2020-07-14T16:51:33-05:00 2019-06-30 061009205 BLUM SHAPIRO & COMPANY PC ONE INTERNATIONAL PLACE 16TH FLOOR BOSTON MA 02110 990 2018-07-01 042105781 TRUSTEES OF THAYER ACADEMY TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JULAINE MCINNIS CHIEF FINANCIAL/OPERATIONS OFFICER 7816642519 2020-07-14 1 LAURA J KENNEY P00202198 6177170831 2020-07-14 64.251.63.131 2020-07-14 11:43:31 ED P B49528270D5C596423F272EFB472E66EFBF6AFC8 212D4AA7D86991E97AAA9C7923B382683810470F 2018 2020-11-19 02:30:22Z THAYER ACADEMY JULAINE MCINNIS 745 WASHINGTON STREET BRAINTREE MA 02184 43613896 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. 23 22 489 250 0 0 2165582 4428585 34073308 36130348 2241096 2110505 515828 584120 38995814 43253558 6656408 6870589 0 0 20504981 21277656 0 0 1490103 12116643 12287027 39278032 40435272 -282218 2818286 117061678 125094289 41721044 46120658 75340634 78973631 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 29180918 6870589 34761373 COLLEGE PREPATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. THE ACADEMY HAD 710 STUDENTS ENROLLED THIS YEAR. 3996807 1571036 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). 788101 260016 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 33965826 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 23 22 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 MELISSA TEARNEY CHAIR 2.00 X X 0 0 0 MICHAEL JOE VICE-CHAIR 2.00 X X 0 0 0 DANIEL BUDDE TREASURER (TERM ENDED 6/30/19) 2.00 X X 0 0 0 LINDA HOOLEY SECRETARY 2.00 X X 0 0 0 ELAINE DELUCA CO-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 THOMAS SHANLEY TRUSTEE (TERM ENDED 6/30/19) 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 WILLIAM T KOSKORES HEAD OF SCHOOL 40.00 X 555791 0 180443 JULAINE MCINNIS CFO / COO / ASST. TREASURER 40.00 X 119948 0 27739 MELISSA FORGER DIRECTOR OF DEVELOPMENT 40.00 X 182167 0 95742 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 40.00 X 147821 0 140367 JONATHAN WHITE DIRECTOR OF ADMISSIONS 40.00 X 139961 0 43742 CARSON SMITH HEAD OF MIDDLE SCHOOL 40.00 X 133360 0 61756 THERESA JAY CHIEF INFORMATION OFFICER 40.00 X 134284 0 13756 WILLIAM STEPHENSON BUSINESS MANAGER (UNTIL 6/30/18) 0.00 X 150848 0 20185 1564180 0 583730 18 1 1 0 ECK MACNEELY ARCHITECTS INC 560 HARRISON AVENUE SUITE 403 BOSTON MA 02118 CONSTRUCTION 538624 JOSEPH INGLE BUS SERVICE PO BOX 1185 HANOVER MA 02339 TRANSPORTATION 440439 ACELLA CONSTRUCTION CORPORATION INC 38 WASHINGTON ST PEMBROKE MA 02359 CONSTRUCTION 436722 SHAW SPORTS TURF MAIL DROP 266 PO BOX 630662 CINCINNATI OH 452630862 CONSTRUCTION 416107 CLEANCO MAINTENANCE CORP 318 BEAR HILL RD WALTHAM MA 02451 CLEANING SERVICES 376075 19 81810 4346775 374463 4428585 TUITION & FEES 611600 34299296 34299296 YOUTH & SUMMER PROGRAMS 611710 1571036 1571036 TRANSPORTATION 480000 243865 243865 AUXILIARY 611710 16151 16151 36130348 920076 920076 290626 139513 151113 151113 151113 1115377 75052 0 0 1115377 75052 1190429 1190429 69476 81810 125586 -56110 -56110 122279 95239 27040 27040 PROGRAM TRIPS 611710 449887 449887 12190 12190 462077 43253558 36592425 0 2232548 6870589 6870589 898022 250516 522249 125257 13954341 11760275 1531430 662636 1351065 903766 372015 75284 3983137 3530141 421314 31682 1091091 865738 169745 55608 178253 178253 65933 65933 95072 95072 311499 143993 53700 113806 514083 101730 412353 2208214 2119886 44164 44164 35870 21168 262 14440 81248 42858 36228 2162 1011080 1011080 3412304 3275812 68246 68246 OTHER EXPENSES 2592884 1541730 903101 148053 SUPPLIES 1025627 872682 64488 88457 FOOD SERVICES 457787 356689 40790 60308 TRIP EXPENSE 297173 297173 40435272 33965826 4979343 1490103 3000 3000 2605811 5311288 367152 1664031 358074 339811 2746280 74462 91035 585633 720193 109915973 44972394 64085252 64943579 6219525 5358754 40061357 42943890 2701412 972428 117061678 125094289 5274928 6194756 9773073 13267439 23379166 22191269 3293877 4467194 41721044 46120658 X 47417411 48122273 12658024 15062333 15265199 15789025 75340634 78973631 117061678 125094289 X 2818286 1692558 -877847 X 0 1 X 1 0 X 2857820 2271823 1860445 2165582 4428585 13584255 2857820 2271823 1860445 2165582 4428585 13584255 128931 13455324 1209031 1228051 1009541 973549 1210702 5630874 55213 0 55213 112704 170770 151650 130717 122279 688120 19958462 164964943 0.67420 0.62780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SALES OF INVENTORY - 2014 AMOUNT: $ 98,461. 