD 718 STUDENTS ENROLLED THIS YEAR. 4296288 1627638 SUMMER PROGRAMS OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (IE ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 721696 354984 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 39369615 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 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 1 1 0 0 1 137 0 1 461 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 MA X JULAINE MCINNIS 7816642519 745 WASHINGTON STREET BRAINTREE MA 02184 MICHAEL JOE CHAIR 2.00 X X 0 0 0 MICHAEL MCNALLY TREASURER 2.00 X X 0 0 0 LEIGH SCHWARTZ SECRETARY 2.00 X X 0 0 0 DANYA ABRAMS TRUSTEE 2.00 X 0 0 0 TAVARES BREWINGTON TRUSTEE 2.00 X 0 0 0 DONAVAN BROWN TRUSTEE 2.00 X 0 0 0 JAMES COUGHLIN TRUSTEE 2.00 X 0 0 0 GUY DANIELLO TRUSTEE 2.00 X 0 0 0 ELAINE DELUCA TRUSTEE 2.00 X 0 0 0 ROBERT DEMARCO TRUSTEE 2.00 X 0 0 0 JOSEPH FARMER TRUSTEE 2.00 X 0 0 0 JENNIFER HAVLICEK TRUSTEE 2.00 X 0 0 0 TERESA HSIAO TRUSTEE 2.00 X 0 0 0 GREG LALLY TRUSTEE 2.00 X 0 0 0 JEANINE MURPHY TRUSTEE 2.00 X 0 0 0 CHRISTOPHER SULLIVAN TRUSTEE 2.00 X 0 0 0 CHRISTOPHER FORTUNATO HEAD OF SCHOOL 40.00 X 498574 0 221524 JULAINE MCINNIS CFO & ASSISTANT TREASURER 40.00 X 251469 0 49962 MELISSA L FORGER DIRECTOR OF DEVELOPMENT 40.00 X 209514 0 176013 HIGHLEY THOMPSON HEAD OF UPPER SCHOOL 40.00 X 162962 0 110916 JONATHAN R WHITE DIRECTOR OF ADMISSIONS 40.00 X 156407 0 53581 PAUL R PANTANO DIRECTOR OF PLANT AND FACILITIES 40.00 X 152919 0 52785 THERESA R JAY CHIEF INFORMATION OFFICER 40.00 X 148792 0 14957 1580637 0 679738 28 0 1 0 BOWDOIN CONSTRUCTION CORP 220-1 RESERVOIR STREET NEEDHAM HEIGHTS MA 02494 CONSTRUCTION 10439241 C & W FACILITY SERVICES INC 4002 SOLUTIONS CENTER CHICAGO IL 606774000 FACILITIES MAINTENANCE 1138535 JOSEPH INGLE BUS SERVICE INC P O BOX 1185 HANOVER MA 02339 BUS TRANSPORTATION 530095 PAGE BUILDING CONSTRUCTION CORP 135 OLD PAGE STREET SUITE 4 STOUGHTON MA 020721111 CONSTRUCTION 511092 COMMERCIAL CONSTRUCTION CONSULTING INC 313 CONGRESS STREET 2ND FLOOR BOSTON MA 02210 CONSTRUCTION 290907 5 35612 4321106 92934 4356718 TUITION & FEES 611600 40299773 40299773 YOUTH & SUMMER PROGRAMS 611710 1627638 1627638 TRANSPORTATION 480000 320100 320100 AUXILIARY 611710 19096 19096 42266607 32314 -48413 80727 324802 189378 135424 135424 135424 9782300 9944542 -162242 -162242 41573 -203815 87856 35612 73617 14239 14239 33004 17216 15788 15788 PROGRAM TRIPS 611710 327295 327295 78836 78836 406131 47064979 42609690 -6840 105411 8307266 8307266 1009541 282737 585435 141369 16481720 12944276 2449490 1087954 1519449 971033 471508 76908 3670035 3331906 299512 38617 1285324 897055 327375 60894 148647 148647 80055 80055 85149 85149 513990 132320 322308 59362 628801 171125 457676 3995058 3835256 79901 79901 18889 1108 17781 88897 52943 34150 1804 1249446 1249446 4241661 4071995 84833 84833 SUPPLIES 1148657 886467 197468 64722 STUDENT TRANSPORTATION 629473 629473 FOOD SERVICES 576092 576092 EQUIPMENT RENTAL 511594 504508 3543 3543 1966606 525717 1315142 125747 48156350 39369615 6943300 1843435 1000 1000 7588838 9834826 1711432 2303446 20571950 23197562 2928241 2955888 66294 82242 1041720 778291 138653693 60054487 76759735 78599206 12533 54973206 56848970 1648022 3452060 167302971 178053491 