# Trustees of Cushing Academy

Trustees of Cushing Academy is an Endowment / Foundation based in Ashburnham, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Ashburnham, United States
- **Region:** North America
- **Address:** Ashburnham, MA, United States
- **Founded:** 1865
- **Assets under management:** Undisclosed
- **Website:** cushing.org
- **LinkedIn:** https://www.linkedin.com/school/cushingacademy/

## Regulatory record

- **Reports private funds:** No

## About

The Trustees of Cushing Academy govern an independent boarding and day school founded in 1865 in Ashburnham, Massachusetts. The endowment sits at the center of a financial structure that also includes campus real estate and an art collection anchored by the Emily Fisher Landau Center for Visual Arts. Major donor Edward G. Watkins '56 and the EG Watkins Family Foundation have provided grants exceeding $6.9 million, reinforcing a capital base that operates as a 501(c)(3) nonprofit. The investment portfolio pursues a buyout and fund-of-funds strategy, according to Altss research. The Finance and Investment Committee — chaired by Kristine Pelletier, a partner at NEPC — oversees allocations. The committee operates alongside trustees with institutional investing experience, including Richard J. Harrington, Chairman and General Partner of The Cue Ball Group. The Academy serves approximately 400 students in grades 9-12 and a postgraduate year, with accreditation from the New England Association of Schools and Colleges (NEASC). Head of School Randy R. Bertin sits on a NEASC commission, linking governance to broader independent-school oversight. The institution belongs to the National Association of Independent Schools (NAIS) and the Association of Boarding Schools (TABS), and fields athletic teams in the New England Preparatory School Athletic Council (NEPSAC). Cushing's endowment is structurally distinct because it is the single-largest financial backstop for a small, tuition-dependent boarding school rather than a diversified university system. The board includes alumni and career investors — Joseph Marzilli serves as Treasurer following a tenure as Board Chair — creating a governance bridge between long-term capital preservation and immediate operating needs. That dual mandate makes liquidity planning and spending-policy discipline unusually central to committee decisions.

## Sectors

- Buyout
- Fund of Funds
- Education

## People

- Kristine Pelletier — Partner at NEPC and Chair of the Finance & Investment Committee
- Joseph Marzilli — Chair of the Board of Trustees and Treasurer
- Randy R. Bertin, Ed.D. — Head of School and ex officio Trustee

## Questions

### Who runs investment decisions for the Cushing Academy endowment?

The Finance and Investment Committee oversees the endowment. Kristine Pelletier, a partner at institutional consulting firm NEPC, chairs that committee. The Board of Trustees, led by Chair and Treasurer Joseph Marzilli, retains ultimate fiduciary authority over the portfolio.

### How is the endowment related to Cushing Academy's operating budget?

The endowment is the principal financial underpinning of the Academy, a coeducational boarding and day school serving grades 9-12 and a postgraduate year. Annual distributions help fund financial aid, faculty compensation, and campus operations. The school also draws revenue from tuition and donor contributions, including grants exceeding $6.9 million from the EG Watkins Family Foundation.

### What is the governance structure of the Trustees of Cushing Academy?

The Board of Trustees governs the Academy and its endowment. Joseph Marzilli serves as Chair of the Board and Treasurer. Randy R. Bertin is Head of School and an ex officio Trustee. The Finance and Investment Committee reports to the full board, blending investment oversight with the operational stewardship of a 160-year-old educational institution.

### Does the endowment include any unusual assets?

Beyond the financial portfolio, the Trustees hold campus real estate, the Emily Fisher Landau Center for Visual Arts Collection, the Maude Bowen Carter Gallery, and a cryptocurrency donation portfolio, according to Altss research. These assets are managed alongside the endowment but serve distinct programmatic and capital-preservation purposes.

### Where does the endowment's capital come from?

The endowment has been built over generations through alumni donations, bequests, and investment returns. A notable source is the EG Watkins Family Foundation, whose grants exceed $6.9 million. Tuition and fundraising continue to supplement the corpus, though the endowment bears the primary intergenerational wealth-storage function for the school.

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Last updated: 2026-08-11T02:43:31.692Z

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