2015 AMOUNT: $ 164,764. 2016 AMOUNT: $ 143,307. 2017 AMOUNT: $ 130,717. 2018 AMOUNT: $ 122,279. MISCELLANEOUS - 2014 AMOUNT: $ 14,243. 2015 AMOUNT: $ 6,006. 2016 AMOUNT: $ 8,343. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 46189083 473720 3591367 1041292 808448 48404430 43788237 519980 3880865 1117289 882710 46189083 43029007 206249 5490344 1110197 3827166 43788237 45414413 456598 -700181 1036039 1105784 43029007 45232637 684936 1515221 1052279 966102 45414413 0.43250 0.30470 0.26280 0 0 24459309 24459309 73377312 39823055 33554257 9493387 5149339 4344048 2585965 2585965 64943579 COMMON FUND EQUITY 31044086 F COMMON FUND FIXED INCOME 11201308 F OTHER COMMON FUND INVESTMENTS 698496 F 42943890 CAPITAL LEASE OBLIGATION 423923 FAIR VALUE OF INTEREST RATE SWAP 3962447 OTHER LIABILITIES 80824 4467194 36742260 1692558 -657022 1035536 35706724 95072 7451762 7546834 43253558 33109263 220825 220825 32888438 95072 7451762 7546834 40435272 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 -943,215. BENEFICIAL INTEREST IN PERPETUAL TRUST 65,368. COST OF GOODS SOLD 95,239. FUNDRAISING EVENT EXPENSES IN PART VIII 125,586. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 7,154,589. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS 297,173. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES IN PART VIII 125,586. COST OF GOODS SOLD 95,239. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 7,154,589. TRIP EXPENSES NETTED WITH REVENUES PER BOOKS 297,173. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 PUBLISHED IN THE BOSTON GLOBE IN EARLY DECEMBER. GOLF TOURNAMENT 131080 81810 49270 52587 11413 REUNION 20206 20206 61586 151286 81810 69476 52587 72999 125586 -56110 1 FINANCIAL ASSISTANCE 233 6870589 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 0 0 WILLIAM T KOSKORES HEAD OF SCHOOL 368202 0 0 0 187589 0 126230 0 54213 0 736234 0 0 0 MELISSA FORGER DIRECTOR OF DEVELOPMENT 182167 0 0 0 0 0 18950 0 76792 0 277909 0 0 0 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 147821 0 0 0 0 0 15575 0 124792 0 288188 0 0 0 JONATHAN WHITE DIRECTOR OF ADMISSIONS 139961 0 0 0 0 0 14950 0 28792 0 183703 0 0 0 CARSON SMITH HEAD OF MIDDLE SCHOOL 133360 0 0 0 0 0 13300 0 48456 0 195116 0 0 0 WILLIAM STEPHENSON BUSINESS MANAGER (UNTIL 6/30/18) 122521 0 0 0 28327 0 15085 0 5100 0 171033 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A CAR ALLOWANCE FOR PROFESSIONAL USE AND A GROSS-UP TAX PAYMENT TO THE HEADMASTER, WILLIAM T. KOSKORES. THESE BENEFITS ARE TAXABLE INCOME INCLUDED IN PART II, COLUMN (B)(III). THE HEADMASTER IS ALSO PROVIDED HOUSING WHICH IS TREATED AS NONTAXABLE BENEFITS INCLUDED IN PART II, COLUMN (D). PART I, LINE 1B NONQUALIFIED DEFERRED COMPENSATION OF $171,537 WAS TAXABLE TO THE HEAD OF SCHOOL. PART I, LINE 4B: THE ACADEMY HAS TWO DEFERRED COMPENSATION AGREEMENTS WITH THE HEADMASTER FOR THE BENEFIT OF THE HEADMASTER. 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 $171,537 WAS TAXABLE TO THE HEAD OF SCHOOL. A MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 A 7818334 30340000 20042724 742636 9554640 2008 1 0 1 1 A 0 1 0 0 0.03000 0.00000 0.03000 0 0 1 A 0 0 0 1 1 1 FMS MANAGEMENT AND ROYAL BANK 30.000000000000 0 0 0 0 1 A 1 PART IV LINE 2C 30,340,000 ISSUER NAME: MASS DEVELOPMENT. DATE REBATE COMPUTATION PERFORMED 06/07/2007. THE REBATE COMPUTATION WAS PERFORMED IN JULY 2014. NAME OF PROVIDERS: DEPFA BANK AND ROYAL BANK OF CANADA. 80000 FINANCIAL AID EDUCATION X 6 374463 MARKET QUOTATIONS 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 WITH INFORMATION GIVEN 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 -943,215. BENEFICIAL INTEREST IN PERPETUAL TRUST 65,368. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0