2015-02-13T12:45:40-06:00 2014-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 02129 990 2013-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 THOMAS M KENT TREASURER 7813800503 2015-02-13 1 LYNNE JOHNSON P00757336 6179129000 2013 2016-02-25 16:41:14Z THAYER ACADEMY INC WILLIAM T KOSKORES 745 WASHINGTON STREET BRAINTREE MA 02184 41720975 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. 26 26 366 262 175 0 2536856 2093673 26375762 28093470 1513296 4797700 734305 553069 31160219 35537912 5256941 5833981 0 0 15436131 16387897 0 0 1089134 9760749 10003296 30453821 32225174 706398 3312738 106306575 111390961 40334197 39999783 65972378 71391178 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 26440526 5833981 27180604 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. THE ACADEMY HAD 690 STUDENTS ENROLLED THIS YEAR. 689724 925267 SUMMER PROGRAM OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (I.E. ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 259877 287159 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, PARENTS, FACULTY, AND STAFF. 27390127 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 66 0 1 366 1 1 1 0 0 0 0 1 1 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X WILLIAM F STEPHENSON 7813800503 745 WASHINGTON STREET BRAINTREE MA 021845751 PAULA L BECKER PRESIDENT 4.00 0.00 X X 0 0 0 JAMES J FERRERA TRUSTEE 2.00 0.00 X 0 0 0 THOMAS M KENT TREASURER 3.00 0.00 X X 0 0 0 MELISSA B TEARNEY CLERK 3.00 0.00 X X 0 0 0 JEFFREY W ALLEN TRUSTEE 2.00 0.00 X 0 0 0 DANIEL C BUDDE TRUSTEE 2.00 0.00 X 0 0 0 PETER S CAHALL TRUSTEE 2.00 0.00 X 0 0 0 JULIAN H CHERUBINI TRUSTEE 2.00 0.00 X 0 0 0 MINIARD CULPEPPER SR TRUSTEE 2.00 0.00 X 0 0 0 CHRISTINE BERK TRUSTEE 3.00 0.00 X 0 0 0 ROBERT F DAYLOR TRUSTEE 3.00 0.00 X 0 0 0 STEVEN C GAZIANO TRUSTEE 2.00 0.00 X 0 0 0 KEVIN R GILL TRUSTEE 2.00 0.00 X 0 0 0 EDWARD R GOLDFARB TRUSTEE 2.00 0.00 X 0 0 0 DAVID P GOODING TRUSTEE 2.00 0.00 X 0 0 0 JAY HANFLIG TRUSTEE 2.00 0.00 X 0 0 0 LINDA HOOLEY TRUSTEE 3.00 0.00 X 0 0 0 JOHN LAWLER TRUSTEE 2.00 0.00 X 0 0 0 BRENDA LYONS TRUSTEE 3.00 0.00 X 0 0 0 WILLIAM M PARENT TRUSTEE 2.00 0.00 X 0 0 0 ERIC P LIMONT TRUSTEE (UNTIL 6/30/14) 2.00 0.00 X 0 0 0 MARK FREITAS TRUSTEE 2.00 0.00 X 0 0 0 ARTHUR R OSWALD TRUSTEE (UNTIL 6/30/14) 2.00 0.00 X 0 0 0 WILLIAM L DANDRIDGE TRUSTEE (UNTIL 6/30/14) 2.00 0.00 X 0 0 0 MICHAEL J SHEEHAN TRUSTEE (UNTIL 6/30/14) 2.00 0.00 X 0 0 0 JUDY M DEBAGGIS TRUSTEE (UNTIL 6/30/14) 2.00 0.00 X 0 0 0 WILLIAM T KOSKORES HEADMASTER 40.00 0.00 X 384741 0 241263 WILLIAM F STEPHENSON BUSINESS MGR./ASSIST. TREA 40.00 0.50 X 195378 0 36561 MARK E GUTIERREZ DIRECTOR OF DEVELOPMENT 40.00 0.00 X 168378 0 27425 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 40.00 0.00 X 128178 0 35233 JONATHAN WHITE DIRECTOR OF ADMISSIONS 40.00 0.00 X 121481 0 31867 THERESA R JAY DIRECTOR OF TECHNOLOGY 40.00 0.00 X 111288 0 12134 CARSON SMITH HEAD OF MIDDLE SCHOOL 40.00 0.00 X 105942 0 10988 1215386 0 395471 9 0 1 0 CE FLOYD COMPANY INC 135 SOUTH ROAD BEDFORD MA 01730 CONTRACTOR 1402335 SAGE DINING SERVICES INC 222 BOSLEY AVENUE SUITE B-7 TOWSON MD 21204 FOOD SERVICE MANAGEMENT 669838 JOSEPH INGLE BUS SERVICE INC PO BOX 1185 HANOVER MA 02339 TRANSPORTATION 522812 CLEANCO MAINTENANCE CORP 318 BEAR HILL ROAD WALTHAM MA 02451 CLEANING SERVICES 346254 ECK MACNEELY ARCHITECTS INC 560 HARRISON AVENUE SUITE 403 BOSTON MA 02116 ARCHITECTS 270655 9 205556 1888117 83163 2093673 TUITION AND FEES 611600 26903016 26903016 YOUTH AND SUMMER PROGRAMS 611710 925267 925267 TRANSPORTATION 480000 247632 247632 AUXILIARY 611710 17555 17555 28093470 753223 175 753048 357088 91524 265564 265564 265564 9950523 5777007 129039 4173516 -129039 4044477 4044477 53449 205556 78863 -25414 -25414 112909 106630 6279 6279 PROGRAM TRIPS 611710 277588 277588 SEMI-FORMAL RECEIPTS 900099 10749 10749 DEVELOPMENT 722210 10233 10233 8070 990 7080 306640 35537912 28393030 175 5051034 5833981 5833981 620952 155605 387544 77803 11275978 9600721 1186009 489248 1271524 1030249 180575 60700 2360779 1790115 516683 53981 858664 709657 109922 39085 55401 55401 65642 65642 90258 90258 120638 18512 53191 48935 318199 103917 205693 8589 1815287 1599172 182799 33316 784 784 55132 45941 5783 3408 1025213 1025213 2808979 2696619 56180 56180 70563 70563 SUPPLIES 769936 635619 42429 91888 ATHLETICS 551875 551875 FOOD SERVICES 512730 417415 35494 59821 