2024-03-27T19:10:02-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2022-07-01 060646786 MISS PORTER'S SCHOOL INC MISS 8604093500 60 MAIN STREET FARMINGTON CT 060322232 MICHAEL J BERGIN CFO/COO 8604093500 2024-03-25 1 MICHAEL BERGIN 999009999 0 JOHN TOSCANO P00358542 8605614000 2024-03-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KATHERINE G WINDSOR 60 MAIN STREET FARMINGTON CT 060322232 95475757 0 X WWW.PORTERS.ORG X 1943 CT MISS PORTER'S SCHOOL EXCELS AT PREPARING YOUNG WOMEN FOR COLLEGE, FOR LEADERSHIP, AND FOR LIFE. OUR ATTENTIVE DIVERSE, BOARDING AND DAY COMMUNITY PROVIDES A DEMANDING CURRICULUM - ACADEMIC, ARTISTIC, ATHLETIC AND RESIDENTIAL. WE CHALLENGE OUR STUDENTS TO BECOME INFORMED, BOLD, RESOURCEFUL AND ETHICAL GLOBAL CITIZENS. WE EXPECT OUR GRADUATES TO SHAPE A CHANGING WORLD. 23 21 229 330 152257 0 6450238 9470116 21368548 21856409 15380361 12636177 435718 512858 43634865 44475560 4833313 4798227 0 0 14683548 15764491 0 0 3610063 13295463 14569123 32812324 35131841 10822541 9343719 215294054 220472328 31305326 30942453 183988728 189529875 MISS PORTER'S SCHOOL EDUCATES YOUNG WOMEN TO BECOME INFORMED, BOLD, RESOURCEFUL AND ETHICAL GLOBAL CITIZENS. WE EXPECT OUR GRADUATES TO SHAPE A CHANGING WORLD. 0 0 25011905 4798227 21889355 INDEPENDENT SECONDARY SCHOOL WITH 218 BOARDERS AND 117 DAY STUDENTS, 108 SUMMER PROGRAM PARTICIPANTS AND 14 PORTER'S GLOBAL SUMMER ONLINE STUDENTS 25011905 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 129 0 1 229 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 23 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NY X MICHAEL J BERGIN 8604093500 60 MAIN STREET FARMINGTON CT 060322232 KATHERINE G WINDSOR HEAD OF SCHOOL 40.00 X X 1052507 0 132215 NANCY SIMPKINS CHAIR OF THE BOARD 5.00 X 0 0 0 SARAH KLISH LIU VICE CHAIR OF THE BOARD 5.00 X 0 0 0 AMANI REED SECRETARY 5.00 X 0 0 0 CLAIRE THEOBALD TREASURER 5.00 X 0 0 0 ROBIN DIAMONTE INDIVIDUAL TRUSTEE 2.00 X 0 0 0 MISHONE DONELSON INDIVIDUAL TRUSTEE 1.00 X 0 0 0 CLOVER DRINKWATER INDIVIDUAL TRUSTEE 2.00 X 0 0 0 ALTHEA BEATON DUCARD INDIVIDUAL TRUSTEE 3.00 X 0 0 0 ELIZABETH GORMAN INDIVIDUAL TRUSTEE 1.00 X 0 0 0 DIANA HOBSON INDIVIDUAL TRUSTEE 1.00 X 0 0 0 SHARIFAH HOLDER INDIVIDUAL TRUSTEE 1.00 X 0 0 0 MAUREEN HUNTER INDIVIDUAL TRUSTEE 2.00 X 0 0 0 ALISON KEATING INDIVIDUAL TRUSTEE 1.00 X 0 0 0 LISA KUNSTADTER INDIVIDUAL TRUSTEE 3.00 X 0 0 0 CAMERON LANPHIER INDIVIDUAL TRUSTEE 1.00 X 0 0 0 MAY LEE INDIVIDUAL TRUSTEE 1.00 X 0 0 0 ANNIE MENDEZ INDIVIDUAL TRUSTEE 1.00 X 0 0 0 ELIZABETH DENNY ONEGLIA INDIVIDUAL TRUSTEE 3.00 X 0 0 0 MARTHA POMERANTZ INDIVIDUAL TRUSTEE 3.00 X 0 0 0 TIA SILAS INDIVIDUAL TRUSTEE 1.00 X 0 0 0 LISA COLFAX TOWNSON INDIVIDUAL TRUSTEE 3.00 X 0 0 0 JANET MACOMBER WILLIAMSON INDIVIDUAL TRUSTEE 2.00 X 0 0 0 MICHAEL BERGIN CFO, COO 40.00 X 388955 0 107758 CHRISTINE PINA CHIEF ADVANCEMENT OFFICER 40.00 X 355098 0 70569 ELIZABETH SCHMITT CHIEF ENROLLMENT & STUDENT AFFAIRS OFFICER 40.00 X 