5182577 4358372 33047375 35063965 33985986 38555270 482974 312068 72698912 78289675 X 58525577 61506931 36078482 38256885 94604059 99763816 167302971 178053491 X -1091371 4432182 1818946 X X 0 1 X 1 0 X 4428585 3707508 6732883 5535153 4356718 24760847 4428585 3707508 6732883 5535153 4356718 24760847 2324721 22436126 1210702 675269 267716 240211 405529 2799427 22570 22570 69476 64737 15397 503970 166692 820272 28403116 193435536 0.78990 0.77130 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING PROCEEDS - 2018 AMOUNT: $ 69,476. 2019 AMOUNT: $ 64,737. 2020 AMOUNT: $ 15,397. 2021 AMOUNT: $ 85,053. 2022 AMOUNT: $ 87,856. SETTLEMENT - 2021 AMOUNT: $ 400,000. OTHER REVENUE - 2021 AMOUNT: $ 18,917. 2022 AMOUNT: $ 78,836. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 54043685 265518 4084739 1288939 1272713 55832290 60299491 1282721 -5372101 1185877 980549 54043685 47400247 2069047 12745337 814845 1100295 60299491 48404430 72045 830587 353310 1553505 47400247 46189083 473720 3591367 1041292 808448 48404430 0.43479 0.56521 0.00000 0 0 26792296 26792296 96119607 53563330 42556277 14895275 6491157 8404118 846515 846515 78599206 EQUITY INVESTMENTS 28443579 F FIXED INCOME INVESTMENTS 22004062 F PARTNERSHIP INVESTMENTS 6401329 F 56848970 CAPITAL LEASE OBLIGATION 172699 OTHER LIABILITIES 139369 312068 44672639 4432182 -6488320 -2056138 46728777 85149 251053 336202 47064979 39512882 90832 90832 39422050 85149 8649151 8734300 48156350 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE INTEREST SWAP OBLIGATIONS 1,735,599. BENEFICIAL INTEREST IN PERPETUAL TRUST 83,347. FINANCIAL AID -8,307,266. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -17,216. FUNDRAISING EVENT EXPENSES -73,616. TRIP EXPENSES 341,885. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 73,616. COST OF GOODS SOLD 17,216. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,307,266. TRIP EXPENSES 341,885. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THAYER ACADEMY HAS POSTED ITS RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS ON ITS WEBSITE HOMEPAGE. GOLF TOURNAMENT 115618 35612 80006 47702 REUNION 7850 7850 25915 123468 35612 87856 73617 73617 14239 1 FINANCIAL ASSISTANCE 248 8307266 NEED-BASED AID PART I, LINE 2: THE ACADEMY PROVIDES 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 1 1 0 0 0 0 0 1 0 CHRISTOPHER FORTUNATO HEAD OF SCHOOL 469347 0 10000 0 19227 0 48331 0 173193 0 720098 0 0 0 MELISSA L FORGER DIRECTOR OF DEVELOPMENT 209154 0 0 0 360 0 21978 0 154035 0 385527 0 0 0 JULAINE MCINNIS CFO & ASSISTANT TREASURER 248421 0 0 0 3048 0 25641 0 24321 0 301431 0 0 0 HIGHLEY THOMPSON HEAD OF UPPER SCHOOL 162410 0 0 0 552 0 17298 0 93618 0 273878 0 0 0 JONATHAN R WHITE DIRECTOR OF ADMISSIONS 153359 0 0 0 3048 0 16636 0 36945 0 209988 0 0 0 PAUL R PANTANO DIRECTOR OF PLANT AND FACILITIES 135683 0 0 0 17236 0 14650 0 38135 0 205704 0 0 0 THERESA R JAY CHIEF INFORMATION OFFICER 148792 0 0 0 0 0 14957 0 0 0 163749 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A CAR ALLOWANCE FOR PROFESSIONAL USE AND A GROSS-UP TAX PAYMENT TO THE HEAD OF SCHOOL. THESE BENEFITS ARE TAXABLE INCOME INCLUDED IN PART II, COLUMN (B)(III). THE HEAD OF SCHOOL IS ALSO PROVIDED HOUSING WHICH IS TREATED AS NONTAXABLE BENEFITS