2017-03-29T12:04:39-05:00 2016-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2015-07-01 041200600 CONCORD ACADEMY CONC 9784022200 166 MAIN STREET CONCORD MA 01742 AMY MILLER-FREDERICKS CFO 9784022200 2017-03-29 1 LYNNE JOHNSON P00757336 6179129000 2015 2021-01-29 14:40:06Z RICHARD G HARDY 166 MAIN STREET CONCORD MA 01742 64164210 0 X WWW.CONCORDACADEMY.ORG X 1922 MA CONCORD ACADEMY IS A FOUR-YEAR, NONPROFIT, COEDUCATIONAL, BOARDING AND DAY COLLEGE-PREP SCHOOL CONSISTING OF GRADES NINE THROUGH TWELVE. THE 2015-16 ENROLLMENT WAS COMPOSED OF 382 STUDENTS, 153 OF WHOM WERE BOARDING STUDENTS AND 229 OF WHOM WERE DAY STUDENTS FROM 17 STATES/TERRITORIES AND 9 FOREIGN COUNTRIES. 29 28 367 407 19331 16498 14812717 15644937 18681808 19494213 1171254 360642 -3736 0 34662043 35499792 3800248 4014041 0 0 12530888 13268243 0 0 2167303 8019367 8870053 24350503 26152337 10311540 9347455 114883578 124420494 21484526 22531355 93399052 101889139 X CONCORD ACADEMY ENGAGES ITS STUDENTS IN A COMMUNITY ANIMATED BY A LOVE OF LEARNING, ENRICHED BY A DIVERSITY OF BACKGROUNDS AND PERSPECTIVES, AND GUIDED BY A COVENANT OF COMMON TRUST. STUDENTS AND TEACHERS WORK TOGETHER AS A COMMUNITY OF LEARNERS DEDICATED TO INTELLECTUAL RIGOR AND CREATIVE ENDEAVOR. IN A CARING AND CHALLENGING ATMOSPHERE, STUDENTS DISCOVER AND DEVELOP TALENTS AS SCHOLARS, ARTISTS, AND ATHLETES AND ARE ENCOURAGED TO FIND THEIR VOICES. THE SCHOOL IS COMMITTED TO EMBRACING AND BROADENING THE DIVERSITY OF BACKGROUNDS, PERSPECTIVES, AND TALENTS OF ITS PEOPLE. THIS DIVERSITY FOSTERS RESPECT FOR OTHERS AND GENUINE EXCHANGE OF IDEAS. COMMON TRUST CHALLENGES STUDENTS TO BALANCE INDIVIDUAL FREEDOM WITH RESPONSIBILITY AND SERVICE TO A LARGER COMMUNITY. SUCH LEARNING PREPARES STUDENTS FOR LIVES AS COMMITTED CITIZENS. 0 0 19783068 4014041 19494213 SECONDARY EDUCATION: 382 STUDENTS IN GRADES 9 THROUGH 12; EDUCATIONAL PROGRAMS, GENERAL/OTHER: SUMMER CAMP 8-WEEK PROGRAM FOR CHILDREN IN GRADES PRE-K THROUGH 9. 19783068 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 107 0 1 367 1 1 1 0 0 0 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X AMY MILLER-FREDERICKS CFO 9784022200 166 MAIN STREET CONCORD MA 01742 KIM WILLIAMS PRESIDENT 4.00 X X 0 0 0 FAY LAMPERT SHUTZER 2ND VP AND TRUSTEE 3.00 X X 0 0 0 W ANTHONY BROOKE 3RD VP AND TRUSTEE 3.00 X X 0 0 0 JENNIFER A PLINE TREASURER AND TRUSTEE 3.00 X X 0 0 0 ELISABETH FRUSZTAJER SECRETARY AND TRUSTEE 3.00 X X 0 0 0 JENNIFER J BURLEIGH TRUSTEE 1.00 X 0 0 0 JOANNE R CASPER TRUSTEE 3.00 X 0 0 0 AMY CAMMANN CHOLNOKY TRUSTEE 1.00 X 0 0 0 SEAN M DALTON TRUSTEE 3.00 X 0 0 0 MARY WADSWORTH DARBY TRUSTEE 1.00 X 0 0 0 JANE DU TRUSTEE 1.00 X 0 0 0 MICHAEL B FIRESTONE TRUSTEE 1.00 X 0 0 0 SARAH FAULKNER HUGENBURGER TRUSTEE 1.00 X 0 0 0 BRIDGET C JOHNSON TRUSTEE 1.00 X 0 0 0 ROSEMARIE