2023-05-12T14:06:12-05:00 2022-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2021-07-01 042104048 THE TRUSTEES OF THE CUSHING ACADEMY TRUS 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 PAUL M SILVA CFO 9788277600 2023-05-12 1 PAUL SILVA 999009999 LYNNE JOHNSON P00757336 6179129000 2023-05-10 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z CUSHING ACADEMY JOSEPH MARZILLI 39 SCHOOL STREET ASHBURNHAM MA 01430 58275589 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL. 11 10 224 50 249711 0 5647934 25558828 23494629 29381151 62589 -112543 17876 333776 29223028 55161212 5872017 6174219 0 0 11031626 12202481 0 0 1361675 12239836 13750939 29143479 32127639 79549 23033573 208929433 228695316 35789636 39458316 173139797 189237000 X 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. CUSHING ACADEMY EXISTS FOR STUDENTS AND DEVELOPS CURIOUS, CREATIVE, AND CONFIDENT LEARNERS AND LEADERS. 0 0 26050778 6174219 29375268 CUSHING ACADEMY OFFERS A RIGOROUS AND TRANSFORMATIVE INDEPENDENT SECONDARY SCHOOL EXPERIENCE FOR STUDENTS IN GRADES 9-12 AND POST GRADUATES. CUSHING ACADEMY HAS 394 STUDENTS, 362 OF WHOM BOARD AND 32 WHO ATTEND BY DAY. 26050778 1 1 0 1 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 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 34 0 1 224 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X PAUL M SILVA CFO 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 RANDY BERTIN TRUSTEE, HEAD OF SCHOOL 50.00 X X 364083 0 102575 M ELIZABETH AKERS TRUSTEE 2.00 X 0 0 0 HIROYUKI ARITA TRUSTEE (THRU 5/6/22) 2.00 X 0 0 0 DANA BARNES TRUSTEE 2.00 X 0 0 0 KEN CHUNG TRUSTEE 2.00 X 0 0 0 DOUGLAS CRAMER TRUSTEE 2.00 X 0 0 0 COLETTE DE LABRY TRUSTEE (THRU 10/13/21) 2.00 X 0 0 0 RICHARD LAPIDUS TRUSTEE 2.00 X 0 0 0 KRISTINE PELLETIER TRUSTEE 2.00 X 0 0 0 KIMBERLY SAMSON TRUSTEE 2.00 X 0 0 0 MATT SIEGAL TRUSTEE 2.00 X 0 0 0 SUE HAWKES WIGHT TRUSTEE (THRU 5/6/22) 2.00 X 0 0 0 JOSEPH MARZILLI PRESIDENT & TREASURER 2.00 X X 0 0 0 MELISSA IRVING CHRISTENSEN VICE PRESIDENT 2.00 X X 0 0 0 PAUL SILVA CFO 50.00 X 255643 0 19570 CATHERINE POLLOCK ASSOCIATE HEAD OF SCHOOL 50.00 X 221023 0 60944 EDWARD KIRK DIR. MASTER PLANNING/ENGINEERING 40.00 X 152554 0 34414 JENNIFER VIANA DIRECTOR OF ATHLETICS 40.00 X 112371 0 40244 DAVID STONE DEAN OF FACULTY 40.00 X 125161 0 14037 ELISE LEWIS DIRECTOR OF HEALTH SERVICES 40.00 X 108241 0 23479 1339076 0 295263 7 0 1 0 TIMBERLINE CONSTRUCTION CORPORATION 300 PINE STREET CANTON MA 02021 CONSTRUCTION COMPANY 3621632 BROCK AND COMPANY 257 GREAT VALLEY PARKWAY MALVERN PA 19355 DINNING SERVICES 1540440 CSL CONSULTING 300 NORTH AVENUE BURLINGTON MA 01803 CONSTRUCTION COMPANY 374606 DIMELLA SHAFFER 24 FARNSWORTH STREET 4TH FLOOR BOSTON MA 02210 ARCHITECTS 277782 SECURITAS SECURITY SERVICES USA INC PO BOX 403412 ATLANTA GA 303843412 SECURITY SERVICES 222620 20 67402 1541063 23950363 154506 25558828 TUITIONS & FEES 611600 28510099 28510099 INTERNATIONAL FEE 611710 625940 625940 TRANSCRIPT & ENROLLMENT 611710 169155 169155 TUTORING & LESSONS 611710 51172 51172 SUMMER PROGRAMS 611710 24785 24785 29381151 37479 2361 35118 2686559 2688023 148558 -1464 -148558 -150022 -150022 26633 67402 24554 2079 2079 258422 253242 5180 -5883 11063 ICE RINK RENTAL 900099 236287 236287 DAMAGE CHARGES 900099 38363 38363 TRANSPORTATION 480000 11008 11008 40859 40859 326517 55161212 29375268 249711 -22595 6174219 6174219 825273 825273 8709809 6832315 1085485 792009 677789 439952 197776 40061 1293160 1009777 215272 68111 696450 485403 174186 36861 158539 158539 117023 117023 1345021 954231 299945 90845 150661 15294 97780 37587 932600 430683 463782 38135 119015 21925 65536 31554 1006172 909884 90776 5512 252611 96252 101001 55358 14735 8996 4580 1159 510841 