2024-05-15T14:51:44-05:00 2023-06-30 111986323 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06511 990 2022-07-01 030179305 PUTNEY SCHOOL INC PUTN 8023876215 418 HOUGHTON BROOK ROAD PUTNEY VT 053468675 STEPHANIE HARKINS CFO 8023876215 2024-05-15 1 STEPHANIE HARKINS 999009999 1 MARY ANTONETTI P00431862 2037819600 2024-05-15 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOSHUA LAUGHLIN 418 HOUGHTON BROOK ROAD PUTNEY VT 053468675 28456829 0 X WWW.PUTNEYSCHOOL.ORG X 1935 VT INDEPENDENT, COEDUCATIONAL BOARDING AND DAY SECONDARY SCHOOL. 27 24 284 204 41250 0 5880089 2353118 15356950 15443226 1715720 1812056 41599 16692 22994358 19625092 3974707 3909148 0 0 8243779 8715217 0 0 739105 6204861 6475097 18423347 19099462 4571011 525630 64106322 73502289 4196166 11874971 59910156 61627318 X THE ORGANIZATION IS COMMITTED TO DEVELOPING EACH STUDENT'S FULL INTELLECTUAL, ARTISTIC AND PHYSICAL POTENTIAL. STUDENTS ARE ENCOURAGED TO CHALLENGE THEMSELVES INTELLECTUALLY, TO PURSUE RIGOROUS LEARNING FOR ITS OWN SAKE, (SEE SCHEDULE O)THE ORGANIZATION IS COMMITTED TO DEVELOPING EACH STUDENT'S FULL INTELLECTUAL, ARTISTIC AND PHYSICAL POTENTIAL. STUDENTS ARE ENCOURAGED TO CHALLENGE THEMSELVES INTELLECTUALLY, TO PURSUE RIGOROUS LEARNING FOR ITS OWN SAKE, TO ACTIVELY PARTICIPATE IN AND APPRECIATE THE ARTS, TO CONTRIBUTE MEANINGFULLY TO THE WORK PROGRAM THAT SUSTAINS THE SCHOOL COMMUNITY AND THE FARM ON WHICH IT IS LOCATED, TO ENGAGE IN VIGOROUS ATHLETICS, AND TO DEVELOP A SOCIAL CONSCIOUSNESS AND WORLD VIEW THAT WILL PROVIDE THE FOUNDATION FOR LIFE-LONG MORAL AND INTELLECTUAL GROWTH. 0 0 13910766 3909148 15418254 THE PUTNEY SCHOOL PROVIDES AN EDUCATIONAL PROGRAM FOR APPROXIMATELY 165 BOARDING AND 61 DAY HIGH SCHOOL STUDENTS. 13910766 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 55 0 1 284 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 24 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 VT X X THE ORGANIZATION 8023876245 PUTNEY SCHOOL ELM LEA FARM PUTNEY VT 05346 ABIGAIL VERNEY-FINK FACULTY TRUSTEE (JOINED 7/22) 1.00 X 44478 0 14084 ANTOINETTE WHEELER TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 BOB RAYNOLDS TRUSTEE 1.00 X 0 0 0 CAITLIN BAGGOT DAVIS TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 CAROL HODGMAN FACULTY TRUSTEE (JOINED 7/22) 1.00 X 42653 0 8489 CHARLIE YOUNG TRUSTEE 1.00 X 0 0 0 CYANE B DANDRIDGE TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 DANIEL O'BRIEN HEAD OF SCHOOL/TRUSTEE (JOINED 7/22) 1.00 X X 190074 0 13938 DINAH BUECHNER-VISCHER TRUSTEE 1.00 X 0 0 0 DREW BERESFORD TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 ELIZABETH BLAYLOCK VICE CHAIR 1.00 X X 0 0 0 ETHAN GRAY TRUSTEE 1.00 X 0 0 0 HEATHER FREEDMAN TRUSTEE 1.00 X 0 0 0 INNOCENT NDUBUISI OBI TRUSTEE 1.00 X 0 0 0 IRA WENDER TRUSTEE (RESIGNED 10/22) 1.00 X 0 0 0 JENNIFER JUST TRUSTEE 1.00 X 0 0 0 JOHN MACINTOSH TRUSTEE 1.00 X 0 0 0 JONATHAN LASH TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 JOSHUA LAUGHLIN CHAIR 1.00 X X 0 0 0 KELLY REESE TRUSTEE 1.00 X 0 0 0 KUNLIN WU TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 LAURA E BERNER TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 