TORRES JOHNSON TRUSTEE 1.00 X 0 0 0 JAMIE KLICKSTEIN TRUSTEE 1.00 X 0 0 0 JOAN KONUK TRUSTEE 1.00 X 0 0 0 ROSE PEABODY LYNCH TRUSTEE 1.00 X 0 0 0 PETER H MATTOON TRUSTEE 3.00 X 0 0 0 JILL CONWAY MEHL TRUSTEE 1.00 X 0 0 0 MERVAN F OSBORNE TRUSTEE 1.00 X 0 0 0 DERRICK YAT BOND PANG TRUSTEE 1.00 X 0 0 0 KEVIN PARKE TRUSTEE 3.00 X 0 0 0 NEIL E RASMUSSEN TRUSTEE 3.00 X 0 0 0 OLIVIA HOWARD SABINE TRUSTEE 1.00 X 0 0 0 CAROLYN STAFFORD STEIN TRUSTEE 1.00 X 0 0 0 NASHAN VASSALL TRUSTEE 1.00 X 0 0 0 MARGARET WALKER TRUSTEE 1.00 X 0 0 0 RICHARD G HARDY HEAD OF SCHOOL 55.00 X X 412357 0 188044 AMY MILLER-FREDERICKS CFO 55.00 X 204933 0 45147 KATHLEEN KELLY DIRECTOR OF ADVANCEMENT 55.00 X 203357 0 36524 DAVID ROST DEAN OF STUDENTS 55.00 X 120734 0 35995 DONALD KINGMAN DIRECTOR OF OPERATIONS 55.00 X 121342 0 32939 JENNIFER CHANDLER DEAN OF FACULTY 55.00 X 119077 0 31705 JOHN DREW ACADEMIC DEAN 55.00 X 118304 0 31817 HILARY WIRTZ INTERIM DIRECTOR OF ADVANCEMENT 55.00 X 113062 0 17209 1413166 0 419380 15 0 1 0 OUNCEIT 888 WORCESTER STREET WELLESLEY MA 02482 INFO TECH CONSULTANTS 590963 DEWING SCHMID KEARNS 30 MONUMENT SQUARE CONDORD MA 01742 ARCHITECTS 426103 INTEGRATION PARTNERS 12 HARTWELL AVENUE LEXINGTON MA 02421 INFRASTRUCTURE CONSULTANTS 114323 3 15644937 962120 15644937 TUITION AND FEES/SUMMER PROGRAM 611110 19386228 19386228 MISCELLANEOUS INCOME 611110 107985 107985 19494213 522930 19331 503599 28502130 28483643 180775 18487 -180775 -162288 -162288 35499792 19494213 19331 341311 4014041 4014041 858474 743904 114570 9518579 7192334 1238574 1087671 684643 528670 96846 59127 1484735 1145956 183118 155661 721812 530437 131645 59730 239252 239252 91426 91426 344122 344122 1040988 710803 283097 47088 74020 7569 40371 26080 290349 221739 51003 17607 169587 96461 52176 20950 853026 804311 29524 19191 290409 159621 72807 57981 161600 115021 23647 22932 344904 258649 51769 34486 1654402 1555138 60160 39104 129226 129226 FOOD 1604590 1430978 73721 99891 EQUIPMENT PURCHASE REPA 748929 668707 25622 54600 DUES & SUBSCRIPTIONS 160663 95425 48859 16379 COPIES, PRINTING, POSTA 157994 16365 39736 101893 514566 230843 151361 132362 26152337 19783068 4201966 2167303 159971 2523 11383037 13878103 8411897 11647393 286309 2097 51141 33771 11467 10471 427807 512163 55355467 26040548 23790533 29314919 18452509 19742340 50020514 47436688 1886296 1842123 114883578 124420494 1707469 2556137 8917462 9588334 9580069 9065069 438824 415027 840702 906788 21484526 22531355 X 41144797 46954397 20086703 15594438 32167552 39340304 93399052 101889139 114883578 124420494 X 9347455 -748082 -109286 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62305358 1500256 -552640 516910 2373090 60362974 63991806 2219979 -1189427 430118 2286882 62305358 56823321 1796384 8053101 427544 2253456 63991806 51266142 4402648 