2016-05-13T11:37:52-07:00 2015-06-30 990 2014-07-01 042105781 TRUSTEES OF THAYER ACADEMY TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 Daniel Budde Treasurer 6175724115 2016-05-13 2014 2016-08-17 19:52:53Z X THAYER ACADEMY INC WILLIAM T KOSKORES 745 WASHINGTON STREET BRAINTREE MA 02184 38656285 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12 24 24 391 250 0 0 2093673 2857820 28093470 29030382 4797700 2516914 553069 601081 35537912 35006197 5833981 5618691 0 0 16387897 17404141 0 0 1169481 10003296 10827904 32225174 33850736 3312738 1155461 111390961 113180089 39999783 41783161 71391178 71396928 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 27013412 5618691 27955807 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12 THE ACADEMY HAD 680 STUDENTS ENROLLED THIS YEAR 732315 0 1014982 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) 324423 0 362761 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, PARENTS, FACULTY, AND STAFF 0 0 0 28070150 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 0 0 0 0 1 0 0 0 0 1 0 0 0 1 55 0 1 391 1 1 1 0 0 0 0 1 1 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X WILLIAM STEPHENSON 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 Peter S Cahall Trustee 2 0 X 0 0 0 Christine Berk Trustee 2 0 X 0 0 0 Miniard Culpepper Trustee 2 0 X 0 0 0 Brenda Lyons Trustee 2 0 X 0 0 0 Jeffrey W Allen Trustee 2 0 X 0 0 0 Steven Gaziano Trustee 2 0 X 0 0 0 Julian H Cherubini Trustee 2 0 X 0 0 0 Linda Hooley Trustee 2 0 X 0 0 0 John Lawler Trustee 2 0 X 0 0 0 William Parent Trustee 2 0 X 0 0 0 David P Gooding Trustee 2 0 X 0 0 0 Kevin Gill Trustee 2 0 X 0 0 0 Edward Goldfarb Trustee 2 0 X 0 0 0 James Cashman Trustee 2 0 X 0 0 0 Kathryn M Horgan Trustee 2 0 X 0 0 0 Brendan McDonough Trustee 2 0 X 0 0 0 James Ferrera Trustee 2 0 X 0 0 0 Daniel Budde Trustee 2 0 X 0 0 0 Jay Hanflig Trustee 2 X 0 0 0 John Morey Trustee 2 X 0 0 0 Robert Daylor Trustee 2 X 0 0 0 Paula Becker President 2 0 X 0 0 0 Thomas Kent Treasurer 2 0 X 0 0 0 Melissa Tearney Clerk 2 0 X 0 0 0 William T Koskores Headmaster 40.00 0 X 402692 0 290256 William F Stephenson Business Mgr/Assist Trea 40 0.50 X 209296 0 38059 Randolph Thompson Head of Upper School 40 0 X 132037 0 37357 Jonathan White Director of Admissions 40 0 X 125221 0 36488 Theresa R Jay Director of Technology 40 0 X 115825 0 12630 Carson Smith Head of Middle School 40 0 X 111454 0 11605 1096525 0 426395 6 0 1 0 RAD CORPORATION 171 VFW DRIVE ROCKLAND MA 02370 CONTRACTOR 1516134 ACELLA CONSTRUCTION CORPORATION 62 ACCORD PARK DRIVE NORWELL MA 02061 CONTRACTOR 637586 JOSEPH INGLE BUS SERVICE PO BOX 1185 HANOVER MA 02339 TRANSPORTATION 500714 CLEANCO MAINTENANCE CORP 318 BEAR HILL ROAD WALTHAM MA 02451 CLEANING SERVICES 350588 ECK MACNEELY ARCHITECTS INC 560 HARRISON AVE SUITE 403 BOSTON MA 02118 ARCHITECTS 311531 11 0 0 22847 0 0 2834973 58097 2857820 TUITION AND FEES 611600 27690977 27690977 0 0 YOUTH AND SUMMER PROGRAMS 611710 1014982 1014982 0 0 TRANSPORTATION 480000 258715 258715 0 0 AUXILIARY 611710 65708 65708 0 0 0 0 0 0 29030382 843733 0 0 843733 0 0 0 0 0 0 0 0 365298 0 97583 0 267715 0 267715 0 0 267715 5090064 0 3324568 92315 1765496 -92315 1673181 0 0 1673181 53116 22847 58089 -4973 0 -4973 98461 77533 20928 0 0 20928 PROGRAM TRIPS 611710 264830 264830 0 0 SEMI-FORMAL RECEIPTS 900099 12780 12780 0 0 DEVELOPMENT 722210 25095 25095 0 0 14706 463 0 14243 317411 35006197 29333550 0 2814827 5618691 5618691 660986 351307 227147 82532 11705701 9440926 1848176 416599 