2011-11-21T14:26:50-06:00 2011-06-30 PKF PC 225 FRANKLIN STREET 12TH FLOOR BOSTON MA 02110 990 2010-07-01 042620156 FALMOUTH ACADEMY INC FALM 5084579696 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 ROBERT M REYNOLDS 5084579696 2011-10-24 1 EDWARD C NICKLES 6177539985 2011-10-24 2010 2016-02-24 21:20:13Z ROBERT M REYNOLDS 7 HIGHFIELD DRIVE FALMOUTH MA 025402345 6577630 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. 188 STUDENTS WERE ENROLLED DURING THE YEAR OF WHICH 36 SENIORS GRADUATED IN JUNE. 15 15 109 75 0 0 1418016 1350120 4564953 4459428 177856 150731 0 78666 6160825 6038945 1021297 1071099 0 0 3208165 3181144 57623 44614 194473 1026164 1080332 5313249 5377189 847576 661756 15024210 15579592 1460691 1561066 13563519 14018526 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 4016970 1027192 4610159 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 188 STUDENTS, OF WHICH 36 WERE SENIORS WHO GRADUATED IN JUNE. 4016970 1 1 0 0 0 0 1 0 1 1 0 0 0 1 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 78 0 109 1 0 0 0 0 0 1 1 0 0 0 0 X 15 15 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 SUSAN G MORSE 2.60 X X 0 0 0 ROBERT M REYNOLDS 2.60 X X 0 0 0 BEN ALLEN 2.60 X X 0 0 0 STEVEN W ATWOOD 2.60 X 0 0 0 VICTOR M AVILES 2.60 X 0 0 0 TERESA BARDAWIL 2.60 X 0 0 0 JODEE BISHOP 2.60 X 0 0 0 LINDSAY M HOPEWOOD 2.60 X 0 0 0 CLARA R HULBURT 2.60 X 0 0 0 MARK A HUTKER 2.60 X 0 0 0 MICHAEL JONES 2.60 X 0 0 0 JOSEF KELLNDORFER 2.60 X 0 0 0 LAURA RYAN SHACHOY 2.60 X 0 0 0 THOMAS M WHITNEY 2.60 X 0 0 0 BRETT A SANIDAS 2.60 X 0 0 0 H RUSSEL LEMCKE 2.60 X 0 0 0 DAVID C FAUS 40.00 X 230825 0 43915 230825 0 43915 1 0 1 0 0 2860 1347260 125099 1350120 TUITION AND FEES 900099 4459428 4459428 4459428 157664 157664 325000 3200 335133 -10133 3200 -6933 -6933 282218 2860 203552 78666 78666 6038945 4610159 0 78666 1071099 1071099 262405 262405 2203878 1591394 521501 90983 180841 136003 42423 2415 381194 273856 93088 14250 152826 105971 39895 6960 640 640 20384 20384 44614 44614 13618 13618 43149 42013 1136 117167 22048 79625 15494 3174 3174 94953 94953 76132 76132 36105 30052 6053 300229 298447 1782 54912 54912 DEPARTMENTAL EXPENSES 159628 150027 9601 REPAIR & MAINTENANCE 68860 68860 MISCELLANEOUS 50868 15602 15509 19757 BOOKS 40513 40513 5377189 4016970 1165746 194473 241519 137207 936312 1394670 739013 501885 6500 100370 100295 12000 8000 79013 86481 10244396 3159614 7331721 7084782 5526968 6195239 50794 71033 15024210 15579592 438984 506595 1021707 1054471 1460691 1561066 X 10817956 10941312 1193062 1021199 1552501 2056015 13563519 14018526 15024210 15579592 X 661756 -206749 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 2745563 437803 486784 510049 82850 37 3077214 1879282 1045163 335318 361919 152260 21 2745563 2895453 84105 66762 62053 1104960 25 1879282 0.66810 0.33190 0 0 250600 250600 8272125 2348755 5923370 469064 366802 102262 1252607 444057 808550 7084782 PREPAID TUITIONS 1054471 1054471 6038945 5377189 661756 543251 -750000 -206749 455007 5497543 543251 -1071099 -527848 6025391 13554 13554 6038945 5042536 750064 750064 4292472 1084717 1084717 5377189 PART III, LINE 1A: COLLECTIONS ACQUIRED THROUGH CONTRIBUTIONS ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENT 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 WERE 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 PURPOSE OF THE ENDOWMENT IS TO PROVIDE THE ACADEMY WITH A PERMANENT SOURCE OF INCOME THAT ASSISTS IT IN MEETING ITS GOALS AND CARRYING OUT ITS ACTIVITIES. THE ENDOWMENT FUNDS OF THE ACADEMY, BOTH RESTRICTED AND UNRESTRICTED, ENABLE THE SCHOOL TO ENHANCE THE PROFESSIONAL QUALITY OF ITS STAFF, TO MAINTAIN AND IMPROVE ITS PHYSICAL PLANT AND, ABOVE ALL, TO MAINTAIN THE DIVERSITY AND THE QUALITY OF ITS STUDENT BODY THROUGH THE PROVISION OF FINANCIAL AID. 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 XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON PLEDGE RECEIVABLE -750,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIP AID -1,071,099. PART XII, LINE 4B - OTHER ADJUSTMENTS: AUCTION EXPENSES -64. INVESTMENT EXPENSES 13,618. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON PLEDGE RECEIVABLE 750,000. AUCTION EXPENSES 64. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AID 1,071,099. INVESTMENT EXPENSES 13,618. 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 39519 -39519 39519 -39519 MA AUCTION 78752 2860 75892 7000 2265 8655 SIMON SINFONIETTA 2008-2009 CONCERT 206326 206326 185632 285078 2860 282218 7000 2265 194287 203552 78666 1 FINANCIAL AID 93 1027192 OTHER INFORMATION: PART IV: 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 195825 0 0 0 35000 0 20750 0 23165 0 274740 0 0 0 DAVID C FAUS SECURE MORTGAGE ON REAL ESTATE X 100000 100295 0 1 1 100295 DAVID C FAUS HEADMASTER 45680 TUITION FOR DAUGHTERS X 5 125099 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 GAINS ON INVESTMENTS: 543,251. LOSS ON PLEDGE RECEIVABLE -750,000. TOTAL TO FORM 990, PART XI, LINE 5: -206,749. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE OVERSIGHT OR SELECTION PROCESS.