2013-05-14T13:35:51-05:00 2012-06-30 043121055 KIRKLAND ALBRECHT & FREDRICKSON LLC 10 FORBES ROAD WEST BRAINTREE MA 02184 990 2011-07-01 042103564 GOVERNOR DUMMER ACADEMY GOVE 9784651763 1 ELM STREET BYFIELD MA 01922 HUGH A MCGRAW 9784651763 2013-05-13 1 MICHAEL HINCHEY P00451160 7813562000 2013-05-13 2011 2016-03-07 17:11:31Z THE GOVERNOR'S ACADEMY HUGH A MCGRAW 1 ELM STREET BYFIELD MA 01922 48326336 0 X WWW.THEGOVERNORSACADEMY.ORG X 1763 MA THE LONGEST CONTINUING INDEPENDENT BOARDING AND DAY SCHOOL FOR STUDENTS IN GRADES NINE THROUGH TWELVE. FOUNDED IN 1763 ON NEW ENGLAND COASTAL FARMLAND, COMBINES CENTURIES OF TRADITION WITH A DEDICATION TO EDUCATIONAL INNOVATION. STUDENTS FLOURISH IN A DIVERSE COMMUNITY DISTINGUISHED BY ENDURING RELATIONSHIPS WITH TEACHERS AND DEFINED BY A COMMITMENT TO LEARNING AND A THOUGHTFUL BALANCE OF ACADEMICS, ATHLETICS, ARTS AND SERVICE TO OTHERS. ACADEMY GRADUATES ARE LIFE LONG LEARNERS WHO EMBRACE THEIR CIVIC DUTY AND GLOBAL RESPONSIBILITY. 29 29 254 500 0 -58676 2955851 7979035 16225953 17055525 14227081 8505537 1086238 629901 34495123 34169998 3285292 3672379 0 0 9917883 10568631 0 0 1427019 9859458 9825634 23062633 24066644 11432490 10103354 131923243 136063458 31427602 39451408 100495641 96612050 X LASTING BONDS AMONG STUDENTS AND FACULTY ARE HALLMARKS OF OUR CAMPUS COMMUNITY. LIFE AT THE ACADEMY IS ALSO INFLUENCED BY OUR MANY TRADITIONS INCLUDING JUMPING THE WALL AT COMMENCEMENT, HOSTING THE SPECIAL OLYMPICS, CELEBRATING FOUNDERS DAY, AND ENJOYING SATURDAY EVENINGS IN THE HEADMASTER'S HOME. IT IS IN THESE TRADITIONS AND COMMUNITY EVENTS THAT THE SPIRIT OF THE ACADEMY COMES TO LIFE. AS THE OLDEST CONTINUOUSLY OPERATING BOARDING SCHOOL IN THE UNITED STATES, WE HAVE ALWAYS CHERISHED THE POSSIBILITIES OF THE FUTURE AS MUCH AS WE CHERISH OUR TRADITIONS. STUDENTS BECOME PART OF AN EXCITING HISTORY OF PROGRESS AND SERVICE FROM WHICH SPRING THE SCIENTISTS, ARTISTS, ATHLETES, WRITERS, INNOVATORS AND LEADERS OF TOMORROW. VISITORS TO OUR CAMPUS FEEL IT RIGHT AWAY-THE SENSE OF POSSIBILITY, THAT YOU CAN DO ANYTHING, TRY ANYTHING. <CONTINUED BELOW> 0 0 19779696 3672379 17403436 THE GOVERNOR'S ACADEMY PROVIDES A CAREFULLY THOUGHT OUT AND RIGOROUS EDUCATIONAL EXPERIENCE THAT ENCOMPASSES ACADEMIC WORK, ATHLETICS, THE ARTS AND SERVICE. IN SMALL CLASSES LED BY TALENTED TEACHERS WHO INSPIRE A LIFELONG LOVE OF LEARNING AND AN UNQUENCHABLE CURIOSITY ABOUT THE WORLD. HERE STUDENTS DISCOVER NEW WORLDS - IN INTELLECTUAL INQUIRY. CLASSES ARE 45-90 MINUTES LONG, MEETING 3 TIMES A WEEK. THE AVERAGE CLASS SIZE IS APPROXIMATELY 13 STUDENTS. LIVING AND LEARNING WITH BOYS AND GIRLS FROM A RANGE OF BACKGROUNDS AND LIFE EXPERIENCES, OUR STUDENTS GAIN A BROADER UNDERSTANDING OF THE WORLD. WE HAVE MORE THAN 390 STUDENTS IN GRADES 9-12. OUR ENROLLMENT INCLUDES 13 PERCENT STUDENTS OF COLOR AND 12 