2022-02-21T09:07:45-06:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2020-07-01 042620156 FALMOUTH ACADEMY INC FALM 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 CARMEN DISANTO DIRECTOR OF FINANCE & OPERATIONS 5084579696 2022-02-14 1 CARMEN DISANTO 999009999 LAURA J KENNEY P00202198 6177170831 2022-02-14 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z CARMEN DISANTO 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 9147809 0 X FALMOUTHACADEMY.ORG X 1977 MA HARNESSING THE POWER OF INSPIRED LEARNING IN A WORLD-RENOWNED SCIENTIFIC AND VIBRANT ARTISTIC COMMUNITY, FALMOUTH ACADEMY EMBOLDENS EACH STUDENT TO TAKE CREATIVE AND INTELLECTUAL RISKS TO CONFIDENTLY ENGAGE THE CHALLENGES OF OUR TIMES. 18 16 76 43 0 0 433443 1380358 7095465 7388371 426764 165794 94445 -35802 8050117 8898721 1422560 1603016 0 0 4415873 4779230 0 0 336725 1828654 1771762 7667087 8154008 383030 744713 21996808 24013781 1938560 1677405 20058248 22336376 HARNESSING THE POWER OF INSPIRED LEARNING IN A WORLD-RENOWNED SCIENTIFIC AND VIBRANT ARTISTIC COMMUNITY, FALMOUTH ACADEMY EMBOLDENS EACH STUDENT TO TAKE CREATIVE AND INTELLECTUAL RISKS TO CONFIDENTLY ENGAGE THE CHALLENGES OF OUR TIMES. 0 0 5899876 1603016 7394837 THE ACADEMY'S PRIMARY MISSION IS THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. DURING THE CURRENT YEAR THE ACADEMY HAD ENROLLED 224 STUDENTS. 5899876 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 23 0 1 76 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 16 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X CARMEN DISANTO 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 02540 MATTHEW GREEN HEAD OF SCHOOL 40.00 X 255921 0 37202 CARMEN DISANTO DIR. OF FINANCE & OPERATIONS 40.00 X 120862 0 22729 PAMELA HINKLE DIRECTOR OF DEVELOPMENT 40.00 X 108621 0 10241 JOHN HEYL TRUSTEE 2.00 X 0 0 0 LAURA RYAN SHACHOY TRUSTEE 2.00 X 0 0 0 SCOTT BROWN TRUSTEE 2.00 X 0 0 0 SHEILA GIANCOLA TRUSTEE 2.00 X 0 0 0 MINDY TODD TRUSTEE 2.00 X 0 0 0 ANDREW BOWEN TRUSTEE 2.00 X 0 0 0 ROBERT MUNIER TRUSTEE 2.00 X 0 0 0 ANDREW KINGMAN TRUSTEE 2.00 X 0 0 0 NICHOLAS LOWELL TRUSTEE 2.00 X 0 0 0 BETH COLT TRUSTEE 2.00 X 0 0 0 MEGAN ENGLISH BRAGA TRUSTEE 2.00 X 0 0 0 MEGAN STARR TRUSTEE A/O 09/2020 2.00 X 0 0 0 LUKE MCCABE TRUSTEE A/O 05/2021 2.00 X 0 0 0 RICHARD HEYWOOD TRUSTEE A/O 05/2021 2.00 X 0 0 0 JOAN O HOLDEN TRUSTEE/SECRETARY A/O 06/2021 2.00 X X 0 0 0 HENRIK GULMANN TRUSTEE/TREASURER A/O 06/2021 2.00 X X 0 0 0 ANN EGAN TRUSTEE/VICE PRESIDENT 2.00 X X 0 0 0 JOSEPH VALLE TRUSTEE/BOARD CHAIR 2.00 X X 0 0 0 COLLEEN C JOHNS TRUSTEE/SECRETARY THRU 05/2021 2.00 X X 0 0 0 CYNTHIA FELDMANN TRUSTEE/TREASURER THRU 05/2021 2.00 X X 0 0 0 485404 0 70172 3 0 1 0 LUCINI BUS LINES 900 ELM STREET BRIDGEWATER MA 02324 BUS COMPANY 121210 1 109517 579100 691741 103454 1380358 TUITION AND FEES 611600 7256347 7256347 AUXILIARY INCOME 611600 132024 132024 7388371 5724 5724 475 0 475 475 475 331845 171775 160070 160070 160070 34570 109517 77313 -42743 -42743 MISCELLANEOUS INCOME 611600 6466 6466 6466 8898721 7394837 0 123526 1603016 1603016 412910 360874 52036 3141974 2089979 878321 173674 227775 156126 59754 11895 748252 466737 236574 44941 248319 148679 84155 15485 5199 5199 24800 24800 26974 26974 13700 13700 37963 37963 109943 61816 19304 28823 44117 44117 69468 69468 274870 274870 4000 