3674531 429098 2090902 56823321 54404490 1843039 -2664387 393891 1923109 51266142 0.33000 0.54000 0.13000 0 0 6359794 6359794 36270166 22807026 13463140 5385936 3205671 2180265 7339571 27851 7311720 29314919 EQUITIES 9865331 F FIXED INCOME 11223431 F MULTI ASSET 10365756 F ABSOLUTE RETURN 7731088 F REAL ASSETS 4035959 F PRIVATE MARKETS 2165529 F OPPORTUNISTIC 2049594 F 47436688 ACTIVITIES ACCOUNT 350621 CAPITAL LEASE OBLIGATIONS 90079 HOUSING DEPOSITS 15745 REGISTRATION DEPOSITS 450343 906788 X 30371937 -748082 -4379773 -5127855 35499792 0 35499792 21881850 0 21881850 4270487 4270487 26152337 PART V, LINE 4: THE ENDOWMENT FUNDS ARE TO BE USED IN FURTHERANCE OF THE ACADEMY'S EXEMPT PURPOSES. PART X, LINE 2: THE ACADEMY QUALIFIES AS A TAX-EXEMPT, NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAX ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE INCOME TAX HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. 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 TAXING AUTHORITIES. MANAGEMENT EVALUATED THE ACADEMY'S TAX POSITIONS AND CONCLUDED THAT THE ACADEMY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. UNDER IRS STATUTES, 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: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 94,865. FINANCIAL AID GRANTS NETTED WITH REVENUE ON FINANCIAL STATEMENTS -3,926,366. INVESTMENT ADVISORY FEES NETTED WITH GAINS -344,121. UNCOLLECTIBLE PLEDGES -204,151. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID GRANTS NETTED WITH REVENUE 3,926,366. INVESTMENT ADVISORY FEES NETTED WITH GAINS 344,121. 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 FOLLOWING STATEMENT IS PUBLISHED ANNUALLY IN THE BOSTON GLOBE: WE MEMBER SCHOOLS OF THE ASSOCIATION OF INDEPENDENT SCHOOLS IN NEW ENGLAND REAFFIRM OUR LONG-STANDING POLICY OF NONDISCRIMINATORY ADMISSION OF STUDENTS. WE ADMIT STUDENTS OF ANY RACE, COLOR, RELIGIOUS AFFILIATION, NATIONAL AND ETHNIC ORIGIN AND QUALIFIED HANDICAPPED STUDENTS TO ALL RIGHTS, PRIVILEGES, PROGRAMS AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT OUR SCHOOLS. WE DO NOT DISCRIMINATE IN VIOLATION OF ANY LAW OR STATUTE IN THE ADMINISTRATION OF OUR EDUCATIONAL POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAM, AND ATHLETIC OR OTHER SCHOOL ADMINISTERED PROGRAMS. INFORMATION AND SCHOOL CATALOGUES MAY BE OBTAINED BY CALLING THE SCHOOL. EAST ASIA & THE PACIFIC FUNDRAISING/PROGRAM SERVICE CA EVENTS/UPDATES 27127 EUROPE (INCLUDING ICELAND & GREENLAND) FUNDRAISING/PROGRAM SERVICE CA EVENTS/UPDATES 3486 CHINA PROGRAM SCHOOL FAIRS/RECRUITMENT 8307 CENTRAL AMERICA & THE CARIBBEAN PROGRAM SCHOOL FAIRS/RECRUITMENT 18080 0 0 0 0 0 0 57000 0 57000 1 0 0 0 0 0 1 TUITION GRANTS 95 3908365 DIFFERENCE AFTER EXPECTED FAMILY CONTRIBUTION PER FINANCIAL AID SOFTWARE GRANTS DEDUCTED FROM