2026-05-15T16:58:52-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 200 BRICKSTONE SQUARE SUITE 103 ANDOVER MA 01810 990 2024-07-01 042105781 TRUSTEES OF THAYER ACADEMY INC TRUS 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 STEPHEN P SANFORD CHIEF FINANCIAL OPER. OFFICER 7816642519 2026-05-15 1 1 LUKE BURNETT P01079018 9786202000 2026-05-15 2024 2025-03-06 01:10:19Z THAYER ACADEMY CHRIS M FORTUNATO 745 WASHINGTON STREET BRAINTREE MA 02184 75033134 0 X WWW.THAYER.ORG X 1879 MA COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. 22 22 479 30 -2955 0 4224853 5169759 45180822 48909605 869758 1496525 641083 1277489 50916516 56853378 9009977 9976378 0 0 25685733 27495739 0 0 2267085 17069757 18383757 51765467 55855874 -848951 997504 182139533 190210815 76414627 78641168 105724906 111569647 THE MISSION AND PROGRAM OF THAYER ACADEMY IS TO INSPIRE A DIVERSE COMMUNITY OF STUDENTS IN GRADES 5 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 44152715 9976378 47082319 COLLEGE PREPARATORY EDUCATIONAL INSTITUTION FOR GRADES 5 THROUGH 12. THE ACADEMY HAD 727 STUDENTS ENROLLED THIS YEAR. 1258798 0 1791113 SUMMER PROGRAMS OFFERED TO ALL STUDENTS TO FURTHER ENHANCE THE SCHOOL'S MISSION ON A BROADER FRONT (IE ARTS, CRAFTS, SPORTS, AND OTHER SPECIALIZED PROGRAMS). 1026644 0 936402 AUXILIARY SERVICES PROVIDED FOR THE CONVENIENCE OF STUDENTS, FACULTY, AND STAFF. 46438157 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 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 1 0 0 0 1 146 0 1 479 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 MA X STEPHEN SANFORD 7813800503 745 WASHINGTON STREET BRAINTREE MA 02184 JAMES COUGHLIN CHAIR 2.00 0.00 X 0 0 0 ELAINE DELUCA VICE CHAIR 2.00 0.00 X 0 0 0 JOE FARMER SECRETARY 2.00 0.00 X 0 0 0 GUY DANIELLO TREASURER 2.00 0.00 X 0 0 0 DANYA ABRAMS TRUSTEE 2.00 0.00 X 0 0 0 TAVARES BREWINGTON TRUSTEE 2.00 0.00 X 0 0 0 DONOVAN BROWN TRUSTEE 2.00 0.00 X 0 0 0 RACHEL CARD TRUSTEE 2.00 0.00 X 0 0 0 ABE CEESAY TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL CURRY TRUSTEE 2.00 0.00 X 0 0 0 ROB DEMARCO TRUSTEE 2.00 0.00 X 0 0 0 DAVE DEVINE TRUSTEE 2.00 0.00 X 0 0 0 JIM DOWDEN TRUSTEE 2.00 0.00 X 0 0 0 LAUREN GOFF TRUSTEE 2.00 0.00 X 0 0 0 JEN HAVLICEK TRUSTEE 2.00 0.00 X 0 0 0 TERESA HSIAO TRUSTEE 2.00 0.00 X 0 0 0 GREG LALLY TRUSTEE 2.00 0.00 X 0 0 0 MARIE MORISETT TRUSTEE 2.00 0.00 X 0 0 0 JEANINE MURPHY TRUSTEE 2.00 0.00 X 0 0 0 JEFF ROBINSON TRUSTEE 2.00 0.00 X 0 0 0 ANDREW SULLIVAN TRUSTEE 2.00 0.00 X 0 0 0 CHRIS SULLIVAN TRUSTEE 2.00 0.00 X 0 0 0 CHRISTOPHER FORTUNATO HEAD OF SCHOOL 40.00 0.00 X 547370 0 316085 JULAINE MCINNIS CFO & ASSISTANT TREASURER 40.00 0.00 X 316004 0 27664 STEPHEN SANFORD CHIEF FINANCIAL OPERATING OFFICER 40.00 0.00 X 135086 0 13365 MELISSA L FORGER DIRECTOR OF DEVELOPMENT 40.00 0.00 X 223696 