2012-05-15T08:06:06-05:00 2011-06-30 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 02129 990 2010-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 THOMAS M KENT 7813800503 2012-05-15 1 6179129000 2010 2016-02-24 21:20:13Z THAYER ACADEMY WILLIAM T KOSKORES 745 WASHINGTON STREET BRAINTREE MA 02184 29318753 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. 28 28 331 175 2931 1913 1658546 2585379 23202996 24468432 895149 736016 582260 590116 26338951 28379943 4221319 4587139 0 0 13570008 13919405 0 0 996868 9461200 10046776 27252527 28553320 -913576 -173377 97339439 103240355 41804529 41583731 55534910 61656624 THE MISSION AND PROGRAM OF THAYER ACADEMY IS TO INSPIRE A DIVERSE COMMUNITY OF STUDENTS IN GRADES 6 THROUGH 12 TO MORAL, INTELLECTUAL, AESTHETIC AND PHYSICAL EXCELLENCE SO THAT EACH MAY RISE TO HONORABLE ACHIEVEMENT AND CONTRIBUTE TO THE COMMON GOOD. 0 0 22837240 4587139 23686393 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 6 THROUGH 12. THE ACADEMY HAD 692 STUDENTS ENROLLED THIS YEAR. 604185 762075 SUMMER PROGRAM OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (I.E. ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 207166 290540 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, PARENTS, FACULTY, AND STAFF. 23648591 1 1 0 0 0 0 0 0 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 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 54 0 331 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X WILLIAM F STEPHENSON 7813800503 745 WASHINGTON STREET BRAINTREE MA 021845751 DONALD J MACKINNON 2.00 X X 0 0 0 PAULA L BECKER 2.00 X X 0 0 0 NEIL MCLAUGHLIN 2.00 X X 0 0 0 THOMAS M KENT 2.00 X X 0 0 0 ROBERT F DAYLOR 2.00 X 0 0 0 PETER S CAHALL 2.00 X 0 0 0 DR SUZANNE GENEST SULLIVAN 2.00 X 0 0 0 JOHN J CALNAN 2.00 X 0 0 0 JULIAN H CHERUBINI 2.00 X 0 0 0 JAMES J FERRERA 2.00 X 0 0 0 JUDY AVENI 2.00 X 0 0 0 MINIARD CULPEPPER SR 2.00 X 0 0 0 DR WILLIAM L DANDRIDGE 2.00 X 0 0 0 MARK FREITAS 2.00 X 0 0 0 DAVID P GOODING 2.00 X 0 0 0 JUDITH B HALE 2.00 X 0 0 0 MARISA ANN O'DWYER 2.00 X 0 0 0 DANIEL BUDDE 2.00 X 0 0 0 EDWARD R GOLDFARB 2.00 X 0 0 0 BRUCE HUMPHREY 2.00 X 0 0 0 ARTHUR R OSWALD 2.00 X 0 0 0 JOHN F POOLE 2.00 X 0 0 0 RICHARD J DANIELS 2.00 X 0 0 0 DR MIRA IRONS 2.00 X 0 0 0 ERIC LIMONT 2.00 X 0 0 0 JOHN P MOREY 2.00 X 0 0 0 DR JOHN DOUGLAS PINNEY 2.00 X 0 0 0 MICHAEL SHEEHAN 2.00 X 0 0 0 WILLIAM T KOSKORES 40.00 X 339226 0 127172 WILLIAM F STEPHENSON 40.00 X 174358 0 30670 MARK E GUTIERREZ 40.00 X 153894 0 23329 MICHAEL L CLARKE 40.00 X 139871 0 30265 JONATHAN WHITE 40.00 X 107811 0 93185 915160 0 304621 5 0 1 0 SAGE DINING SERVICES INC 222 BOSLEY AVENUE SUITE B-7 TOWSON MD 21204 FOOD SERVICE MANAGEMENT 540501 JOSEPH INGLE BUS SERVICE INC PO BOX 1185 HANOVER MA 02339 STUDENT TRANSPORTATION 502872 ACELLA CONSTRUCTION CORP INC 62 ACCORD PARK DRIVE NORWELL MA 02061 CONTRACTOR 390364 LC ANDERSON INC 15 SOLDIERS FIELD PLACE BOSTON MA 02135 HVAC MAIN CONTRACT AND REPAIRS 322393 SJ SERVICES INC 20 LOCUST STREET STE 202 DANVERS MA 01923 CUSTODIAL SERVICES 212697 10 180346 2405033 