MARNI ROSNER TRUSTEE 1.00 X 0 0 0 MYLES PINA TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 NATASHA BYUS TRUSTEE 1.00 X 0 0 0 PAUL FEARER TRUSTEE 1.00 X 0 0 0 REBECCA GEARY TRUSTEE 1.00 X 0 0 0 TASHA STEELE-MALEY TRUSTEE 1.00 X 0 0 0 THOMAS STEELE-MALEY TRUSTEE 1.00 X 0 0 0 YIRU STEVEN JIANG TRUSTEE (JOINED 7/22) 1.00 X 0 0 0 RANDALL SMITH TREASURER/CFO (RESIGNED 10/23) 40.00 X 174335 0 50486 STEPHANIE HARKINS TREASURER/CFO (AS OF 10/23) 40.00 X 106711 0 9232 JOHN BARRENGOS DIRECTOR OF ADMISSIONS 40.00 X 135567 0 48443 KAYLA YANNATOS DIRECTOR OF DEVELOPMENT 40.00 X 116061 0 21181 KEVIN CHAMPNEY DIRECTOR OF TECHNOLOGY 40.00 X 101731 0 19844 THOMAS HOWE DIRECTOR OF SUMMER PROGRAM 40.00 X 118451 0 15868 EMILY JONES HEAD OF SCHOOL/TRUSTEE (RESIGNED 6/22) 40.00 X 112705 0 19484 1142766 0 221049 8 1 1 0 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DRIVE SUITE 404 CANONSBURG PA 15317 FOOD SERVICE PROVIDER 597906 MACLAY ARCHITECTS INC 4509 MAIN STREET WAITSFIELD VT 05673 ARCHITECT 440259 DEW CONSTRUCTION CORP 277 BLAIR PARK RD 130 WILLISTON VT 05495 CONSTRUCTION 261902 DERRIG EXCAVATING INC 41 HOUGHTON BROOK RD PUTNEY VT 05346 EXCAVATING 125058 OLOGIE 447 E MAIN ST COLUMBUS OH 43215 REBRANDING 110382 5 545514 1807604 129478 2353118 TUITION AND FEES 611110 14188186 14188186 SUMMER PROGRAMS 611110 885954 844704 41250 TUTORING 611110 228920 228920 LAND USE REVENUE 900099 106517 106517 ELM CHILDCARE TUITION 611110 33649 33649 15443226 1145021 1145021 9497190 8830155 667035 667035 667035 6360 1582 4778 4778 APPLICATION FEES 611110 11500 11500 OTHER REVENUE 900099 414 414 11914 19625092 15418254 41250 1812470 3671061 3671061 238087 238087 854981 145339 709642 73058 73058 5898866 4790964 684691 423211 303797 251718 24343 27736 1096269 920804 112476 62989 488246 364952 95084 28210 46686 46686 67746 67746 164903 164903 133790 50852 82938 181364 181364 180097 10909 121160 48028 285143 164280 92006 28857 1100489 1100489 153689 79355 61297 13037 12622 3374 9248 25260 25260 1282592 1282592 472380 472380 RESIDENTIAL EXPENSES 918893 918893 INSTRUCTIONAL EXPENSES 675238 675238 LAND USE EXPENSES 273870 273870 SUMMER PROGRAM 228375 228375 271960 247861 24099 19099462 13910766 4449591 739105 4705040 4619922 570 2263211 2112900 932126 23025 0 155075 164717 193589 182321 49207139 24899011 16192983 24308128 40723140 40486350 0 545514 64106322 73502289 573577 2394987 2638336 2153944 99714 6522212 659941 635513 224598 168315 4196166 11874971 X 28752138 29995451 31158018 31631867 59910156 61627318 64106322 73502289 525630 1191532 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 72.00 1 0 X X 0 45292423 997802 2739255 2032586 46996894 45669908 6267019 -3704596 2939908 45292423 32043820 8542754 6204734 1121400 45669908 28997975 3541172 126979 1472306 32043820 26397342 2100564 1177673 677604 28997975 0.32694 0.43405 0.23901 0 0 93652 93652 33659573 20282321 13377252 5695712 4616690 1079022 9758202 9758202 24308128 OTHER LIABILITIES 168315 168315 X 16743275 1191532 702 1192234 15551041 164903 3909148 4074051 19625092 15026113 702 702 15025411 164903 3909148 4074051 19099462 PART III, LINE 1A: COLLECTIONS: THE SCHOOL'S COLLECTION