2015-05-14T15:14:11-05:00 2014-06-30 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2013-07-01 042103632 Tabor Academy % CHRISTOPHER J WINSLOW TABO 5087482000 66 Spring Street Suite Marion MA 02738 CHRISTOPHER J WINSLOW CFO 6177237900 2015-02-09 true Robert J Butler Jr P00037953 6177237900 2013 2016-03-07 17:11:31Z X John H Quirk 66 Spring street Marion MA 02738 40930069 false X www.taboracademy.org X 1876 MA A coeducational college prepatory boarding and day school that provides distinctive opportunities for students. 24 24 358 24 0 -4591 4457404 10433493 26378869 25511932 898597 1370094 25801 0 31760671 37315519 4893650 5471175 0 0 15222963 13936291 0 0 1496257 9930972 10563509 30047585 29970975 1713086 7344544 85598200 98026004 21686341 21288444 63911859 76737560 X Tabor Academy focuses its academic programs to inspire a life-long love of learning, to instill a passion for the highest standards of achievement, to encourage personal responsibility, and to foster care for others and committed citizenship. false false 24793664 5471175 25511932 Tabor Academy educates approximately 500 students. As the "School By the Sea," Tabor sustains a unique maritime heritage that embodies, in all its programs, the qualities a seagoing life requires: Thoughtful preparation for, and awareness of the wider world, perseverance, courage, good humor, a sense of direction, and humility. Tabor's faculty commit themselves to balancing high demands with genuine affection for their students and to fostering relationships founded on the compassion, personal integrity, and trust that anchor tabor's community. 24793664 true true false false false false false false false true true true false true true true true false true false false false false false false false false false true true true false false false false false false false false false false true false false false false true false false false true 91 0 true 358 true false false false false false true true false false false false X 24 24 false false false false false false false true true false false true true true true true true true true false MA X X CHRISTOPHER J WINSLOW 5082918370 66 SPRING STREET Marion MA 02738 X Keith N Browning CHAIRMAN 2.0 0.0 X X 0 0 0 DEBORAH C CLARK VICE-CHAIR 2.0 0.0 X X 0 0 0 CARMINE A MARTIGNETTI VICE-CHAIR 2.0 0.0 X X 0 0 0 PAUL J MURPHY SECRETARY 2.0 0.0 X X 0 0 0 PHILLIPS G SMITH TREASURER 2.0 0.0 X X 0 0 0 DAVID A BARRETT TRUSTEE 1.0 0.0 X 0 0 0 CLEMENT C BENENSON TRUSTEE 1.0 0.0 X 0 0 0 R WILLIAM BLASDALE TRUSTEE 1.0 0.0 X 0 0 0 DAVID CAMPBELL TRUSTEE 1.0 0.0 X 0 0 0 ELIZABETH WELSH EYLER TRUSTEE 1.0 0.0 X 0 0 0 JOANNE M FALLON TRUSTEE 1.0 0.0 X 0 0 0 PETER T FRANCIS TRUSTEE 1.0 0.0 X 0 0 0 KRISTIANE C GRAHAM TRUSTEE 1.0 0.0 X 0 0 0 SUSAN S GROSART TRUSTEE 1.0 0.0 X 0 0 0 ANGUS H LEARY TRUSTEE 1.0 0.0 X 0 0 0 JENNIFER C NOERING MCINTIRE TRUSTEE 1.0 0.0 X 0 0 0 WILLIAM L PHELPS TRUSTEE 1.0 0.0 X 0 0 0 LEE POKOIK TRUSTEE 1.0 0.0 X 0 0 0 TRAVIS ROY TRUSTEE 1.0 0.0 X 0 0 0 GARRARD K SCHAEFER TRUSTEE 1.0 0.0 X 0 0 0 JAMES A TOMLINSON TRUSTEE 1.0 0.0 X 0 0 0 DAVID WALLACE TRUSTEE 1.0 0.0 X 0 0 0 LOUIS S WOLFE TRUSTEE 1.0 0.0 X 0 0 0 GEOFFREY H WORRELL TRUSTEE 1.0 0.0 X 0 0 0 JOHN H QUIRK HEAD OF SCHOOL 40.0 0.0 X 232619 0 53085 PAUL C WHITE BUSINESS MANAGER 40.0 0.0 X 237443 0 45653 MARK AIMONE DIRECTOR OF ADVANCEMENT 40.0 0.0 X 126881 0 62453 ANDREW L MCCAIN DIRECTOR OF ADMISSIONS 40.0 0.0 X 107047 0 68151 DONALD B WING PLANT OPERATIONS 40.0 0.0 X 136196 0 31256 RICHARD E ROLLER ASSISTANT HEAD OF SCHOOL 40.0 0.0 X 115424 0 23225 G BRUCE COBBOLD FACULTY 40.0 0.0 X 105036 0 27192 1060646 0 311015 17 false true false 0 10433493 