2013-05-13T10:15:29-05:00 2012-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2011-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 MCGLADREY LLP 9788275911 2013-05-10 1 LYNNE JOHNSON P00757336 6179129000 2011 2016-02-24 21:20:13Z CUSHING ACADEMY JAMES TRACY 39 SCHOOL STREET ASHBURNHAM MA 01430 33151402 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL 13 13 255 100 211749 -93764 3443824 4000102 24201949 24413509 929799 521267 516604 508643 29092176 29443521 4005566 3966621 0 0 12942379 13779119 0 0 1200305 11431730 11719790 28379675 29465530 712501 -22009 88621134 87038279 38537650 39529417 50083484 47508862 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 21817158 3966621 24467604 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 447 STUDENTS: 372 BOARD 75 DAYS. IN ADDITION, THE ACADEMY HAS 66 FULL TIME TEACHING FACULTY. 21817158 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 0 1 72 0 1 255 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 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 9788277021 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 M KERBY SAUNDERS II 2.00 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 TRACEY 50.00 X 329741 0 82609 JOSEPH MCPEAK 50.00 X 164039 0 25776 CATHERINE POLLOCK 50.00 X 212519 0 20769 MELANIE CONNORS 40.00 X 191337 0 31568 AMY LOGAN 40.00 X 168069 0 18537 ROBERT MACIOCI 40.00 X 148053 0 33986 SUSAN CARLISLE 40.00 X 143102 0 36616 BARRY CONNORS 40.00 X 144621 0 34690 JANET SARGENT-TRACY 40.00 X 141026 0 23129 SEAMUS COLLINS 40.00 X 132105 0 13839 1774612 0 321519 14 0 1 0 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2120550 ROY BROS OIL AND PROPANE PO BOX 802 ASHBURNHAM MA 01430 HEATING OIL, PROPANE & REPAIR SERVICES 662992 BURNHAM CONSTRUCTION COMPANY PO BOX 2642 S HAMILTON MA 01982 GENERAL CONTRACTOR 409245 WILSON BUS LINES 203 PATRIOTS ROAD E TEMPLETON MA 01438 CHARTER BUS SERVICES 202565 APOLLO SECURITY INC 2150 BOSTON-PROVIDENCE HWY WALPOLE MA 02081 SECURITY SERVICES 190366 14 4000102 30000 4000102 TUITIONS & FEES 611600 24279518 24279518 TRANSCRIPT & ENROLLMEN 611710 99585 99585 SUMMER SCHOOL PROGRAMS 611710 22868 22868 TUTORING 611710 11538 11538 24413509 595262 8164 587098 3147174 7500 3228669 0 -81495 7500 -73995 -73995 516874 479212 37662 -79976 117638 ICE RINK RENTAL 900099 283561 283561 TRANSPORTATION 480000 90509 90509 STORAGE REVENUE 900099 13950 13950 82961 82961 470981 29443521 24413509 211749 818161 3966621 3966621 1029742 403857 493780 132105 141025 141025 9510659 6370331 2720718 419610 888450 547024 277856 63570 1487144 941101 482491 63552 722099 447036 226743 48320 96017 96017 90940 90940 67226 67226 605147 29603 314574 260970 98587 1129 97293 165 142304 82184 43578 16542 245953 12825 214294 18834 2720756 2666339 54417 344165 82285 226268 35612 988102 988102 1975209 1975209 228273 174503 53770 ACADEMIC/INSTRUCTIONAL 1971778 1971778 FOOD SERVICES 1615280 1615280 STUDENT TRANSPORATION 238870 238870 SUMMER SESSION 236492 236492 54691 54691 29465530 21817158 6448067 1200305 6784631 6663344 625452 624265 223913 388396 458614 643076 52305 52060 773304 451079 75196945 30590663 45056373 44606282 85015 29193521 28471393 5453021 5053369 88621134 87038279 1254978 1154195 10438959 10205517 23840000 23265000 26000 18000 2977713 4886705 38537650 39529417 X 19965586 17181653 10739606 9121975 19378292 21205234 50083484 47508862 88621134 87038279 X -22009 -2552613 X 0 1 1 X 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 1831481 15710755 13176867 1 1 29193521 1831481 -289756 2178838 28556408 24805849 1830661 4389838 1832827 29193521 21906302 2229962 2343586 331250 1342751 24805849 24277875 2810379 -3829514 1352438 21906302 0.09820 0.74260 0.15920 0 0 8008869 8008869 53606653 20854742 32751911 13075318 9735921 3339397 506105 506105 44606282 HEDGED INVESTORS COMPANY 1694969 F BOND FUNDS 7654270 F PRIVATE EQUITY 3278979 F EQUITY FUNDS 15843175 F 28471393 DEFERRED FINANCING COSTS, NET 642263 CHARITABLE LEAD TRUST 4411106 5053369 INTEREST RATE SWAP AGREEMENT 4702768 CHARITABLE GIFT ANNUITY 183937 4886705 29443521 29465530 -22009 -798984 -1753629 -2552613 -2574622 26037607 -3966621 -3966621 30004228 -560707 -560707 29443521 28612229 880479 2232841 3113320 25498909 3966621 3966621 29465530 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: THE ACADEMY FOLLOWS THE FASB GUIDANCE, ACCOUNTING FOR UNCERTAINTY IN 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 INCOMES TAXES. AS OF JUNE 30, 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 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT: -4,539. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: -1,749,090. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,753,629. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -3,966,621. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -479,212. REALIZED LOSS ON INVESTMENTS REPORTED ON FORM 990, PART VIII, LINE 7C -81,495. PART XIII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 1,749,090. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS 4,539. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 479,212. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 3,966,621. 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 190 3966621 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 TRACEY 329189 0 0 0 552 0 39883 0 42726 0 412350 0 0 0 JOSEPH MCPEAK 163705 0 0 0 334 0 16625 0 9151 0 189815 0 0 0 CATHERINE POLLOCK 212242 0 0 0 277 0 19544 0 1225 0 233288 0 0 0 MELANIE CONNORS 191177 0 0 0 160 0 19233 0 12335 0 222905 0 0 0 AMY LOGAN 167741 0 0 0 328 0 16830 0 1707 0 186606 0 0 0 ROBERT MACIOCI 147868 0 0 0 185 0 15113 0 18873 0 182039 0 0 0 SUSAN CARLISLE 142571 0 0 0 531 0 14818 0 21798 0 179718 0 0 0 BARRY CONNORS 144497 0 0 0 124 0 14818 0 19872 0 179311 0 0 0 JANET SARGENT-TRACY 140769 0 0 0 257 0 14256 0 8873 0 164155 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 2012. 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. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 042104048 57583F4G3 2004-03-04 27000000 CONSTRUCTION AND/OR RENOVATIONS OF BUIDLINGS 0 0 0 3735000 27000000 675000 623236 25701764 2004 0 0 1 1 0 0 0 0 0.00000 0.03750 0.03750 1 0 1 1 MORGAN STANLEY CAPITAL 15.000000000000 0 0 0 0 0 JAN SARGENT TRACY FAMILY MEMBER OF JAMES TRACY, HEADMASTER OF THE ACADEMY 141025 EMPLOYMENT 0 X 2 30000 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: 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 5: NET UNREALIZED LOSSES ON INVESTMENTS: -798,984. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT: -4,539. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: -1,749,090. TOTAL TO FORM 990, PART XI, LINE 5: -2,552,613.