2020-12-23T17:06:41-06:00 2020-06-30 061009205 BLUM SHAPIRO & COMPANY PC TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2019-07-01 042620156 FALMOUTH ACADEMY INC FALM 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 CARMEN DISANTO DIRECTOR OF FINANCE & OPERATIONS 5084579696 2020-12-17 1 LAURA J KENNEY P00202198 6177170831 2020-12-09 2019 2022-09-23 18:48:47Z CARMEN DISANTO 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 8492841 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 18 113 43 0 0 531524 433443 6711110 7095465 243800 426764 96697 94445 7583131 8050117 1396116 1422560 0 0 4314909 4415873 0 0 348867 1800701 1828654 7511726 7667087 71405 383030 21737916 21996808 1832606 1938560 19905310 20058248 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 5330470 1422560 7004517 THE ACADEMY'S PRIMARY MISSION IS THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. DURING THE CURRENT YEAR THE ACADEMY HAD ENROLLED 214 STUDENTS. 155924 190107 FALMOUTH ACADEMY OFFERS A SUMMER PROGRAM FOR STUDENTS OF ALL AGES AND SKILL LEVELS INVOLVING ACTIVITIES IN THE ARTS, SCIENCE AND ROBOTICS, ATHLETICS, LANGUAGES AND OUTDOOR ACTIVITIES. THE COURSES USUALLY LAST A WEEK AND RUN FOR SIX WEEKS FROM JUNE 24-AUGUST 16. 5486394 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 0 0 0 0 1 0 0 0 0 0 0 0 0 1 37 0 1 113 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 0 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 242228 0 65114 CARMEN DISANTO DIR. OF FINANCE & OPERATIONS 40.00 X 116486 0 22081 PAMELA HINKLE DIRECTOR OF DEVELOPMENT 40.00 X 105827 0 10030 JOAN O HOLDEN TRUSTEE 2.00 X 0 0 0 JOHN HEYL TRUSTEE 2.00 X 0 0 0 LAURA RYAN SHACHOY TRUSTEE 2.00 X 0 0 0 MICHAEL G JONES THROUGH 052020 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 HENRIK GULMANN TRUSTEE 2.00 X 0 0 0 ROB MUNIER TRUSTEE 2.00 X 0 0 0 ANN EGAN TRUSTEE 2.00 X 0 0 0 ANDREW KINGMAN TRUSTEE 2.00 X 0 0 0 RUSS LEMCKE THROUGH 052020 TRUSTEE 2.00 X 0 0 0 LINDA BOARDMAN THROUGH 052020 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 AO 052020 TRUSTEE 2.00 X 0 0 0 JOSEPH VALLE TRUSTEE/BOARD CHAIR 2.00 X X 0 0 0 COLLEEN C JOHNS TRUSTEE/SECRETARY 2.00 X X 0 0 0 CYNTHIA FELDMANN TRUSTEE/TREASURER 2.00 X X 0 0 0 464541 0 97225 3 0 1 0 CAPE DESTINATIONS 182 QUEEN ANNE ROAD HARWICH MA 02645 TRANSPORTATION 161230 1 121509 311934 77701 433443 TUITION AND FEES 611600 6798604 6798604 SUMMER PROGRAM INCOME 611600 190107 190107 AUXILIARY INCOME 611600 106754 106754 7095465 79969 79969 22954 0 22954 22954 22954 715154 362452 5907 352702 -5907 346795 346795 46697 121509 74365 -27668 -27668 INTERNATIONAL STUDENT 611600 96803 96803 MISCELLANEOUS INCOME 611600 2356 2356 99159 8050117 7194624 0 422050 1422560 1422560 580744 49362 464302 67080 2840817 1928827 741339 170651 193841 134273 48140 11428 567553 393265 144947 29341 232918 139525 77885 15508 9860 9860 26534 26534 25162 25162 61607 61607 41257 41257 148111 79373 25127 43611 61768 61768 58070 58070 133639 133639 5417 5417 523316 497150 20933 5233 129982 123483 5199 1300 REPAIRS AND MAINTENANCE 201842 191750 8074 2018 SUMMER EXPENSES 104369 104369 DEPARTMENTAL EXPENSES 79184 79184 INSTRUCTION EXPENSE 54753 54753 163783 50137 110949 2697 7667087 5486394 1831826 348867 1237515 994073 666628 1880507 68003 26250 36245 21056 68366 53610 16824135 5888684 11318822 10935451 8342337 8085861 21737916 21996808 477629 558709 1354977 1379851 1832606 1938560 X 15451276 15668724 4454034 4389524 19905310 20058248 21737916 21996808 383030 -230092 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8342337 19343 161768 437633 8085815 7913107 105208 554176 230154 8342337 7557014 107132 564956 315995 7913107 6650774 329185 781108 204053 7557014 4806742 2100390 -58422 197936 6650774 0.46040 0.36470 0.17490 0 0 250600 250600 14618103 4556487 10061616 921329 537163 384166 710361 546467 163894 323742 248567 75175 10935451 6372303 -230092 -230092 6602395 25162 1422560 1447722 8050117 6219365 0 6219365 25162 1422560 1447722 7667087 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 1,422,560. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AID 1,422,560. 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 HOMEPAGE. SCHEDULE E, PART I, LINE 6 DURING FISCAL YEAR ENDED JUNE 30, 2020 THE SCHOOL RECEIVED A PAYCHECK PROTECTION PLAN 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). ANNUAL CONCERT FUNDRAISER 21055 4200 16855 145 5250 2636 ANNUAL AUCTION 147151 117309 29842 66334 168206 121509 46697 145 5250 68970 74365 -27668 1 FINANCIAL AID 107 1422560 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 1 1 MATTHEW GREEN HEAD OF SCHOOL 197228 0 15000 0 30000 0 20135 0 44979 0 307342 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. PART I, LINE 8 THE COMPENSATION FOR THE HEAD OF SCHOOL IS PAID IN ACCORDANCE WITH HIS INITIAL CONTRACT WITH THE SCHOOL, EFFECTIVE AS OF 6/30/2018. THE TERM OF THE INITIAL EMPLOYMENT AGREEMENT WILL END ON 6/30/2020. THE HEAD OF SCHOOL'S EMPLOYMENT CONTRACT HAS BEEN EXTENDED THROUGH THE 2021-2022 SCHOOL YEAR. X 3 14527 FMV AT DONATION X AUCTION ITEMS 164 63174 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 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 BE MADE AVAILABLE TO THE TRUSTEES AFTER APPROVAL. 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. EACH TRUSTEE 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 TRUSTEE WILL DISCLOSE ALL MATERIAL FACTS AT THE BOARD MEETING AND THEN LEAVE THE MEETING WHILE THE CONFLICT IS DISCUSSED AND VOTED UPON. THE CONFLICT OF INTEREST POLICY HAS BEEN UPDATED TO INCLUDE OFFICERS AND KEY EMPLOYEES FOR FY21. 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 MAY 2020 TO SET THE COMPENSATION FOR THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS ARE AVAILABLE UPON REQUEST.