2019-05-14T11:15:01-05:00 2018-06-30 061009205 BLUM SHAPIRO & COMPANY PC ONE INTERNATIONAL PLACE 16TH FLOOR BOSTON MA 02110 990 2017-07-01 042105781 TRUSTEES OF THAYER ACADEMY TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JULAINE MCINNIS CHIEF FINANCIAL/OPERATIONS OFFICER 7816642519 2019-05-09 1 LAURA J KENNEY P00202198 6177170831 2019-05-09 64.251.63.131 2019-05-09 20:44:39 ED P A6FE013E361255C01D59685EA5E402E2A66555A4 212D4AA7D86991E97AAA9C7923B382683810470F 2017 2019-02-21 02:37:17Z THAYER ACADEMY JULAINE MCINNIS 745 WASHINGTON STREET BRAINTREE MA 02184 40703238 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. 23 22 456 250 0 0 1860445 2165582 32795177 34073308 1818421 2241096 664162 515828 37138205 38995814 6506909 6656408 0 0 19311374 20504981 0 0 1343289 11932225 12116643 37750508 39278032 -612303 -282218 113813499 117061678 41501810 41721044 72311689 75340634 THE MISSION AND PROGRAM OF THAYER ACADEMY IS TO INSPIRE A DIVERSE COMMUNITY OF STUDENTS IN GRADES 6 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 31465392 6656408 32772473 COLLEGE PREPATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. THE ACADEMY HAD 701 STUDENTS ENROLLED THIS YEAR. 930413 1332010 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). 455114 259367 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 32850919 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 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 0 0 0 1 79 0 1 456 1 0 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 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 2.00 X X 0 0 0 LINDA HOOLEY SECRETARY 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 JULIAN CHERUBINI TRUSTEE 2.00 X 0 0 0 ROBERT DAYLOR TRUSTEE 2.00 X 0 0 0 SEAN DOHERTY TRUSTEE 2.00 X 0 0 0 ELAINE DELUCA TRUSTEE 2.00 X 0 0 0 DARREN DONOVAN TRUSTEE 2.00 X 0 0 0 JAMES FERRERA TRUSTEE 2.00 X 0 0 0 KEVIN GILL TRUSTEE 2.00 X 0 0 0 KATHY HORGAN TRUSTEE 2.00 X 0 0 0 THOMAS KENT 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 2.00 X 0 0 0 FERGUS SHIEL TRUSTEE 2.00 X 0 0 0 WILLIAM T KOSKORES HEAD OF SCHOOL 40.00 X 598338 0 244891 WILLIAM F STEPHENSON BUSINESS MANAGER / ASSISTANT TREASURER 40.00 X 240592 0 33976 MELISSA FORGER DIRECTOR OF DEVELOPMENT 40.00 X 174428 0 42036 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 40.00 X 143152 0 130636 JONATHAN WHITE DIRECTOR OF ADMISSIONS 40.00 X 133061 0 38336 CARSON SMITH HEAD OF MIDDLE SCHOOL 40.00 X 127860 0 13206 THERESA JAY DIRECTOR OF TECHNOLOGY 40.00 X 128312 0 13256 1545743 0 516337 21 0 1 0 ACELLA CONSTRUCTION 38 WASHINGTON ST PEMBROKE MA 02359 CONSTRUCTION 842136 JOSEPH INGLE BUS SERVICE PO BOX 1185 HANOVER MA 02339 TRANSPORTATION 488031 BLUDUCK LLC 20 BRIGHTON ST PROVIDENCE RI 02909 CONSTRUCTION 437309 CLEANCO MAINTENANCE CORP 318 BEAR HILL RD WALTHAM MA 02451 CLEANING SERVICES 372238 RAD CORPORATION 171 VFW DR ROCKLAND MA 02370 CONSTRUCTION 259040 9 104598 2060984 77687 2165582 TUITION & FEES 611600 32481931 32481931 YOUTH & SUMMER PROGRAMS 611710 1332010 1332010 TRANSPORTATION 480000 249517 249517 AUXILIARY 611710 9850 9850 34073308 662091 662091 311458 162692 148766 148766 148766 2549118 380475 1350588 0 1198530 380475 1579005 1579005 139947 104598 84734 55213 55213 130717 109410 21307 21307 PROGRAM TRIPS 611710 276228 276228 DEVELOPMENT 722210 11530 11530 2784 2784 290542 38995814 34363850 0 2466382 6656408 6656408 868909 243957 502974 121978 13817488 11490097 1651912 675479 1067803 762746 279515 25542 3708310 3217514 460253 30543 1042471 858198 133653 50620 26206 26206 62451 62451 94983 94983 397872 159191 134148 104533 349243 64265 284978 2248909 1990284 217161 41464 17613 386 17227 95784 63075 31696 1013 984784 984784 3546432 3404574 70929 70929 SUPPLIES 1045427 836606 153949 54872 FOOD SERVICES 455655 358366 27788 69501 TRIP EXPENSE 248590 248590 ATHLETICS 18384 18384 2524310 1493880 950842 79588 39278032 32850919 5083824 1343289 3000 3000 2234414 2605811 455947 367152 398484 358074 83177 74462 453497 585633 106213873 42128621 65096648 64085252 5327184 6219525 38377210 40061357 1383938 2701412 113813499 117061678 3515643 5274928 9237737 9773073 24206666 23379166 4541764 3293877 41501810 41721044 X 45656068 47417411 11794033 12658024 14861588 15265199 72311689 75340634 113813499 117061678 X -282218 2121214 1189949 X 0 1 X 1 0 X 2093673 2857820 2271823 1860445 2165582 11249343 2093673 2857820 2271823 1860445 2165582 11249343 250239 10999104 1110311 1209031 1228051 1009541 973549 5530483 55213 55213 119989 112704 170770 151650 130717 685830 17520869 156765548 0.62780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SALES OF INVENTORY - 2013 AMOUNT: $ 112,909. 