2022-05-16T11:03:14-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2020-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JULAINE MCINNIS CHIEF FINANCIAL/OPERATIONS OFFICER 7816642519 2022-05-12 1 JULAINE MCINNIS 999009999 JOHN TOSCANO P00358542 8605614000 2022-05-11 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z THAYER ACADEMY JULAINE MCINNIS 745 WASHINGTON STREET BRAINTREE MA 02184 114579713 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. 21 21 268 21 22570 6586 3707508 6732883 37468266 36428193 3043444 30766276 284090 141119 44503308 74068471 6886906 7742638 0 0 21206951 20881992 12985 0 1291349 12068945 13818924 40175787 42443554 4327521 31624917 129204584 161523903 49999966 66059075 79204618 95464828 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 30520017 7742638 36299603 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. THE ACADEMY HAD 697 STUDENTS ENROLLED THIS YEAR. 2900680 146740 SUMMER PROGRAM OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (IE ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 695444 41550 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 34116141 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 0 0 0 1 85 0 1 268 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 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 MELISSA TEARNEY VICE-CHAIR 2.00 X X 0 0 0 LEIGH SCHWARTZ SECRETARY 2.00 X X 0 0 0 ELAINE DELUCA TREASURER 2.00 X X 0 0 0 DANYA ABRAMS TRUSTEE 2.00 X 0 0 0 DONAVAN BROWN TRUSTEE 2.00 X 0 0 0 JAMES CASHMAN TRUSTEE 2.00 X 0 0 0 JAMES COUGHLIN TRUSTEE 2.00 X 0 0 0 GUY DANIELLE TRUSTEE 2.00 X 0 0 0 ROBERT DEMARCO TRUSTEE 2.00 X 0 0 0 SEAN DOHERTY TRUSTEE 2.00 X 0 0 0 JOSEPH FARMER TRUSTEE 2.00 X 0 0 0 KEVIN GILL TRUSTEE 2.00 X 0 0 0 JENNIFER HAVLICEK TRUSTEE 2.00 X 0 0 0 KATHRYN M HORGAN TRUSTEE 2.00 X 0 0 0 ALLISON KENT TRUMBULL TRUSTEE 2.00 X 0 0 0 GREG LALLY TRUSTEE 2.00 X 0 0 0 BRENDA LYONS TRUSTEE 2.00 X 0 0 0 BRENDAN MCDONOUGH TRUSTEE 2.00 X 0 0 0 MICHAEL MCNALLY TRUSTEE 2.00 X 0 0 0 MAUREEN PACE TRUSTEE 2.00 X 0 0 0 WILLIAM T KOSKORES HEAD OF SCHOOL 40.00 X 1032887 0 88539 JULAINE MCINNIS CFO / COO / ASST. TREASURER 40.00 X 230133 0 45579 MELISSA FORGER DIRECTOR OF DEVELOPMENT 40.00 X 194407 0 100654 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 40.00 X 155043 0 97610 JONATHAN WHITE DIRECTOR OF ADMISSIONS 40.00 X 149235 0 46114 JOANNA GILMAN CHIEF MARKETING/COMMUNICATIONS OFCR 40.00 X 146552 0 114300 THERESA JAY CHIEF INFORMATION OFFICER 40.00 X 141684 0 14990 2049941 0 507786 21 0 1 0 PAGE BUILDING CONSTRUCTION CORP STOUGHTON STOUGHTON MA 020721111 CONSTRUCTION 2078821 ECK MACNEELY ARCHITECTS INC BOSTON BOSTON MA 02118 CONSTRUCTION 402659 MARTIN TECHNICAL SERVICES DUXBURY DUXBURY MA 02332 IT SERVICES 349784 JOSEPH INGLE BUS SERVICE INC HANOVER HANOVER MA 02339 BUS TRANSPORTATION 336367 L C ANDERSON INC BOSTON BOSTON MA 021351103 HVAC SERVICES 313391 27 45262 3410350 3277271 287957 6732883 TUITION & FEES 611600 36239903 36239903 YOUTH & SUMMER PROGRAMS 611710 146740 146740 TRANSPORTATION 480000 41550 41550 36428193 37713 22570 15143 252573 124909 127664 127664 127664 70990313 16517 40278267 0 30712046 16517 30728563 30728563 15397 45262 45591 -30194 -30194 46424 62475 -16051 -16051 59700 59700 59700 74068471 36471842 22570 30841176 7742638 7742638 1522676 494605 780769 247302 111830 111830 14069073 11396062 2112200 560811 750246 635105 164839 -49698 3254278 2857170 368039 29069 1173889 890301 227533 56055 294440 294440 40583 40583 96621 96621 300820 83876 158613 58331 426354 133440 292914 2278013 2186892 45561 45560 1801 1400 401 35882 15524 20341 17 979192 979192 3881899 3726623 77638 77638 COVID EXPENSES 1599285 1599285 INSTRUCTIONAL 765947 765947 SUPPLIES 723250 571660 68372 83218 EQUIPMENT RENTAL AND MA 676819 660713 8053 8053 1718018 974993 680263 62762 42443554 34116141 7036064 1291349 732870 2714 8420303 7243777 1978754 1678232 173981 18844393 2842530 2882778 129328 72584 539495 645105 120946029 52467899 66263709 68478130 3582726 0 43492740 60345309 1048148 1330881 129204584 161523903 4561371 3577968 10095084 30865067 25444141 27178296 9899370 4437744 49999966 66059075 X 48446469 57728988 30758149 37735840 79204618 95464828 129204584 161523903 X 31624917 -17891881 2527175 X 0 1 X 1 0 X 1860445 2165582 4428585 3707508 6732883 18895003 1860445 2165582 4428585 3707508 6732883 18895003 837020 18057983 1009541 973549 1210702 675269 267716 4136777 22570 22570 53143 139947 69476 64737 15397 342700 23397050 178784306 0.77180 0.70780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING PROCEEDS - 2016 AMOUNT: $ 44,800. 2017 AMOUNT: $ 139,947. 2018 AMOUNT: $ 69,476. 2019 AMOUNT: $ 64,737. 2020 AMOUNT: $ 15,397. MISCELLANEOUS - 2016 AMOUNT: $ 8,343. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47400247 2069047 12745337 814845 1100295 60299491 48404430 72045 830587 353310 1553505 47400247 46189083 473720 3591367 1041292 808448 48404430 43788237 519980 3880865 1117289 882710 46189083 43029007 206249 5490344 1110197 3827166 43788237 0.44682 0.55318 0.00000 0 0 25729508 25729508 79404724 45255232 34149492 12656329 7212667 5443662 3155468 3155468 68478130 EQUITY INVESTMENTS 34234408 F FIXED INCOME INVESTMENTS 22804585 F PARTNERSHIP INVESTMENTS 3306316 F 60345309 CAPITAL LEASE OBLIGATION 461209 FAIR VALUE OF INTEREST RATE SWAP 3821417 OTHER LIABILITIES 155118 4437744 50972547 -17891881 -5215488 -23107369 74079916 96621 -108066 -11445 74068471 34712337 108066 108066 34604271 96621 7742663 7839284 42443555 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 2,244,442. BENEFICIAL INTEREST IN PERPETUAL TRUST 282,733. FINANCIAL AID AND TUITION REMISSION -7,742,638. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS -25. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -62,475. FUNDRAISING EVENT EXPENSES -45,591. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 45,591. COST OF GOODS SOLD 62,475. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 7,742,638. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS 25. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THAYER ACADEMY HAS POSTED THE NOTICE OF NONDISCRIMINATORY POLICY AS TO STUDENTS ON ITS WEBSITE HOMEPAGE. SCHEDULE E, PART I, LINE 6 DURING FISCAL YEAR ENDED JUNE 30, 2021, THE ACADEMY WAS FORGIVEN A PAYCHECK PROTECTION PROGRAM LOAN GRANTED DURING FISCAL YEAR ENDED JUNE 30, 2020 BY THE U.S. DEPARTMENT OF TREASURY THROUGH THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT (CARES ACT). GOLF TOURNAMENT 60659 45262 15397 45591 60659 45262 15397 45591 45591 -30194 1 FINANCIAL ASSISTANCE 245 7742638 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 0 1 0 0 0 0 0 1 0 WILLIAM T KOSKORES HEAD OF SCHOOL 379748 0 105000 0 548139 0 28500 0 60039 0 1121426 0 0 0 MELISSA FORGER DIRECTOR OF DEVELOPMENT 194047 0 0 0 360 0 20300 0 80354 0 295061 0 0 0 JULAINE MCINNIS CFO / COO / ASST. TREASURER 227085 0 0 0 3048 0 23550 0 22029 0 275712 0 0 0 JOANNA GILMAN CHIEF MARKETING/COMMUNICATIONS OFCR 146000 0 0 0 552 0 14600 0 99700 0 260852 0 0 0 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 154491 0 0 0 552 0 16300 0 81310 0 252653 0 0 0 JONATHAN WHITE DIRECTOR OF ADMISSIONS 146187 0 0 0 3048 0 15700 0 30414 0 195349 0 0 0 THERESA JAY CHIEF INFORMATION OFFICER 140100 0 0 0 1584 0 14090 0 900 0 156674 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, WILLIAM T. KOSKORES. 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, LINE 7 THE HEAD OF SCHOOL RECEIVED A CONTINUATION BONUS, REPORTED IN PART II, COLUMN (B)(II). PART I, LINE 4B: THE ACADEMY HAS TWO DEFERRED COMPENSATION AGREEMENTS WITH THE HEAD OF SCHOOL FOR THE BENEFIT OF THE HEAD OF SCHOOL. THE AGREEMENTS HAVE VESTING AND TERMINATION PROVISIONS AND THE ACCOUNTS ARE CREDITED QUARTERLY WITH EARNINGS BASED ON RETURN OF THE ACADEMY'S ENDOWMENT FUND. THE EXPENSE OF THESE AGREEMENTS IS INCLUDED IN PART II, COLUMN (C). NONQUALIFIED DEFERRED COMPENSATION OF $527,771 WAS TAXABLE TO THE HEAD OF SCHOOL AND IS INCLUDED IN PART II, COLUMN (B)(III). A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2020-04-09 40189197 REFINANCING OF LONG TERM DEBT 0 0 0 A 251070 40189197 494419 27493391 12201387 1 1 0 0 A 0 1 0 0 0.03000 0.00000 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 17 287957 MARKET QUOTATIONS 0 1 0 PART I, COLUMN (B): LINE 9 - THE NUMBER OF NONCASH CONTRIBUTIONS IS BASED ON THE NUMBER OF STOCK GIFTS RECEIVED. 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 2,244,442. BENEFICIAL INTEREST IN PERPETUAL TRUST 282,733. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0