2014-05-13T12:08:20-05:00 2013-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2012-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 MCGLADREY LLP 9788275911 2014-05-13 1 LYNNE JOHNSON P00757336 6179129000 2012 2015-11-30 17:44:51Z CUSHING ACADEMY JAMES TRACY 39 SCHOOL STREET ASHBURNHAM MA 01430 33421599 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 12 12 259 100 319411 -87136 4000102 4496365 24413509 26162961 521267 626173 508643 720669 29443521 32006168 3966621 4648706 0 0 13779119 14468942 0 0 1457829 11719790 12063814 29465530 31181462 -22009 824706 87038279 91169121 39529417 38234119 47508862 52935002 X CUSHING ACADEMY, FOUNDED AS A COEDUCATIONAL BOARDING SCHOOL IN 1865, EXISTS FOR STUDENTS, THEIR ACADEMIC GROWTH AND THEIR PERSONAL DEVELOPMENT. WE ARE DEDICATED TO EDUCATING THE MIND, SHAPING THE CHARACTER, AND NURTURING THE CREATIVITY OF YOUNG MEN AND WOMEN. IN A COMMUNITY THAT IS ACADEMICALLY AND CULTURALLY DIVERSE, WE CHALLENGE EACH INDIVIDUAL, SUPPORT EXCELLENCE IN EVERY ASPECT OF THE LEARNING PROCESS, AND PROMOTE ACTIVE PARTICIPATION IN ALL AREAS OF LIFE AND LEARNING. WE OFFER A DEMANDING COLLEGE PREPARATORY CURRICULUM, TEACH SKILLS THAT BUILD CONFIDENCE, AND INSTILL VALUES THAT ENDURE. 0 0 21928499 4648706 26058937 TRADITION, CHALLENGE AND EDUCATIONAL OPPORTUNITY FOR STUDENTS ACROSS THE COUNTRY AND AROUND THE WORLD IN WHICH TO EXPERIENCE GROWTH, SUPPORT AND SUCCESS THAT FLOURISH WITHIN THE COMMUNITY. CUSHING ACADEMY HAS 453 STUDENTS: 373 BOARD 80 DAYS. IN ADDITION, THE ACADEMY HAS 67 FULL TIME TEACHING FACULTIES. 21928499 1 1 0 1 0 1 0 0 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 63 0 1 259 1 1 1 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JOSEPH MCPEAK CFO 9788277600 39 SCHOOL STREET ASHBURNHAM MA 01430 MARC A BINGHAM 2.00 X 0 0 0 JEREMY A DUFFY 7.00 X X 0 0 0 RICHARD J HARRINGTON 10.00 X X 0 0 0 THEODORE L IORIO 2.00 X 0 0 0 DONALD IRVING 7.00 X X 0 0 0 JOHN G SOMMERS 2.00 X 0 0 0 JOSEPH MARZILLI 2.00 X 0 0 0 M ELIZABETH AKERS 2.00 X 0 0 0 MARK S CASADY 2.00 X 0 0 0 PETER A SNYDER 2.00 X 0 0 0 VERNON R TATE 2.00 X 0 0 0 ROBERT A YOUNG 2.00 X 0 0 0 JAMES TRACY 50.00 X 336117 0 82886 JOSPEH MCPEAK 50.00 X 165208 0 25778 CATHERINE POLLOCK 50.00 X 219202 0 21322 MELANIE CONNORS 40.00 X 154677 0 27446 AMY LOGAN 40.00 X 170327 0 18461 ROBERT MACIOCI 40.00 X 150571 0 31417 SUSAN CARLISLE 40.00 X 144461 0 33159 BARRY CONNORS 40.00 X 147445 0 31259 JANET SARGENT-TRACY 40.00 X 142881 0 23749 SEAMUS COLLINS 40.00 X 292148 0 31897 CAITLIN O'BRIEN 40.00 X 122171 0 21980 2045208 0 349354 15 0 1 0 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2302258 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING, OIL, PROPANE & REPAIR SERVICES 712970 APOLLO SECURITY 2150 BOSTON-PROVIDENCE HWY WALPOLE MA 02081 SECURITY SERVICES 195761 WILSON BUS LINES 203 PATRIOTS ROAD E TEMPLETON MA 01438 CHARTER BUS SERVICES 185425 HONEYWELL 12490 COLLECTIONS CENTER DR CHICAGO IL 60693 HVAC CONTROLS AND MAINTENANCE 173817 9 4496365 78661 4496365 TUITIONS & FEES 611600 25967963 25863939 104024 TRANSCRIPT & ENROLLMENT 611710 90626 90626 SUMMER SCHOOL PROGRAMS 611710 87058 87058 TUTORING 611710 17314 17314 26162961 627201 18089 609112 929757 930785 -1028 -1028 -1028 540240 484646 55594 -46860 102454 ICE RINK RENTAL 900099 244158 244158 TRANSPORTATION 480000 93875 93875 STORAGE REVENUE 900099 14787 14787 