TRIP EXPENSE 277560 277560 1465099 897956 501747 65396 32225174 27390127 3745913 1089134 1430 4291 1845935 295510 1550177 993530 575239 769949 42408 55763 405999 475064 92072899 30209360 61326696 61863539 3198024 4787637 35797742 40701950 1562925 1443728 106306575 111390961 2551283 3152143 6485689 6117855 27233182 26514583 4064043 4215202 40334197 39999783 X 42976727 46286034 9481390 11338176 13514261 13766968 65972378 71391178 106306575 111390961 X 3312738 2148429 -42367 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 32983677 8113381 6142093 1054192 952322 45232637 29306585 729965 4679781 928408 804246 32983677 31080251 476332 -120896 2129102 29306585 26922640 353646 6219931 2415966 31080251 25170519 165199 3797085 2210163 26922640 0.48730 0.28410 0.22860 0 0 8967192 8967192 74981187 25798554 49182633 6537510 4410806 2126704 1587010 1587010 61863539 COMMONFUND FIXED INCOME INVESTMENTS 7894425 F COMMONFUND EQUITY INVESTMENTS 28214097 F COMMONFUND INTERNATIONAL AND EMERGING MARKETS 3770767 F OTHER COMMONFUND INVESTMENTS 822661 F 40701950 OTHER LIABILITIES 80277 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 4134925 4215202 X 31623601 2148429 -6244166 -4095737 35719338 -181426 -181426 35537912 26204801 181426 181426 26023375 6201799 6201799 32225174 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. 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 U.S., 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -106,295. INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -90,258. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -277,560. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS -5,833,981. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 18,178. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE 45,750. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -78,863. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -102,563. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 78,863. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 102,563. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 90,258. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 277,560. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS 5,833,981. 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 ANNUALLY IN THE BOSTON GLOBE IN EARLY DECEMBER. GOLF TOURNEY 59465 29432 30033 25743 11374 AUCTION 199540 176124 23416 23416 18330 259005 205556 53449 49159 29704 78863 -25414 1 FINANCIAL ASSISTANCE 228 5833981 FMV NEED-BASED AID 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 299677 0 0 0 85064 0 212297 0 28966 0 626004 0 0 0 WILLIAM F STEPHENSON BUSINESS MGR./ASSIST. TREA 195378 0 0 0 0 0 19875 0 16686 0 231939 0 0 0 MARK E GUTIERREZ DIRECTOR OF DEVELOPMENT 168378 0 0 0 0 0 17100 0 10325 0 195803 0 0 0 RANDOLPH THOMPSON HEAD OF UPPER SCHOOL 128178 0 0 0 0 0 13238 0 21995 0 163411 0 0 0 JONATHAN WHITE DIRECTOR OF ADMISSIONS 121481 0 0 0 0 0 12600 0 19267 0 153348 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A HOUSING ALLOWANCE, GROSS-UP PAYMENT ON THE HOUSING, AND PERSONAL USE OF CAR ALLOWANCE TO THE HEADMASTER, WILLIAM T. KOSKORES. THE VALUE OF THESE BENEFITS ARE INCLUDED IN PART II, COLUMN (B)(III). PART I, LINE 4B 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 INCLUDED IN PART II, COLUMN (C). A MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 A 3825417 30340000 20042724 742636 9554640 2008 1 0 1 1 A 0 1 0 0 0.00300 0.00300 0 0 0 A 0 0 0 1 1 1 DEPFA BANK AND ROYAL BANK OF 30.000000000000 0 0 0 0 0 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASS DEVELOPMENT DATE THE REBATE COMPUTATION WAS PERFORMED: 10/10/2011 SCHEDULE K, PART IV, ARBITRAGE, LINE 4B: (A) NAME OF PROVIDER: DEPFA BANK AND ROYAL BANK OF CANADA X 4 83163 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): THE NUMBER OF NONCASH CONTRIBUTIONS OF STOCK IS BASED ON THE NUMBER OF STOCK GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11 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 DISLOSURE 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 MANAGER FOR THE FOLLOWING POSITIONS: DIRECTOR OF ADMISSIONS, DIRECTOR OF COMMUNICATIONS, DIRECTOR OF DEVELOPMENT, 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 -106,295. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 18,178. PROVISION FOR UNCOLLECTIBLE PROMISES TO GIVE 45,750. 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