2012-04-27T10:53:36-05:00 2011-06-30 MCGLADREY & PULLEN LLP 80 CITY SQUARE CHARLESTOWN MA 02129 990 2010-07-01 042104048 THE TRUSTEES OF CUSHING ACADEMY TRUS 9788275911 39 SCHOOL STREET ASHBURNHAM MA 01430 RSMI 9788275911 2012-04-27 1 LYNNE JOHNSON 6179129000 2010 2016-02-24 21:20:13Z CUSHING ACADEMY JAMES TRACY 39 SCHOOL STREET ASHBURNHAM MA 01430 32593869 0 X WWW.CUSHING.ORG X 1865 MA INDEPENDENT COLLEGE PREPARATORY SECONDARY SCHOOL. 13 13 251 100 236202 -59672 4334733 3443824 22635763 24201949 511892 929799 448822 516604 27931210 29092176 3476390 4005566 0 0 12396271 12942379 0 0 1310149 10554041 11431730 26426702 28379675 1504508 712501 84298125 88621134 38910365 38537650 45387760 50083484 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 20820372 4005566 24318096 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 448 STUDENTS: 372 BOARD 76 DAYS. IN ADDITION, THE ACADEMY HAS 65 FULL TIME TEACHING FACULTY. 20820372 1 1 0 1 0 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 62 0 1 251 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 MRS ELIZABETH AKERS 2.00 X 0 0 0 MR MARC A BINGHAM 2.00 X 0 0 0 MR JEREMY A DUFFY 5.00 X X 0 0 0 MR RICHARD J HARRINGTON 10.00 X X 0 0 0 MR THEODORE L IORIO 2.00 X 0 0 0 MR DONALD IRVING 2.00 X X 0 0 0 MR JOSEPH MARZILLI 2.00 X 0 0 0 MR M KERBY SAUNDERS II 2.00 X 0 0 0 MR PETER A SNYDER 2.00 X 0 0 0 MR JOHN G SOMMERS 2.00 X 0 0 0 MR RONARD M STUART 2.00 X 0 0 0 BGEN VERNON R TATE 2.00 X 0 0 0 MR ROBERT A YOUNG 2.00 X 0 0 0 JAMES TRACY 50.00 X 331091 0 79627 JOSEPH MCPEAK 50.00 X 166685 0 22825 CATHERINE POLLOCK 40.00 X 204939 0 21328 MELANIE CONNORS 40.00 X 191378 0 29196 AMY LOGAN 40.00 X 167692 0 49715 ROBERT MACIOCI 40.00 X 145162 0 26221 BARRY CONNORS 40.00 X 144736 0 26001 WAYNE SANBORN 40.00 X 144137 0 26663 SUSAN CARLISLE 40.00 X 143441 0 26444 1639261 0 308020 13 0 1 0 ARAMARK CORPORATION 2 PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2054666 ROY BROTHERS OIL PO BOX 802 4 SO MAIN STREET ASHBURNHAM MA 01430 HEATING OIL, PROPANE AND REPAIR SERVICES 628708 ADAPTIVE COMMUNICATIONS LLC 230 COMMERCE WAY SUITE 100 PORTSMOUTH NH 03081 TECHNOLOGY PARTS & SERVICES 199713 WILSON BUS LINES 203 PATRIOTS ROAD E TEMPLETON MA 01438 CHARTER BUS SERVICES 188410 APOLLO SECURITY 2150 BOSTON-PROVIDENCE HWY WALPOLE MA 02081 CAMPUS SECURITY SERVICES 184872 15 3443824 52111 3443824 TUITIONS & FEES 611600 24029888 24029888 TRANSCRIPT & ENROLLMEN 611710 87294 87294 SUMMER SCHOOL PROGRAMS 611710 68310 68310 TUTORING 611710 16457 16457 24201949 555841 14735 541106 2887272 457249 2841105 129458 46167 327791 373958 373958 517808 531130 -13322 -74646 61324 ICE RINK RENTAL 900099 296113 296113 TRANSPORTATION 480000 103068 103068 STORAGE REVENUE 900099 14598 14598 116147 116147 529926 29092176 24318096 236202 1094054 4005566 4005566 894092 396316 497776 123885 123885 8917581 6146817 2298266 472498 913119 561196 298317 53606 1388991 872418 449981 66592 704711 454751 212001 37959 85953 85953 126897 126897 48641 48641 605308 30255 117711 457342 82766 1224 69218 12324 121438 75546 35165 10727 242135 18070 203441 20624 2353833 2306756 47077 384655 67657 262406 54592 1008716 1008716 1922532 1922532 236341 192720 43621 FOOD SERVICES 1933755 1933755 ACADEMIC/INSTRUCTIONAL 1055965 1055965 SUMMER SESSION 257344 257344 STUDENT TRANSPORTATION 217927 217927 ATHLETICS 182752 182752 564772 120805 443967 28379675 20820372 6249154 1310149 4891358 6784631 1332035 625452 422547 223913 501195 458614 1519 60747 52305 1466556 773304 73700857 28644484 45695888 45056373 24805849 29193521 5120431 5453021 84298125 88621134 1298340 1254978 10080580 10438959 24385000 23840000 34000 26000 3112445 2977713 38910365 38537650 X 19473785 19965586 8374948 10739606 17539027 19378292 45387760 50083484 84298125 88621134 X 712501 3983223 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 OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: 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. 