181967 0 95729 TIMOTHY QUINN CHIEF ACADEMIC OFFICER AND DEAN OF FACULTY 40.00 X 158161 0 85191 CHRISTINA DIEGUEZ-KUO CAMPAIGN DIRECTOR 40.00 X 155704 0 16039 DIANE JOHNSON CHIEF COMMUNICATIONS & PUBLIC HEALTH OFFICER 40.00 X 151367 0 46635 RICH HIGLEY DIRECTOR OF FACILITY SERVICES 40.00 X 143106 0 43506 2586865 0 597642 13 0 1 0 CONSTRUX CO LLC PO BOX 341229 HARTFORD CT 06134 CONSTRUCTION 1797014 BROCK AND COMPANY INC 257 GREAT VALLEY PARKWAY MALVERN PA 19355 FOOD SERVICES 1347903 FLIK COMPASS GROUP PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 1041963 O & G INDUSTRIES INC 112 WALL STREET TORRINGTON CT 06790 CONSTRUCTION 627065 J R MULTIPLE SERVICES 39 PEGGY LANE FARMINGTON CT 06032 CLEANING SERVICE 482067 14 1022535 8447581 825606 9470116 TUITION & FEES 611110 21609216 21609216 PROGRAM SUPPORTING REVENUES 611110 247193 247193 21856409 2363798 17338 2346460 152374 0 152374 152374 131025 21349 61173151 50891968 8804 10281183 -8804 10272379 3894 10268485 93751 99425 -5674 -5674 DAY CARE INCOME 624410 288835 288835 OTHER REVENUES 900099 77323 38620 38703 366158 44475560 21889355 152257 12963832 4798227 4798227 2023825 333810 781458 908557 9513244 6377676 1845890 1289678 996154 638194 207330 150630 2504631 1272779 945189 286663 726637 425226 164608 136803 76611 7661 61289 7661 115090 11509 92072 11509 424381 424381 2234317 1463883 421178 349256 16155 2499 9492 4164 1577014 1201693 293435 81886 248213 106527 110313 31373 1377080 1198060 179020 842246 673587 92788 75871 69727 49602 8727 11398 658367 556340 102027 3795882 3302417 493465 371271 323006 48265 DINING SERVICES 1893726 1893726 DEPARTMENTAL EVENTS AND 712990 280071 192412 240507 MEMBERSHIP DUES 111843 51820 36534 23489 44210 43592 618 35131841 25011905 6509873 3610063 517493 935571 8503610 8257574 2462811 1369791 10217 14943 180669 180000 89917 105291 1145011 2134611 113629886 54441465 58629553 59188421 58288408 61742456 82913581 83575772 2552784 2967898 215294054 220472328 2183599 2747959 4105101 3612070 24522696 24155856 48165 55078 445765 371490 31305326 30942453 X 62189285 66236681 121799443 123293194 183988728 189529875 215294054 220472328 X 9343719 -3876726 74154 X X 0 1 X 1 0 X 9004108 6665661 10992709 6450238 9470116 42582832 9004108 6665661 10992709 6450238 9470116 42582832 10247107 32335725 2383907 1387776 1327938 3390943 2367809 10858373 170622 136858 44790 152123 152257 656650 320153 243838 283120 319268 327538 1493917 55591772 101916083 0.58170 0.58080 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DAYCARE CENTER - 2018 AMOUNT: $ 320,153. 2019 AMOUNT: $ 243,838. 2020 AMOUNT: $ 283,120. 2021 AMOUNT: $ 319,268. 2022 AMOUNT: $ 288,835. OTHER REVENUES - 2022 AMOUNT: $ 38,703. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 142271776 2933900 8111753 1471285 5210165 146635979 170952078 1577252 -23386760 1060994 5809800 142271776 133438654 525132 43430587 1204099 5238196 170952078 129307370 889724 9519282 1297183 4980539 133438654 123778495 4184297 7376024 986443 5045003 129307370 0.16638 0.83362 0.00000 0 0 2325211 2325211 88378783 41311476 47067307 13833733 9842156 3991577 9092159 3287833 5804326 59188421 LARGE CAP EQUITY FUNDS 22226617 F INTERNATIONAL EQUITY FUNDS 5578982 F FUND OF FUNDS 26155470 F PRIVATE EQUITY 24390745 F PRIVATE CREDIT 3266888 F REAL ASSETS 658875 F REAL ESTATE - OPEN ENDED 1298195 F 83575772 STUDENT ACTIVITY FUNDS 64038 ANNUITIES PAYABLE 307452 371490 X 35549805 -3876726 -4624648 -8501374 44051179 424381 424381 44475560 30008658 99425 99425 29909233 424381 4798227 5222608 35131841 PART IV, LINE 2B: SECURITY DEPOSITS FOR HOUSING ARE HELD IN AN ESCROW ACCOUNT. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS IS DRAWN IN ACCORDANCE WITH THE SCHOOL'S SPENDING POLICY AND USED IN ACCORDANCE WITH DONOR - IMPOSED STIPULATIONS OR, IN THE ABSENCE THEREOF, TO SUPPORT THE SCHOOL'S GENERAL OPERATING EXPENSES, INCLUDING SALARIES, FINANCIAL AID AND FACILITIES MAINTENANCE. PART X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2023 AND 2022. THE SCHOOL'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2020 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -4,798,227. COST OF SALES 99,425. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -339,115. CHANGE IN VALUE OF INTEREST RATE SWAP 415,114. PROVISION FOR UNCOLLECTIBLE PLEDGES -1,845. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 99,425. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 4,798,227. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S STATEMENT ON NONDISCRIMINATION IS PUBLISHED YEAR-ROUND ON THE SCHOOL'S WEBSITE. ALL PRINT ADVERTISEMENTS INCLUDE AN ABRIDGED VERSION OF THIS POLICY. SCHEDULE E, PART I, LINE 6 DURING THE YEAR ENDED JUNE 30, 2023, THE SCHOOL DETERMINED THAT IT MET ELIGIBILITY REQUIREMENTS AND CONDITIONS OF THE EMPLOYEE RETENTION CREDIT (ERC) PROGRAM ESTABLISHED BY THE CARES ACT. THE SCHOOL DETERMINED THAT IT WAS ELIGIBLE FOR TOTAL ERC CREDITS OF $1,022,535. THE SCHOOL RECEIVED THE FUNDS IN JULY, 2023. THERE IS A POSSIBILITY THAT UPON SUBSEQUENT REVIEW, THE INTERNAL REVENUE SERVICE COULD REACH A DIFFERENT CONCLUSION REGARDING THE SCHOOL'S ELIGIBILITY TO RETAIN THE ERC CREDITS WHICH HAS RECEIVED. THAT COULD RESULT IN A REPAYMENT OF THE CREDITS, ALONG WITH INTEREST AND POTENTIAL PENALTIES. THE AMOUNT OF LIABIILITY, IF ANY, FROM POTENTIAL NONCOMPLIANCE CANNOT BE DETERMINED WITH CERTAINTY. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 29722342 0 0 0 0 0 0 29722342 0 29722342 1 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 SCHOLARSHIPS FOR STUDENTS ATTENDING MPS 153 4728523 FMV REDUCTION IN TUITION MEDICAL INSURANCE PREMIUMS AND EXPENSES 2 6135 FMV CASH ASSISTANCE AND SCHOOL EXPENSES 39 63569 FMV PART I, LINE 2: FINANCIAL AID IS DETERMINED THROUGH THE ANALYSIS OF A FAMILY'S FINANCIAL RESOURCES, INCLUDING INCOME AND ASSETS. TO DETERMINE AWARDS, THE FINANCIAL AID COMMITTEE EVALUATES FINANCIAL INFORMATION AND STRIVES TO MAKE