0 187517 ALISON TERRY CHIEF OF STRATEGIC MARKETING AND COMMUNICATIONS 40.00 0.00 X 197804 0 48442 ROBERTA MORAN ATHLETICS DIRECTOR 40.00 0.00 X 178542 0 57348 JED WARTMAN ASSISTANT HEAD OF SCHOOL 40.00 0.00 X 175877 0 176719 JEFFREY DWYER DIRECTOR OF ENROLLMENT MANAGEMENT 40.00 0.00 X 160688 0 70917 1935067 0 898057 46 0 1 0 C & W FACILITY SERVICES INC 4002 SOLUTIONS CENTER CHICAGO IL 606774000 FACILITIES MAINTENANCE 2083753 CONSIGLI CONSTRUCTION CO INC 72 SUMNER STREET MILFORD MA 01757 CONSTRUCTION 274226 L C ANDERSON INC 15 SOLDIERS FIELD PLACE BOSTON MA 021351103 HVAC 272375 BOWDOIN CONSTRUCTION CORP 220-1 RESERVOIR STREET NEEDHAM HEIGHTS MA 02494 CONSTRUCTION 250000 PAGE BUILDING CONSTRUCTION CORP 135 OLD PAGE ST STE 4 STOUGHTON MA 020721111 CONSTRUCTION 226335 17 87409 5082350 400175 5169759 TUITION & FEES 611600 46463065 46463065 YOUTH & SUMMER PROGRAMS 611710 1791113 1791113 TRANSPORTATION 480000 629310 629310 AUXILIARY 611710 26117 26117 48909605 69607 -35241 104848 526647 153726 372921 372921 372921 19340639 3800 17916721 800 1423918 3000 1426918 32286 1394632 49014 87409 66945 -17931 -17931 31508 41564 -10056 -10056 PROGRAM TRIPS 611710 910285 910285 22270 22270 932555 56853378 49809834 -2955 1876740 9976378 9976378 1142573 348831 619328 174414 18379045 14171877 2975688 1231480 1674310 1091835 481157 101318 4797095 4348170 318865 130060 1502716 1056108 374156 72452 166673 166673 102370 102370 87086 87086 531300 185150 163793 182357 970148 676567 293581 4625826 4440792 92517 92517 20888 3195 17693 78536 42547 19435 16554 1230667 1230667 4233999 4064639 84680 84680 SUPPLIES 1377840 1054754 239019 84067 STUDENT TRANSPORTATION 811283 811283 EQUIPMENT RENTAL 671902 663150 4376 4376 FOOD SERVICES 671346 632630 38716 2803893 1642779 1085997 75117 55855874 46438157 7150632 2267085 1000 1000 7412798 9979614 2925854 2675684 24238227 26456025 3000272 3043650 48329 62210 738178 634245 144908170 68571249 77048907 76336921 3987002 4411154 58489447 62621638 4249519 3988674 182139533 190210815 2860659 3453250 37240279 39238914 36190527 35425818 123162 523186 76414627 78641168 X 64324616 65945197 41400290 45624450 105724906 111569647 182139533 190210815 X 997504 5308082 -460845 X 0 1 X 1 0 X 6732883 5535153 4356718 4224853 5169759 26019366 6732883 5535153 4356718 4224853 5169759 26019366 2603896 23415470 267716 240211 405529 614030 631495 2158981 22570 22570 15397 503970 166692 130112 71284 887455 29088372 214460527 0.80500 0.77950 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING PROCEEDS - 2020 AMOUNT: $ 15,397. 2021 AMOUNT: $ 85,053. 2022 AMOUNT: $ 87,856. 2023 AMOUNT: $ 74,759. 2024 AMOUNT: $ 49,014. SETTLEMENT - 2021 AMOUNT: $ 400,000. OTHER REVENUE - 2021 AMOUNT: $ 18,917. 2022 AMOUNT: $ 78,836. 2023 AMOUNT: $ 55,353. 2024 AMOUNT: $ 22,270. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 59852027 3719695 6554375 2707811 67418286 55832290 300115 6344045 2624423 59852027 54043685 265518 4084739 1288939 1272713 55832290 60299491 1282721 -5372101 1185877 980549 54043685 47400247 2069047 12745337 814845 1100295 60299491 0.45290 0.54710 0.00000 0 0 27934752 27934752 98778497 60256146 38522351 17485912 8315103 9170809 709009 709009 76336921 EQUITY INVESTMENTS 39524672 F FIXED INCOME INVESTMENTS 16614800 F PARTNERSHIP INVESTMENTS 6482166 F 62621638 OTHER LIABILITIES 105461 CAPITAL LEASE OBLIGATIONS 417725 523186 50844912 5308082 -10437223 -5129141 55974053 87086 792239 879325 56853378 45000171 108509 108509 44891662 87086 10877126 10964212 55855874 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE INTEREST SWAP OBLIGATIONS -630,734. BENEFICIAL INTEREST IN PERPETUAL TRUST 169,889. FINANCIAL AID -9,976,378. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -41,564. FUNDRAISING EVENT EXPENSES -66,945. TRIP EXPENSES 900,748. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 66,945. COST OF GOODS SOLD 41,564. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 9,976,378. TRIP EXPENSES 900,748. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THAYER ACADEMY HAS POSTED ITS RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS ON ITS WEBSITE HOMEPAGE. GOLF TOURNAMENT 136423 87409 49014 24960 13843 28142 136423 87409 49014 24960 13843 28142 66945 -17931 1 0 0 FINANCIAL ASSISTANCE 251 9976378 N/A N/A PART I, LINE 2: THE ACADEMY PROVIDES 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 1 1 X X X 1 1 0 0 0 0 0 0 0 CHRISTOPHER FORTUNATO HEAD OF SCHOOL 519107 0 0 0 28263 0 97000 0 219085 0 863455 0 0 0 MELISSA L FORGER DIRECTOR OF DEVELOPMENT 223144 0 0 0 552 0 23715 0 163802 0 411213 0 0 0 JED WARTMAN ASSISTANT HEAD OF SCHOOL 157345 0 0 0 18532 0 18580 0 158139 0 352596 0 0 0 JULAINE MCINNIS CFO & ASSISTANT TREASURER 135588 0 0 0 180416 0 14929 0 12735 0 343668 0 0 0 ALISON TERRY CHIEF OF STRATEGIC MARKETING AND COM 183626 0 0 0 14178 0 18901 0 29541 0 246246 0 0 0 ROBERTA MORAN ATHLETICS DIRECTOR 178182 0 0 0 360 0 16442 0 40906 0 235890 0 0 0 JEFFREY DWYER DIRECTOR OF ENROLLMENT MANAGEMENT 132656 0 0 0 28032 0 14280 0 56637 0 231605 0 0 0 PART I, LINE 1A THE ACADEMY PROVIDES A CAR ALLOWANCE FOR PROFESSIONAL USE AND A GROSS-UP TAX PAYMENT TO THE HEAD OF SCHOOL. THESE BENEFITS ARE TAXABLE INCOME INCLUDED IN PART II, COLUMN (B)(III). THE HEAD OF SCHOOL IS ALSO PROVIDED HOUSING WHICH IS TREATED AS NONTAXABLE BENEFITS INCLUDED IN PART II, COLUMN (D). PART I, LINES 4A-B THE ACADEMY HAS A DEFERRED COMPENSATION AGREEMENT WITH CHRISTOPHER FORTUNATO, THE HEAD OF SCHOOL. THE AGREEMENT HAS VESTING AND TERMINATION PROVISIONS AND THE ACCOUNT WILL RECEIVE AN ANNUAL CREDIT OF $40,000, COMMENCING WITH HIS FIRST FULL FISCAL YEAR OF EMPLOYMENT AFTER JUNE 30, 2024. NO SUCH CREDITS WERE REQUIRED THROUGH JUNE 30, 2025. JULAINE MCINNIS'S COMPENSATION INCLUDES $158,630 UPON SEPARATION FROM SERVICES AS PER AN AGREEMENT. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2020-04-09 40189197 REFINANCING OF LONG TERM DEBT 0 0 0 A 4237734 40189197 494419 17710380 22984398 2022 1 1 1 1 A 0 1 0 0 0.03000 0.03000 0 0 1 A 0 1 0 0 1 1 FMS MANAGEMENT AND ROYAL BANK 30.000000000000 0 0 0 0 1 A 1 X 25 400175 FAIR VALUE 0 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN PART I, COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. WHEN IT IS NOT PRACTICABLE FOR THE BOARD OF TRUSTEES TO MEET, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY TAX ADVISORS OF A NATIONAL ACCOUNTING FIRM WITH INFORMATION PROVIDED BY THE CONTROLLER AND REVIEWED BY THE ASSISTANT TREASURER. FOLLOWING THE REVIEW, A FULL VERSION OF THE FINAL DRAFT FORM 990 IS PROVIDED TO THE TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS ARE REQUIRED ANNUALLY TO COMPLETE AN "ANNUAL DISCLOSURE OF AFFILIATIONS AND CONFLICT OF INTEREST" FORM. THE COMPLETED FORMS ARE GIVEN TO THE ASSISTANT TREASURER FOR REVIEW. STEPHEN SANFORD, CFOO, IS RESPONSIBLE FOR MONITORING CONFLICT OF INTEREST POLICY FOR BOARD MEMBERS. IF A CONFLICT OF INTEREST COMES UP, THE TRUSTEE NEEDS TO MAKE THE BOARD AWARE OF IT AND THE TRUSTEE NEEDS TO RECUSE THEMSELVES OF ANY VOTES THAT MAY AFFECT THE CONFLICT SO THE BOARD PROTECTS ITS FIDUCIARY RESPONSIBILITY AND THEN WORK TO MITIGATE THE CONFLICT IF POSSIBLE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE ACADEMY'S HEAD OF SCHOOL IS SET BY A VOTE OF THE FULL BOARD OF TRUSTEES (IN EXECUTIVE SESSION). ACTING ON THE RECOMMENDATION OF A SPECIFICALLY TASKED SUB-COMMITTEE, CONSIDERING A PERFORMANCE REVIEW/EVALUATION. THE SUB-COMMITTEE IS COMPOSED OF THE STANDING COMMITTEE CHAIRS, THE CLERK, AND THE BOARD CHAIR. THE SUB-COMMITTEE MEETS AS NECESSARY IN ORDER TO PREPARE THE 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 ACADEMY'S CHIEF FINANCIAL AND OPERATING OFFICER, WHO OBTAINS IT FROM A 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 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 OFFICERS OR KEY EMPLOYEES IS SET BY THE HEAD OF SCHOOL. IN DOING SO THE HEAD OF SCHOOL IS GUIDED BY THE PEER GROUP COMPARITATIVE DATA PROVIDED BY THE ASSISTANT TREASURER. THIS PROCESS WAS LAST FOLLOWED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). IN ADDITION DOCUMENTS ARE AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE INTEREST SWAP OBLIGATIONS -630,734. BENEFICIAL INTEREST IN PERPETUAL TRUST 169,889. THAYER ACADEMY CHARITABLE TRUST 745 WASHINGTON STREET BRAINTREE MA 02184 206770243 SUPPORTING ORGANIZATION MA 501(C)(3) LINE 12C, III-FI TRUSTEES OF THAYER ACADEMY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0