2013-02-14T16:24:44-07:00 2012-06-30 990 2011-07-01 041200600 CONCORD ACADEMY CONC 9784022200 166 Main Street Concord MA 01742 Judi B Seldin 9784022263 2013-02-14 2011 2016-03-07 17:11:31Z Richard G Hardy Head of School Concord Academy 166 Main Street Concord MA 01742 40714158 0 X www.concordacademy.org X 1922 MA Concord Academy is a four-year, coeducational, independent college-preparatory school enrolling students in grades nine through twelve. The school was founded in 1922 and is located in Concord, Massachusetts. The 2011-2012 enrollment was composed of 363 students, 151 of whom were boarding students and 212 of whom were day students coming from 15 states/territories and 10 foreign countries. 22 19 371 179 0 0 5425303 5892064 16056045 16572337 3271388 2008574 62405 14654 24815141 24487629 3116709 3277979 0 0 10413072 10973230 0 0 1646746 6825178 6919098 20354959 21170307 4460182 3317322 94635722 93963258 23031188 23838696 71604534 70124562 Concord Academy engages its students in a community animated by a love of learning, enriched by a diversity of backgrounds and perspectives, and guided by a covenant of common trust. 0 0 16572623 3277979 16572337 Secondary Education: 363 students in grades 9 through 12; Educational Programs, General/Other: Summer Camp 8-week program for children in grades pre-K through 9 0 0 0 16572623 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 94 0 1 371 1 0 0 0 0 0 1 1 0 0 0 1 0 X 22 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X Concord Academy Finance Office 9784022261 166 Main Street Concord MA 01742 Elizabeth Ballantine 1.00 X 0 0 0 Paul S Barth 1.00 X 0 0 0 W Anthony Brooke 1.00 X 0 0 0 Frances Savoia Brown 1.00 X 0 0 0 Amy Cammann Cholnoky 1.00 X 0 0 0 Jeffrey L Eberle 2.00 X X 0 0 0 Lisa Frusztajer 2.00 X X 0 0 0 Silvia Gosnell 1.00 X 0 0 0 Sandra Willett Jackson 1.00 X 0 0 0 Althea S Kaemmer 1.00 X 0 0 0 Amelia Lloyd McCarthy 2.00 X X 0 0 0 Peter H Mattoon 1.00 X 0 0 0 John J Moriarty 2.00 X X 0 0 0 Mervan F Osborne 1.00 X 0 0 0 Jorge Solares Parkhurst 1.00 X 0 0 0 Neil E Rasmussen 1.00 X 0 0 0 Katharine Rea Schmitt 1.00 X 0 0 0 Fay Lampert Shutzer 2.00 X X 0 0 0 Lowell S Smith 1.00 X 0 0 0 Kelsey D Stratton 1.00 X 0 0 0 Kim Williams 1.00 X 0 0 0 Richard G Hardy 55 X X 278861 0 48445 Judi Seldin 55 X 177856 0 42224 Kathleen Kelly 55 X 173823 0 14439 Pamela Safford 55 X 140640 0 15891 Robert Koskovich 55 X 106529 0 20173 David Rost 55 X 105570 0 20389 983279 0 161561 6 0 1 0 Matthew Construction Company 4 Mechanic Street Natick MA 01760 Construction and Remodeling 174139 1 0 0 21780 0 0 5870284 486855 5892064 Tuition and Fees/Summer Programs 611110 16486074 16486074 0 0 Misc Income 611110 82406 82406 0 0 Student Loan Income 611110 3857 3857 0 0 0 0 0 0 16572337 879696 0 0 879696 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17082470 4724 15958316 0 1124154 4724 1128878 0 0 1128878 34046 21780 49814 -15768 0 -15768 22055 1328 20727 0 0 20727 226310 217071 9239 0 0 9239 Faculty Loan Interest 611110 456 0 0 456 0 0 0 0 456 24487629 16572337 0 2023228 0 0 3277979 3277979 0 0 0 0 769737 0 576183 193554 0 0 0 0 7875534 6255546 976451 643537 524470 446891 33141 44438 1208871 935158 162337 111376 594618 437264 100060 57294 0 0 0 0 14842 0 14842 0 94100 0 94100 0 0 0 0 0 0 0 76572 0 76572 0 429992 382927 33669 13396 112406 42145 45583 24678 378438 182740 94606 101092 242236 159442 67613 15181 0 0 0 0 673755 621327 32129 20299 224522 75938 67334 81250 0 0 0 0 104864 79337 14539 10988 477899 360579 70789 46531 0 0 0 0 1428059 1314243 69749 44067 76717 0 76717 0 Equipment Purchase Repairs & Maintenance 739961 624950 62243 52768 Total Food 1342053 1166505 60089 115459 Miscellaneous Expenses 441070 177705 193910 69455 Dues & Subscriptions 61612 31947 28282 1383 21170307 16572623 2950938 1646746 12666 11703 13268905 15008586 5337972 4188123 173248 511413 5464 3963 0 0 32815 34192 61929 38301 481498 373104 42415869 20995260 19155629 21420609 52858407 49204919 2645874 2591901 83389 58504 0 0 517926 517940 94635722 93963258 1046781 1792354 0 0 7499547 7996922 11450069 11010069 0 0 1383855 1400685 0 0 0 0 1650936 1638666 23031188 23838696 X 28141879 28908545 17633433 14668596 25829222 26547421 71604534 70124562 94635722 93963258 X 3317322 -4797294 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 54404490 1843039 -2664387 393891 1923109 0 51266142 44247520 1763221 10561749 324546 1843454 0 54404490 38855071 2798398 4759050 334401 1830598 0 44247520 46986395 1842416 -7751951 378962 1842827 0 38855071 0.34 0.5 0.16 0 0 0 4919539 4919539 0 30837176 18152603 12684573 0 0 0 0 0 3581021 2842657 738364 0 3078133 0 3078133 21420609 0 Bookstore Deposits 374427 Capital Lease Obligations 15583 Housing Deposits 16073 Interest Rate Swap - Liability 795223 Registration Deposits 437360 1638666 24487629 21170307 3317322 -4593037 0 0 0 -204258 -4797295 -1479973 16908023 -4593036 0 0 -3254783 -7847819 24755842 0 -268213 -268213 24487629 18387995 0 0 0 471028 471028 17916967 76572 3176768 3253340 21170307 SchD_P05_S00_L04 Schedule D, Part V, Line 4 Concord Academy's Endowment supports and sustains forward-thinking initiatives; provides the flexibility to act on great educational opportunities; underwrites the maintenance and enhancement of buildings and grounds; and offers stability in times of fiscal uncertainty. Concord Academy's strategic plan places a priority on increasing our endowment for financial aid, faculty compensation and maintenance of our historic campus. SchD_P10_S00_L02 Schedule D, Part X, Line 2 Concord 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, disclosures, and transition. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Changes in value of split-interest agreements $3,281; Unrealized loss on interest rate swap $-207,539; for a total of $-204,258. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Financial Aid Grants $-3,176,768; Investment Advisor Fees $-76,572; Change in Value Split Interest Agreement $3,281; -$4,724 gain(loss) on sale PP&E for a total of $-3,254,783. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Bookstore and Special Event Expenses $-268,213. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Bookstore and Special Event expenses $268,213; Interest Rate Swap $207,539; Gain/Loss on PP&E Disposal -$4,724 for a total of $471,028 SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial Aid Grants $3,176,768 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The following statement is published annually in the Boston Globe: We member schools of the Association of Independent Schools in New England reaffirm our long standing policy of nondiscriminatory admission of students. We admit students of any race, color, religious affiliation, national and ethnic origin and qualified handicapped students to all rights, privileges, programs and activities generally accorded or made available to students at our schools. We do not discriminate in violation of any law or statute in the administration of our educational policies, admissions policies, scholarship and loan program, and athletic or other school administered programs. Information and school catalogues may be obtained by calling the schools. East Asia and the Pacific 0 0 Program Services Admissions interviews and fundraising activities 42009 Europe (including Iceland and Greenland) 0 0 Fundraising Alumnae gatherings; Concord Academy updates 17632 0 0 59641 0 0 0 0 0 0 Benefit for Financial Aid 32245 21780 10465 0 0 0 7276 0 5206 Summer Stages Dance 23581 0 23581 0 0 3098 2217 20206 11811 0 55826 21780 34046 0 0 3098 9493 20206 17017 49814 -15768 0 0 0 0 0 0 22055 1328 1 0.3 22055 0 0 0 1328 1328 20727 MA 1 0 0 0 1 0 Concord Academy Advancement Office 166 Main Street Concord MA 01742 0 0 0 1 Tuition Grants 88 0 3176768 Award granted after family's qualification process Grants deducted from school tuition Music Lesson Financial Aid 37 0 41560 award granted after family's qualification process financial aid deducted from music lesson fees Health Insurance Financial Aid 30 0 41755 award granted after family's qualification process financial aid deducted from student health insurance costs Monthly Supplemental 33 15100 0 monthly checks in the amount of $50 (boarding students) and/or $100 (day students) for incidentals and transportation costs to and from school. Travel/Weekend Activities/Food/Misc 88 1467 1289 based on need Long distance travel home, weekend activities, misc items including food and family travel to the school. SchI_P01_S00_L02 Schedule I, Part I, Line 2 Concord Academy awarded financial assistance to 88 students including tuition grants and assistance for music lessons, health insurance, bookstore purchases, transportation and miscellaneous expenses. Assistance is awarded on a financial need basis through the Financial Aid Office. Both the Financial Aid Director and the Finance Office staff administer and monitor all grants and student spending in the recipient's Concord Academy Bookstore account on a monthly basis. The Financial Aid Director meets monthly with each Financial Aid recipient to review spending. Class attendance is required and monitored by the Academic Office staff. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 Richard G Hardy 278861 0 0 0 0 0 37328 0 11406 0 327595 0 0 0 Judi Seldin 177856 0 0 0 0 0 31107 0 17597 0 226560 0 0 0 Kathleen Kelly 173823 0 0 0 0 0 14019 0 708 0 188550 0 0 0 Pamela Safford 140640 0 0 0 0 0 11491 0 6176 0 158307 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a Head of School's spouse accompanied him on trip to London for area gatherings and school updates. Also, Head of School and some faculty and staff live in school-owned housing as a requirement of their jobs. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The Concord Academy Board of Trustees Executive Committee also acts as the Compensation Committee. This group reviews and deliberates compensation for the Head of School and The Chief Financial Officer using peer school data and financial reporting (Form 990) and other external sources. Compensation for FY 11-12 for these positions was reviewed and approved by the Committee in the Spring of 2011. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Richard Hardy, Head of School and Judi Seldin, CFO, both participate in nonqualified retirement plans; employer contributions for FY 11/12 in the amount of $16,500 and $16,000 respectively are included in Form 990, Part V11, Column F and Schedule J, Part 11, Column C. Massachusetts Development Finance Agency 043431814 Noneavail 2010-12-17 11526201 Refunding of 12/23/1997 & 11/23/2004 Issues 0 0 0 11526201 0 11526201 0 0 0 0 0 0 0 0 0 2006 1 0 1 1 0 0 0 0 0 0 0 1 0 1 1 RBS Citizens NA 9 0 0 0 0 1 Highly Compensated Real Estate Purchase X 9900 3963 0 1 1 Trustee Real Estate Purchase X 2000000 1400685 0 1 1 1404648 Ben Eberle Jeffrey Eberle, Trustee, father of Ben 35386 Employment 0 X 1 11000 See Part 2 X 53 475855 See Part 2 0 0 1 1 SchM_P01_S00_L06 Schedule M, Part I, Line 6 Column D Method of determining noncash contribution amount: Donor, Registry of Motor Vehicles, Concord Academy's Auto Insurance Representative. Form 1098-C sent to Donor. SchM_P01_S00_L09 Schedule M, Part I, Line 9 Column D method of determining noncash contribution amounts: mean of the high/low price of stock on the date of the gift SchM_P01_S00_L32b Schedule M, Part I, Line 32b UBS Securities, LLC an affiliate of UBS Financial Services, Inc F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b Upon completion of the 2011 Form 990 the form, including Schedule B, was presented for discussion and review to members of the Audit Committee of the CA Board of Trustees. A copy was then made available to each CA Trustee on the Trustee Website for further review. Soon after the 2011 Form 990 was efiled with the IRS. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c In October of each year new and returning trustees are asked to complete, sign and return to the Assistant to the Head of School a Conflict of Interest form. Once returned, each form is reviewed by the Head and CFO to ensure compliance. In the event of a conflict, said conflict would be discussed with the Committee on Trustees and/or legal counsel to determine how to proceed. The original forms are kept in the individual trustee files in the Head's Office. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Concord Academy Board of Trustess Executive Committee also acts as the Compensation Committee. This group reviews and deliberates compensation for the Head of School and the Chief Financial Officer using peer school data and financial reporting (Form 990) and other external sources. Compensation for FY 11-12 for these positions was reviewed and approved by the Committee in the Spring of 2011. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The organization does not make these documents available to the public. F990_P11_S00_L05 Form 990, Part XI, Line 5 Net unrealized losses on investments $-4,593,037; Unrealized loss on interest rate swap $-207,539; Changes in Value of split-interest agreements $3,281 for a total of $-4,797,295.