2023-05-12T16:01:16-05:00 2021-06-30 020476956 TYLER SIMMS & ST SAUVEUR CPAS PLLC 19 MORGAN DRIVE LEBANON NH 03766 990 2020-07-01 030350587 THE SHARON ACADEMY SHAR 8027632500 P O BOX 207 SHARON VT 05065 MARY NEWMAN HEAD OF SCHOOL 8027632500 2023-05-02 1 MARY NEWMAN 999009999 JAMES N GODFREY CPA P00913422 6036530044 2023-05-02 2 AAL1 IAL1 2020 2023-04-26 12:10:37Z X MARY NEWMAN P O BOX 207 SHARON VT 05065 3823832 0 X WWW.SHARONACADEMY.ORG X 1996 VT EDUCATION GRADES 7-12 14 14 64 75 0 0 334888 1034827 2602248 2631945 28288 44888 -1957 -1748 2963467 3709912 26555 48699 0 0 2282550 2207965 0 0 107172 730768 646319 3039873 2902983 -76406 806929 4274782 4760404 1076713 583853 3198069 4176551 X THE SHARON ACADEMY IS AN INDEPENDENT MIDDLE AND HIGH SCHOOL WHERE STUDENTS ARE KNOWN, VALUED, AND CHALLENGED. THE MISSION OF THE SHARON ACADEMY IS TO NURTURE INTELLIGENT, INDEPENDENT, AND CREATIVE THINKING IN A SMALL SCHOOL COMMUNITY, AWAKENING STUDENTS TO THEIR IMMENSE POTENTIAL AND THE DIFFERENCE THEY CAN MAKE IN THE WORLD. 0 0 2209380 48699 2631945 THE SHARON ACADEMY (TSA) CAN BEST BE DESCRIBED AS A TOWN ACADEMY IN RURAL SHARON, VT, THAT OFFERS THE MANY ADVANTAGES OF A SMALL SCHOOL ENVIRONMENT. FOUNDED IN 1996, TSA IS AN INDEPENDENT MIDDLE SCHOOL AND HIGH SCHOOL WITH A TOTAL DAY STUDENT POPULATION OF APPROXIMATELY 160. STUDENTS COME FROM 20 SURROUNDING TOWNS AND 85% OF OUR STUDENT BODY IS PUBLICLY FUNDED. WE EMPHASIZE ACADEMIC RIGOR, PERSONAL RESPONSIBILITY, INDEPENDENT LEARNING, ACCESS TO AUTHENTIC LEADERSHIP OPPORTUNITIES, TEAMWORK, AND COMMUNICATION SKILLS ACROSS THE CURRICULUM. OUR HYBRID OF PUBLIC AND PRIVATE EDUCATION SETS HIGH ACADEMIC STANDARDS. THE GOAL AT TSA IS TO HELP STUDENTS DEEPEN THEIR INTELLECTUAL, ETHICAL, EMOTIONAL, ARTISTIC, AND PHYSICAL SELVES. HERE WE VALUE ALL STUDENTS AS THEY DEFINE THEMSELVES AND WILL CHALLENGE EACH STUDENT TO MEET THEIR POTENTIAL THROUGH THE DISCOVERY OF NEW IDEAS, SKILLS, AND POINTS OF VIEW. STUDENTS ARE EXPLICITLY TAUGHT TO FIND THEIR VOICE AND TO ADVOCATE FOR THEMSELVES. THE MISSION OF THE SHARON ACADEMY IS TO NURTURE INTELLIGENT, INDEPENDENT, AND CREATIVE THINKING IN A SMALL SCHOOL COMMUNITY, AWAKENING STUDENTS TO THEIR IMMENSE POTENTIAL AND THE DIFFERENCE THEY CAN MAKE IN THE WORLD. FOR MORE INFORMATION VISIT: SHARONACADEMY.ORG 2209380 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 8 0 1 64 1 0 0 0 0 0 1 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X MARY NEWMAN 8027632500 PO BOX 207 SHARON VT 05065 JOHN ROE PRESIDENT 5.00 X X 0 0 0 EDIE FARWELL SECRETARY 1.00 X 0 0 0 STEPHEN FARRINGTON TREASURER/TRUSTEE 1.00 X X 0 0 0 SPERRY WILSON VICE PRESIDENT 1.00 X X 0 0 0 TULIO BROWNING TRUSTEE 1.00 X 0 0 0 ALAN DONOHUE TRUSTEE - UNTIL SEPTEMBER 2020 1.00 X 0 0 0 REBECCA FOULK TRUSTEE 1.00 X 0 0 0 DEE GISH TRUSTEE 1.00 X 0 0 0 JULIE GROPPE TRUSTEE 1.00 X 0 0 0 CINDY HALE TRUSTEE 1.00 X 0 0 0 DAN HUDNUT TRUSTEE 1.00 X 0 0 0 PHILIP LAPP TREASURER/TRUSTEE 1.00 X X 0 0 0 WENDY PALTHEY TRUSTEE 1.00 X X 0 0 0 TANYA SWETT TRUSTEE 1.00 X 0 0 0 MICHAEL LIVINGSTON HEAD OF SCHOOL 60.00 X 62372 0 5738 MARY NEWMAN HEAD OF SCHOOL 60.00 X 80810 0 17433 143182 0 23171 0 0 0 0 0 9368 367920 657539 22635 1034827 TUITION & FEES 611710 2502248 2502248 PROGRAM REVENUES 611710 129697 129697 2631945 24000 24000 133060 111893 279 21167 -279 20888 20888 0 9368 1748 -1748 -1748 3709912 2631945 0 43140 48699 48699 121305 103109 18196 1655496 1236529 359313 59654 33528 24995 7308 1225 266995 199740 57744 9511 130641 98382 27832 4427 11572 8100 3472 26574 26574 4605 4605 1639 1639 104962 97146 4917 2899 37 37 15551 15551 18174 16821 851 502 101711 94138 4764 2809 32968 30513 1544 911 SUPPLIES 94981 71528 20235 3218 TRANSPORTATION 70495 70495 BOOKS AND PROGRAM 61671 61671 DEVELOPMENT COSTS 31340 9926 21414 70039 47477 21960 602 2902983 2209380 586431 107172 902130 1177359 174650 89170 48835 48228 4004753 1843973 2074214 2160780 1074953 1284867 4274782 4760404 194477 227817 5118 0 877118 356036 1076713 583853 X 2707090 2842406 490979 1334145 3198069 4176551 4274782 4760404 806929 171553 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 312226 86874 0 399100 318313 11913 18000 312226 313804 13509 9000 318313 307780 18024 12000 313804 289199 35825 17244 307780 0.48573 0.29538 0.21889 0 0 317940 317940 2569407 1116059 1453348 453260 324826 128434 473520 403088 70432 190626 190626 2160780 X 3829909 171553 1748 173301 3656608 4605 48699 53304 3709912 2851427 1748 1748 2849679 4605 48699 53304 2902983 PART V, LINE 4: THE ACADEMY'S ENDOWMENT CONSISTS OF GIFTS RESTRICTED BY DONORS AND GENERAL ASSETS WITHOUT RESTRICTIONS DESIGNATED BY MANAGEMENT AND THE BOARD OF TRUSTEES AS SPECIAL PURPOSE FUNDS FOR LONG-TERM SUPPORT OF THE ACADEMY'S ACTIVITIES, TOGETHER WITH THE ACCUMULATED INVESTMENT RETURN ON THESE ASSETS. THE ACADEMY FOLLOWS VERMONT STATE STATUES, SPECIFICALLY THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA) AND ITS OWN GOVERNING DOCUMENTS, IN PARTICULAR THE TSA INVESTMENT POLICY. THE ACADEMY CLASSIFIES AS NET ASSETS WITH PERPETUAL DONOR RESTRICTIONS (A) THE ORIGINAL VALUE OF THE GIFTS DONATED TO THE PERPETUAL ENDOWMENT, (B) THE ORIGINAL AMOUNT OF SUBSEQUENT GIFTS TO THE PERPETUAL ENDOWMENT AND (C) ACCUMULATIONS TO THE PERPETUAL ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME ACCUMULATION IS ASSESSED TO THE FUND. THE ACADEMY HAS ADOPTED THE TSA INVESTMENT POLICY, WHICH SPECIFIES INVESTMENT AND SPENDING GUIDELINES FOR INSTITUTIONAL INVESTMENTS, INCLUDING ENDOWMENT FUND ASSETS. THE TSA INVESTMENT POLICY STATES, WITH RESPECT TO THE TSA ENDOWMENT FUND: "THE PRIMARY OBJECTIVES TO CONSIDER WHEN INVESTING THE ENDOWMENT FUND ARE LONG TERM GROWTH IN FUND ASSETS AND THE GENERATION OF INCOME TO SUPPORT ENDOWMENT PURPOSES AND PRESERVE ENDOWMENT PURCHASING POWER." IT FURTHER SPECIFIES: "AN ANNUAL DRAW FROM THE ENDOWMENT FUND SHALL SUPPORT SCHOOL OPERATIONS", BEING NO MORE THAN THE LESSER OF 3.00% OF THE ENDOWMENT FUND AS OF (I) DECEMBER 31 OR (II) MARCH 31 OF THE FISCAL YEAR. ANY OTHER DRAW FROM THE ENDOWMENT FUND SHALL REQUIRE A BOARD VOTE." TO SATISFY ITS LONG-TERM INVESTMENT OBJECTIVES, THE INVESTMENT POLICY OUTLINES A TOTAL RETURN STRATEGY FOR THE ENDOWMENT IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE INVESTMENT POLICY ESTABLISHES A DIVERSIFIED ASSET ALLOCATION, WITH TARGET ALLOCATION RANGES FOR U.S. DOMESTIC STOCKS, INTERNATIONAL STOCKS, REAL ESTATE INVESTMENTS TRUSTS, FIXED INCOME AND CASH. PART X, LINE 2: EFFECTIVE JULY 1, 2009, THE ACADEMY ADOPTED THE PROVISIONS OF ACCOUNTING STANDARDS CODIFICATION SUBTOPIC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. SUBTOPIC 740-10 ADDRESSES THE ACCOUNTING UNCERTAINTY OF INCOME TAXES RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS AND PRESCRIBES A THRESHOLD OF "MORE-LIKELY-THAN-NOT" FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. SUBTOPIC 740-10 ALSO PROVIDES GUIDANCE ON MEASUREMENT CLASSIFICATION, INTEREST AND PENALTIES AND DISCLOSURE. THE ACADEMY HAS DETERMINED THAT THE PROVISIONS OF SUBTOPIC 740-10 DO NOT HAVE A MATERIAL EFFECT ON THE ACADEMY'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE 1,748. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 48,699. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE 1,748. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 48,699. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISING FOR TEACHING POSITIONS INDICATE SHARON ACADEMY IS AN EQUAL OPPORTUNITY EMPLOYER. STUDENT ENROLLMENT FORMS INCLUDE STATEMENT THAT THE ACADEMY IS RACIALLY NONDISCRIMINATORY. SCHEDULE E, PART I, LINE 6 TUITION FOR MANY STUDENTS IS PAID BY THEIR LOCAL SCHOOL DISTRICT. GALA FUNDRAISER 9368 9368 9368 9368 1 FINANCIAL AID 30 48699 FMV THE ACADEMY IMMEDIATELY APPLIES THE NEED-BASED GRANT AWARD TO THE TUITION BALANCE. THE NAME AND ADDRESSES OF THE RECIPIENTS ARE AVAILABLE AT THE ACADEMY'S BUSINESS OFFICE. PART I, LINE 2: THE ACADEMY IMMEDIATELY APPLIES THE NEED-BASED GRANT AWARD TO THE TUITION BALANCE. CARL GROPPE SPOUSE OF TRUSTEE 58122 CARL GROPPE IS EMPLOYED BY THE ACADEMY AS THE IT DIRECTOR AND IS ALSO THE SPOUSE OF A MEMBER OF THE BOARD OF TRUSTEES. 0 CATHERINE FARRINGTON SPOUSE OF TRUSTEE 3809 CATHERINE FARRINGTON IS EMPLOYED BY THE ACADEMY AS AN ADMINISTRATIVE ASSISTANT AND IS ALSO THE SPOUSE OF A MEMBER OF THE BOARD OF TRUSTEES. 0 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS THE FORM 990 FOR ACCURACY AND APPROVES IT BEFORE ITS FILING DEADLINE. THE FINANCE COMMITTEE THEN REPORTS ITS FINDINGS ON THE FORM 990 TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE BOARD OF TRUSTEES PROVIDE THE CHAIRPERSON WITH A LIST OF BUSINESSES AND NONPROFIT ORGANIZATIONS WITH WHICH EACH INDIVIDUAL IS AFFILIATED. IT IS THE RESPONSIBILITY OF ALL TRUSTEES TO DISCLOSE ANY DISQUALIFYING RELATIONSHIP WITH ANY PROPOSED TRANSACTIONS AND TO ABSTAIN FROM DISCUSSING, VOTING ON, OR OTHERWISE ATTEMPTING TO INFLUENCE THE DECISION ON THE PROPOSED ACTION. THE TRUSTEES MAY PROVIDE INFORMATION IF REQUESTED TO DO SO. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE SALARY FOR THE HEAD OF SCHOOL. THE HEAD OF SCHOOL DETERMINES THE SALARIES FOR ALL OTHER EMPLOYEES. FACULTY SALARIES AT INITIAL HIRING ARE GUIDED BY A MATRIX THAT TAKES INTO ACCOUNT EDUCATION AND YEARS OF EXPERIENCE. ANNUAL SALARY INCREASES ARE RECOMMENDED BY THE HEAD OF SCHOOL TO THE BOARD OF TRUSTEES FOR APPROVAL. TRADITIONALLY THOSE RECOMMENDATIONS HAVE BEEN MADE FOR FACULTY AND STAFF AS WHOLE GROUPS, RATHER THAN ON THE INDIVIDUAL LEVEL. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FORM 990 IS ALSO AVAILABLE AT WWW.GUIDESTAR.ORG. AMENDED RETURN EXPLANATIONS: PART VIII, LINE 3 - INVESTMENT INCOME AMENDED TO REFLECT CORRECT AMOUNT AFTER ADJUSTMENT FOR UNREALIZD GAINS PART VIII, LINES 7A & 7B COLUMN (I) - UPDATED TO REFLECT GROSS PROCEEDS AND COST BASIS PER INVESTMENT BROKER STATEMENTS PARTS XI, LINE 5 AND SCHEDULE D, PART XI, LINE 2A - NET UNREALIZED GAINS (LOSSES) ON INVESTMENTS WAS INADVERTENTLY REFLECTED AS A LOSS INSTEAD OF A GAIN, UPDATED TO REFLECT UNREALIZED GAIN