2014 AMOUNT: $ 98,461. 2015 AMOUNT: $ 164,764. 2016 AMOUNT: $ 143,307. 2017 AMOUNT: $ 130,717. MISCELLANEOUS - 2013 AMOUNT: $ 7,080. 2014 AMOUNT: $ 14,243. 2015 AMOUNT: $ 6,006. 2016 AMOUNT: $ 8,343. 43788237 519980 3880865 1117289 882710 46189083 43029007 206249 5490344 1110197 3827166 43788237 45414413 456598 -700181 1036039 1105784 43029007 45232637 684936 1515221 1052279 966102 45414413 32983677 8113381 6142093 1054192 952322 45232637 0.43690 0.30910 0.25400 0 0 25742774 25742774 71643301 37507049 34136252 8827798 4621572 4206226 64085252 COMMON FUND EQUITY 30008593 F COMMON FUND FIXED INCOME 9581588 F OTHER COMMON FUND INVESTMENTS 471176 F 40061357 CAPITAL LEASE OBLIGATION 156925 FAIR VALUE OF INTEREST RATE SWAP 3019232 OTHER LIABILITIES 117720 3293877 X 35341340 2121214 1384093 3505307 31836033 94983 7064798 7159781 38995814 32312395 194144 194144 32118251 94983 7064798 7159781 39278032 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 VOLITILITY 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 X, LINE 2: THE ACADEMY FOLLOWS FASB ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THAT THE ACADEMY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE ACADEMY RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2015. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE INTEREST SWAP OBLIGATIONS 1,120,084. BENEFICIAL INTEREST IN PERPETUAL TRUST 69,865. FUNDRAISING EVENT EXPENSES IN PART VIII 84,734. COST OF GOODS SOLD NETTED WITH SALES REVENUE IN BOOKS 109,410. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,816,208. TRIP EXPENSES NETTED INTO BOOK REVENUE 248,590. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES IN PART VIII 84,734. COST OF GOODS SOLD NETTED WITH SALES REVENUE IN BOOKS 109,410. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,816,208. TRIP EXPENSES NETTED INTO BOOK REVENUE 248,590. 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 72945 35465 37480 23557 21418 AUCTION 171600 69133 102467 36030 3729 244545 104598 139947 59587 25147 84734 55213 1 FINANCIAL ASSISTANCE 246 6656408 0 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 356686 0 0 0 241652 0 217597 0 27294 0 843229 0 0 0 WILLIAM F STEPHENSON BUSINESS MANAGER / ASSISTANT TREASUR 240592 0 0 0 0 0 24100 0 9876 0 274568 0 0 0 MELISSA FORGER DIRECTOR OF DEVELOPMENT 174428 0 0 0 0 0 18150 0 23886 0 216464 0 0 0 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 143152 0 0 0 0 0 15050 0 115586 0 273788 0 0 0 JONATHAN WHITE DIRECTOR OF ADMISSIONS 133061 0 0 0 0 0 14450 0 23886 0 171397 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A HOUSING ALLOWANCE, GROSS-UP PAYMENT ON THE HOUSING, AND PROFESSIONAL USE OF CAR ALLOWANCE TO THE HEADMASTER, WILLIAM T KOSKORES. THE VALUE OF THESE BENEFITS ARE TAXABLE INCOME INCLUDED IN PART II, COLUMN (B)(III). PART I, LINE 1B 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). PART I LINE 4B: NONQUALIFIED DEFERRED COMPENSATION OF $185,446 WAS TAXABLE TO THE HEAD OF SCHOOL. A MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 A 6960834 30340000 20042724 742636 9554640 2008 1 0 1 1 A 0 1 0 0 0.03000 0.03000 0 0 0 A 0 0 0 1 1 1 FMS MANAGEMENT AND ROYAL BANK 30.000000000000 0 0 0 0 0 A 0 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 5 77687 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 PROVIDED BY THE CONTROLLER. THE FORM 990 IS THEN REVIEWED BY THE CONTROLLER AND ASSISTANT TREASURER. FOLLOWING THE REVIEW, A FULL VERSION COPY OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE FINANCE COMMITTEE CHAIR FOR REVIEW. THE REMAINDER OF THE TRUSTEES ARE NOTIFIED THAT A PUBLIC DISCLOSURE VERSION OF THE FINAL DRAFT FORM 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-COMMITEE 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 SCHOOL'S BUSINESS MANAGER, 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. 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 1,120,084. BENEFICIAL INTEREST IN PERPETUAL TRUST 69,865. THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 12C, III-FI N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0