2018-04-09T09:56:12-05:00 2017-06-30 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2016-07-01 010224898 Hebron Academy Incorporated HEBR 2079662100 PO Box 309 Hebron ME 04238 James L Bisesti Business Manager 2079662100 2018-01-31 1 Barbara J McGuan CPA P00219457 2077752387 2018-01-31 69.49.157.66 2018-01-31 19:33:50 ES P 1452ED929C5BAA4A5EF1600A2C972F2C0D3A6588 53CA451596873B86A1E24CFE6767DCEC9A681D0F 2016 2021-01-29 14:40:06Z Dan Marchetti PO Box 309 Hebron ME 04238 32312016 0 X www.hebronacademy.org X 1941 ME To operate a non-profit, private school for students from middle school to high school, and to inspire and guide students to reach their highest potential in mind, body and spirit. Our core values are fundamental to the Hebron experience. 20 19 136 80 7245 -1168 4784966 15528650 13082300 14031046 1169480 1311607 36981 20103 19073727 30891406 4790311 5100819 0 0 5750071 5805857 23506 28913 850136 5757239 6029956 16321127 16965545 2752600 13925861 46608452 56534496 21165306 23958869 25443146 32575627 To operate a non-profit, private school for students from middle school to high school, and to inspire and guide students to reach their highest potential in mind, body and spirit. Our core values are fundamental to the Hebron experience. 0 0 12374629 5100819 14031046 Secondary and Middle School Education 12374629 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 23 0 1 136 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 19 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X James L Bisesti 2079662100 339 Paris Road PO Box 309 Hebron ME 04238 Paul S Goodof Chair 5.00 X X 0 0 0 Judah Sommer Vice Chair 5.00 X X 0 0 0 Scott E Wilson Treasurer 5.00 X X 0 0 0 Clement S Dwyer Jr Treasurer 5.00 X X 0 0 0 Debra B Bloomingdale Secretary 5.00 X X 0 0 0 Wallace Higgins Assistant Secretary 5.00 X X 0 0 0 Richard Bennett Board Member 5.00 X 0 0 0 Devon Biondi Board Member 5.00 X 0 0 0 James R Clements Board Member 5.00 X 0 0 0 Felica W Coney Board Member 5.00 X 0 0 0 Robert A Donahue Board Member 5.00 X 0 0 0 Wende Fox Lawson Board Member 5.00 X 0 0 0 Ambassador Thomas N Hull III Board Member 5.00 X 0 0 0 Matthew W Johnson Board Member 5.00 X 0 0 0 J Matthew Lyness Board Member 5.00 X 0 0 0 David S Prout Board Member 5.00 X 0 0 0 Robert J Ryan Esq Board Member 5.00 X 0 0 0 Heather C Stephens Board Member 5.00 X 0 0 0 Meredith Strang Burgess Board Member 5.00 X 0 0 0 Robert E Waite Board Member 5.00 X 0 0 0 Dan Marchetti Head of School 40.00 X 100108 0 8992 John King Past Head of School 40.00 X 159310 0 13356 James Bisesti Business Manager 40.00 X 129770 0 13281 Patricia Layman Director of Advancement 40.00 X 123429 0 14583 512617 0 50212 4 0 1 0 Sage Dining Services 1402 York Rd Lutherville MD 21093 Food Services 1272350 1 15528650 716093 15528650 Tuition and Fees 611600 13685187 13685187 Student Center 611710 277712 277712 Other Services and Fees 611710 50610 50610 Special Assessments 611710 17537 17537 14031046 411624 411624 20103 0 20103 20103 7245 12858 2316493 4100 1420610 0 895883 4100 899983 899983 30891406 14031046 7245 1324465 5100819 5100819 424817 93380 255324 76113 4279079 2283960 1602033 393086 262556 141096 97338 24122 503566 258319 196108 49139 335839 170484 132050 33305 21226 21226 28913 28913 61715 61715 264616 36173 222064 6379 93841 33989 59852 234436 8205 155327 70904 212 212 1049388 634873 409321 5194 333717 60066 217731 55920 26582 26582 833839 720280 105761 7798 1213632 1125727 75717 12188 126682 13806 112876 Food Service 1025105 1025105 Student Activities & Su 543209 543209 Miscellaneous 146838 97200 48997 641 Bad Debt 54918 54918 16965545 12374629 3740780 850136 X 675236 1685173 5349876 4788812 5093282 10191416 143051 234584 47507 41068 147528 174766 30874440 11926129 19441189 18948311 11802702 16539165 1591894 1592036 2316187 2339165 46608452 56534496 1007110 657956 4580049 4162192 14700000 14502405 300000 323928 330452 285571 0 174199 247695 3852618 21165306 23958869 X 6380925 1573899 5891684 10763436 13170537 20238292 25443146 32575627 46608452 56534496 X 13925861 1196664 -4957556 -3032488 X 0 1 X 1 0 X 1282589 1309088 3141908 4784966 5528650 16047201 1282589 1309088 3141908 4784966 5528650 16047201 6746503 9300698 482469 437287 441543 355138 431727 2148164 197422 197422 18392787 63784874 0.50570 X Schedule A, Part II, Line 10, Explanation of Other Income: Casualty Gain - 2014 Amount: $ 110,600. Insurance Proceeds - 2014 Amount: $ 86,822. Schedule A, Part VI, List of Unusual Grants: Description: Funding for new arts & diversity buildings Date: 03/10/17 Amount: 10000000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X OH Consignment Sale - Art P 1 13100107 3439573 1790308 590136 17739852 10865101 2415791 241447 422232 13100107 8655158 2100134 418812 309003 10865101 8086322 43849 894187 369200 8655158 7555142 18046 782143 269009 8086322 0.10430 0.77820 0.11750 0 0 577066 577066 26056399 9166596 16889803 3973925 2759533 1214392 267050 267050 18948311 Funds Held For Others 102848 Deferred Vendor Rebate 186694 Interest Rate Swap 3563076 3852618 23893048 1196664 -3032488 -1835824 25728872 61715 5100819 5162534 30891406 11803011 0 11803011 61715 5100819 5162534 16965545 Part III, Line 4: The collection helps to explain the history of the academy as well as the alumni who attended the school. Part V, Line 4: To provide support for various activities of the academy, including provision for financial aid and related expenditures. Part XI, Line 2d - Other Adjustments: Change In Value of Split-Interest Agreements 169,197. Change In Fair Value of Interest Rate Swap Liability 1,394,480. Change In Pledge Discounting and Allowance For Pledges -4,596,165. Part XI, Line 4b - Other Adjustments: Financial Aid 5,100,819. Part XII, Line 4b - Other Adjustments: Financial Aid 5,100,819. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 Hebron Academy publicizes its policy through student and staff handbooks as well as other publicized advertisements. X X X X X 1 Marts & Lundy 1200 Wall Street West Lyndhurst NJ 07071 Fundraising Consulting 0 0 28913 -28913 28913 -28913 1 Student Financial Aid 185 0 5100819 Direct Discount of Tuition Reduction of Tuition Due From Recipient Part I, Line 2: Grant funds are a direct reduction of student tuition. Therefore, additional monitoring is not deemed to be necessary. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 John King Past Head of School 154752 0 0 0 4558 0 11244 0 2112 0 172666 0 0 0 Part I, Line 1a The Head of School at Hebron Academy is provided with housing located on the Hebron Academy campus. This is in accordance with an employment agreement stipulating that the Head of School is required to live on the grounds of the campus. A discretionary allowance is also available for reimbursement of housing related costs, such as maintenance and cleaning. A Finance Authority of Maine 010392006 2017-05-05 14700000 Refinance of 2007 Finance Authority of Maine Bond 0 0 0 A 14700000 14700000 2017 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 1 1 Deutsche Bank AG 20.000000000000 0 0 0 0 1 A 0 Snow Squall LLC Entity more than 35% owned by Clement Dwyer, Treasurer Vehicle Purchase X 32645 23928 0 1 1 Snow Squall LLC Entity more than 35% owned by Clement Dwyer, Treasurer Building Improvements X 300000 300000 0 1 0 323928 X 32 601093 Stock Market Value X 1 115000 Opinions of Experts X In-Kind Supplies 4 0 Indeterminate Value 1 0 0 1 Part I, Line 32b: Should the Academy decide to sell an asset/artwork, the Board approves of this process and sells the item through an auction house or curator. Part I, Line 33: The Academy received various in-kind supplies during the year. The value of these in-kind contributions cannot be determined and thus, the Academy did not record any contribution revenue related to these items. Form 990, Part VI, Section A, line 4 During the year, the Organization amended its bylaws in order to revise the length of terms served for board trustees. Form 990, Part VI, Section B, line 11b The draft Form 990 is reviewed by the whole Board of Trustees. Once accepted, the CFO and Business Manager will approve the efiling and sign the transmittal forms. Form 990, Part VI, Section B, line 12c Hebron Academy requires all individuals or companies with whom there might be a conflict of interest complete a conflict of interest statement. The Board of Trustees also requires the individual/company work with the Chief Financial Officer and Business Manager to craft a reason why the Academy would rather do business with the individual/company versus a competitor with no conflict of interest. All individuals or companies where there is a conflict of interest are reviewed each fiscal year and conflict of interest statements are updated. Form 990, Part VI, Section B, line 15 In the first board meeting of the calendar year, the board of trustees goes into executive session to review the Head of School, which is followed up with a review of the Head of School's performance at the summer board meeting. Compensation is then discussed for the next fiscal year based on performance and comparability data of other private schools. Form 990, Part VI, Section C, line 19 Available upon request at the business office. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Hebron Academy Incorporated P.O. Box 309 Hebron, ME 04238 EIN 01-0224898 Section 1.263(a)-3(n) Election: Hebron Academy Incorporated is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Change in Value of Split Interest Agreement 169,197. Change in Value of Interest Rate Swaps 1,394,480. Change in Pledge Discounting and Allowance for Pledges -4,596,165. Form 990, Part XI, line 8: Prior Period Adjustment The 2016 financial statements have been restated to record the Academy's interest rate swap liability and to reclassify certain net assets and related activity for adherence to specific donor restrictions that amounts be used to repay certain long-term debt. Unrestricted net assets decreased by $3,864,794 and temporarily restricted net assets increased by $139,370, as of July 1, 2015. In addition, unrestricted net assets decreased by $1,520,810, and temporarily restricted net assets increased by an additional $288,678, for the year ended June 30, 2016.