4000 517028 491177 20681 5170 134502 127777 5380 1345 REPAIRS AND MAINTENANCE 169673 161189 6787 1697 COVID EXPENSES 79588 51732 27856 DEPARTMENTAL EXPENSES 75631 75631 INSTRUCTION EXPENSE 40979 40979 143327 38737 102931 1659 8154008 5899876 1917407 336725 994073 521643 1880507 2669203 26250 4250 21056 27445 53610 99248 17639009 6407919 10935451 11231090 8085861 9460902 21996808 24013781 558709 706384 1379851 971021 1938560 1677405 X 15668724 17054018 4389524 5282358 20058248 22336376 21996808 24013781 744713 1533415 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8085815 40040 1666846 331799 9460902 8342337 19343 161768 437633 8085815 7913107 105208 554176 230154 8342337 7557014 107132 564956 315995 7913107 6650774 329185 781108 204053 7557014 0.45329 0.31592 0.23079 0 0 250600 250600 14628593 4920981 9707612 939528 581197 358331 1361781 624423 737358 458507 281318 177189 11231090 8802146 1533415 1533415 7268731 26974 1603016 1629990 8898721 6524018 0 6524018 26974 1603016 1629990 8154008 PART V, LINE 4: THE ACADEMY'S ENDOWMENT CONSISTS OF APPROXIMATELY 5 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENT. AS REQUIRED BY US GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENT ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE ACADEMY HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A REASONABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE ENDOWMENT ASSETS ARE INVESTED WITH AN OBJECTIVE OF PRESERVING THE LONG-TERM, REAL PURCHASING POWER OF THE ASSETS WHILE PROVIDING A RELATIVELY PREDICTABLE AND GROWING STREAM OF ANNUAL DISTRIBUTION IN SUPPORT OF THE INSTITUTION. THE ENDOWMENT IS INVESTED IN A BALANCED PORTFOLIO OF EQUITIES AND FIXED INCOME INVESTMENTS. THE ACADEMY HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AN AMOUNT THAT CONSIDERS THE DISTRIBUTION IN RELATION TO THE TOTAL PERCENTAGE OF THE ENDOWMENT, AS WELL AS THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AID 1,603,016. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AID 1,603,016. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICY IS POSTED ON FALMOUTH ACADEMY'S WEBSITE HOMEPAGE. SCHEDULE E, PART I, LINE 6 DURING FISCAL YEAR ENDED JUNE 30, 2020 THE SCHOOL RECEIVED A PAYCHECK PROTECTION PLAN LOAN FORGIVENESS GRANTED BY THE U.S. DEPARTMENT OF TREASURY THROUGH THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT (CARES ACT). THE LOAN WAS FORGIVEN DURING FISCAL YEAR 2021. ANNUAL AUCTION 144087 109517 34570 77313 144087 109517 34570 77313 77313 -42743 1 FINANCIAL AID 119 1603016 PART I, LINE 2: FINANCIAL AID GRANTS ARE APPLIED TO EACH INDIVIDUAL STUDENT'S ACCOUNT AS A REDUCTION IN THE TUITION BALANCE. ONCE THE PARENT/GUARDIAN ACCEPTS THE GRANT, THE WRITTEN DOCUMENT IS SIGNED BY THE PARENT/GUARDIAN AND THE SCHOOL. THE FIRST HALF OF THE FINANCIAL AID IS GIVEN TO THE STUDENT IN AUGUST AND THE SECOND HALF IS GIVEN IN DECEMBER. THE AMOUNT THE STUDENT HAS ACCEPTED IS TRACKED THROUGHOUT THE YEAR. FALMOUTH ACADEMY OFFERS THREE PAYMENT PLANS: PAYMENT IN FULL, TWO PAYMENTS IN JULY AND DECEMBER, OR MONTHLY JULY-APRIL. FINANCIAL AID IS SPREAD ACROSS THE PAYMENT PLAN ACCORDINGLY. FORM 990, SCHEDULE I, PART III, LINE A FINANCIAL AID IS DETERMINED BY THE FAMILY'S NEED. FALMOUTH ACADEMY USES SCHOOL AND STUDENT SERVICES BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (SSS