2015-02-13T14:56:21-06:00 2014-06-30 061009205 BLUM SHAPIRO & COMPANY PC 1 PINE HILL DRIVE SUITE 301 QUINCY MA 021697431 990 2013-07-01 042620156 FALMOUTH ACADEMY INC FALM 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 ROBERT M REYNOLDS TREASURER 5084579696 2015-02-12 1 MICHELLE Y HATCH P01222458 7819821001 2015-02-12 2013 2016-02-25 16:41:14Z ROBERT M REYNOLDS 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 7124677 0 X FALMOUTHACADEMY.ORG X 1977 MA FALMOUTH ACADEMY, INC IS A COLLEGE PREPARATORY SCHOOL FOR THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. 17 17 104 100 0 0 1836986 739305 4859907 5202319 149060 135440 7582 72739 6853535 6149803 1465615 1093043 0 0 3134921 3766252 33812 0 538079 1306303 1208802 5940651 6068097 912884 81706 17518732 18626377 1666848 1981561 15851884 16644816 X FALMOUTH ACADEMY, INC., AN ACADEMICALLY RIGOROUS, CO-ED, COLLEGE-PREPARATORY DAY SCHOOL FOR GRADES 7-12, IS GUIDED BY TEACHERS WHO BELIEVE THAT STUDENTS WILLING TO WORK HARD CAN MEET THE DEMANDS OF A CHALLENGING CORE CURRICULUM. ESSENTIAL TO TEACHING IS THE CULTIVATION OF READING, WRITING, AND SPEAKING SKILLS, AND ANALYTICAL AND CRITICAL THINKING. 0 0 4462993 1093043 5176403 THE ACADEMY'S MAIN PROGRAM SERVICE IS THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. DURING THE CURRENT YEAR THE ACADEMY HAD ENROLLED 198 STUDENTS, OF WHICH 22 WERE SENIORS WHO GRADUATED IN JUNE. 70387 98387 FALMOUTH ACADEMY OFFERS A SUMMER PROGRAM FOR STUDENTS OF ALL AGES AND SKILL LEVELS INVOLVING ACTIVITIES IN THE ARTS, SCIENCE AND ROBOTICS, ATHLETICS, LANGUAGES AND OUTDOOR ACTIVITIES. THE COURSES USUALLY LAST A WEEK AND RUN FOR SIX WEEKS FROM JUNE 30-AUGUST 8. 4533380 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 42 0 1 104 1 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 1 1 0 0 MA X ROBERT M REYNOLDS 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 02540 STEVEN ATWOOD TRUSTEE 2.00 X 0 0 0 VICTOR AVILES TRUSTEE 2.00 X 0 0 0 SCOTT BROWN TRUSTEE 2.00 X 0 0 0 CYNTHIA FELDMANN TRUSTEE 2.00 X 0 0 0 HENRIK GULMANN TRUSTEE 2.00 X 0 0 0 MARK HUTKER TRUSTEE 2.00 X 0 0 0 COLLEEN JOHNS TRUSTEE 2.00 X 0 0 0 MICHAEL JONES TRUSTEE 2.00 X 0 0 0 JOSEF KELLNDORFER TRUSTEE 2.00 X 0 0 0 SUSAN MORSE TRUSTEE 2.00 X 0 0 0 BRETT SANIDAS TRUSTEE 2.00 X 0 0 0 LAURA RYAN SHACHOY TRUSTEE 2.00 X 0 0 0 JIM TAYLOR TRUSTEE 2.00 X 0 0 0 BETH COLT BOARD CHAIR 2.00 X X 0 0 0 H RUSSEL LEMCKE VICE CHAIR 2.00 X X 0 0 0 BEN ALLEN SECRETARY 2.00 X X 0 0 0 ROBERT REYNOLDS TREASURER 2.00 X X 0 0 0 DAVID FAUS HEAD OF SCHOOL (THRU 6/30/13) 40.00 X 122218 0 45107 WILLIAM POTTER BUSINESS MANAGER 40.00 X 71939 0 12887 MARK SEGAR INTERIM HEAD OF SCHOOL 40.00 X 52768 0 5000 246925 0 62994 1 0 1 0 0 39550 699755 142771 739305 TUITION AND FEES 611600 5018295 5018295 SUMMER PROGRAM INCOME 611600 98387 98387 AUXILIARY INCOME 611600 85637 85637 5202319 148187 148187 15580 0 15580 15580 15580 909686 922433 -12747 -12747 -12747 