312255 312255 665075 32006168 26058937 319411 1131455 4648706 4648706 1012674 720526 292148 142881 142881 9997133 6411977 3017777 567379 946366 569795 327532 49039 1597075 998457 528063 70555 772813 468622 253925 50266 102496 102496 79264 79264 882350 378465 180786 323099 122307 753 114778 6776 104824 39110 49422 16292 270707 35753 232052 2902 2535503 2484793 50710 274442 56813 144756 72873 965604 965604 2044697 2044697 213298 157327 55971 ACADEMIC/INSTRUCTIONAL 1961009 1961009 FOOD SERVICES 939380 844479 94901 STUDENT TRANSPORATION 247584 247584 SUMMER SESSION 233917 233917 1086432 346242 733690 6500 31181462 21928499 7795134 1457829 6663344 6858444 624265 634993 388396 767772 643076 700595 52060 47781 451079 488830 76970538 32601738 44606282 44368800 85015 101529 28471393 32557195 5053369 4643182 87038279 91169121 1154195 1115749 10205517 10787773 23265000 22660000 18000 10000 4886705 3660597 39529417 38234119 X 17181653 17502680 9121975 12371189 21205234 23061133 47508862 52935002 87038279 91169121 X 824706 3388307 1213127 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: CUSHING ACADEMY IS A MEMBER OF MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS & COLLEGES, A GROUP WHICH MAY ENGAGE IN LOBBYING ACTIVITES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. 1 1 1848461 19594762 13123822 1 1 28556408 1848461 4021918 1768063 32658724 29193521 1831481 -289756 2178838 28556408 24805849 1830661 4389838 1832827 29193521 21906302 2229962 2343586 331250 1342751 24805849 24277875 2810379 -3829514 1352438 21906302 0.05570 0.70610 0.23820 0 0 8008869 8008869 55348719 22225459 33123260 13580176 10376279 3203897 32774 32774 44368800 HEDGED INVESTORS COMPANY 2177240 F BOND FUNDS 8083976 C PRIVATE EQUITY 3255139 F EQUITY FUNDS 19040840 F 32557195 DEFERRED FINANCING COSTS, NET 608641 CHARITABLE LEAD TRUST AND SPLIT INTEREST AGREEMENT 4034541 4643182 INTEREST RATE SWAP AGREEMENT 3497079 CHARITABLE GIFT ANNUITY 163518 3660597 X 32443542 3388307 -3435579 -47272 32490814 -484646 -484646 32006168 27017402 484646 484646 26532756 4648706 4648706 31181462 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TO PROVIDE FINANCIAL ASSISTANCE TO WORTHY INDIVIDUALS/STUDENTS DESIRING TO ATTEND CUSHING ACADEMY. IN ADDITION, THE FUNDS PROVIDE FUNDING TO VISUAL AND/OR PERFORMING ARTS FUNDING, OR FOR ATHLETICS OR GENERAL ACADEMIC PURPOSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE ACADEMY FOLLOWS THE FASB GUIDANCE, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY 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 TAXING AUTHORITIES. MANAGEMENT BELIEVES THAT THE ACADEMY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. AS OF JUNE 30, 2013 AND 2012, WITH FEW EXCEPTIONS, THE ACADEMY IS NO LONGER SUBJECT TO EXAMINATION BY FEDERAL OR STATE TAX AUTHORITIES FOR THE YEARS BEFORE 2009. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -4,648,706. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 1,205,689. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 7,438. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -484,646. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII LINE 10B 484,646. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 4,648,706. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE ACADEMY PUBLICIZES ITS NONDISCRIMINATION POLICY ON ALL ADMISSION/MARKETING MATERIAL. IN ADDITION, AISNE (ASSOCIATION INDEPENDENT SCHOOL OF NEW ENGLAND) PLACES SEVERAL ADVERTISEMENTS IN NEW ENGLAND AREA PERIODICALS STATING ITS MEMBER'S NONDISCRIMINATION POLICY AND LIST EACH SCHOOL BY NAME. 1 SCHOLARSHIPS 188 4648706 BOOK ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL GRANTS ARE BASED ON FINANCIAL NEED OR ACADEMIC MERIT. THE ACADEMY UTILIZES THE SERVICES OF A THIRD PARTY TO ANALYZE THE APPLICANT'S FINANCES TO DETERMINE THE ESTIMATED FAMILY CONTRIBUTION. THE FINANCIAL AID COMMITTEE MAINTAINS ALL RECORDS REGARDING THE SELECTING AND AWARDING OF GRANTS. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES TRACY 335595 0 0 0 522 0 40054 0 42832 0 419003 0 0 0 JOSPEH MCPEAK 164874 0 0 0 334 0 16766 0 9012 0 190986 0 0 0 CATHERINE POLLOCK 218929 0 0 0 273 0 19985 0 1337 0 240524 0 0 0 MELANIE CONNORS 154540 0 0 0 137 0 15539 0 11907 0 182123 0 0 0 AMY LOGAN 169995 0 0 0 332 0 17000 0 1461 0 188788 0 0 0 ROBERT MACIOCI 150383 0 0 0 188 0 15378 0 16039 0 181988 0 0 0 SUSAN CARLISLE 143930 0 0 0 531 0 14943 0 18216 0 177620 0 0 0 BARRY CONNORS 147320 0 0 0 125 0 15096 0 16163 0 178704 0 0 0 JANET SARGENT-TRACY 142395 0 0 0 486 0 14427 0 9322 0 166630 0 0 0 SEAMUS COLLINS 291788 0 0 0 360 0 12124 0 19773 0 324045 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL - ON OCCASION, THE HEADMASTER MAY UTILIZE FIRST CLASS ACCOMMODATIONS DURING BUSINESS TRAVEL. HOUSING - DUE TO THE RESIDENTIAL NATURE OF THE SCHOOL, CERTAIN EMPLOYEES AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER RECEIVE ON-CAMPUS HOUSING. THE HEADMASTER AND DEAN OF ENROLLMENT SERVICES RECEIVED THIS NONTAXABLE BENEFIT DURING THE FISCAL YEAR 2013. PART I, LINE 1B FIRST CLASS TRAVEL AND TRAVEL FOR COMPANIONS - THE HEADMASTERS TRAVEL BUDGET IS SUBJECT TO THE APPROVAL OF THE PRESIDENT OF THE BOARD OF TRUSTEES AND THE FINANCE COMMITTEE OF THE BOARD. HOUSING - THE ACADEMY HAS A POLICY FOR ON-CAMPUS HOUSING. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS 0 1 0 A 4340000 27000000 675000 623236 25701764 2004 0 0 1 1 A 0 0 0 0 0.03960 0.03960 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 A 0 JAN SARGENT TRACY FAMILY MEMBER OF JAMES TRACY, HEADMASTER OF THE ACADEMY 142881 EMPLOYMENT 0 X 8 78661 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11 THE FINAL DRAFT WILL BE REVIEWED BY THE AUDIT COMMITTEE, A STANDING COMMITTEE OF THE BOARD OF TRUSTEES. THE COMMITTEE WILL REVIEW THE RETURN IN DETAIL AND MAKE A PRESENTATION TO THE ENTIRE BOARD OF TRUSTEES. THE RETURN WILL THEN BE FILED IN A TIMELY BASIS. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, KEY EMPLOYEES AND ALL BOARD MEMBERS ARE REQUIRED ANNUALLY TO COMPLETE AN ANNUAL DISCLOSURE AND CONFLICT OF INTEREST FORM. IF ANY CONFLICT EXISTS THE BOARD MEMBERS AND EMPLOYEES ARE NOT ALLOWED INPUT ON ISSUES THAT WOULD RAISE THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CONTRACTS WITH A CONSULTING FIRM THAT REVIEWS PEER SCHOOLS 990'S, CONDUCTS SURVEYS AND REPORTS THEIR FINDINGS TO THE BOARD. THIS FORMAL PROCESS IS UNDERTAKEN PERIODICALLY (LAST COMPLETED IN MAY 2012). IN THE INTERIM YEARS THE COMPENSATION COMMITTEE (AN AD HOC COMMITTEE OF THE BOARD) REVIEWS PEER SCHOOLS 990'S AND OTHER AVAILABLE DATA. 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. IN ADDITION THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT: 7,438. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: 1,205,689.