2017-05-15T11:30:15-05:00 2016-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2015-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 COLETTE DE LABRY PRESIDENT 9788275911 2017-05-15 1 LYNNE JOHNSON P00757336 6179129000 2015 2021-01-29 14:40:06Z CUSHING ACADEMY COLETTE DE LABRY 39 SCHOOL STREET ASHBURNHAM MA 01430 50750323 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 19 19 249 100 380791 -181316 3098768 9353906 23703176 24489302 778526 656530 606903 360765 28187373 34860503 4478707 4666946 0 0 12867925 13464205 0 0 1572466 12179985 12011866 29526617 30143017 -1339244 4717486 101018276 104759226 36260713 36480582 64757563 68278644 X CUSHING ACADEMY, FOUNDED AS A COEDUCATIONAL BOARDING SCHOOL IN 1865, EXISTS FOR STUDENTS, THEIR ACADEMIC GROWTH AND THEIR PERSONAL DEVELOPMENT. WE ARE DEDICATED TO EDUCATING THE MIND, SHAPING THE CHARACTER, AND NURTURING THE CREATIVITY OF YOUNG MEN AND WOMEN. IN A COMMUNITY THAT IS ACADEMICALLY AND CULTURALLY DIVERSE, WE CHALLENGE EACH INDIVIDUAL, SUPPORT EXCELLENCE IN EVERY ASPECT OF THE LEARNING PROCESS, AND PROMOTE ACTIVE PARTICIPATION IN ALL AREAS OF LIFE AND LEARNING. WE OFFER A DEMANDING COLLEGE PREPARATORY CURRICULUM, TEACH SKILLS THAT BUILD CONFIDENCE, AND INSTILL VALUES THAT ENDURE. 0 0 22357714 4666946 24350194 TRADITION, CHALLENGE AND EDUCATIONAL OPPORTUNITY FOR STUDENTS ACROSS THE COUNTRY AND AROUND THE WORLD IN WHICH TO EXPERIENCE GROWTH, SUPPORT AND SUCCESS THAT FLOURISH WITHIN THE COMMUNITY. CUSHING ACADEMY HAS 365 STUDENTS: 317 BOARD 48 DAYS. IN ADDITION, THE ACADEMY HAS 59 FULL TIME TEACHING FACULTIES. 22357714 1 1 0 1 0 1 0 0 0 0 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 0 0 1 0 1 0 0 0 0 0 0 0 0 1 54 0 1 249 1 1 1 0 0 0 0 0 0 0 0 0 X 19 19 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MA X CATHLEEN MELANSON 9788727078 39 SCHOOL STREET ASHBURNHAM MA 01430 M ELIZABETH AKERS TRUSTEE 2.00 X 0 0 0 HIROYUKI ARITA TRUSTEE 2.00 X 0 0 0 DAVID BERKOWITZ TRUSTEE 2.00 X 0 0 0 MELISSA IRVING CHRISTENSEN TRUSTEE 2.00 X 0 0 0 COLETTE DE LABRY TRUSTEE 2.00 X 0 0 0 JEREMY A DUFFY VICE PRESIDENT 3.00 X X 0 0 0 KRISTEN KELLY FISHER TRUSTEE 2.00 X 0 0 0 RICHARD J HARRINGTON PRESIDENT 5.00 X X 0 0 0 I BRADLEY HOFFMAN TRUSTEE 2.00 X 0 0 0 CAROL D SCHAEFER TRUSTEE 2.00 X 0 0 0 CHARLES V SCHAEFER TRUSTEE 2.00 X 0 0 0 STACY SILVERMAN TRUSTEE 2.00 X 0 0 0 HENDDRICK SIN TRUSTEE 2.00 X 0 0 0 PETER SNYDER TRUSTEE 2.00 X 0 0 0 SCOTT D WHITNEY TREASURER 3.00 X X 0 0 0 SUE HAWKES WIGHT TRUSTEE 2.00 X 0 0 0 ROBERT A YOUNG TRUSTEE 2.00 X 0 0 0 MARC BINGHAM TRUSTEE (THRU 10/16/2015) 2.00 X 0 0 0 MARK CASADY TRUSTEE (THRU 07/17/2015) 2.00 X 0 0 0 DOUGLAS DUBIEL TRUSTEE 2.00 X 0 0 0 VERNON TATE TRUSTEE 2.00 X 0 0 0 CHRISTOPHER TORINO HEADMASTER 50.00 X 262801 0 59716 JOSEPH MCPEAK CHIEF FINANCIAL OFFICER 50.00 X 178949 0 16276 CATHERINE POLLOCK ASSOCIATE HEAD 50.00 X 195835 0 18629 WILLIAM O'HEARN MANAGING DIRECTOR, DEVELOPMENT 40.00 X 121722 0 37619 MARGARET LEE DIRECTOR OF SUMMER PROGRAMS 40.00 X 119301 0 35608 CAITLIN O'BRIEN DEVELOPMENT DIRECTOR 40.00 X 109523 0 28179 SUSAN CARLISLE DEAN OF ACADEMICS 40.00 X 106794 0 28825 DAVID STONE DEAN OF FACULTY 40.00 X 108189 0 23991 1203114 0 248843 8 0 1 0 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 01915 CONSTRUCTION COMPANY 5203556 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2574068 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, PROPANE & REPAIR SERVICE 711035 BARGMANN HENDRIE & ARCHETYPE INC 300 A STREET BOSTON MA 02210 ARCHITECTURE FIRM 516476 APOLLO INTERNATIONAL PO BOX 101034 PASADENA CA 911891034 SECURITY SERVICES 193718 8 200460 9153446 107295 9353906 TUITIONS & FEES 611600 24280850 24141742 139108 TRANSCRIPT & ENROLLMENT 611710 114485 114485 SUMMER SCHOOL PROGRAMS 611710 79873 79873 TUTORING 611710 14094 14094 24489302 658676 1139 657537 15450789 15452935 -2146 -2146 1970 -4116 0 200460 105920 -105920 -105920 334174 330965 3209 -13759 16968 ICE RINK RENTAL 900099 328441 252333 76108 TRANSPORTATION 480000 75628 75628 STORAGE REVENUE 900099 15533 15533 43874 43874 463476 34860503 24350194 380791 775612 4666946 4666946 738649 738649 9283531 6105212 2543934 634385 641429 485242 109851 46336 1855581 1100841 627394 127346 945015 539380 260721 144914 170283 170283 87728 87728 89306 89306 566473 28485 229638 308350 175530 107505 68025 438486 269623 150904 17959 112124 17988 92445 1691 2904189 2472713 287644 143832 408022 170238 158156 79628 1541 1541 1185544 1185544 2090948 2090948 310292 171643 138649 FOOD SERVICES 1998624 1998624 STUDENT TRANSPORTATION 302920 302920 ATHLETICS 278766 278766 SUMMER SESSION 202300 202300 688790 268760 420030 30143017 22357714 6212837 1572466 11297168 9668701 1815123 1832633 691690 7185772 773112 946532 39781 32457 717191 583790 90969072 38596872 44252808 52372200 37676936 28863942 3754467 3273199 101018276 104759226 1738185 2672553 10068514 10203715 21355000 20650000 3099014 2954314 36260713 36480582 X 18877551 25677351 13377819 10340811 32502193 32260482 64757563 68278644 101018276 104759226 X 4717486 -1333410 137005 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 PART II-B, LINE 1: CUSHING ACADEMY IS A MEMBER OF THE MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS AND COLLEGES (MANS&C), A GROUP THAT MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES AND AS SUCH NO DETERMINATIVE AMOUNT IS LISTED IN THE SCHEDULE. 1 12032227 18432971 1 1 40773999 30296 -659797 7479339 32665159 43022422 282123 1195303 3725849 40773999 32658724 9157984 5390254 2745263 1439277 43022422 28556408 1848461 4021918 1768063 32658724 29193521 1831481 -289756 2178838 28556408 0.00930 0.80400 0.18670 0 0 8008869 8008869 56806181 26478626 30327555 14496320 12118246 2378074 11657702 11657702 52372200 HEDGED INVESTORS COMPANY 2250744 F BOND FUNDS 8590754 F PRIVATE EQUITY 695281 F EQUITY FUNDS 17327163 F 28863942 INTEREST RATE SWAP AGREEMENT 2815577 CHARITABLE GIFT ANNUITY 138737 2954314 X 29434037 -1333410 -4529941 -5863351 35297388 -436885 -436885 34860503 25912956 436885 436885 25476071 4666946 4666946 30143017 PART V, LINE 4: TO PROVIDE FINANCIAL GRANTS/SCHOLARSHIPS FOR QUALIFYING STUDENTS AND TO PROVIDE FUNDING FOR GENERAL EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONORS' DIRECTIVES. 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. 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 TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ACADEMY'S TAX POSITIONS AND CONCLUDED THAT THE ACADEMY HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2016 AND 2015. THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S., FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2013. 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: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -4,666,946. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 137,005. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -330,965. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B -105,920. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 330,965. SPECIAL EVENTS EXPENSE INCLUDED IN FORM 990, PART VIII, LINE 8B 105,920. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 4,666,946. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE ACADEMY PUBLICIZES ITS NONDISCRIMINATION POLICY ON ALL ADMISSION/MARKETING MATERIAL. IN ADDITION, AISNE (ASSOCIATION INDEPENDENT SCHOOL OF NEW ENGLAND) PLACES SEVERAL ADVERTISEMENTS IN NEW ENGLAND AREA PERIODICALS STATING ITS MEMBER'S NONDISCRIMINATION POLICY AND LIST EACH SCHOOL BY NAME. GOLF OUTING 172379 172379 19563 8186 AUCTION 28081 28081 8269 69902 200460 200460 19563 8269 78088 105920 -105920 1 SCHOLARSHIPS 177 4666946 BOOK ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. PART I, LINE 2: ALL GRANTS ARE BASED ON FINANCIAL NEED OR ACADEMIC MERIT. THE ACADEMY UTILIZES THE SERVICES OF A THIRD PARTY TO ANALYZE THE APPLICANT'S FINANCES TO DETERMINE THE ESTIMATED FAMILY CONTRIBUTION. THE FINANCIAL AID COMMITTEE MAINTAINS ALL RECORDS REGARDING THE SELECTING AND AWARDING OF GRANTS. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 CHRISTOPHER TORINO HEADMASTER 262561 0 0 0 240 0 13000 0 46716 0 322517 0 0 0 JOSEPH MCPEAK CHIEF FINANCIAL OFFICER 178586 0 0 0 363 0 9063 0 7213 0 195225 0 0 0 CATHERINE POLLOCK ASSOCIATE HEAD 195435 0 0 0 400 0 17500 0 1129 0 214464 0 0 0 WILLIAM O'HEARN MANAGING DIRECTOR, DEVELOPMENT 121516 0 0 0 206 0 11100 0 26519 0 159341 0 0 0 MARGARET LEE DIRECTOR OF SUMMER PROGRAMS 118737 0 0 0 564 0 27000 0 8608 0 154909 0 0 0 PART I, LINE 1A DUE TO THE RESIDENTIAL NATURE OF THE SCHOOL, CERTAIN EMPLOYEES, AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, RECEIVE ON-CAMPUS HOUSING. THE HEADMASTER AND DEAN OF ENROLLMENT SERVICES RECEIVED THIS NONTAXABLE BENEFIT DURING THE YEAR. PART I, LINE 1B THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS 0 1 0 A 6350000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 0.04200 0.04200 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 A 0 CHRISTOPHER TORINO HEADMASTER 59000 CHRISTOPHER TORINO'S WIFE IS A SALARIED EMPLOYEE OF THE SCHOOL. 0 X 3 58522 FAIR MARKET VALUE X SPECIAL EVENT ITEMS 91 48773 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REPRESENTS THE TOTAL NUMBER OF DONORS OF NON-CASH ITEMS DURING THE YEAR. FORM 990, PART VI, SECTION A, LINE 2 CAROL AND CHARLES SCHAEFER, TRUSTEES, HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY SENIOR MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, KEY EMPLOYEES AND ALL BOARD MEMBERS ARE REQUIRED ANNUALLY TO COMPLETE AN ANNUAL DISCLOSURE AND CONFLICT OF INTEREST FORM. IF ANY CONFLICT EXISTS THE BOARD MEMBERS AND EMPLOYEES ARE NOT ALLOWED INPUT ON ISSUES THAT WOULD RAISE THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD CONTRACTS WITH A CONSULTING FIRM THAT REVIEWS PEER SCHOOLS 990'S, CONDUCTS SURVEYS AND REPORTS THEIR FINDINGS TO THE BOARD. THIS FORMAL PROCESS IS UNDERTAKEN PERIODICALLY (LAST COMPLETED IN MARCH 2013). IN THE INTERIM YEARS THE COMPENSATION COMMITTEE (AN AD HOC COMMITTEE OF THE BOARD) REVIEWS PEER SCHOOLS 990'S AND OTHER AVAILABLE DATA. 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 THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: 137,005.