510841 4696477 4180149 486770 29558 328359 206923 120290 1146 FOOD SERVICES 1922360 1922360 REPAIRS AND MAINTENANCE 826933 737176 83835 5922 SECURITY 263447 235066 26756 1625 DUES & SUBSCRIPTIONS 88493 19203 31818 37472 1017652 860129 68763 88760 32127639 26050778 4715186 1361675 16753 70316 29951881 37266503 12528785 32015813 649664 520667 52507 33963 339653 405683 173729972 60368320 113242984 113361652 52077077 44960715 70129 60004 208929433 228695316 2228845 3080975 15291490 18990889 17907967 17092150 168541 125041 88649 68081 104144 101180 35789636 39458316 X 113470865 116329491 59668932 72907509 173139797 189237000 208929433 228695316 X 23033573 -6929260 -7110 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 500 500 0 PART II-B, LINE 1: CUSHING ACADEMY IS A MEMBER OF THE MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS AND COLLEGES (MANS&C), WHICH PARTICIPATES IN LOBBYING EFFORTS ON BEHALF OF ITS MEMBERS. THE $500 IS THE ANNUAL MEMBERSHIP FEE FOR THE 2021-2022 FISCAL YEAR. 1 1 45231320 1148181 -6078396 569000 728000 39004105 36112698 150 10332788 543000 671316 0 45231320 35030558 1394331 803929 520120 596000 36112698 32855320 1903960 2065146 541500 1252368 35030558 34635625 1150022 2783326 625000 5088653 32855320 0.00000 0.40335 0.59665 0 0 8028147 8028147 142328729 43621719 98707010 19256645 16746601 2510044 4116451 4116451 113361652 BOND FUNDS 9699699 F PRIVATE EQUITY 149912 F EQUITY FUNDS 32649219 F MONEY MARKETS 2461885 F 44960715 CHARITABLE GIFT ANNUITY OBLIGATION 101180 101180 X 42328419 -6929260 -6181329 -13110589 55439008 -277796 -277796 55161212 26231216 277796 277796 25953420 6174219 6174219 32127639 PART V, LINE 4: TO PROVIDE FINANCIAL GRANTS/SCHOLARSHIPS FOR QUALIFYING STUDENTS AND TO PROVIDE FUNDING FOR GENERAL EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONORS' DIRECTIVES. PART X, LINE 2: THE ACADEMY FOLLOWS FASB ASC 740, INCOME TAXES, WHICH 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. THE ACADEMY RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ACADEMY'S TAX POSITIONS AND CONCLUDED THAT THE ACADEMY HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2022 AND 2021. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE UNITED STATES FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2019. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF INCOME TAX EXPENSE IN THE ACCOMPANYING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -6,174,219. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS -7,110. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -253,242. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -24,554. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 253,242. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 24,554. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 6,174,219. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 EXPLANATION OF NONDISCRIMINATION POLICY: 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 MEMBERS' NONDISCRIMINATION POLICY AND LISTING EACH SCHOOL BY NAME. SCHEDULE E, PART I, LINE 6 DURING THE YEAR ENDED JUNE 30, 2022, THE ACADEMY CLAIMED AN EMPLOYEE RETENTION TAX CREDIT (ERTC) IN THE AMOUNT OF $1,541,063 AS PART OF THE CARES ACT. THE PURPOSE OF THE ERTC IS TO GIVE EMPLOYERS A REFUNDABLE TAX CREDIT THAT EQUALS 50% OF THE QUALIFIED WAGES THE EMPLOYER PAYS TO EMPLOYEES AFTER MARCH 12, 2020, AND BEFORE JANUARY 1, 2021. TO CLAIM THE CREDIT, EMPLOYERS MUST HAVE EXPERIENCED ECONOMIC HARDSHIP DUE TO A FULL OR PARTIAL SUSPENSION OF OPERATIONS DUE TO COVID-19, OR A SIGNIFICANT DECREASE IN GROSS CASH RECEIPTS. THE ACADEMY HAS RECORDED THE TOTAL ERTC REFUND AMOUNT AS A COMPONENT OF NON-OPERATING ACTIVITIES ON THE ACCOMPANYING STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2022. AS THE ERTC BALANCE HAS NOT YET BEEN REFUNDED TO THE ACADEMY AS OF JUNE 30, 2022, THE BALANCE IS PRESENTED AS A RECEIVABLE ON THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. MANAGEMENT EXPECTS THE REFUND TO BE RECEIVED IN FULL DURING THE YEAR ENDING JUNE 30, 2023. GOLF OUTING 94035 67402 26633 20402 4152 94035 67402 26633 20402 4152 24554 2079 1 FINANCIAL AID 117 6174219 BOOK ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. PART I, LINE 2: ALL GRANTS ARE BASED ON FINANCIAL NEED. THE ACADEMY UTILIZES THE SERVICES OF A THIRD PARTY TO ANALYZE 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 1 1 X X X X X 0 1 0 0 0 0 0 1 0 RANDY BERTIN TRUSTEE, HEAD OF SCHOOL 343709 0 20000 0 374 0 54121 0 48454 0 466658 0 0 0 CATHERINE POLLOCK ASSOCIATE HEAD OF SCHOOL 210191 0 10000 0 832 0 22597 0 38347 0 281967 0 0 0 PAUL SILVA CFO 244686 0 10000 0 957 0 17530 0 2040 0 275213 0 0 0 EDWARD KIRK DIR. MASTER PLANNING/ENGINEERING 151687 0 0 0 867 0 9690 0 24724 0 186968 0 0 0 JENNIFER VIANA DIRECTOR OF ATHLETICS 112243 0 0 0 128 0 9063 0 31181 0 152615 0 0 0 PART I, LINE 1A 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. THE HEAD OF SCHOOL, ASSOCIATE HEAD OF SCHOOL, AND DIRECTOR OF ATHLETICS. THIS BENEFIT IS NONTAXABLE TO THE NOTED EMPLOYEES AND ARE REPORTED UNDER FORM 990, PART VII, COL. F AND SCH. J, PART II, COL. D. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. PART I, LINE 4B CUSHING ACADEMY HAS ESTABLISHED A DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) FOR THE HEAD OF SCHOOL. THE ORGANZATION ON THE LAST DAY OF EACH FISCAL YEAR DURING THE INITIAL TERM OF THIS AGREEMENT (WHICH BEGINS JULY 1, 2018 AND ENDS ON JUNE 30, 2023) DURING WHICH DR. BERTIN IS EMPLOYED AS HEAD, THE ACADEMY SHALL CREDIT HIS ACCOUNT UNDER THE SECTION 457(F) PLAN WITH A NOTIONAL CONTRIBUTION. ALL NOTIONAL CONTRIBUTIONS TO THE SECTION 457(F) PLAN SHALL FULLY VEST ON JULY 1, 2023, SUBJECT TO THE HEAD'S CONTINUED EMPLOYMENT THROUGH THE INITIAL TERM (I.E., THROUGH JUNE 30, 2023) BUT WITHOUT REGARD TO WHETHER OR NOT THERE ARE ANY SUCCESSIVE TERMS UNDER THE AGREEMENT. THE AMOUNT THE ORGANIZATION HAS CONTRIBUTED TO THIS SECTION 457(F) PLAN IN CALENDAR YEAR 2021 IS $20,000 AND IT IS REPORTED IN PART II, COLUMN (C). PART I, LINE 7 THE HEAD OF SCHOOL'S BONUS IS PURSUANT TO HIS EMPLOYMENT CONTRACT WITH THE FINAL BONUS AMOUNT DETERMINED AT THE BOARD'S DISCRETION EACH YEAR. THE BONUS FOR CFO & ASSOCIATE HEAD OF SCHOOL IS DETERMINED AT THE DISCRETION OF THE BOARD. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583F4G3 2019-05-01 19200000 REFINANCE SERIES 2004 0 0 0 A 2375053 19200000 199750 25701764 19000250 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 11: OTHER SPENT PROCEEDS INCLUDE $18,253,170 USED TO REDEEM THE SERIES 2004 BONDS, $47,080 TO PAY THE ISSUER'S ADMINISTRATIVE FEE AND $700,000 TO PAY A SWAP TERMINATION FEE RELATING TO THE SERIES 2004 BONDS. X 1156 151881 FMV X HOCKEY SKATE SHARPENER & MISC. 7 2625 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY SENIOR MANAGEMENT. IN ADDITION TO THE REVIEW BY SENIOR MANAGEMENT, A DRAFT COPY OF THE FORM 990 IS MADE AVAILABLE TO THE MEMBERS OF THE GOVERNING BODY FOR REVIEW PRIOR TO ITS FILING. 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 THE BOARD PERIODICALLY CONTRACTS WITH CONSULTANTS THAT REVIEW PEER SCHOOLS 990'S, CONDUCT SURVEYS, REVIEWS OTHER PUBLIC INFORMATION AND REPORT THEIR FINDING TO THE BOARD. THIS REVIEW WAS LAST PERFORMED IN FALL OF 2021. IN THE INTERIM YEARS THE COMPENSATION COMMITTEE (AN AD HOC COMMITTEE OF THE BOARD) REVIEWS PEER SCHOOLS 990'S AND OTHER AVAILABLE DATA. 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 THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT -7,110.