PERCENTS INTERNATIONAL STUDENTS. TWO-THIRDS OF OUR STUDENTS BOARD; ONE-THIRD ARE DAY STUDENTS. ACADEMICALLY WE OFFER HONORS AND ADVANCED PLACEMENT COURSES, AS WELL AS INDEPENDENT STUDY IN ALL DEPARTMENTS. ATHLETES PARTICIPATE IN THE ISL LEAGUE OF 16 SCHOOLS LOCATED IN THE GREATER BOSTON AREA. WE OFFER MORE THAN 50 INTERSCHOLASTIC TEAMS FROM VARSITY TO THIRDS. OUR EFFORTS CONTINUE TO EXPAND IN PROVIDING GLOBAL UNDERSTANDING ANDEXPERIENCES FOR OUR STUDENTS THROUGH EXCHANGE PROGRAMS. CURRENTLY OUR EXCHANGES ARE IN CHINA, KENYA AND HONDURAS; WE HOPE SOON TO HAVE EXCHANGES ON EVERY CONTINENT. STUDENTS SPEND TIME AT SCHOOLS ACROSS THE GLOBE, AND THEN THOSE FOREIGN STUDENTS AND TEACHERS COME TO OUR CAMPUS, WHERE THEY LIVE IN THE DORMS AND TAKE PART IN CLASSES AND ACTIVITIES. WE ARE DEVELOPING COURSES WITH A GLOBAL PERSPECTIVE, INCLUDING MODERN CHINESE HISTORY AND AFRICAN HISTORY. FOREIGN LANGUAGE STUDENTS - IN CHINESE, SPANISH, FRENCH, GERMAN AND LATIN - ENRICH THEIR LEARNING WITH TRIPS ABROAD AND LANGUAGE CLUB OUTINGS. 19779696 1 1 0 0 0 0 0 1 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 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 91 0 1 254 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA X HUGH A MCGRAW 9784651763 1 ELM STREET BYFIELD MA 01922 JEFFREY L GORDON 5.00 X X 0 0 0 JAMES L RUDOLPH 5.00 X X 0 0 0 STEVEN G SHAPIRO 5.00 X X 0 0 0 WILLIAM L ALFOND 5.00 X 0 0 0 SONG-HYUK BANG 5.00 X 0 0 0 REV ADRIENNE BERRY-BURTON 5.00 X 0 0 0 WILLIAM BRINE 5.00 X 0 0 0 GRAHAM COLE 5.00 X 0 0 0 WENDY B COWIE 5.00 X 0 0 0 MARGO L DHALIWAL 5.00 X 0 0 0 JONATHAN J DOYLE 5.00 X 0 0 0 HENRY B EATON 5.00 X 0 0 0 BEVERLY R GIBLIN 5.00 X 0 0 0 KATHY S HINES 5.00 X 0 0 0 STEPHEN G KASNET 5.00 X 0 0 0 RICHARD M KELLEHER 5.00 X 0 0 0 PAUL MCKEON 5.00 X 0 0 0 KARA MOHEBAN MCLOY 5.00 X 0 0 0 THOMAS M MERCER JR 5.00 X 0 0 0 SPENCER PURINTON 5.00 X 0 0 0 GARY A ROGERS 5.00 X 0 0 0 GEORGE S SCHARFE 5.00 X 0 0 0 AARON M SELLS 5.00 X 0 0 0 DAVID SPLAINE 5.00 X 0 0 0 NATHALIE SWEET AMES 5.00 X 0 0 0 BRUCE C TURNER 5.00 X 0 0 0 MARK WHISTON 5.00 X 0 0 0 LAURA E ELLISON 5.00 X 0 0 0 DANIEL C LOOK 5.00 X 0 0 0 SHAENA TUCKER 5.00 X 0 0 0 FRANCESCA DEMEO 5.00 X 0 0 0 JAMES M PIERCE 5.00 X 0 0 0 HUGH A MCGRAW 55.00 X 167610 0 12231 JOHN DOGGETT 40.00 X 273677 0 53951 LORI CORREALE 50.00 X 109043 0 11275 PETER QUIMBY 55.00 X 133603 0 11522 LYNDA FITZGERALD 50.00 X 103963 0 9494 787896 0 98473 5 0 1 0 SHAWMUT DESIGN AND CONSTRUCTION 44 MERRIMAC STREET BOX 238 NEWBURYPORT MA 01950 CONSTRUCTION 2479528 CBTCHILDS BERTMAN TSECKARES INC 48 NORTHERN BLVD NEWBURY MA 01951 ARCHITECT ENGINEER 613487 US FOODSERVICE PO BOX D 3155 BOSTON MA 02241 DINING HALL FOOD 465613 DIRECT ENERGY BUSINESS PO BOX 70220 PHILADELPHIA PA 19176 ELECTRIC UTILITIES 316645 UPTACK PLUMBING & HEATING INC 32 ROCHAMBAULT STREET HAVERHILL MA 01832 