1028339 10433493 TUITION 611710 24454303 24454303 STUDENT AND AUXILIARY ACTIVITIES 611710 1057629 1057629 25511932 598383 598383 0 0 0 0 0 4381461 4800 3614550 766911 4800 771711 771711 0 0 0 0 37315519 25511932 1370094 0 5471175 5471175 0 0 1414394 835224 422191 156979 0 9786284 8143788 886967 755529 906431 778682 61406 66343 1048164 894601 76025 77538 781018 649807 71073 60138 0 40222 40222 80983 80983 0 0 96825 96825 1289856 1107209 126269 56378 193548 35823 35452 122273 448909 233364 186573 28972 239596 13059 191118 35419 0 2080321 1653852 426469 191645 20408 39838 131399 0 26366 20712 365 5289 487348 487348 0 1872056 1872056 285535 285535 INSTRUCTION 562129 562129 STUDENT SUPPORT 870916 870916 WATERFRONT 467841 467841 ADMINISTRATIVE 263220 263220 1066193 1066193 29970975 24793664 3681054 1496257 5260098 7307155 108319 635428 1700757 6806711 566046 570344 0 0 0 0 533840 458097 0 0 802880 987374 68030576 33440759 35153252 34589817 20594427 23162113 11683751 14013289 0 0 0 0 9194830 9495676 85598200 98026004 3241400 2892345 0 0 0 0 9640000 9400000 0 0 0 0 1040000 780000 0 0 7764941 8216099 21686341 21288444 X 20909438 22370166 20042292 29728748 22960129 24638646 63911859 76737560 85598200 98026004 X 7344544 4262674 1218483 X false true X true false X 2052666 2112300 3460448 4457404 10433493 22516311 0 0 2052666 2112300 3460448 4457404 10433493 22516311 1090107 21426204 246799 307140 317331 285580 320919 1477769 0 5578 37800 23550 25801 92729 24086809 127951042 0.88954 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36506097 758254 5503587 647998 841652 177853 41100435 28051916 408131 3953206 497475 751099 144321 31020358 29297987 709880 -606965 476188 757643 115155 28051916 26105406 405804 4191726 496656 801288 107005 29297987 24135181 594795 2927306 544936 908604 98336 26105406 0.18458 0.35719 0.45823 false false 419759 419759 54771106 25264391 29506715 3090463 1196951 1893512 9660094 6979417 2680677 89154 89154 34589817 INVESTMENT IN PARTNERSHIPS 14013289 F 14013289 BENEFICIAL INTEREST IN PERPETU 8027813 BENEFICIAL INTEREST IN CHARITA 1319870 TRUST INCOME RECEIVABLE 93076 STOCK IN TRANSIT 49978 LOANS TO EMPLOYEES 4939 9495676 0 ADVANCED TUITION AND DEPOSIT 4346664 ACCRUED PENSION LIABILITY 1333154 INTEREST RATE SWAP AGREEMENT 1750567 ANNUITIES PAYABLE 785714 8216099 X 37325502 4262674 1218484 5481158 31844344 5471175 5471175 37315519 24499800 24499800 5471175 5471175 29970975 Schedule D, Part V, Line 4 Endowment serves to support scholarships, faculty, academic and extracurricular programs, and general administration of the school. Schedule D, Part X, Line 2 The Academy is a not-for-profit organization that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been recorded in the accompanying financial statements. The Academy recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has greater than 50 percent likelihood of being realized up ultimate settlement with the relevant tax authority. There have been no material changes in unrecognized benefits during the years ended June 30, 2014 and 2013. It is the Academy's policy to record estimated interest and penalties (if any) as part of management and general expense. Part XI Line 2d change in value of split interest agreements 1,119,056 change in value of interest rate swap (6,740) pension related changes 106,168 ------------- TOTAL $1,218,484 Part XI and XII, Lines 4b scholarships $5,471,175 true true true true true true true false false false false false false false false false true nondiscrimination policy PArt I, Line 3 Tabor is founded on the belief that a healthy school community finds common ground while embracing differences