2017-05-08T16:31:28-05:00 2016-06-30 222428965 CITRIN COOPERMAN & COMPANY LLP 10 FORBES ROAD WEST BRAINTREE MA 02184 990 2015-07-01 042103564 THE GOVERNOR'S ACADEMY GOVE 9784651763 1 ELM STREET BYFIELD MA 01922 CHRISTOPHER V WEJCHERT CHIEF FINANCIAL OFFICER 9784651763 2017-05-01 1 MICHAEL HINCHEY P00451160 7813562000 2017-05-01 2015 2021-01-29 14:40:06Z CHRISTOPHER V WEJCHERT 1 ELM STREET BYFIELD MA 01922 37051917 0 X WWW.THEGOVERNORSACADEMY.ORG X 1763 MA THE GOVERNOR'S ACADEMY IS LONGEST CONTINUALLY OPERATING NON-DENOMINATIONAL BOARDING AND DAY SCHOOL IN THE COUNTRY. FOUNDED IN 1763 ON NEW ENGLAND COASTAL FARMLAND, THE ACADEMY COMBINES CENTURIES OF TRADITION WITH A DEDICATION TO EDUCATIONAL INNOVATION. STUDENTS FLOURISH IN A DIVERSE COMMUNITY DISTINGUISHED BY ENDURING RELATIONSHIPS WITH TEACHERS AND DEFINED BY A COMMITMENT TO LEARNING AND A THOUGHTFUL BALANCE OF ACADEMICS, ATHLETICS, ARTS AND SERVICE TO OTHERS. ACADEMY GRADUATES ARE LIFE LONG LEARNERS WHO EMBRACE THEIR CIVIC DUTY AND GLOBAL RESPONSIBILITY. 26 26 256 500 29535 15437 5160717 3216301 20589587 21754119 6649391 5190943 469516 423234 32869211 30584597 5360357 5490091 0 0 12637070 13097592 0 0 2480091 10348696 11099635 28346123 29687318 4523088 897279 141462926 135191973 35836132 36786631 105626794 98405342 X LASTING BONDS AMONG STUDENTS AND FACULTY ARE HALLMARKS OF OUR CAMPUS COMMUNITY. LIFE AT THE ACADEMY IS ALSO INFLUENCED BY OUR MANY TRADITIONS INCLUDING JUMPING THE WALL AT COMMENCEMENT, HOSTING THE SPECIAL OLYMPICS, CELEBRATING FOUNDERS DAY, AND ENJOYING SATURDAY EVENINGS IN THE HEADMASTER'S HOME. IT IS IN THESE TRADITIONS AND COMMUNITY EVENTS THAT THE SPIRIT OF THE ACADEMY COMES TO LIFE. AS THE OLDEST CONTINUOUSLY OPERATING BOARDING SCHOOL IN THE UNITED STATES, WE HAVE ALWAYS CHERISHED THE POSSIBILITIES OF THE FUTURE AS MUCH AS WE CHERISH OUR TRADITIONS. STUDENTS BECOME PART OF AN EXCITING HISTORY OF PROGRESS AND SERVICE FROM WHICH SPRING THE SCIENTISTS, ARTISTS, ATHLETES, WRITERS, INNOVATORS AND LEADERS OF TOMORROW. VISITORS TO OUR CAMPUS FEEL IT RIGHT AWAY-THE SENSE OF POSSIBILITY, THAT YOU CAN DO ANYTHING, TRY ANYTHING. <CONTINUED BELOW> 0 0 23306669 5490091 27717785 THE GOVERNOR'S ACADEMY PROVIDES A RIGOROUS EDUCATIONAL EXPERIENCE THAT ENCOMPASSES ACADEMICS, ATHLETICS, THE ARTS, AND SERVICE. SMALL CLASS SIZES ARE LED BY TALENTED TEACHERS WHO INSPIRE A LIFELONG LOVE OF LEARNING AND AN UNQUENCHABLE CURIOSITY ABOUT THE WORLD. WE HAVE MORE THAN 400 STUDENTS IN GRADES 9-12 REPRESENTING 19 COUNTRIES AND 23 STATES. TWO-THIRDS OF OUR STUDENTS BOARD; ONE-THIRD ARE DAY STUDENTS. ACADEMICALLY WE OFFER HONORS AND ADVANCED PLACEMENT COURSES, AS WELL AS A NUMBER OF INDEPENDENT STUDIES OPPORTUNITIES. OUR ATHLETES PARTICIPATE AT A CHAMPIONSHIP LEVEL IN THE INDEPENDENT SCHOOL LEAGUE AND WE REGULARLY HAVE STUDENTS WHO