SCHOOL TUITION MUSIC LESSON FINANCIAL AID 30 39437 PERCENTAGE OF FINANCIAL AID AWARD FINANCIAL AID DEDUCTED FROM MUSIC LESSON FEES HEALTH INSURANCE FINANCIAL AID 27 46960 PERCENTAGE OF FINANCIAL AID AWARD FINANCIAL AID DEDUCTED FROM STUDENT HEALTH INSURANCE COSTS MONTHLY SUPPLEMENTAL FOR INCIDENTALS 35 18100 OTHER FINANCIAL AID PROGRAM RELATED EXPENSES 1179 PART I, LINE 2: CONCORD ACADEMY AWARDED FINANCIAL ASSISTANCE TO 95 STUDENTS INCLUDING TUITION GRANTS AND ASSISTANCE FOR MUSIC LESSONS, HEALTH INSURANCE, BOOKSTORE PURCHASES, TRANSPORTATION AND MISCELLANEOUS EXPENSES. ASSISTANCE IS AWARDED ON A FINANCIAL NEED BASIS THROUGH THE FINANCIAL AID OFFICE. BOTH THE FINANCIAL AID DIRECTOR AND THE FINANCE OFFICE STAFF ADMINISTER AND MONITOR ALL GRANTS AND STUDENT SPENDING ON A MONTHLY BASIS. THE FINANCIAL AID DIRECTOR MEETS MONTHLY WITH EACH FINANCIAL AID RECIPIENT TO REVIEW SPENDING. X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 RICHARD G HARDY HEAD OF SCHOOL 411583 0 0 0 774 0 109200 0 78844 0 600401 0 0 0 AMY MILLER-FREDERICKS CFO 204159 0 0 0 774 0 20494 0 24653 0 250080 0 0 0 KATHLEEN KELLY DIRECTOR OF ADVANCEMENT 203177 0 0 0 180 0 33793 0 2731 0 239881 0 0 0 DAVID ROST DEAN OF STUDENTS 120311 0 0 0 423 0 10550 0 25445 0 156729 0 0 0 DONALD KINGMAN DIRECTOR OF OPERATIONS 120931 0 0 0 411 0 10370 0 22569 0 154281 0 0 0 JENNIFER CHANDLER DEAN OF FACULTY 118865 0 0 0 212 0 10147 0 21558 0 150782 0 0 0 JOHN DREW ACADEMIC DEAN 118095 0 0 0 209 0 10272 0 21545 0 150121 0 0 0 PART I, LINE 1A CONCORD ACADEMY IS A COEDUCATIONAL BOARDING AND DAY SCHOOL. AS A REQUIREMENT OF EMPLOYMENT, HEAD OF SCHOOL AND SOME FACULTY AND STAFF LIVE IN SCHOOL-OWNED HOUSING WHICH IS A NONTAXABLE BENEFIT TO THEM. THE HEAD OF SCHOOL'S ESTIMATED NONTAXABLE HOUSING BENEFIT IS $55,000 AND IT IS REPORTED IN PART II, COLUMN D. CONCORD ACADEMY REIMBURSED THE HEAD OF SCHOOL, RICHARD HARDY, TRAVEL FOR COMPANION EXPENSES WHICH ARE NONTAXABLE TO THE HEAD OF SCHOOL. CERTAIN TRANSPORTATION EXPENSES WERE INCURRED FOR THE HEAD OF SCHOOL'S SPOUSE IN RELATION TO CONCORD ACADEMY PLANNED EVENTS. PART I, LINE 3 THE CONCORD ACADEMY BOARD OF TRUSTEES EXECUTIVE COMMITTEE ALSO ACTS AS THE COMPENSATION COMMITTEE. THIS GROUP REVIEWS AND DELIBERATES COMPENSATION FOR THE HEAD OF SCHOOL AND THE CHIEF FINANCIAL OFFICER USING PEER SCHOOL DATA AND FINANCIAL REPORTING (FORM 990) AND OTHER EXTERNAL SOURCES. COMPENSATION FOR FY 15-16 FOR THESE POSITIONS WAS REVIEWED AND APPROVED BY THE COMMITTEE IN THE SPRING OF 2015. IN THE SPRING OF 2016, A SUB-GROUP OF THE EXECUTIVE COMMITTEE A/K/A HEAD COMPENSATION COMMITTEE, MET TO APPROVE HEAD COMPENSATION NOTED IN SCHEDULE J, PART I, LINE 7. PART I, LINE 4B RICHARD HARDY, HEAD OF SCHOOL, PARTICIPATES IN THE ACADEMY'S NONQUALIFIED RETIREMENT PLAN (SEC. 457F PLAN); EMPLOYER CONTRIBUTIONS FOR FY 15-16 ARE IN THE AMOUNT OF $70,000 IS INCLUDED IN FORM 990, PART VII, COLUMN F AND SCHEDULE J, PART II, COLUMN C. PART I, LINE 7 THE ACADEMY ACCRUED $25,000 FOR RICHARD HARDY, HEAD OF SCHOOL, BASED UPON THE ACADEMY MEETING ITS ANNUAL BUDGET AS WELL AS THE EMPLOYEE MEETING SPECIFIC PERFORMANCE METRICS ESTABLISHED BY THE ACADEMY. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2010-12-17 11526201 REFUNDING OF 12/23/1997 AND 11/23/2004 ISSUES 0 0 0 A 2461132 11526201 230524 11295677 2006 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 A 0 X 38 962120 FAIR MARKET VALUE 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS OF PUBLICLY TRADED SECURITIES IS BASED ON THE NUMBER OF GIFTS OF SECURITIES RECEIVED. PART I, LINE 32B: MORGAN STANLEY SMITH BARNEY, LLC PROCESSED AND SOLD THE STOCK DONATIONS ON BEHALF OF THE ACADEMY. FORM 990, PART VI, SECTION B, LINE 11 UPON COMPLETION OF THE 2015 FORM 990, THE ENTIRE FORM IS FIRST REVIEWED BY MANAGEMENT; SOON AFTER, THE FORM, NOT INCLUDING SCHEDULE B, IS REVIEWED WITH THE CHAIR OF THE AUDIT COMMITTEE; THEN THE FORM, NOT INCLUDING SCHEDULE B, IS PRESENTED IN A MEETING WITH ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CONCORD ACADEMY BOARD OF TRUSTEES FOR REVIEW, DISCUSSION, INCLUDING ANY PROPOSED CHANGES, AND APPROVAL. AFTER APPROVAL AND BEFORE FILING WITH THE IRS, THE FORM, NOT INCLUDING SCHEDULE B, IS MADE AVAILABLE TO EACH BOARD MEMBER ON THE CONCORD ACADEMY TRUSTEE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C IN OCTOBER OF EACH YEAR NEW AND RETURNING TRUSTEES ARE ASKED TO COMPLETE, SIGN AND RETURN TO THE ASSISTANT TO THE HEAD OF SCHOOL A CONFLICT OF INTEREST FORM. ONCE RETURNED, EACH FORM IS REVIEWED BY THE HEAD AND CFO TO ENSURE COMPLIANCE. IN THE EVENT OF A CONFLICT, SAID CONFLICT WOULD BE DISCUSSED WITH THE COMMITTEE ON TRUSTEES AND/OR LEGAL COUNSEL TO DETERMINE HOW TO PROCEED. THE ORIGINAL FORMS ARE KEPT IN THE INDIVIDUAL TRUSTEE FILES IN THE HEAD'S OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE CONCORD ACADEMY BOARD OF TRUSTEES EXECUTIVE COMMITTEE ALSO ACTS AS THE COMPENSATION COMMITTEE. THIS GROUP REVIEWS AND DELIBERATES COMPENSATION FOR THE HEAD OF SCHOOL AND CHIEF FINANCIAL OFFICER USING PEER SCHOOL DATA AND FINANCIAL REPORTING (FORM 990) AND OTHER EXTERNAL SOURCES. COMPENSATION FOR FY 15-16 FOR THESE POSITIONS WAS REVIEWED AND APPROVED BY THE COMMITTEE IN THE SPRING OF 2015. IN THE SPRING OF 2016, A SUB-GROUP OF THE EXECUTIVE COMMITTEE A/K/A HEAD COMPENSATION COMMITTEE, MET TO APPROVE HEAD COMPENSATION NOTED IN SCHEDULE J, PART I, LINE 7. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST AGREEMENTS 94,865. UNCOLLECTIBLE PLEDGES -204,151. CHARITABLE REMAINDER TRUSTS (1) CHARITABLE TRUST MA CONCORD ACADEMY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0