BY NAIS) AS A BENCHMARK. THE FAMILY FILLS OUT A PERSONAL FINANCIAL STATEMENT AND UPLOADS TAX INFORMATION WITH THEIR APPLICATION THROUGH SSS BY NAIS. A COMMITTEE CONSISTING OF ADMISSIONS, THE BUSINESS MANAGER, HEAD OF SCHOOL AND FACULTY MEMBERS REVIEW THE APPLICATIONS AND OFFER ASSISTANCE BASED ON NEED. X 1 1 X 0 0 0 0 0 0 0 1 0 MATTHEW GREEN HEAD OF SCHOOL 205921 0 20000 0 30000 0 19558 0 17644 0 293123 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL RECEIVES A HOUSING ALLOWANCE. THE HOUSING ALLOWANCE IS INCLUDED IN HIS FORM W-2. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BONUS WHICH WAS DETERMINED BY THE BOARD OF TRUSTEES. THE DIRECTOR OF FINANCE AND OPERATIONS RECEIVED A BONUS WHICH WAS DETERMINED BY THE HEAD OF SCHOOL. 28535 FINANCIAL AID EDUCATION X 6 32307 FMV AT DONATION X AUCTION ITEMS 197 71147 FMV AT DONATION 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS FOR "AUCTION ITEMS" REPRESENTS THE NUMBER OF ITEMS DONATED. THE NUMBER OF CONTRIBUTIONS FOR SECURITIES-PUBLICLY TRADED REPRESENTS THE NUMBER OF INDIVIDUALS WHO DONATED SECURITIES. FORM 990, PART VI, SECTION A, LINE 4 THE BY-LAWS WERE UPDATED TO REFLECT THE FOLLOWING CHANGES: -INCREASE THE MAXIMUM NUMBER OF TRUSTEES FROM 21 TO 25 -THE INVESTMENT COMMITTEE WAS ADDED AS A STANDING COMMITTEE -CLARIFY PRACTICE THAT THE EXECUTIVE COMMITTEE ACTS ON BEHALF OF THE BOARD IN BETWEEN MEETINGS AND REPORTS ANY ACTIONS TO THE BOARD THAT IT HAS TAKEN ON IMMINENT OR EMERGENT MATTERS, AND AMENDED LANGUAGE PER RECOMMENDATION OF OUTSIDE COUNSEL REGARDING INDEMNIFICATION OF TRUSTEES AND OFFICERS -INDEMNIFICATION UPON BOARD REVIEW OF THE MATTER AND A MAJORITY VOTE THAT THE TRUSTEE WAS DETERMINED TO BE ACTING IN GOOD FAITH IN THE REASONABLE BELIEF THAT THEIR ACTION WAS IN THE BEST INTERESTS OF THE SCHOOL. CURRENT LANGUAGE EXCLUDES INDEMNIFICATION FOR A TRUSTEE WHERE THAT TRUSTEE HAS BEEN FULLY ADJUDICATED TO HAVE NOT ACTED IN GOOD FAITH -THE MISSION STATEMENT WAS INCORPORATED INTO THE BYLAWS FORM 990, PART VI, SECTION B, LINE 11B ONCE THE FORM 990 IS PREPARED, IT IS SCHEDULED FOR DISCUSSION AT THE NEXT FINANCE COMMITTEE MEETING. THE FINANCE COMMITTEE WILL REVIEW AND APPROVE THE RETURN FOR FILING. COPIES OF THE FORM 990 WILL THEN BE PROVIDED TO THE TRUSTEES FOR APPROVAL BEFORE FILING. THE FORM 990 IS THEN SIGNED BY THE AUTHORIZED INDIVIDUAL. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL'S CONFLICT OF INTEREST POLICY APPLIES TO ALL TRUSTEES OF THE BOARD, OFFICERS AND KEY EMPLOYEES. EACH INDIVIDUAL MUST DISCLOSE ANNUALLY ANY POTENTIAL CONFLICTS. THE COMMITTEE OF TRUSTEES REVIEWS EACH PROPOSED TRANSACTION THAT MIGHT GIVE RISE TO A CONFLICT. IF A CONFLICT IS DETERMINED TO EXIST, THE INDIVIDUAL WILL DISCLOSE ALL MATERIAL FACTS AT THE BOARD MEETING AND THEN LEAVE THE MEETING WHILE THE CONFLICT IS DISCUSSED AND VOTED UPON. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES MEETS ON AN ANNUAL BASIS TO EVALUATE THE HEAD OF SCHOOL'S PERFORMANCE. THE BOARD CHAIR, FINANCE CHAIR AND EXECUTIVE COMMITTEE NEGOTIATE THE COMPENSATION FOR THE HEAD OF SCHOOL AND AN ATTORNEY REVIEWS THE AGREEMENT TO MAKE SURE THE CONTRACT DOES NOT VIOLATE ANY LAWS. THE DELIBERATION AND DECISIONS ARE DOCUMENTED. THIS PROCESS WAS LAST FOLLOWED IN JUNE 2021 TO SET THE COMPENSATION FOR THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.