IS COMPRISED OF VARIOUS ART OBJECTS THAT ARE HELD FOR EDUCATIONAL AND CURATORIAL PURPOSES. THE SCHOOL IS CURRENTLY IN THE PROCESS OF CATALOGING EACH PIECE. EACH ITEM IS CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION, ARE PERFORMED REGULARLY. THE SCHOOL HAS NOT ADOPTED A POLICY TO CAPITALIZE ITS COLLECTIONS; THEREFORE, IN ACCORDANCE WITH FASB 116, CONTRIBUTIONS OF ARTWORK ARE NOT RECOGNIZED IN REVENUE. IN THE EVENT OF THE SALE OF CONTIBUTED ARTWORK, THE SCHOOL RECOGNIZES THE PROCEEDS AND INCREASES THE APPROPRIATE CLASS OF NET ASSETS. PART V, LINE 4: SEE DETAILED DESCRIPTION OF THE INTENDED USE OF ENDOWMENT FUNDS ON THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS. PART X, LINE 2: THE SCHOOL HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR CHARITABLE CONTRIBUTION DEDUCTIONS, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. THE SCHOOL IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE SCHOOL IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSE. THE SCHOOL ACCOUNTS FOR UNCERTAIN TAX PROVISIONS UNDER FASB ASC 740, INCOME TAXES, WHICH PROVIDES A FRAMEWORK FOR HOW ENTITIES SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE UNCERTAIN TAX POSITIONS IN THEIR FINANCIAL STATEMENTS. THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS REVIEWED THE SCHOOL'S REPORTING AND BELIEVES THEY HAVE NOT TAKEN TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE DETERMINED TO BE INCORRECT BY THE IRS AND, THEREFORE, NO ADJUSTMENTS OR DISCLOSURES ARE REQUIRED. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS - INVENTORY 702. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION REDUCED BY FINANCIAL AID 3,909,148. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS - INVENTORY 702. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION REDUCED BY FINANCIAL AID 3,909,148. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE POLICY IS STATED IN LITERATURE AND BROCHURES PROVIDED TO ALL CURRENT AND POTENTIAL STUDENTS. IT IS ALSO PUBLISHED IN LOCAL NEWSPAPERS AND ON THE SCHOOL'S WEBSITE. 0 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 GRANTMAKING 39962 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 GRANTMAKING 151763 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 46362 0 0 0 0 0 0 238087 0 238087 FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. EAST ASIA AND THE PACIFIC 1 16857 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. EUROPE (INCLUDING ICELAND & GREENLAND) 1 37363 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREGIN STUDENTS ATTENDING THE SCHOOL. EUROPE (INCLUDING ICELAND & GREENLAND) 1 71500 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREGIN STUDENTS ATTENDING THE SCHOOL. EUROPE (INCLUDING ICELAND & GREENLAND) 1 42900 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. EAST ASIA AND THE PACIFIC 1 2500 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. EAST ASIA AND THE PACIFIC 1 20605 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREGIN STUDENTS ATTENDING THE SCHOOL. CENTRAL AMERICA AND THE CARIBBEAN 1 46362 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL PROVIDES SIGNIFICANT AMOUNTS OF TUITION DEUCTIONS AND DISCOUNTS TO ITS STUDENTS BY CREDITING IT DIRECTLY TO STUDENT ACCOUNTS. PART III ACCOUNTING METHOD: 1 FINANCIAL AID GIVEN BY THE ORGANIZATION TO STUDENTS ATTENDING THE SCHOOL. 