2012-11-12T11:32:49-06:00 2012-06-30 043138777 PKF PC 225 FRANKLIN STREET 12TH FLOOR BOSTON MA 02110 990 2011-07-01 042620156 FALMOUTH ACADEMY INC FALM 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 ROBERT M REYNOLDS 5084579696 2012-10-18 1 EDWARD C NICKLES P00967591 6177539985 2011 2016-02-24 21:20:13Z ROBERT M REYNOLDS 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 6574888 0 X FALMOUTHACADEMY.ORG X 1977 MA FALMOUTH ACADEMY, INC. IS A COLLEGE PREPATORY SCHOOL FOR THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. 190 STUDENTS WERE ENROLLED DURING THE YEAR OF WHICH 31 SENIORS GRADUATED IN JUNE. 17 17 108 40 0 0 1350120 1342688 4459428 4686218 150731 127402 78666 11770 6038945 6168078 1071099 1290318 0 0 3181144 3195905 44614 49894 317375 1080332 1146980 5377189 5683097 661756 484981 15579592 16070485 1561066 1572986 14018526 14497499 X FALMOUTH ACADEMY, INC., AN ACADEMICALLY RIGOROUS, COED, COLLEGE-PREPARATORY DAY SCHOOL FOR GRADES 7 - 12, IS GUIDED BY TEACHERS WHO BELIEVE THAT STUDENTS WILLING TO WORK HARD CAN MEET THE DEMANDS OF A CHALLENGING CORE CURRICULUM. ESSENTIAL TO TEACHING IS THE CULTIVATION OF READING, WRITING, AND SPEAKING SKILLS, AND ANALYTICAL AND CRITICAL THINKING. 0 0 4136953 1290318 4813620 THE ACADEMY'S MAIN PROGRAM SERVICE IS THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. DURING THE CURRENT YEAR THE ACADEMY HAD ENROLLED 190 STUDENTS, OF WHICH 31 WERE SENIORS WHO GRADUATED IN JUNE. 4136953 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 77 0 108 1 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 1 1 0 0 MA X MR DAVID FAUS HEADMASTER 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 BETH S COLT 4.70 X X 0 0 0 ROBERT M REYNOLDS 4.70 X X 0 0 0 BEN ALLEN 4.70 X X 0 0 0 STEVEN W ATWOOD 4.70 X 0 0 0 VICTOR M AVILES 4.70 X 0 0 0 JODEE BISHOP 4.70 X 0 0 0 HENRIK GULMANN 4.70 X 0 0 0 CLARA R HULBURT 4.70 X 0 0 0 MARK A HUTKER 4.70 X 0 0 0 MICHAEL JONES 4.70 X 0 0 0 JOSEF KELLNDORFER 4.70 X 0 0 0 H RUSSEL LEMCKE 4.70 X 0 0 0 SUSAN G MORSE 4.70 X 0 0 0 JENNY OLSON PUTNAM 4.70 X 0 0 0 BRETT A SANIDAS 4.70 X 0 0 0 LAURA RYAN SHACHOY 4.70 X 0 0 0 THOMAS M WHITNEY 4.70 X 0 0 0 DAVID C FAUS 40.00 X 240924 0 43756 240924 0 43756 1 0 1 0 0 1342688 59879 1342688 TUITION AND FEES 900099 4686218 4686218 4686218 141042 141042 265000 278640 -13640 -13640 -13640 139940 128170 11770 11770 6168078 4813620 0 11770 1290318 1290318 264704 264704 2220194 1498639 559225 162330 137701 98632 35363 3706 416853 294039 106122 16692 156453 101254 42781 12418 21177 21177 49894 49894 14044 14044 10776 10776 67543 58190 1319 8034 133893 18125 94900 20868 3559 3559 68176 68176 109932 109932 27834 22457 5377 294869 293831 1038 56936 56936 DEPARTMENTAL EXPENSES 144550 136605 7945 REPAIR & MAINTENANCE 80323 80323 MISCELLANEOUS 69275 22339 14279 32657 BOOKS 44093 44093 5683097 4136953 1228769 317375 137207 201579 1394670 1857742 501885 575476 100295 100110 8000 4000 86481 84158 10280841 3454483 7084782 6826358 6195239 6295819 71033 125243 15579592 16070485 506595 488893 1054471 1084093 1561066 1572986 X 10941312 11391455 1021199 1004632 2056015 2101412 14018526 14497499 15579592 16070485 X 484981 -6008 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 3077214 905190 64958 77572 182547 3787243 2745563 437803 486784 510049 82850 37 3077214 1879282 1045163 335318 361919 152260 21 2745563 2895453 84105 66762 62053 1104960 25 1879282 0.17990 0.55480 0.26530 0 0 250600 250600 8283228 2546257 5736971 469064 381551 87513 1277949 526675 751274 6826358 6168078 5683097 484981 -6008 -6008 478973 4857708 -1296326 -1296326 6154034 14044 14044 6168078 4378735 0 4378735 1304362 1304362 5683097 PART III, LINE 1A: COLLECTIONS ACQUIRED THROUGH CONTRIBUTIONS ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENTS OF FINANCIAL POSITION. THE COLLECTIONS ARE HELD FOR PUBLIC EDUCATION RATHER THAN FINANCIAL GAIN. PART III, LINE 4: DURING 2011, THE ACADEMY RECEIVED A DONATION OF BOOKS WHICH ARE TO BE USED FOR EDUCATIONAL PURPOSES. THE COLLECTION OF BOOKS WILL BE MAINTAINED, PROTECTED AND PRESERVED IN THE ACADEMY'S LIBRARY FOR CURRENT AND FUTURE USE BY THE STUDENTS AND FACULTY. THE COLLECTION OF BOOKS WAS APPRAISED BY THE DONOR AND HAD A VALUE OF APPROXIMATELY $65,500. ACCORDING TO THE ACADEMY'S POLICY, THIS AMOUNT WAS NOT CAPITALIZED. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S ENDOWMENT CONSISTS OF APPROXIMATELY 5 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE ACADEMY HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A REASONABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER TO PRODUCE RESULTS THAT EXCEED THE PRICE AND YIELD RESULTS OF THE S&P 500 BENCHMARK WHILE ASSUMING A REASONABLE LEVEL OF INVESTMENT RISK. THE ACADEMY HAS A POLICY FOR APPROPRIATING FOR DISTRIBUTION AN AMOUNT THAT CONSIDERS THE DISTRIBUTION IN RELATION TO THE TOTAL PERCENTAGE OF THE ENDOWMENT, AS WELL AS THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE INCOME TAXES TOPIC OF THE FASB ASC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. MANAGEMENT OF THE ACADEMY HAS EVALUATED ITS UNCERTAIN TAX POSITIONS AND RELATED INCOME TAX CONTINGENCIES AND DOES NOT BELIEVE THAT ANY MATERIAL UNCERTAIN TAX POSITIONS EXIST. PART XII, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIP AID -1,290,318. NET UNREALIZED LOSS ON INVESTMENTS -6,008. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSES 14,044. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AID 1,290,318. INVESTMENT EXPENSES 14,044. 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 IN ALL LOCAL MEDIA ADVERTISEMENT AND PRINTED LITERATURE, THE ACADEMY INCLUDES A STATEMENT OF ITS NONDISCRIMINATORY POLICY. THIS INCLUDES NEWSPAPERS AND BROADCAST MEDIA. ON AN ANNUAL BASIS, THE ACADEMY COLABORATES WITH OTHER PRIVATE SCHOOLS TO PLACE A FULL PAGE AD IN THE BOSTON GLOBE. THIS AD SPECIFICALLY DECLARES THAT THE ACADEMY HAS A RACIALLY NONDISCRIMINATORY POLICY. X X X X X X X 1 JAQUES & CO 254 BAY ROAD SOUTH HAMILTON MA 01982 FUNDRAISING CONSULTANT 0 0 48628 -48628 48628 -48628 MA SIMON SINFONIETTA 2011-2012 CONCERT 139940 139940 128170 139940 139940 128170 128170 11770 1 FINANCIAL AID 105 1255981 STUDENT LOANS 39 18400 SCHOLARSHIP 3 14847 FINANCIAL AID GRANTS APPLIED TO INDIVIDUAL STUDENT ACCOUNTS ARE A REDUCTION IN TUITION BALANCE. X 1 1 X 0 0 0 0 0 0 0 0 0 DAVID C FAUS 200924 0 0 0 40000 0 19068 0 24688 0 284680 0 0 0 DAVID C FAUS SECURE MORTGAGE ON REAL ESTATE X 100000 100110 0 1 1 100110 DAVID C FAUS HEADMASTER 23695 TUITION FOR SON X 2 59879 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 ONCE THE FORM 990 IS PREPARED, IT IS SCHEDULED FOR DISCUSSION AT THE NEXT FINANCE COMMITTEE MEETING. THE FINANCE COMMITTEE WILL REVIEW THE REPORT AND, THERE BEING NO UNRESOLVED ISSUES, RECOMMEND IT TO THE BOARD OF TRUSTEES FOR SIGNATURES. THE FORM 990 IS THEN PLACED ON THE BOARD OF TRUSTEES AGENDA FOR DISCUSSION. TRUSTEES ARE ADVISED THAT COPIES CAN BE MADE AVAILABLE SHOULD THEY WISH. THE TREASURER MAKES A REPORT ON THE FORM 990 TO THE TRUSTEES. UPON RESOLUTION OF ALL QUESTIONS, THE FORM 990 IS SIGNED BY AUTHORIZED INDIVIDUALS. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES MEETS ON AN ANNUAL BASIS TO EVALUATE THE HEADMASTER'S PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE ATTACHED TO THE MA FORM PC FILED WITH THE ATTORNEY GENERAL'S OFFICE. THIS FORM IS OPEN TO PUBLIC INSPECTION. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -6,008. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE OVERSIGHT OR SELECTION PROCESS.