INCLUDED IN PART II, COLUMN (D). PART I, LINES 4A-B PAUL R. PANTANO RECEIVED A SEVERANCE PAYMENT OF $15,652, WHICH IS INCLUDED IN OTHER REPORTABLE INCOME. THE ACADEMY HAS A DEFERRED COMPENSATION AGREEMENT WITH CHRISTOPHER FORTUNATO, THE HEAD OF SCHOOL. THE AGREEMENT HAS VESTING AND TERMINATION PROVISIONS AND THE ACCOUNT WILL RECEIVE AN ANNUAL CREDIT OF $25,000, COMMENCING WITH HIS FIRST FULL FISCAL YEAR OF EMPLOYMENT AFTER JUNE 30, 2023. NO SUCH CREDITS WERE REQUIRED THROUGH JUNE 30, 2023. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A DISCRETIONARY BOARD-APPROVED PERFORMANCE BONUS, REPORTED IN PART II, COLUMN (B)(II). A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2020-04-09 40189197 REFINANCING OF LONG TERM DEBT 0 0 0 A 1070736 40189197 494419 34742371 4492716 1 1 0 0 A 0 1 0 0 0.03000 0.03000 0 0 1 A 0 1 0 0 1 1 FMS MANAGEMENT AND ROYAL BANK 30.000000000000 0 0 0 0 1 A 1 X 13 92934 FAIR VALUE 0 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN PART I, COL B REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. WHEN IT IS NOT PRACTICABLE FOR THE BOARD OF TRUSTEES TO MEET, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY TAX ADVISORS OF A NATIONAL ACCOUNTING FIRM WITH INFORMATION PROVIDED BY THE CONTROLLER AND REVIEWED BY THE ASSISTANT TREASURER. FOLLOWING THE REVIEW, A FULL VERSION OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE FINANCE COMMITTEE CHAIR FOR REVIEW. THE REMAINDER OF THE TRUSTEES ARE NOTIFIFED THAT A PUBLIC DISCLOSURE VERSION OF THE FINAL DRAFT FOR 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. THEY ARE ASKED TO SPECIFICALLY APPROVE THE FILING OF THE FINAL VERSION WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS ARE REQUIRED ANNUALLY TO COMPLETE AN "ANNUAL DISCLOSURE OF AFFILIATIONS AND CONFLICT OF INTEREST" FORM. THE COMPLETED FORMS ARE GIVEN TO THE ASSISTANT TREASURER FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE ACADEMY'S HEAD OF SCHOOL IS SET BY A VOTE OF THE FULL BOARD OF TRUSTEES (IN EXECUTIVE SESSION). ACTING ON THE RECOMMENDATION OF A SPECIFICALLY TASKED SUB-COMMITTEE, CONSIDERING A PERFORMANCE REVIEW/EVALUATION. THE SUB-COMMITTEE IS COMPOSED OF THE STANDING COMMITTEE CHAIRS, THE CLERK, AND THE BOARD CHAIR. THE SUB-COMMITTEE MEETS AS NECESSARY IN ORDER TO PREPARE THE 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 ACADEMY'S CHIEF FINANCIAL AND OPERATING OFFICER, WHO OBTAINS IT FROM A 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 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 OFFICERS OR KEY EMPLOYEES IS SET BY THE HEAD OF SCHOOL. IN DOING SO THE HEAD OF SCHOOL IS GUIDED BY THE PEER GROUP COMPARITATIVE DATA PROVIDED BY THE ASSISTANT TREASURER. 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 FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION DOCUMENTS ARE AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE INTEREST SWAP OBLIGATIONS 1,735,599. BENEFICIAL INTEREST IN PERPETUAL TRUST 83,347. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT POLICY OR SELECTION POLICY DURING THE TAX YEAR. THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 12C, III-FI TRUSTEES OF THAYER ACADEMY 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THAYER ACADEMY CHARITABLE TRUST C 97559 CASH VALUE