2023-05-15T09:57:09-05:00 2022-06-30 111986323 MARCUM LLP 555 LONG WHARF DRIVE NEW HAVEN CT 06511 990 2021-07-01 030179305 PUTNEY SCHOOL INC PUTN 8023876215 418 HOUGHTON BROOK ROAD PUTNEY VT 053468675 RANDALL D SMITH CFO 8023876245 2023-05-15 1 RANDALL SMITH 999009999 MARY ANTONETTI P00431862 2037819600 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z JOSHUA LAUGHLIN 418 HOUGHTON BROOK ROAD PUTNEY VT 053468675 26358731 0 X WWW.PUTNEYSCHOOL.ORG X 1935 VT INDEPENDENT, COEDUCATIONAL BOARDING AND DAY SECONDARY SCHOOL. 26 25 247 206 0 0 11391912 5880089 12844713 15356950 624855 1715720 0 41599 24861480 22994358 3401500 3974707 0 0 7707891 8243779 0 0 932578 5843480 6204861 16952871 18423347 7908609 4571011 65148933 64106322 4590484 4196166 60558449 59910156 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 13413772 3974707 15398549 THE PUTNEY SCHOOL PROVIDES AN EDUCATIONAL PROGRAM FOR APPROXIMATELY 169 BOARDING AND 58 DAY HIGH SCHOOL STUDENTS. 13413772 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 1 1 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 45 0 1 247 1 0 0 0 0 0 0 0 0 0 0 0 0 X 26 25 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 BOB RAYNOLDS TRUSTEE 1.00 X 0 0 0 BRECK MONTAGUE TRUSTEE (RESIGNED 6/22) 1.00 X 0 0 0 CHARLIE YOUNG TRUSTEE 1.00 X 0 0 0 DAVID LYU STUDENT REP.(JOINED 7/21-LEFT 6/22) 1.00 X 0 0 0 DINAH BUECHNER-VISCHER TRUSTEE (JOINED 7/21) 1.00 X 0 0 0 ELIZABETH BLAYLOCK VICE CHAIR 1.00 X 0 0 0 EMILY JONES HEAD OF SCHOOL/TRUSTEE 40.00 X X 205341 0 39435 ETHAN GRAY TRUSTEE (JOINED 7/21) 1.00 X 0 0 0 HEATHER FREEDMAN TRUSTEE 1.00 X 0 0 0 INNOCENT NDUBUISI OBI TRUSTEE (JOINED 7/21) 1.00 X 0 0 0 IRA WENDER TRUSTEE 1.00 X 0 0 0 JENNIFER JUST TRUSTEE 1.00 X 0 0 0 JOHN MACINTOSH TRUSTEE 1.00 X 0 0 0 JOSHUA LAUGHLIN CHAIR 1.00 X 0 0 0 KELLY REESE TRUSTEE (JOINED 7/21) 1.00 X 0 0 0 KIMBERLY SHAW FACULTY REP.(JOINED 7/21-LEFT 6/22) 1.00 X 58339 0 25408 MARNI ROSNER TRUSTEE (JOINED 7/21) 1.00 X 0 0 0 MARY MONTAGUE TRUSTEE (RESIGNED 6/22) 1.00 X 0 0 0 MILES HOLLOWAY HAYES STUDENT REP.(JOINED 7/21-LEFT 6/22) 1.00 X 0 0 0 NATASHA BYUS TRUSTEE 1.00 X 0 0 0 NKOMO MORRIS TRUSTEE (RESIGNED 6/22) 1.00 X 0 0 0 PAT O'CONNOR FACULTY REP.(JOINED 7/21-LEFT 6/22) 1.00 X 45980 0 40472 PAUL FEARER TRUSTEE 1.00 X 0 0 0 REBECCA GEARY TRUSTEE 1.00 X 0 0 0 THAO MATLOCK TRUSTEE (RESIGNED 6/22) 1.00 X 0 0 0 THOMAS STEELE-MALEY TRUSTEE 1.00 X 0 0 0 RANDALL SMITH TREASURER/CFO 40.00 X 154697 0 88710 HUGH MONTGOMERY DIRECTOR OF DEVELOPMENT 1.00 X 121235 0 20613 JOHN BARRENGOS DIRECTOR OF ADMISSIONS 40.00 X 127844 0 87530 THOMAS HOWE DIRECTOR OF SUMMER PROGRAMS 1.00 X 109483 0 14304 822919 0 316472 5 0 1 0 ALADDIN FOOD MANAGEMENT SERVICES LLC 2400 ANSYS DRIVE SUITE 404 CANONSBURG PA 15317 FOOD SERVICE PROVIDER 800021 MACLAY ARCHITECTS INC 4509 MAIN STREET WAITSFIELD VT 05673 ARCHITECT 330557 GRAHAM-PELTON ASSOCIATES INC 