37129 39550 52441 -15312 -15312 MISCELLANEOUS INCOME 611600 72471 72471 72471 6149803 5274790 0 135708 1093043 1093043 342027 188419 82435 71173 2276981 1531277 485386 260318 154486 106266 33500 14720 808627 545248 177286 86093 184131 120967 39721 23443 295 295 22536 22536 21381 21381 29202 29202 72853 56863 15990 122488 41978 43902 36608 3207 1603 802 802 65742 62455 2630 657 150132 150132 3051 3051 276697 262862 11068 2767 82109 55013 18064 9032 DEPARTMENTAL EXPENSES 138993 138993 REPAIRS AND MAINTENANCE 88755 84317 3550 888 INTERNATIONAL STUDENT E 31504 31504 PROFESSIONAL DEVELOPMEN 27313 18300 6009 3004 72544 41089 18871 12584 6068097 4533380 996638 538079 179226 187442 3080431 3745023 773432 335796 7581 3870 0 150000 80608 84300 10616896 3945326 6577613 6671570 6694598 7448376 125243 0 17518732 18626377 423570 488886 1243278 1492675 1666848 1981561 X 12127838 10557271 1341094 3614392 2382952 2473153 15851884 16644816 17518732 18626377 81706 711226 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 5090473 -962390 103330 4024753 3787243 1427564 68035 69814 122555 5090473 3077214 905190 64958 77572 182547 3787243 2745563 437803 486784 510049 82850 37 3077214 1879282 1045163 335318 361919 152260 21 2745563 0.34940 0.43260 0.21800 0 0 250600 250600 8283227 2940515 5342712 812694 276761 535933 451090 390861 60229 819285 337189 482096 6671570 5735941 711225 -1103706 -392481 6128422 21381 21381 6149803 4943010 0 4943010 21381 1103706 1125087 6068097 PART V, LINE 4: THE ACADEMY'S ENDOWMENT CONSISTS OF APPROXIMATELY 5 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. IT'S ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY US GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE ACADEMY HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A REASONABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE ENDOWMENT ASSETS ARE INVESTED WITH AN OBJECTIVE OF PRESERVING THE LONG-TERM, REAL PURCHASING POWER OF THE ASSETS WHILE PROVIDING A RELATIVELY PREDICTABLE AND GROWING STREAM OF ANNUAL DISTRIBUTION IN SUPPORT OF THE INSTITUTION. THE ENDOWMENT IS INVESTED IN A BALANCED PORTFOLIO OF EQUITIES AND FIXED INCOME INVESTMENTS. THE ACADEMY HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AN AMOUNT THAT CONSIDERS THE DISTRIBUTION IN RELATION TO THE TOTAL PERCENTAGE OF THE ENDOWMENT, AS WELL AS THE LONG TERM EXPECTED RETURN ON ITS ENDOWMENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CAMPAIGN EXPENSES -10,663. SCHOLARSHIP AID -1,093,043. PART XII, LINE 4B - OTHER ADJUSTMENTS: CAMPAIGN EXPENSES 10,663. SCHOLARSHIP AID 1,093,043. PART V, LINE 1C FALMOUTH ACADEMY'S 6/30/2013 ENDING ENDOWMENT FUND BALANCE IS INCORRECT DUE TO THE MISCLASSIFICATION OF CONTRIBUTIONS IN PRIOR YEARS. AS A RESULT, AN ADJUSTMENT HAS BEEN MADE TO THE NET INVESTMENT EARNINGS LINE 1C, COLUMN A. FY 2014 ENDOWMENT CALCULATION: REINVESTMENT OF SPENDING POLICY $39,911 INVESTMENT RETURN $588,942 ADJUSTMENT FOR