WIN REGIONAL AND NATIONAL ART AWARDS. OUR EFFORTS CONTINUE TO EXPAND IN PROVIDING GLOBAL UNDERSTANDING AND EXPERIENCES FOR OUR STUDENTS THROUGH EXCHANGE PROGRAMS. CURRENTLY OUR EXCHANGES ARE IN CHINA, SOUTH AFRICA, MEXICO AND AT THE NAVAJO PREPARATORY SCHOOL. STUDENTS SPEND TIME AT SCHOOLS ACROSS THE GLOBE, IN TURN THOSE STUDENTS AND TEACHERS COME TO OUR CAMPUS, WHERE THEY LIVE IN DORMS AND PARTICIPATE IN CLASSES AND SCHOOL ACTIVITIES. 23306669 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 109 0 1 256 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X CHRISTOPHER V WEJCHERT 9784651763 1 ELM STREET BYFIELD MA 01922 JAMES L RUDOLPH VICE PRESIDENT 5.00 X X 0 0 0 STEVEN G SHAPIRO TREASURER 5.00 X X 0 0 0 JAMES M PIERCE PRESIDENT 5.00 X X 0 0 0 WILLIAM H BRINE TRUSTEE 5.00 X 0 0 0 JONATHAN J DOYLE TRUSTEE 5.00 X 0 0 0 STEPHEN G KASNET TRUSTEE 5.00 X 0 0 0 THOMAS M MERCER JR TRUSTEE 5.00 X 0 0 0 SPENCER PURINTON TRUSTEE 5.00 X 0 0 0 AARON M SELLS TRUSTEE 5.00 X 0 0 0 DAVID SPLAINE TRUSTEE 5.00 X 0 0 0 WILLIAM L ALFOND TRUSTEE 5.00 X 0 0 0 FRANCESCA DEMEO SECRETARY 5.00 X X 0 0 0 MARK WHISTON TRUSTEE 5.00 X 0 0 0 DANIEL GUYTON TRUSTEE 5.00 X 0 0 0 KATHRYN BURNS TRUSTEE 5.00 X 0 0 0 WILLIAM DWYER TRUSTEE 5.00 X 0 0 0 MEREDITH MCPHERRON TRUSTEE 5.00 X 0 0 0 CAROLINE WARREN TRUSTEE 5.00 X 0 0 0 KAREN RUTH MCALMON TRUSTEE 5.00 X 0 0 0 JURRIEN TIMMER TRUSTEE 5.00 X 0 0 0 FELIX MOTTA TRUSTEE 5.00 X 0 0 0 BYUNG SOO BAIK TRUSTEE 5.00 X 0 0 0 PAUL NARDONE TRUSTEE 5.00 X 0 0 0 COLIN CROSS TRUSTEE 5.00 X 0 0 0 BRUCE GINSBERG TRUSTEE 5.00 X 0 0 0 ARCHIE SEALE TRUSTEE 5.00 X 0 0 0 PETER QUIMBY HEADMASTER 50.00 X 333418 0 38932 CHRISTOPHER WEJCHERT CFO 50.00 X 231767 0 21860 JOHN DOGGETT HEADMASTER EMERITUS 40.00 X 171976 0 24244 WILLIAM DEPTULA DIRECTOR OF ADVANCEMENT 50.00 X 307092 0 31049 LYNDA FITZGERALD DEAN OF FACULTY 50.00 X 132819 0 22803 ALFRED PARNELL DIRECTOR OF PHYSICAL PLANT 50.00 X 118030 0 12505 MICHAEL KINNEALY DIRECTOR OF ADMISSIONS 50.00 X 120873 0 20670 1415975 0 172063 7 0 1 0 UPTACK PLUMBING & HEATING INC 32 ROCHAMBAULT STREET HAVERHILL MA 01832 PLUMBING CONTRACTOR 313377 PBSC 360 PEARL STREET MALDEN MA 02148 HOUSEKEEPING CO 294644 ROBITAILLE ELECTRIC 7 PAULS WAY NEWBURY MA 01951 ELECTRICAL CONTRACTOR 169772 US SECURITY ASSOCIATES INC PO BOX 931703 ATLANTA GA 31193 SECURITY SERVICE 156379 SCHWARTZ HANNUM PC 11 CHESTNUT STREET ANDOVER MA 01810 LAWYER 150609 7 56102 3160199 656349 3216301 TUITION 611600 20864050 20864050 SUMMER PROGRAMS 713990 543237 541787 1450 STUDENT FEE INCOME 611710 346832 346832 21754119 -610621 28085 -638706 259682 0 259682 259682 259682 12040870 6239306 5801564 5801564 5801564 54215 56102 54215 0 241241 173799 67442 67442 MISCELLANEOUS 900099 96110 96110 96110 30584597 27717785 29535 -379024 5490091 5490091 547112 273556 136778 136778 