24805849 1830661 4389838 1832827 29193521 21906302 2229962 2343586 331250 1342751 24805849 24277875 2810379 -3829514 1352438 21906302 0.15310 0.66380 0.18310 0 0 60584435 19516395 41068040 12678806 9128089 3550717 437616 437616 45056373 INSTITUTIONAL FUNDS 22921018 F REAL ESTATE FUNDS 61087 F PARTNERSHIP AND HEDGE FUNDS 6211416 F 29193521 CHARITABLE LEAD TRUST 4781939 DEFERRED FINANCING COSTS, NET 671082 5453021 CHARITABLE GIFT ANNUITY 24035 INTEREST RATE SWAP AGREEMENT 2953678 2977713 29092176 28379675 712501 3843189 140034 3983223 4695724 33606529 3843189 140034 3983223 29623306 -531130 -531130 29092176 28910805 531130 531130 28379675 0 28379675 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. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 131,430. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT 8,604. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED IN FORM 990, PART VIII, LINE 10B -531,130. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED IN FORM 990, PART VIII, LINE 10B 531,130. 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 204 4005566 BOOK ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND CUSHING ACADEMY. THE ASSISTANCE MAY INCLUDE REDUCED TUITION AND INCIDENTALS, I.E. TEXTBOOKS AND OTHER EXPENSES NECESSARY FOR A FULL EDUCATIONAL EXPERIENCE AT 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 X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES TRACY 309691 0 10000 0 11400 0 40521 0 39106 0 410718 0 0 0 JOSEPH MCPEAK 166685 0 0 0 0 0 16669 0 6156 0 189510 0 0 0 CATHERINE POLLOCK 191499 0 0 0 13440 0 20494 0 834 0 226267 0 0 0 MELANIE CONNORS 191378 0 0 0 0 0 19138 0 10058 0 220574 0 0 0 AMY LOGAN 167692 0 0 0 0 0 16769 0 32946 0 217407 0 0 0 ROBERT MACIOCI 145162 0 0 0 0 0 14516 0 11705 0 171383 0 0 0 BARRY CONNORS 144736 0 0 0 0 0 14474 0 11527 0 170737 0 0 0 WAYNE SANBORN 144137 0 0 0 0 0 14414 0 12249 0 170800 0 0 0 SUSAN CARLISLE 143441 0 0 0 0 0 14344 0 12100 0 169885 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL - ON OCCASION, THE HEADMASTER MAY UTILIZE FIRST CLASS ACCOMMODATIONS DURING BUSINESS TRAVEL. TRAVEL FOR COMPANIONS - ON OCCASION, THE HEADMASTER'S SPOUSE TRAVELS WITH THE HEADMASTER TO CERTAIN FUNDRAISING AND NETWORKING EVENTS TO ASSIST IN THESE ACTIVITIES WHICH FURTHER THE MISSION OF THE ACADEMY. 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. 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 043431814 57583F4G3 2004-03-04 27000000 CONSTRUCTION OF NEW BUILDING AND NUMEROUS RENOVATIONS TO OTHERS 0 0 0 3160000 27000000 675000 623236 25701764 2004 0 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 MORGAN STANLEY CAPITAL SERVICES 15.000000000000 0 0 0 0 1 JAN SARGENT-TRACY FAMILY MEMBER OF JAMES TRACY, OFFICER OF THE ORGANIZATION 141987 EMPLOYMENT 0 X 3 45035 FAIR MARKET VALUE X 1 715 FAIR MARKET VALUE X VAUDERVILLE TRUNK 1 1500 FAIR MARKET VALUE X RECEPTION 1 4000 FAIR MARKET VALUE X DRUM SET 1 861 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS 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. 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 GAINS ON INVESTMENTS: 3,843,189. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 131,430. CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENT 8,604. TOTAL TO FORM 990, PART XI, LINE 5: 3,983,223.