PLUMBING COMPANY 265382 23 79143 7899892 469675 7979035 TUITION 611600 16181344 16181344 SUMMER PROGRAMS 713990 567357 567357 STUDENT FEE INCOME 611710 306824 306824 17055525 -1587047 -1587047 281990 0 281990 281990 281990 24016672 13924088 10092584 10092584 10092584 40257 79143 40257 0 258339 191993 66346 66346 MISCELLANEOUS 900099 281565 281565 281565 34169998 17403436 0 8787527 3672379 3672379 493159 240311 132692 120156 7889314 6282669 831959 774686 1580721 1185297 378038 17386 605437 380862 116408 108167 624285 341676 244879 37730 2863 2863 65018 41978 23040 299614 262298 24 37292 1414724 1414724 118160 10797 62350 45013 24224 16989 2133 5102 1032280 1032280 1756548 1651156 87827 17565 521597 24728 496869 OUTSIDE STAFFING 630406 630406 MISCELLANEOUS EXPENSE 534669 383082 116317 35270 EVENT/CAMPAIGN EXPENSES 495232 294692 200540 COST OF GOODS SOLD 490816 490816 1815198 1419693 367393 28112 24066644 19779696 2859929 1427019 672272 66314 5785411 9127583 1247597 5919958 205200 216808 8400 15970 130096 126125 81797 501620 713923 77929433 19479007 55866669 58450426 53604 51500 67448775 61296653 131923243 136063458 1273741 2013548 3216364 6774097 23110000 22505000 76519 1708720 3750978 6450043 31427602 39451408 X 68947558 61184766 6342441 10006795 25205642 25420489 100495641 96612050 131923243 136063458 X 10103354 -13986945 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 67502379 419108 -2895857 3677477 61348153 61149659 477411 10279795 4404486 67502379 57876141 677277 6039312 3443071 61149659 77538518 363231 -17052959 2972649 57876141 0.52280 0.41260 0.06460 0 0 61056850 15195166 45861684 5272982 3127507 2145475 11599601 1156334 10443267 58450426 LIMITED PARTNERSHIPS 5694581 F BENEFICIAL INTEREST IN PHILLIPS TRUSTS 6511813 F COMMONFUND INSTITUTIONAL FUNDS 47511856 F CHARITABLE GIFT ANNUITIES 1578403 F 61296653 ANNUITIES PAYABLE 685200 INTEREST RATE SWAP 5764843 6450043 34169998 24066644 10103354 -13986945 -13986945 -3883591 20358185 -13986945 3847511 -10139434 30497619 3672379 3672379 34169998 24241776 3847511 3847511 20394265 3672379 3672379 24066644 PART III, LINE 4: VARIOUS PAINTINGS THAT ARE DISPLAYED IN THE LIBRARY WHICH WERE DONATED TO THE SCHOOL. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S ENDOWMENT FUNDS ARE USED FOR THE SUPPORT IN FINANCIAL AID AND COMMENCEMENT PRIZES. IT ALSO HELPS TO MAINTAIN FACULTY SALARY AND BENEFITS AS WELL AS MAINTAINING THE PHYSICAL PLANT OF THE SCHOOL. THE TEMPORARY RESTRICTED GIFTS COULD BE MORE SPECIFIC AS UNIFORMS, TUNING PIANOS, SUPPORT IN THE EXCHANGE PROGRAM, HELPING FINANCIAL AID STUDENTS ATTEND THE PROM AND PURCHASE BOOKS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ACADEMY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME, IF ANY. THE ACADEMY ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC TOPIC INCOME TAXES. THE TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PROCESS FOR FINANCIAL STATEMENT RECOGNITION OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE TOPIC ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AT JUNE 30, 2012, MANAGEMENT BELIEVES THAT THE ACADEMY HAS NO MATERIAL UNCERTAIN TAX POSITIONS. THE ACADEMY FILES INFORMATIONAL TAX RETURNS IN THE U.S. FEDERAL AND MASSACHUSETTS STATE JURISDICTIONS. WITH FEW EXCEPTIONS, THE ACADEMY IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE FISCAL YEAR 2009. PART XII, LINE 2D - OTHER ADJUSTMENTS: ENDOWMENT APPROPRIATIONS FOR OPERATIONS AND DEBT SERVICE 3,615,261. FUNDRAISING EXPENSES INCLUDED IN INCOME 40,257. COST OF GOODS SOLD APPLIED AGAINST INCOME 191,993. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND DISCOUNTS 3,672,379. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ENDOWMENT APPROPRIATION DRAW 3,615,261. FUNDRAISING EXPENSES INCLUDED IN INCOME 40,257. COST OF GOODS SOLD APPLIED AGAINST INCOME 191,993. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND DISCOUNTS 3,672,379. 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 GOVERNOR DUMMER ACADEMY PUBLICIZES ITS NONDISCRIMINATORY POLICY ON A SCHOOL BULLETIN AND IN BROCHURES. GOLF TOURNAMENT 119400 79143 40257 18489 21768 119400 79143 40257 18489 21768 40257 0 1 FINANCIAL AID 110 0 3672379 FMV SCHOLARSHIPS/FINANCIAL AID PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL AID IS ALLOCATED ON A NEED BASED BASIS AT THE GOVERNOR'S ACADEMY. FOR NEW APPLICANTS TO THE SCHOOL, WE REQUIRE FAMILIES TO SUBMIT INCOME AND ASSET INFORMATION TO SSS, A FINANCIAL AID ASSESSMENT ORGANIZATION THAT OPERATES WITHIN NAIS. SSS PROVIDES FOR US A RECOMMENDED FAMILY CONTRIBUTION (RFC) AND, TO OUR ABILITY AND AFTER OUR EVALUATION OF A FAMILY'S SUBMISSION, WE WILL PROVIDE FINANCIAL AID TO A FAMILY THAT REPRESENTS THE DIFFERENCE BETWEEN THE RFC AND THE COST OF TUITION. WITH RESPECT TO MONITORING THE STUDENTS OVER TIME, FAMILIES MUST SUBMIT A FINANCIAL AID APPLICATION EACH YEAR AND THE RFC IS USED TO DETERMINE A FINANCIAL AID ALLOCATION EACH YEAR. X X X 0 1 X X X X 0 0 0 0 0 0 0 0 0 HUGH A MCGRAW 167610 0 0 0 0 0 10057 0 2174 0 179841 0 0 0 JOHN DOGGETT 273677 0 0 0 0 0 31811 0 22140 0 327628 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES ON CAMPUS HOUSING FOR THE HEADMASTER AND CHIEF FINANCIAL OFFICER TO PROVIDE AN ON CAMPUS PRESENCE TO DEAL WITH ASSORTED ISSUES AND EMERGENCIES. THE HEADMASTER DISCRETIONARY FUND OF $3,000 IS USED TO PAY FOR UNPLANNED SCHOOL ACTIVITIES. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RGN9 2006-08-01 15000000 CONSTRUCTION OF DORM,MAINTENANCE BLDG,HOCKEY RINK,TURF FIELD,TENNIS COURTS 0 1 0 15000000 295724 14704276 2007 0 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 1 1 0 0 0 0 LYNDA FITZGERALD FACULTY HOUSING LOAN X 21000 8400 0 1 1 8400 35000 THE SCHOOL PROVIDED A NEED-BASED SCHOLARSHIP TO THE NEPHEW OF A DIRECTOR X 15 466418 FMV X SPORTS EQUIPMENT 2 3257 RETAIL PRICE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 A DRAFT VERSION OF THE FORM 990 IS SENT TO THE DIRECTOR OF FINANCE, CHIEF FINANCIAL OFFICER AND TREASURER OF THE BOARD OF DIRECTORS FOR AN INITIAL REVIEW. DURING THE INITIAL REVIEW IF ANY QUESTIONS ARE RAISED THEY ARE BROUGHT TO THE ATTENTION OF THE TAX PREPARERS. ONCE ALL THE QUESTIONS HAVE BEEN ADEQUATELY ANSWERED THE DRAFT FORM 990 IS PROVIDED TO THE CFO FOR REVIEW. A FINAL REVIEW OF THE FORM IS CONDUCTED BY THE DIRECTOR OF FINANCE AND THE CFO BEFORE THE FORM 990 IS FINALIZED AND SENT TO THE AUDIT COMMITTEE FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS ISSUED ONCE A YEAR WITH AN ACKNOWLEDGEMENT TO BE SIGNED ASSURING THAT THE READER IS AWARE AND WILL COMPLY. ONCE THE ACKNOWLEDGEMENT IS SIGNED IT IS FILED IN THE CFO'S OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE HEADMASTER'S COMPENSATION IS REVIEWED BY THE PRESIDENT OF THE BOARD AND HIS EXECUTIVE COMMITTEE, WITH SUPPORT FROM THE CFO REGARDING COMPARATIVE SALARY DATA. THE CFO'S SALARY IS SET BY THE HEADMASTER. THE HEADMASTER AND CFO COLLABORATE IN SETTING THE STAFF AND FACULTY SALARY POOL INCLUDING ANTICIPATED TURNOVER AND THE BUDGET SALARY FOR REPLACEMENT PERSONNEL. ALL SALARY RECOMMENDATIONS ARE THEN INCORPORATED INTO THE DRAFT FY BUDGET WHICH IS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW AND APPROVAL. THE FULL BOARD APPROVES THE BUDGET FOR IMPLEMENTATIONS. THE ORGANIZATION BENCHMARKS AND ANALYZES THE SALARIES TO ABOPS (AN ASSOCIATION OF 40 PEER SCHOOLS) ANNUALLY. FORM 990, PART VI, SECTION C, LINE 18 THE FORM 990 IS AVAILABLE VIA A WRITTEN OR TELEPHONE REQUEST TO THE ORGANIZATION. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -13,986,945. FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR IN THE METHODS USED BY THE COMMITTEE RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. FORM 990, PART III, LINE 1, CONTINUATION A HEALTHY ATMOSPHERE WHERE EVERY CLUB AND TEAM WELCOMES NEW MEMBERS, TEACHERS ENCOURAGE STUDENTS TO TAKE CLASSES AND JOIN ACTIVITIES OUTSIDE THEIR COMFORT ZONE, AND EVERYONE SUPPORTS EACH OTHER IN ANY ENDEAVOR. MOTIVATED STUDENTS FROM THE BOSTON AREA AND AROUND THE GLOBE COME TOGETHER IN WHAT MANY SAY FEELS LIKE A SECOND HOME. VIBRANT, FASCINATING PEOPLE-INCLUDING TEACHERS WHO ALSO SERVE AS COACHES AND MENTORS-FORM A UNIQUE SYNTHESIS OF CULTURES AND LIFE EXPERIENCES. GOVERNOR'S GLOBAL OUTLOOK INSPIRES EXCHANGE AND STUDY ABROAD PROGRAMS, COURSE OFFERINGS, CLASS ACTIVITIES AND THE WELCOMING, ACCEPTING ATMOSPHERE ON CAMPUS. THE CHALLENGE AND OPPORTUNITIES OF A QUINTESSENTIAL NEW ENGLAND BOARDING SCHOOL MERGE WITH A WARMTH AND OPENNESS TO NEW IDEAS AND NEW PEOPLE THAT HAS ALWAYS MADE GOVERNOR'S REFRESHINGLY DIFFERENT.