PRIOR PERIOD ($1,591,243) ____________ LINE 1C TOTAL ($962,390) 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 IN ALL LOCAL MEDIA ADVERTISEMENTS AND PRINTED LITERATURE, THE ACADEMY INCLUDES A STATEMENT OF ITS NONDISCRIMINATORY POLICY. THIS INCLUDES NEWSPAPERS AND BROADCAST MEDIA. ON AN ANNUAL BASIS, THE ACADEMY COLLABORATES WITH OTHER PRIVATE SCHOOLS TO PLACE A FULL PAGE AD IN THE BOSTON GLOBE. THIS AD SPECIFICALLY DECLARES THE ACADEMY HAS A RACIALLY NONDISCRIMINATORY POLICY. DERBY BALL & AUCTION 76679 39550 37129 31061 4039 10918 400 6023 76679 39550 37129 31061 4039 10918 400 6023 52441 -15312 1 FINANCIAL AID 93 1093043 PART I, LINE 2: FINANCIAL AID GRANTS ARE APPLIED TO EACH INDIVIDUAL STUDENT'S ACCOUNT AS A REDUCTION IN THE TUITION BALANCE. ONCE THE STUDENT ACCEPTS THE GRANT, THE WRITTEN DOCUMENT IS SIGNED BY THE STUDENT AND THE SCHOOL. THE FIRST HALF OF THE FINANCIAL AID IS GIVEN TO THE STUDENT IN AUGUST AND THE SECOND HALF IS GIVEN IN DECEMBER. THE AMOUNT THE STUDENT HAS ACCEPTED IS TRACKED THROUGHOUT THE YEAR. FORM 990, SCHEDULE I, PART III, LINE A FINANCIAL AID IS DETERMINED BY THE FAMILY'S NEED. FALMOUTH ACADEMY USES SCHOOL AND STUDENT SERVICES BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (SSS BY NAIS) AS A BENCHMARK. THE FAMILY FILLS OUT A PERSONAL FINANCIAL STATEMENT AND UPLOADS TAX INFORMATION WITH THEIR APPLICATION THROUGH SSS BY NAIS. A COMMITTEE CONSISTING OF ADMISSIONS, THE BUSINESS MANAGER, HEAD OF SCHOOL AND FACULTY MEMBERS REVIEW THE APPLICATIONS AND OFFER ASSISTANCE BASED ON NEED. X 1 1 X X 0 0 0 0 0 0 0 0 0 DAVID FAUS HEAD OF SCHOOL (THRU 6/30/13) 122218 0 0 0 0 0 8654 0 36453 0 167325 0 0 0 STEPHEN DUFFY HEAD OF SCHOOL AS OF 7/1/14 TO PROVIDE A LOAN FOR PURCHASE OF PRINCIPAL RESIDENCE. X 150000 150000 0 1 1 150000 X 8 111710 FMV AT DONATION X AUCTION ITEMS 187 31061 FMV AT DONATION 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTONS FOR SECURITIES-PUBLICLY TRADED REPRESENTS THE NUMBER OF INDIVIDUALS WHO DONATED SECURITIES. THE NUMBER FOR "AUCTION ITEMS" REPRESENTS THE NUMBER OF ITEMS DONATED. FORM 990, PART VI, SECTION B, LINE 11 ONCE THE 990 IS PREPARED, IT IS SCHEDULED FOR DISCUSSION AT THE NEXT FINANCE COMMITTEE MEETING. THE FINANCE COMMITTEE WILL REVIEW AND APPROVE THE RETURN FOR FILING. COPIES OF THE 990 WILL BE PROVIDED TO THE TRUSTEES AFTER APPROVAL. THE FORM 990 IS THEN SIGNED BY THE AUTHORIZED INDIVIDUAL. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES MEETS ON AN ANNUAL BASIS TO EVALUATE THE HEADMASTER'S PERFORMANCE. THE BOARD CHAIR, FINANCE CHAIR AND EXECUTIVE COMMITTEE NEGOTIATE THE COMPENSATION FOR THE HEAD OF SCHOOL AND A LAWYER ON THE BOARD REVIEWS THE AGREEMENT TO MAKE SURE THE CONTRACT DOES NOT VIOLATE ANY LAWS. THIS PROCESS WAS LAST FOLLOWED IN OCTOBER 2013 TO SET THE SALARY FOR THE NEW HEAD OF SCHOOL WHO'S EMPLOYMENT BEGAN 7/1/2014. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS ARE AVAILABLE UPON REQUEST.