and, therefore, accepts a racially, ethnically, religiously, economically, and internationally diverse student body. To cultivate and sustain a more diverse and inclusive community, Tabor Academy recognizes that our success as a 21st century school is embedded in a genuine understanding of how the components of diversity reflect the core values of our mission, which is rooted in compassion, respect, trust, honesty, and personal responsibility. Diversity at Tabor encompasses race, ethnicity, gender, socio-economic status, religion, intellectual and physical ability, gender expression, sexual orientation, age, family structure, language and geographic place of origin. We recognize that the establishment of policies, practices, and programs that support the interconnectedness of these cultural identifiers and further develop the cultural competency of our community's members will allow for true dialogue and collaboration within our school and with local, regional, national, and international communities. To that end, we commit ourselves to being a community in which all members have voice, are given respect, and see their identities reflected and affirmed in the curriculum, co-curriculum, and physical and virtual environments of the school. Tabor Academy promulgates each year, its nondiscriminatory policies through several ads in local and regional newspapers during the period of solicitation of students. true STUDENT scholarships 180 5471175 Schedule I, Part I, Line 2 All grants are scholarships awarded by demonstrated need in the form of tuition remission, and they can only be used to reduce the amount of tuition owed by a given family for an academic year. Need is determined by analyzing tax forms and/or other information from School Scholarship Service, Princeton NJ. X X X X X true true X X X X false false false false false false false false false JOHN H QUIRK HEAD OF SCHOOL 232439 0 0 0 180 0 16456 0 36629 0 285704 0 0 0 PAUL C WHITE BUSINESS MANAGER 237413 0 0 0 30 0 28842 0 16811 0 283096 0 0 0 MARK AIMONE DIRECTOR OF ADVANCEMENT 126875 0 0 0 6 0 6701 0 55752 0 189334 0 0 0 ANDREW L MCCAIN DIRECTOR OF ADMISSIONS 107042 0 0 0 5 0 11206 0 56945 0 175198 0 0 0 DONALD B WING PLANT OPERATIONS 136196 0 0 0 0 0 16642 0 14614 0 167452 0 0 0 Schedule J, Part I, Line 1a FIRST CLASS TRAVEL THE HEAD OF SCHOOL AND ADVANCEMENT DIRECTOR ON OCCASION USE FIRST CLASS TRAVEL TO NEW YORK CITY FOR BOARD AND ADVANCEMENT MEETINGS. FIRST CLASS TRAVEL SIGNIFICANTLY IMPROVES WORK PRODUCTIVITY. TRAVEL FOR COMPANIONS ON A LIMITED BASIS, THE HEAD OF SCHOOL'S SPOUSE ACCOMPANIES HIM AT SCHOOL RELATED EVENTS AS A REPRESENTATIVE OF THE ACADEMY. THIS BENEFIT IS NOT CONSIDERED TAXABLE INCOME TO THE HEAD OF SCHOOL. Housing and Personal Services Consistent with the Academy's unique boarding school environment, the Academy provides a residence for personal use. Pursuant to his employment contract, the Head of School is required to live in close proximity to campus to serve his duties and responsibilities to the Academy, including entertaining students, faculty, and other constituents, and to provide guidance and a safe, welcoming learning environment for students. The residence is furnished for the convenience of the Academy and is not considered taxable income to the Head of School. The Academy is also responsible for maintaining the residence for the Head of School. Any portion of the maintenance that is considered personal in nature is taxable compensation to the Head of School. SOCIAL CLUB DUES THE ACADEMY PROVIDES THE HEAD OF SCHOOL WITH A LIMITED MEMBERSHIP TO THE BEVERLY YACHT CLUB AND LOCAL GOLF CLUB. BOTH MEMBERSHIPS