109 3671061 PART I, LINE 2: THE SCHOOL PROVIDES SIGNIFICANT AMOUNTS OF TUITION DEUCTIONS AND DISCOUNTS TO ITS STUDENTS BY CREDITING IT DIRECTLY TO STUDENT ACCOUNTS. X 1 1 X 0 0 0 0 0 0 0 0 0 RANDALL SMITH TREASURER/CFO (RESIGNED 10/23) 174335 0 0 0 0 0 9421 0 41065 0 224821 0 0 0 DANIEL O'BRIEN HEAD OF SCHOOL/TRUSTEE (JOINED 7/22) 190074 0 0 0 0 0 0 0 13938 0 204012 0 0 0 JOHN BARRENGOS DIRECTOR OF ADMISSIONS 135567 0 0 0 0 0 7437 0 41006 0 184010 0 0 0 EMILY JONES HEAD OF SCHOOL/TRUSTEE (RESIGNED 6/2 112705 0 0 0 0 0 5773 0 13711 0 132189 0 0 0 PART I, LINE 1A CERTAIN FACULTY ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF THEIR EMPLOYMENT. A NON-TAXABLE HOUSING BENEFIT IS INCLUDED IN SCHEDULE J, PART II, COLUMN E AND/OR FORM 990, PART VII, COLUMN F FOR THE FOLLOWING INDIVIDUALS: EMILY JONES, RANDALL SMITH, DANIEL O'BRIEN, AND JOHN BARRENGOS A VERMONT EDUCATIONAL AND HEALTH BUILDINGS FINANCING AGENCY 237154467 2022-05-17 13000000 CONTSTRUCTION - REVENUE BONDS (THE PUTNEY SCHOOL PROJECT) 2022 SERIES A 0 0 0 A 13000000 6546919 6453081 0 0 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 JENNIFER SMITH SPOUSE OF CFO 73058 SALARY - EMPLOYEE OF THE ORGANIZATION 0 SCH L PART IV THE SPOUSE OF THE CFO IS A LONG TERM EMPLOYEE OF THE PUTNEY SCHOOL THE EMPLOYMENT OF THIS INDIVIDUAL PRECEDES THE APPOINTMENT OF THE CFO AND IS AT ARMS LENGTH. THE EMPLOYMENT IS NOT RELATED IN ANY WAY TO THE CFO POSITION. X 13 101441 FMV X WEAVING/SEWING SUPPLIES AND EQUIPMENT 21 11452 FMV X TELESCOPES AND ACCESSORIES 2 6500 FMV X ROWING SUPPLIES 1 5000 FMV X MUSICAL INSTRUMENTS & SUPPLIES 3 2935 FMV X PHOTOGRAPHY EQUIPMENT 1 2000 FMV X MONITOR 1 150 FMV 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING IN PART I, COLUMN (B) THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES MARY AND BRECK MONTAGUE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE HEAD OF SCHOOL AND THE CFO. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MEMBERS OF THE BOARD OF TRUSTEES SIGN A QUESTIONNAIRE TO REPORT ANY CONFLICT OF INTEREST. THE HEAD OF SCHOOL REVIEWS THE FORMS TO DETERMINE IF ANY CONFLICT OR POTENTIAL CONFLICT EXISTS. IF ANY INDIVIDUAL HAS A CONFLICT, THEY WOULD RECUSE THEMSELVES FROM DISCUSSION ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A THE HEAD OF SCHOOL'S SALARY IS DETERMINED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD AND IS AVAILABLE FOR REVIEW BY ANY SCHOOL BOARD MEMBER. EXECUTIVE COMPENSATION FOR ALL EMPLOYEES, OTHER THEN THE HEAD OF SCHOOL, IS SET BY SCHOOL MANANGEMENT. MANAGEMENT INCREASES ARE TIED TO STAFF AND FACULTY INCREASES. THERE IS ALSO A SCALE ASSOCIATED WITH TIME SERVED FOR FACULTY. TO SET SALARIES, A COMPARISON IS DONE BETWEEN SIMILAR POSITIONS AT SCHOOLS IN THE INDEPENDENT SCHOOL ASSOCIATION OF NORTHERN NEW ENGLAND (ISANNE). OUR GOAL IS TO HAVE MANAGEMENT AT OR NEAR THE MEDIAN OF THEIR PEER GROUP. 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. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR.