2021-05-14T17:14:59-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2019-07-01 042105781 TRUSTEES OF THAYER ACADEMY TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JULAINE MCINNIS CHIEF FINANCIAL/OPERATIONS OFFICER 7816642519 2021-05-14 1 LAURA J KENNEY P00202198 6177170831 2021-05-14 2019 2022-09-23 18:48:47Z THAYER ACADEMY JULAINE MCINNIS 745 WASHINGTON STREET BRAINTREE MA 02184 48389504 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. 22 21 489 250 0 0 4428585 3707508 36130348 37468266 2110505 3043444 584120 284090 43253558 44503308 6870589 6886906 0 0 21277656 21206951 0 12985 1506298 12287027 12068945 40435272 40175787 2818286 4327521 125094289 129204584 46120658 49999966 78973631 79204618 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 28399200 6886906 35541325 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. THE ACADEMY HAD 699 STUDENTS ENROLLED THIS YEAR. 3998395 1778209 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). 628830 260637 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 33026425 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 1 0 0 0 1 0 0 0 0 1 1 0 0 0 1 111 0 1 489 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 22 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 WILLIAM T KOSKORES HEAD OF SCHOOL 40.00 X 1012682 0 59234 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 40.00 X 153289 0 141819 MELISSA FORGER DIRECTOR OF DEVELOPMENT 40.00 X 190637 0 96627 JULAINE MCINNIS CFO / COO / ASST. TREASURER 40.00 X 221615 0 43677 CARSON SMITH UNTIL 6302020 HEAD OF MIDDLE SCHOOL 40.00 X 138360 0 63217 JONATHAN WHITE DIRECTOR OF ADMISSIONS 40.00 X 145203 0 42888 THERESA JAY DIRECTOR OF TECHNOLOGY 40.00 X 139484 0 14404 MELISSA TEARNEY CHAIR 2.00 X X 0 0 0 MICHAEL JOE VICE CHAIR 2.00 X X 0 0 0 LINDA HOOLEY SECRETARY 2.00 X X 0 0 0 ELAINE DELUCA TREASURER 2.00 X X 0 0 0 JAMES CASHMAN TRUSTEE 2.00 X 0 0 0 JENNIFER HAVLICEK 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 ALLISON KENT TRUMBULL TRUSTEE 2.00 X 0 0 0 DARREN DONOVAN TRUSTEE 2.00 X 0 0 0 DANYA ABRAMS TRUSTEE 2.00 X 0 0 0 KEVIN GILL TRUSTEE 2.00 X 0 0 0 KATHRYN M HORGAN TRUSTEE 2.00 X 0 0 0 JAMES COUGHLIN 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 JOHN MOREY TRUSTEE 2.00 X 0 0 0 MAUREEN PACE TRUSTEE 2.00 X 0 0 0 JOSEPH FARMER TRUSTEE 2.00 X 0 0 0 LEIGH SCHWARTZ TRUSTEE 2.00 X 0 0 0 DONOVAN BROWN TRUSTEE 2.00 X 0 0 0 2001270 0 461866 36 0 1 0 DR POULIN CONSTRUCTION CO 59 DUCK MILL ROAD FITCHBURG MA 01420 CONSTRUCTION 1650290 C E FLOYD COMPANY INC 135 SOUTH ROAD BEDFORD MA 01730 CONSTRUCTION 1388377 ACELLA CONSTRUCTION CORPORATION INC 38 WASHINGTON STREET PEMBROKE MA 02359 CONSTRUCTION 1376220 KIEFER USA 2910 FALLING WATERS BLVD LINDENHURST IL 60046 CONSTRUCTION 1133946 ECK MACNEELY ARCHITECTS INC 560 HARRISON AVENUE SUITE 403 BOSTON MA 02118 CONSTRUCTION 596919 32 116924 3590584 148836 3707508 TUITION & FEES 611600 35429420 35429420 YOUTH & SUMMER PROGRAMS 611710 1778209 1778209 TRANSPORTATION 480000 253962 253962 AUXILIARY 611710 6675 6675 37468266 370023 370023 305246 149587 155659 155659 155659 6235094 30709 3592382 0 2642712 30709 2673421 2673421 64737 116924 77960 -13223 -13223 96016 66267 29749 29749 PROGRAM TRIPS 611710 26708 26708 85197 85197 111905 44503308 37580171 0 3215629 6886906 6886906 1336863 423855 701081 211927 13986430 11479927 1861824 644679 1379535 876183 423191 80161 3398088 3157924 203356 36808 1106035 856536 189890 59609 159350 159350 107250 107250 12985 12985 83611 83611 422563 125008 228319 69236 468445 90856 377589 2130015 2044815 42600 42600 7047 490 415 6142 70776 30713 33664 6399 1318169 1318169 3613606 3469062 72272 72272 SUPPLIES 786161 679938 54554 51669 STUDENT TRANSPORTATION 548775 548775 0 0 EQUIPMENT RENTAL AND MA 385654 380770 2442 2442 FOOD SERVICES 350705 269812 38092 42801 1616818 386686 1063564 166568 40175787 33026425 5643064 1506298 3000 732870 5311288 8420303 1664031 1978754 339811 173981 2746280 2842530 91035 129328 720193 539495 114849709 48586000 64943579 66263709 5358754 3582726 42943890 43492740 972428 1048148 125094289 129204584 6194756 4561371 13267439 10095084 22191269 25444141 4467194 9899370 46120658 49999966 X 48122273 48446469 30851358 30758149 78973631 79204618 125094289 129204584 X 4327521 -2068842 -2027692 X 0 1 X 1 0 X 2271823 1860445 2165582 4428585 3707508 14433943 2271823 1860445 2165582 4428585 3707508 14433943 94846 14339097 1228051 1009541 973549 1210702 675269 5097112 55213 55213 170770 151650 130717 122279 96016 671432 20257700 173211564 0.70780 0.67420 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SALES OF INVENTORY - 2015 AMOUNT: $ 164,764. 2016 AMOUNT: $ 143,307. 2017 AMOUNT: $ 130,717. 2018 AMOUNT: $ 122,279. 2019 AMOUNT: $ 96,016. MISCELLANEOUS - 2015 AMOUNT: $ 6,006. 2016 AMOUNT: $ 8,343. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48404430 72045 830587 353310 1553505 47400247 46189083 473720 3591367 1041292 808448 48404430 43788237 519980 3880865 1117289 882710 46189083 43029007 206249 5490344 1110197 3827166 43788237 45414413 456598 -700181 1036039 1105784 43029007 0.43150 0.31270 0.25580 0 0 25419633 25419633 76654982 43241540 33413442 10840001 5344460 5495541 1935093 1935093 66263709 COMMON FUND EQUITY 30110520 F COMMON FUND FIXED INCOME 12185433 F OTHER COMMON FUND INVESTMENTS 1196787 F 43492740 CAPITAL LEASE OBLIGATION 269868 FAIR VALUE OF INTEREST RATE SWAP 6065859 OTHER LIABILITIES 153293 SBA PAYCHECK PROTECTION LOAN 3410350 9899370 33046973 -2068842 -1922288 -3991130 37038103 83611 7381594 7465205 44503308 32815986 105404 105404 32710582 83611 7381594 7465205 40175787 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 -2,103,412. BENEFICIAL INTEREST IN PERPETUAL TRUST 75,720. COST OF GOODS SOLD 64,735. FUNDRAISING EVENT EXPENSES IN PART VIII 40,669. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 7,304,946. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS 76,648. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES IN PART VIII 40,669. COST OF GOODS SOLD 64,735. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 7,304,946. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS 76,648. 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, 2020, THE ACADEMY RECEIVED A PAYCHECK PROTECTION PROGRAM LOAN GRANTED BY THE U.S. DEPARTMENT OF TREASURY THROUGH THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT (CARES ACT). AUCTION 2020 181661 116924 64737 23600 54360 181661 116924 64737 23600 54360 77960 -13223 1 FINANCIAL ASSISTANCE 234 6886906 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 385331 0 100000 0 527351 0 28000 0 31234 0 1071916 0 0 0 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 153289 0 0 0 0 0 15329 0 126490 0 295108 0 0 0 MELISSA FORGER DIRECTOR OF DEVELOPMENT 190637 0 0 0 0 0 19064 0 77563 0 287264 0 0 0 JULAINE MCINNIS CFO / COO / ASST. TREASURER 221615 0 0 0 0 0 22161 0 21516 0 265292 0 0 0 CARSON SMITH UNTIL 6302020 HEAD OF MIDDLE SCHOOL 138360 0 0 0 0 0 13836 0 49381 0 201577 0 0 0 JONATHAN WHITE DIRECTOR OF ADMISSIONS 145203 0 0 0 0 0 14250 0 28638 0 188091 0 0 0 THERESA JAY DIRECTOR OF TECHNOLOGY 139484 0 0 0 0 0 13948 0 456 0 153888 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 $503,879 WAS TAXABLE TO THE HEAD OF SCHOOL AND IS INCLUDED IN PART II, COLUMN (B)(III). A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2020-04-09 40189197 REFINANCING OF LONG TERM DEBT 0 0 0 A 40189197 494419 25520805 14173973 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 89700 FINANCIAL AID EDUCATION X 6 2820 FAIR MARKET VALUE X 3638 FAIR MARKET VALUE X 2 111545 MARKET QUOTATIONS X OTHER ITEMS FOR AUCTION 90 30833 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): PART I, 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 -2,103,412. BENEFICIAL INTEREST IN PERPETUAL TRUST 75,720. 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