90270 2585379 TUITION AND FEES 611600 23453673 23453673 SUMMER PROGRAMS 611710 762075 762075 TRANSPORTATION 480000 225003 225003 AUXILIARY 611710 27681 27681 24468432 682586 2931 679655 392576 103036 289540 289540 289540 702750 2000 651320 51430 2000 53430 53430 80284 180346 80284 0 123953 104170 19783 19783 PROGRAM TRIPS 611710 232720 232720 INTEREST-FIN AID LOANS 900099 8522 8522 VENDING MACHINE INCOME 722210 1695 1695 37856 37856 280793 28379943 24739008 2931 1052625 4587139 4587139 649077 540885 108192 9986749 8601819 960203 424727 883039 717637 126364 39038 1669407 1380313 251184 37910 731133 628587 73891 28655 16265 16265 69250 69250 85588 85588 88691 29578 59038 75 61297 2591 41591 17115 1766829 1568841 165304 32684 2818 2818 57043 37786 14788 4469 1273986 1273986 2593345 2489611 51867 51867 67005 3108 63897 SUPPLIES 697817 567233 49558 81026 BAD DEBT EXPENSE 590019 590019 ATHLETICS 536241 536241 FOOD SERVICES 469165 416691 20060 32414 INSTRUCTIONAL 169160 169160 0 1502257 638270 728109 135878 28553320 23648591 3907861 996868 33997 16954 1666986 2392164 3127898 2303754 498421 558428 58004 63551 341551 509907 83279131 24099532 58967217 59179599 2288430 2312417 28239291 33705190 2117644 2198391 97339439 103240355 1880384 2583848 6013726 6511583 29790000 29170000 4120419 3318300 41804529 41583731 X 36732386 41196855 7347391 8572032 11455133 11887737 55534910 61656624 97339439 103240355 X -173377 6295090 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26922640 353646 6219931 2415966 31080251 25170519 165199 3797085 2210163 26922640 35422189 1196574 -6911420 4536824 25170519 0.40510 0.36770 0.22720 0 0 8967192 8967192 66669930 20030394 46639536 5847379 4069138 1778241 1794630 1794630 59179599 COMMONFUND BOND INVESTMENTS 7517026 F COMMONFUND EQUITY INVESTMENTS 25834794 F OTHER COMMONFUND INVESTMENTS 353370 F 33705190 OTHER LIABILITIES 151176 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 3167124 3318300 28379943 28553320 -173377 5607309 687781 6295090 6121713 29930659 5607309 -4176450 1430859 28499800 -119856 -119856 28379944 23808945 170600 170600 23638345 4914975 4914975 28553320 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S INVESTMENT POLICY STATES TWO PRIMARY FUNCTIONS FOR THE ENDOWMENT. THE FIRST IS TO PROVIDE LONG-TERM SECURITY AND FINANCIAL STABILITY FOR THE ACADEMY. IN FULFILLING THIS MISSION, THE BOARD OF TRUSTEES OF THE ACADEMY SEEKS TO PRESERVE THE PURCHASING POWER OF THE ENDOWMENT IN PERPETUITY, THEREBY SUSTAINING ITS ABILITY TO SUPPORT FUTURE PROGRAMS. THE SECOND FUNCTION OF THE ENDOWMENT IS TO MAXIMIZE, WITHIN AN APPROPRIATE LEVEL OF VOLATILITY AND RISK, THE TOTAL RATE OF RETURN EARNED BY THE ENDOWMENT. THE ACADEMY INTENDS TO USE ITS ENDOWMENT FUNDS FOR THE OPERATING ACTIVITIES OF THE ACADEMY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ACADEMY IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE ACADEMY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. 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 INCOME TAXES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -42. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 738,525. DISTRIBUTIONS FROM BENEFICIAL INTEREST -21,000. CHANGE IN VALUE OF GIFT ANNUITITES -29,702. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION 738,525. INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -85,588. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS -242,248. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS -4,587,139. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -17,731. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -102,125. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DISTRIBUTIONS FROM BENEFICIAL INTEREST 21,000. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUAT 42. CHANGE IN VALUE OF GIFT ANNUITITES 29,702. FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 17,731. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 102,125. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 85,588. TRIP EXPENSES NETTED WITH REVENUE PER AUDITED FINANCIAL STATEMENTS 242,248. FINANICAL AID NETTED WITH TUITION REVENUE PER FINANCIAL STATEMENTS 4,587,139. 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 PUBLISHED IN THE BOSTON GLOBE ON DECEMBER 5, 2010. SPRING GALA 180250 142159 38091 38091 GOLF TOURNEY 80380 38187 42193 42193 260630 180346 80284 80284 80284 0 1 FINANCIAL ASSISTANCE 234 4587139 FMV SCHOLARSHIPS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ACADEMY PROVIDES FINANCIAL AID TO STUDENTS WHO ARE ELIGIBLE. STUDENTS WHO WISH TO APPLY MUST COMPLETE AN APPLICATION AND SUBMIT IT ALONG WITH COPIES OF THEIR TAX RETURNS TO THE ACADEMY, WHO WILL DETERMINE IF THE CRITERIA ARE MET FOR FINANCIAL AID. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 WILLIAM T KOSKORES 262277 0 0 0 76949 0 72942 0 54230 0 466398 0 0 0 WILLIAM F STEPHENSON 157165 0 0 0 17193 0 17200 0 13470 0 205028 0 0 0 MARK E GUTIERREZ 123920 0 0 0 29974 0 15400 0 7929 0 177223 0 0 0 MICHAEL L CLARKE 103733 0 0 0 36138 0 14325 0 15940 0 170136 0 0 0 JONATHAN WHITE 86191 0 0 0 21620 0 11300 0 81885 0 200996 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A HOUSING ALLOWANCE, PERSONAL USE OF CAR ALLOWANCE, AND AN ALLOWANCE FOR SOCIAL CLUB TO THE HEADMASTER, WILLIAM T. KOSKORES. THE VALUE OF THESE BENEFITS ARE INCLUDED IN PART II, COLUMN (B)(III). PART I, LINE 4B THE ACADEMY HAS TWO DEFERRED COMPENSATION AGREEMENTS WITH THE HEADMASTER FOR THE BENEFIT OF THE HEADMASTER. THE AGREEMENTS HAVE VESTING AND TERMINATION PROVISIONS AND THE ACCOUNTS ARE CREDITED QUARTERLY WITH EARNINGS BASED ON THE RETURN OF THE ACADEMY'S ENDOWMENT FUND. THE EXPENSE OF THESE AGREEMENTS IS INCLUDED IN PART II, COLUMN (C). MASS DEVELOPMENT 043431814 57583RMS1 2007-06-07 30340000 REFER TO PART V 0 0 0 30340000 20042724 742636 9554640 2008 1 0 1 1 0 0 0 0 0.00460 0.00000 0.00460 1 0 1 1 DEPFA BANK AND ROYAL BANK OF 30.000000000000 0 0 0 0 0 X 8 90270 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS REPORTED IS THE NUMBER OF CONTRIBUTIONS RECEIVED FORM 990, PART VI, SECTION B, LINE 11 THE PREPARED FORM 990 IS REVIEWED IN DETAIL BY THE CONTROLLER