ARE FOR THE CONVENIENCE OF THE ACADEMY AND ITS STUDENTS AND IS NOT CONSIDERED TAXABLE COMPENSATION TO THE HEAD OF SCHOOL. Schedule J, Part I, Line 2 Substantiation of Expenses The Academy reimburses all employees, including Officers and highest compensated employees, for expenses incurred while conducting business of the Academy. All expenses are reviewed by the CFO prior to reimbursement. Schedule J, Part I, Line 4 Severance Agreements John H. Quirk, head of school, has an employment agreement that provides severance based on annual compensation, based only in the event of involuntary termination. No payments were made during calendar year ended December 31, 2013, or fiscal year ended June 30, 2014 under the terms of this agreement. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RJN6 2009-09-01 13715000 REFUNDING 2007 SERIES false false false A 0 0 13715000 0 0 0 0 0 0 0 0 0 2004 true false true true A false false false false 0 false false false false A true true false 0 false 0 false false A false Part III Line 9, Part IV Line 7, and Part V The Academy is in the process of working with bond council to ensure that all appropriate bond policies and procedures are put into place. X 40 1028339 FMV 1 false true false Form 990, Part VI, Line 11b Tabor Academy has engaged a nationally recognized tax advisory firm to prepare the Form 990 with information provided by management. Once completed, the complete Form 990 is presented to the audit committee by the Academy's tax advisory firm and Chief Financial Officer. Prior to the Form 990 being filed with the IRS, the members of the board of trustees are provided with a hardcopy and electronic copy of the Form 990 accompanied by a letter co-signed by the Audit Committee Chairperson and Academy's Chief Financial Officer certifying that the Form 990 has been reviewed and approved by management. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c All board members are required to complete, on an annual basis, a conflict of interest questionnaire provided by the Chief Financial Officer as part of the Audit Committee report. The questionnaires are reviewed by the Chair of the Board and the Chief Financial Officer. In the event that a board member does disclose a conflict, those persons are recused from discussions and do not vote on resolutions that pertain directly to that conflict. Review of Compensation Form 990, Part VI, Lines 15a and 15b Compensation for the Head of School was determined prior to validating his employment contract. At that time, the board of trustees utilized data gathered by the Association of Business Officers of Private Schools (ABOPS) to identify comparative compensation based on officers in similar roles at peer institutions. The head of school's employment contract delineates a fixed salary increase for a three year period, which was subject to review and approval by the board prior to execution of the contract. Review of compensation of other officers is performed by the head of school using similar comparative data. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The Academy's financial statements, governing documents, and conflict of interest policy are made available upon request. The Academy's audited financial statements and form 990 are available online at the website of the Massachusetts Attorney General. Other Changes in Net Assets or Fund Balances PArt XI, Line 9 Change in Value of Split Interest Agreements $1,119,056 Change in Value of Interest Rate Swap $(6,740) Pension related changes other than net periodic cost $106,167 ---------------- Total $1,218,483 Charitable Remainder Trusts (6) Trusts MA Trust