FAIR AND OBJECTIVE FINANCIAL AID DECISIONS BASED ON THE NEEDS ANALYSIS CALCULATED BY THE SCHOOL AND STUDENT SERVICES SYSTEM (SSS) FOR FINANCIAL ASSISTANCE, A SERVICE OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS. SSS PROVIDES PORTER'S WITH A REPORT OF FAMILY CONTRIBUTION WHICH IS USED AS A GUIDE. HOWEVER, THE SCHOOL COMPLETES AN INDEPENDENT CALCULATION FOR EVERY APPLICATION. X X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 KATHERINE G WINDSOR HEAD OF SCHOOL 901593 0 125000 0 25914 0 55171 0 77044 0 1184722 0 0 0 MICHAEL BERGIN CFO, COO 388955 0 0 0 0 0 38400 0 69358 0 496713 0 0 0 CHRISTINE PINA CHIEF ADVANCEMENT OFFICER 355098 0 0 0 0 0 38400 0 32169 0 425667 0 0 0 ELIZABETH SCHMITT CHIEF ENROLLMENT & STUDENT AFFAIRS O 181967 0 0 0 0 0 21085 0 74644 0 277696 0 0 0 TIMOTHY QUINN CHIEF ACADEMIC OFFICER AND DEAN OF F 145637 0 1000 0 11524 0 15872 0 69319 0 243352 0 0 0 DIANE JOHNSON CHIEF COMMUNICATIONS & PUBLIC HEALTH 151367 0 0 0 0 0 16346 0 30289 0 198002 0 0 0 RICH HIGLEY DIRECTOR OF FACILITY SERVICES 143106 0 0 0 0 0 14750 0 28756 0 186612 0 0 0 CHRISTINA DIEGUEZ-KUO CAMPAIGN DIRECTOR 155704 0 0 0 0 0 15772 0 267 0 171743 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL AND CHIEF ACADEMIC OFFICERS ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT. THE VALUE OF THE HOUSING IS REPORTED AS NONTAXABLE IN SCHEDULE J, PART II, COLUMN D. AS PART OF THE HEAD OF SCHOOL'S EMPLOYMENT AGREEMENT, THE SCHOOL PROVIDES FOR THE PAYMENT OF COUNTRY CLUB DUES AND HOUSEKEEPING SEVICES. THESE BENEFITS ARE INCLUDED AS TAXABLE INCOME. THE CHIEF ACADEMIC OFFICER WAS PROVIDED WITH A GROSS-UP PAYMENTS FOR EDUCATION BENEFITS. PART I, LINE 4B THE HEAD OF SCHOOL PARTICIPATES IN A 457(F) PLAN. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BONUS IN ACCORDANCE WITH THE TERMS OF HER EMPLOYMENT AGREEMENT. EMPLOYEES RECEIVE BONUSES AT THE DISCRETION OF THE HEAD OF SCHOOL. A ST CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060646786 2020-07-15 43748428 REFUND 8-18-15 BOND ISSUE AND PROCEEDS FOR CONSTRUCTION AND RENOVATIONS 0 0 0 A 1101772 43748428 566665 8994995 16772631 17980802 2021 0 1 0 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 0 A 1 KATHERINE G WINDSOR HEAD OF SCHOOL PART OF COMPENSATION PACKAGE X 180000 180000 0 1 1 180000 15000 SCHOLARSHIP SCHOLARSHIP X 29 825606 FMV 0 1 0 PART I, COLUMN (B): ALL AMOUNTS INCLUDED IN COLUMN (B) REPRESENT THE NUMBER OF DONONATIONS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY THE SCHOOL'S INDEPENDENT AUDIT FIRM WITH EXTENSIVE REVIEW FROM INTERNAL BUSINESS OFFICE STAFF AND SENIOR MANAGEMENT. ONCE EDITS ARE MADE, IT IS REVIEWED BY THE AUDIT AND RISK COMMITTEE OF THE BOARD, PER THE AUDIT AND RISK COMMITTEE'S CHARTER. ALL TRUSTEES ARE PROVIDED COPIES FOR FINAL REVIEW PRIOR TO FILING. FOR THE FISCAL YEAR ENDED JUNE 30, 2023, THE BOARD RECEIVED A FULL COPY OF THE FORM 990 AND RELATED SCHEDULES, EXCLUDING SCHEDULE B. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ASSISTANT TO THE HEAD OF SCHOOL DISTRIBUTES THE CONFLICT OF INTEREST POLICY TO EACH TRUSTEE AND KEY EMPLOYEE IN ADVANCE OF THE OCTOBER TRUSTEE MEETING. THE SIGNED POLICIES ARE REVIEWED BY THE ASSOCIATE CONTROLLER AND ANY CONFLICTS ARE PRESENTED TO THE AUDIT AND RISK COMMITTEE CHAIR FOR FOLLOW UP. COMPLETED FORMS ARE FILED IN THE BUSINESS OFFICE. DURING COMMITTEE MEETINGS, TRUSTEES MUST ANNOUNCE IF A CONFLICT ARISES REGARDING THE SUBJECT BEING DISCUSSED. THE TRUSTEE CAN DESCRIBE THE CONFLICT AND CHOOSE TO RECUSE THEMSELVES FROM FURTHER CONVERSATION AND VOTING ON THE SUBJECT MATTER. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT THREE PERSON COMMITTEE OF THE BOARD PROVIDES OVERSIGHT AROUND THE HEAD OF SCHOOL'S COMPENSATION AND BENEFITS. THIS COMMITTEE INCLUDES THE CHAIR AND VICE CHAIR OF THE BOARD AND ONE OTHER TRUSTEE. THE COMMITTEE'S RECOMMENDATIONS REGARDING THE HEAD OF SCHOOL'S COMPENSATION AND BENEFITS ARE SUBJECT TO APPROVAL BY THE FULL BOARD. THE COMMITTEE UTILIZES COMPARATIVE COMPENSATION DATA REGARDING PEER SCHOOLS, INCLUDING DATA FROM THE FORTY MEMBERS OF THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS (ABOPS) AND THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS), WITH A PARTICULAR EMPHASIS ON A SUBSET OF PEER SCHOOLS. THE COMMITTEE ENGAGES AN OUTSIDE HR CONSULTANT EVERY FEW YEARS FOR A MORE THOROUGH REVIEW. THE HEAD OF SCHOOL IS SUBJECT TO AN EMPLOYMENT AGREEMENT THAT WAS LAST UPDATED IN JUNE 2021, AT WHICH TIME COMPARATIVE DATA WAS COLLECTED AND A CONSULTANT WAS USED TO ESTABLISH THE TERMS OF THE AGREEMENT. THE TERMS OF THE JUNE 2021 AGREEMENT EXPIRE IN JUNE 2027. THE HEAD OF SCHOOL REVIEWS THE COMPENSATION OF THE MANAGEMENT TEAM INCLUDING THE CFO/COO OR CHIEF FINANCIAL & OPERATING OFFICER AND THE CHIEF ADVANCEMENT OFFICER ON AN ANNUAL BASIS AND DISCUSSES THEIR PERFORMANCE WITH THE CHAIR OF THE BOARD. THE HEAD OF SCHOOL MAKES RECOMMENDATIONS FOR SALARY INCREASES AND BONUS BASED ON THEIR PERFORMANCE AND THE APPROVED SALARY POOL, UTILIZING DATA FROM PEER SCHOOLS AS A BASIS FOR HER RECOMMENDATION. RECOMMENDED INCREASES ARE APPROVED BY THE CHAIR OF THE BOARD. THE PROCESS WAS LAST COMPLETED IN JUNE 2023. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE SCHOOL'S GOVERNING DOCUMENTS, ITS CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE BUSINESS OFFICE OVERSEES THE DISTRIBUTION OF REQUESTED DOCUMENTS. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -339,115. CHANGE IN SWAP VALUE 415,114. PROVISION FOR UNCOLLECTIBLE PLEDGES -1,845. FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES TO THE SCHOOL'S OVERSIGHT OF SELECTION PROCESSES DURING THE TAX YEAR. 78 GARDEN STREET LLC 60 MAIN STREET FARMINGTON CT 06032 FACULTY HOUSING CT 0 332697 MISS PORTER'S SCHOOL INC 2 MILL LANE LLC 60 MAIN STREET FARMINGTON CT 06032 FACULTY HOUSING CT 0 938472 MISS PORTER'S SCHOOL INC CHARITABLE REMAINDER TRUSTS (6) TRUST CT N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0