1473977 1139821 266192 67964 2659245 2005885 566380 86980 904232 756088 111602 36542 88437 88437 66033 66033 93675 93675 248112 30838 197398 19876 364670 161846 193480 9344 1950661 1737315 177152 36194 14865 14865 59234 35589 7728 15917 997284 997284 2921756 2804886 58435 58435 84327 84327 SUPPLIES 948943 796345 56146 96452 ATHLETICS 640393 640393 0 0 FOOD SERVICES 375562 324472 13061 38029 TRIP EXPENSE 257729 257729 0 0 1716223 970735 555736 189752 33850736 28070150 4611105 1169481 4291 2583 295510 2834907 993530 1186033 769949 536045 55763 62234 475064 514985 93587550 32306913 61863539 61280637 4787637 3877591 40701950 41496332 1443728 1388742 111390961 113180089 3152143 3188817 6117855 8328257 26514583 25772083 4215202 4494004 39999783 41783161 X 46286034 45636187 11338176 11582984 13766968 14177757 71391178 71396928 111390961 113180089 X 1155461 -783861 0 0 0 -365850 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45232637 684936 1515221 1052279 966102 0 45414413 32983677 8113381 6142093 1054192 952322 0 45232637 29306585 729965 4679781 928408 804246 0 32983677 31080251 476332 -120896 0 2129102 0 29306585 26922640 353646 6219931 0 2415966 0 31080251 0.4829 0.2936 0.2235 0 0 0 8967192 8967192 0 77712796 28078618 49634178 0 0 0 0 0 6108098 4228295 1879803 0 799464 0 799464 61280637 COMMONFUND FIXED INCOME INVESTMENTS 9884068 F COMMONFUND EQUITY INVESTMENTS 27229228 F COMMONFUND INTERNATIONAL AND EMERGING MARKETS 3597349 F OTHER COMMONFUND INVESTMENTS 785687 F 41496332 0 OTHER LIABILITIES 89221 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 4404783 4494004 X 27886391 -891446 0 0 -6461565 -7353011 35239402 0 -233205 -233205 35006197 27880641 0 0 0 0 0 27880641 0 5970095 5970095 33850736 Schedule D, 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 VOLATILITY 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. Schedule D, 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. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. 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 US, FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2011. THE ACADEMY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. Schedule D, Part XI, Line 2d CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATIONS -269,858. INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -93,675. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -383,349. FINANCIAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS -5,618,691. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -7,438. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE -88,554. TOTAL TO SCHEDULE D, PART XI, LINE 2D -6,461,565. Schedule D, Part XI, Line 4b RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B -97,583. FUNDRAISING EXPENSE REPORTING ON FORM 990, PART VIII, LINE 8B -58,089. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -77,533. TOTAL TO SCHEDULE D, PART XI, LINE 4B -233,205. Schedule D, Part XII, Line 4b INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 93,675. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 257,729. FINANCIAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS 5,618,691. TOTAL TO SCHEDULE D, PART XII, LINE 4B 5,970,095 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 53116 22847 30269 0 0 24603 0 0 10639 0 0 53116 22847 30269 0 0 24603 0 0 10639 35242 -4973 1 FINANCIAL ASSISTANCE 224 5618691 0 FMV NEED-BASED AID Schedule I, Part I, Line 2 THE ACADEMY PROVIDES FINANCIAL 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 Headmaster 320976 0 0 0 81716 0 258467 0 31789 0 692948 0 0 0 William F Stephenson Business Mgr/Assist Trea 209296 0 0 0 0 0 21125 0 16934 0 247355 0 0 0 Jonathan White Director of Admissions 125221 0 0 0 0 0 13050 0 23438 0 161709 0 0 0 Randolph Thompson Head of Upper School 132037 0 0 0 0 0 13663 0 23695 0 169395 0 0 0 Schedule J, 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 INCLUDED IN PART II, COLUMN (B)(III) Schedule J, Part I, Line 4 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 THE RETURN OF THE ACADEMY'S ENDOWMENT FUND. THE EXPENSE OF THESE AGREEMENTS IS INCLUDING IN PART II, COLUMN (C) A MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 A 4567917 0 30340000 0 0 20042724 742636 0 0 9554640 0 0 2008 1 0 1 1 A 0 1 0 0 0.03 0.03 0 0 0 A 0 0 0 1 1 1 DEPFA BANK AND ROYAL BANK OF CANADA 30 0 0 0 0 0 A 0 Schedule K, Part IV, Line 2c-06/07/2007 30,340,000 MASS DEVELOPMENT DATE REBATE COMPUTATION PERFORMED ISSUER NAME MASS DEVELOPMENT DATE THE REBATE COMPUTATION WAS PERFORMED 10/10/2011 NAME OF PROVIDER DEPFA BANK AND ROYAL BANK OF CANADA X 9 58097 FAIR MARKET VALUE 0 0 1 0 Schedule M, Part I, Line 9 THE NUMBER OF NONCASH CONTRIBUTIONS OF STOCK IS BASED ON THE NUMBER OF STOCK GIFTS RECEIVED Form 990, Part VI, Section B, Line 11b THE PREPARED FORM 990 IS REVIEWED IN DETAIL BY THE CONTROLLER AND THE ASSISTANT TREASURER FOLLOWING THE REVIEW, A FULL VERSION COPY OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE BOARD CHAIR AND THE FINANCE CHAIR FOR THEIR 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 AT THIS MEETING THEY ARE ASKED TO SPECIFICALLY APPROVE THE FILING OF THIS FINAL VERSION WITH THE IRS Form 990, Part VI, Section B, Line 12c TRUSTEES AND KEY EMPLOYEES ARE REQUIRED ANNUALLY TO COMPLETE AN "ANNUAL DISCLOSURE OF AFFILIATIONS AND CONFLICT OF INTEREST" FORM. THE HEADMASTER REQUESTS THESE FROM KEY EMPLOYEES AND THE FORMS ARE RETURNED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. THE CHAIRMAN OF THE BOARD OF TRUSTEES REQUESTS THESE FROM ALL TRUSTEES, AND THE ASSISTANT TO THE HEADMASTER PROVIDES FOLLOW UP TO ENSURE ALL ARE RECEIVED. THE COMPLETED FORMS ARE THEN ROUTED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. Form 990, Part VI, Section B, Line 15 COMPENSATION OF THE SCHOOL'S HEADMASTER 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-COMMITTEE IS COMPOSED OF THE STANDING COMMITTEE CHAIRS, THE CLERK, AND THE BOARD CHAIR. THE SUB-COMMITTEE MEETS AS NECESSARY IN ORDER TO PREPARE THAT 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 THE 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 THE 14 SCHOOLS THAT ARE CONSIDERED A MEANINGFUL PEER GROUP FOR THAYER ACADEMY. THE SAME GROUP IS USED CONSISTENTLY FROM YEAR TO YEAR. COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE HEADMASTER. IN DOING SO THE HEADMASTER IS GUIDED BY THE SAME PEER GROUP COMPARATIVE DATA PROVIDED BY THE BUSINESS MANAGE FOR THE FOLLOWING POSITIONS: DIRECTOR OF ADMISSIONS, ATHLETIC DIRECTOR, DIRECTOR OF TECHNOLOGY, BUSINESS MANAGER AND THE HEADS OF THE MIDDLE SCHOOL AND UPPER SCHOOL DIVISIONS. 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 VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -269,858 CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -7,438. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE -88,554. TOTAL TO FORM 990, PART XI, LINE 9 -365,850. THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 11C, III-FI N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THAYER ACADEMY CHARITABLE TRUST c 0