AND THE ASSISTANT TREASURER. FOLLOWING THE REVIEW, A FULL VERSION COPY OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE BOARD CHAIR AND THE FINANCE CHAIR FOR THEIR REVIEW. THE REMAINDER OF THE TRUSTEES ARE NOTIFIED THAT A PUBLIC DISLOSURE VERSION OF THE FINAL DRAFT FORM 990 IS AVAILABLE ON THE BOARD OF TRUSTEES SECTION OF THE ACADEMY'S WEBSITE FOR THEIR REVIEW IN ADVANCE OF THE BOARD MEETING AT WHICH QUESTIONS MAY BE ASKED. AT THIS MEETING THEY ARE ASKED TO SPECIFICALLY APPROVE THE FILING OF THIS FINAL VERSION WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND KEY EMPLOYEES ARE REQUIRED ANNUALLY TO COMPLETE AN "ANNUAL DISCLOSURE OF AFFILIATIONS AND CONFLICT OF INTEREST" FORM. THE HEADMASTER REQUESTS THESE FROM KEY EMPLOYEES AND THE FORMS ARE RETURNED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. THE CHAIRMAN OF THE BOARD OF TRUSTEES REQUESTS THESE FROM ALL TRUSTEES, AND THE ASSISTANT TO THE HEADMASTER PROVIDES FOLLOW UP TO ENSURE ALL ARE RECEIVED. THE COMPLETED FORMS ARE THEN ROUTED TO THE ASSISTANT TREASURER FOR REVIEW AND MONITORING DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE SCHOOL'S HEADMASTER IS SET BY A VOTE OF THE FULL BOARD OF TRUSTEES (IN EXECUTIVE SESSION), ACTING ON THE RECOMMENDATION OF A SPECIFICALLY TASKED SUB-COMMITTEE. THE SUB-COMMITTEE IS COMPOSED OF THE STANDING COMMITTEE CHAIRS AND THE BOARD CHAIR. THE SUB-COMMITTEE MEETS AS NECESSARY IN ORDER TO PREPARE THAT RECOMMENDATION. COMPARABILITY DATA REVIEWED BY THE SUB-COMMITTEE INCLUDES REGULAR ANNUAL SALARY, DEFERRED COMPENSATION AMOUNTS AND THE VALUE OF OTHER BENEFITS PROVIDED. THIS IS PROVIDED BY THE SCHOOL'S BUSINESS MANAGER, WHO OBTAINS IT FROM THE DATABASE MAINTAINED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS). IT IS PROVIDED IN STATISTICAL FORMAT WITHOUT IDENTIFYING AMOUNTS WITH SPECIFIC SCHOOLS, SHOWING MINIMUM, MAXIMUM, MEAN, MEDIAN, AND QUARTILE FIGURES FOR THE 14 SCHOOLS THAT ARE CONSIDERED A MEANINGFUL PEER GROUP FOR THAYER ACADEMY. THE SAME GROUP IS USED CONSISTENTLY FROM YEAR TO YEAR. COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE HEADMASTER. IN DOING SO THE HEADMASTER IS GUIDED BY THE SAME PEER GROUP COMPARATIVE DATA PROVIDED BY THE BUSINESS MANAGER FOR THE FOLLOWING POSITIONS: DIRECTOR OF ADMISSIONS, DIRECTOR OF COMMUNICATIONS, DIRECTOR OF DEVELOPMENT, ATHLETIC DIRECTOR, DIRECTOR OF TECHNOLOGY, BUSINESS MANAGER AND THE HEADS OF THE MIDDLE SCHOOL AND UPPER SCHOOL DIVISIONS. 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: 5,607,309. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS OBLIGATION -42. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 738,525. DISTRIBUTIONS FROM BENEFICIAL INTEREST -21,000. CHANGE IN VALUE OF GIFT ANNUITITES -29,702. TOTAL TO FORM 990, PART XI, LINE 5: 6,295,090. FORM 990, PART VI, LINE 14 THE SCHOOL FOLLOWS THE RECORDS RETENTION POLICY AS RECOMMENDED BY THE NATIONAL BUSINESS OFFICER'S ASSOCIATION (OF INDEPENDENT SCHOOLS). THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 11C, III-FI 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1