9427644 7677502 1063007 687135 2419637 1506217 808828 104592 703199 471923 204793 26483 540919 162192 370911 7816 25606 2149 23457 185457 27091 77942 80424 402789 201532 166945 34312 1544573 1544573 46711 46711 116415 48442 58323 9650 967515 965279 2236 2018467 1897359 100923 20185 301874 138 301736 CAMPAIGN PROJECT EXPENS 1098183 1098183 OUTSIDE STAFFING 690391 690391 MISCELLANEOUS EXPENSE 624549 568502 56047 COST OF GOODS SOLD 537709 537709 1998477 1242023 528632 227822 29687318 23306669 3900558 2480091 44592 42966 6923638 7578231 2475103 1858003 136445 99388 37500 35417 1848 86677 76469 570114 456708 88563503 27405196 61598602 61158307 23123 139585 69567132 63745051 141462926 135191973 478745 836875 5500328 6146362 20615000 19950000 5102267 4318242 4139792 5535152 35836132 36786631 X 70137572 64747013 9262928 6820568 26226294 26837761 105626794 98405342 141462926 135191973 897279 -8118731 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 69590255 744420 -1662857 4787182 63884636 72361068 1297756 1131864 5200433 69590255 66131748 709845 9555821 4036346 72361068 61348153 2429276 6316234 3961915 66131748 67502379 419108 -2895857 3677477 61348153 0.53040 0.41850 0.05110 0 0 72025858 20753265 51272593 7115299 4880049 2235250 9422346 1771882 7650464 61158307 LIMITED PARTNERSHIPS 5377298 F BENEFICIAL INTEREST IN PHILLIPS TRUSTS 7044996 F COMMONFUND INSTITUTIONAL FUNDS 50796839 F CHARITABLE GIFT ANNUITIES 525918 F 63745051 ANNUITIES PAYABLE 212495 INTEREST RATE SWAP 5322657 5535152 X 21942220 -8118731 4966445 -3152286 25094506 5490091 5490091 30584597 29163672 4966445 4966445 24197227 5490091 5490091 29687318 PART III, LINE 4: VARIOUS PAINTINGS THAT ARE DISPLAYED IN THE LIBRARY WHICH WERE DONATED TO THE SCHOOL. PART V, LINE 4: THE ACADEMY'S ENDOWMENT FUNDS ARE USED TO SUPPORT MULTIPLE AREAS INCLUDING THE GENERAL OPERATIONS OF THE ACADEMY. THE ENDOWMENT HELPS SUPPORT FINANCIAL AID, FACULTY SALARIES AND BENEFITS, COMMENCEMENT PRIZES, PHYSICAL PLANT AND OTHER EXPENDITURES. TEMPORARY RESTRICTED GIFTS CAN HELP SUPPORT UNIFORMS, MUSICAL INSTRUMENTS, THE EXCHANGE PROGRAM, FINANCIAL AID FOR SPECIFIC NEEDS, AND BOOKS. PART X, LINE 2: THE ACADEMY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME, IF ANY. THE ACADEMY ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC TOPIC INCOME TAXES. THE TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PROCESS FOR FINANCIAL STATEMENT RECOGNITION OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE TOPIC ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AT JUNE 30, 2016, MANAGEMENT BELIEVES THAT THE ACADEMY HAS NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: ENDOWMENT APPROPRIATIONS FOR OPERATIONS AND DEBT SERVICE 4,738,431. FUNDRAISING EXPENSES INCLUDED IN INCOME 54,215. COST OF GOODS SOLD APPLIED AGAINST INCOME 173,799. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND DISCOUNTS 5,490,091. PART XII, LINE 2D - OTHER ADJUSTMENTS: ENDOWMENT APPROPRIATION DRAW 4,738,431. FUNDRAISING EXPENSES INCLUDED IN INCOME 54,215. COST OF GOODS SOLD APPLIED AGAINST INCOME 173,799. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND DISCOUNTS 5,490,091. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 GOVERNOR DUMMER ACADEMY PUBLICIZES ITS NONDISCRIMINATORY POLICY ON A SCHOOL BULLETIN AND IN BROCHURES. X X X X X 0 MA GOLF TOURNAMENT 110317 56102 54215 54215 110317 56102 54215 54215 54215 0 1 FINANCIAL AID 138 5490091 FMV SCHOLARSHIPS/FINANCIAL AID PART I, LINE 2: FINANCIAL AID IS ALLOCATED ON A NEED BASED BASIS AT THE GOVERNOR'S ACADEMY. FOR NEW APPLICANTS TO THE SCHOOL, WE REQUIRE FAMILIES TO SUBMIT INCOME AND ASSET INFORMATION TO SSS, A FINANCIAL AID ASSESSMENT ORGANIZATION THAT OPERATES WITHIN NAIS. SSS PROVIDES FOR US A RECOMMENDED FAMILY CONTRIBUTION (RFC) AND, TO OUR ABILITY AND AFTER OUR EVALUATION OF A FAMILY'S SUBMISSION, WE WILL PROVIDE FINANCIAL AID TO A FAMILY THAT REPRESENTS THE DIFFERENCE BETWEEN THE RFC AND THE COST OF TUITION. WITH RESPECT TO MONITORING THE STUDENTS OVER TIME, FAMILIES MUST SUBMIT A FINANCIAL AID APPLICATION EACH YEAR AND THE RFC IS USED TO DETERMINE A FINANCIAL AID ALLOCATION EACH YEAR. FACULTY AND STAFF TUITION REMISSION IS INCLUDED IN SCHOLARSHIPS AND FINANCIAL AID. REMISSION FOR THE FACULTY AND STAFF IS A BENEFIT THEREFORE FACULTY AND STAFF ARE NOT SUBJECT TO THE SSS PROCESS. HOWEVER, THEY ARE SUBJECT TO COMPLETING AND ACHIEVING THE FULL APPLICATION, TESTING, REFERENCE AND INTERVIEW PROCESS. X X X X 0 1 X X X X 0 0 0 0 0 0 0 0 0 PETER QUIMBY HEADMASTER 333418 0 0 0 0 0 15900 0 23032 0 372350 0 0 0 CHRISTOPHER WEJCHERT CFO 231767 0 0 0 0 0 13687 0 8173 0 253627 0 0 0 JOHN DOGGETT HEADMASTER EMERITUS 171976 0 0 0 0 0 11423 0 12821 0 196220 0 0 0 WILLIAM DEPTULA DIRECTOR OF ADVANCEMENT 218092 0 0 0 89000 0 13035 0 18014 0 338141 0 0 0 LYNDA FITZGERALD DEAN OF FACULTY 132819 0 0 0 0 0 13673 0 9130 0 155622 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES ON CAMPUS HOUSING FOR THE HEADMASTER AND CHIEF FINANCIAL OFFICER TO PROVIDE AN ON CAMPUS PRESENCE TO DEAL WITH ASSORTED ISSUES AND EMERGENCIES. THE HEADMASTER DISCRETIONARY FUND OF $14,000 IS USED TO PAY FOR UNPLANNED SCHOOL ACTIVITIES. PER A CONTRACT BETWEEN THE ACADEMY AND HEADMASTER EMERITUS A GROSS UP PAYMENT WAS PROVIDED. THIS GROSS UP WAS PART OF A PORTION OF COMPENSATION AS IN RELATION TO HOUSING. THIS WAS A MUTUALLY AGREED UPON ARRANGEMENT BETWEEN THE INSTITUTION AND ONLY THIS INDIVIDUAL. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RGN9 2006-08-01 15000000 CONSTRUCTION OF DORM,MAINTENANCE BLDG,HOCKEY RINK,TURF FIELD,TENNIS COURTS 0 1 0 A 15000000 295724 14704276 2007 0 0 1 1 A 0 0 0 0 1 0 1 A 1 1 0 0 0 0 A 0 PETER QUIMBY HEADMASTER FACULTY HOUSING LOAN X 125000 35417 0 1 1 35417 RUDOLPH FRIEDMANN TRUSTEE 10366 LEGAL SERVICES 0 X 26 270254 FMV X SOLAR PANELS 1 102785 X MISCELLANEOUS DONATED AUCTION ITEMS 32 13310 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 AFTER BEING DRAFTED BY THE TAX PREPARERS AND REVIEWED BY THE DIRECTOR OF FINANCE AND THE CHIEF FINANCIAL OFFICER, A VERSION OF THE FORM 990 IS SENT TO THE AUDIT COMMITTEE, INCLUDING THE TREASURER, FOR REVIEW BY THE COMMITTEE. ANY QUESTIONS RAISED BY COMMITTEE MEMBERS ARE BROUGHT BACK TO THE CFO AND THE TAX PREPARERS. ONCE QUESTIONS HAVE BEEN ANSWERED AND ANY NEEDED CHANGES MADE, A FINAL VERSION OF THE FORM 990 IS PROVIDED TO THE BOARD OF TRUSTEES BEFORE THE FILING DATE. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS ISSUED ONCE A YEAR WITH AN ACKNOWLEDGEMENT TO BE SIGNED ASSURING THAT THE READER IS AWARE AND WILL COMPLY. ONCE THE ACKNOWLEDGEMENT IS SIGNED IT IS FILED IN THE CFO'S OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE HEADMASTER'S COMPENSATION IS REVIEWED BY THE PRESIDENT OF THE BOARD AND THE OFFICERS OF THE ACADEMY, WITH SUPPORT FROM THE CFO'S OFFICE WHICH PROVIDES RELEVANT AND COMPARABLE SALARY DATA FOR THIS POSITION. THE CFO'S SALARY IS SET BY THE HEADMASTER. THE HEADMASTER AND THE CFO WORK TOGETHER IN SETTING THE FACULTY AND STAFF SALARY POOL, INCLUDING ANTICIPATED TURNOVER AND A BUDGET FOR REPLACEMENT PERSONNEL. ALL SALARY RECOMMENDATIONS ARE THEN INCORPORATED INTO THE DRAFT FISCAL YEAR BUDGET WHICH IS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW AND APPROVAL. THE FULL BOARD THEN APPROVES THE BUDGET FOR IMPLEMENTATION. THE ORGANIZATION BENCHMARKS AND ANALYZES SALARIES AGAINST DATA FROM NATIONAL AND REGIONAL SCHOOL ASSOCIATIONS. FORM 990, PART VI, SECTION C, LINE 18 THE FORM 990 IS AVAILABLE VIA A WRITTEN OR TELEPHONE REQUEST TO THE ORGANIZATION. 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. FORM 990, PART III, LINE 1, CONTINUATION A HEALTHY ATMOSPHERE WHERE EVERY CLUB AND TEAM WELCOMES NEW MEMBERS, TEACHERS ENCOURAGE STUDENTS TO TAKE CLASSES AND JOIN ACTIVITIES OUTSIDE THEIR COMFORT ZONE, AND EVERYONE SUPPORTS EACH OTHER IN ANY ENDEAVOR. MOTIVATED STUDENTS FROM THE BOSTON AREA AND AROUND THE GLOBE COME TOGETHER IN WHAT MANY SAY FEELS LIKE A SECOND HOME. VIBRANT, FASCINATING PEOPLE-INCLUDING TEACHERS WHO ALSO SERVE AS COACHES AND MENTORS-FORM A UNIQUE SYNTHESIS OF CULTURES AND LIFE EXPERIENCES. GOVERNOR'S GLOBAL OUTLOOK INSPIRES EXCHANGE AND STUDY ABROAD PROGRAMS, COURSE OFFERINGS, CLASS ACTIVITIES AND THE WELCOMING, ACCEPTING ATMOSPHERE ON CAMPUS. THE CHALLENGE AND OPPORTUNITIES OF A QUINTESSENTIAL NEW ENGLAND BOARDING SCHOOL MERGE WITH A WARMTH AND OPENNESS TO NEW IDEAS AND NEW PEOPLE THAT HAS ALWAYS MADE GOVERNOR'S REFRESHINGLY DIFFERENT.