101 FEDERAL STREET BOSTON MA 02110 FUNDRAISING CONSULTANTS 216688 STEVENS & ASSOCIATES PC 95 MAIN STREET BRATTLEBORO VT 05301 ARCHITECT 106188 4 5880089 798577 5880089 TUITION AND FEES 611110 14056651 14056651 SUMMER PROGRAMS 611110 841650 841650 TUTORING 611110 237213 237213 LAND USE REVENUE 900099 165097 165097 ELM CHILDCARE TUITION 611110 56339 56339 15356950 1111329 1111329 3922401 40000 3358010 0 564391 40000 604391 604391 10444 6363 4081 4081 OTHER REVENUE 999999 28518 28518 APPLICATION FEES 611110 9000 9000 37518 22994358 15398549 0 1715720 3902707 3902707 72000 72000 460980 126935 270577 63468 69336 69336 5890040 4537477 925355 427208 373254 283913 60638 28703 986262 814074 118212 53976 463907 350061 80649 33197 81295 81295 27326 27326 162671 162671 261032 44344 216688 154181 154181 171823 8478 111129 52216 237352 131419 85737 20196 1020312 1020312 140038 78195 44767 17076 8414 2359 6055 45817 45817 1229533 1229533 328498 328498 RESIDENTIAL EXPENSES 990942 990942 INSTRUCTIONAL EXPENSES 557434 557434 LAND USE EXPENSES 247167 247167 SUMMER PROGRAM 220963 220963 320063 300213 19850 18423347 13413772 4076997 932578 6725613 4705040 0 570 2327776 2112900 123231 23025 111188 155075 108811 193589 39858443 23665460 15689474 16192983 40062840 40723140 65148933 64106322 237076 573577 2567760 2638336 0 99714 1589487 659941 196161 224598 4590484 4196166 X 29987649 28752138 30570800 31158018 60558449 59910156 65148933 64106322 4571011 -5219304 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 45669908 6267019 -3704596 2939908 45292423 32043820 8542754 6204734 1121400 45669908 28997975 3541172 126979 1472306 32043820 26397342 2100564 1177673 677604 28997975 24397737 953345 1390364 344104 26397342 0.31207 0.44277 0.24516 0 0 93652 93652 32381841 19405677 12976164 5521510 4259783 1261727 1861440 1861440 16192983 OTHER LIABILITIES 224598 224598 X 13644039 -5219304 6363 -5212941 18856980 162671 3974707 4137378 22994358 14292332 6363 6363 14285969 162671 3974707 4137378 18423347 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS - INVENTORY 6,363. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION REDUCED BY FINANCIAL AID 3,974,707. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS - INVENTORY 6,363. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION REDUCED BY FINANCIAL AID 3,974,707. 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. 1 EAST ASIA AND THE PACIFIC GRANTMAKING 5000 EUROPE (INCLUDING ICELAND & GREENLAND) GRANTMAKING 67000 0 0 0 0 0 0 72000 0 72000 FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. EAST ASIA AND THE PACIFIC 1 5000 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 12000 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 45000 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 10000 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 GRAHAM-PELTON ASSOCIATES INC 101 FEDERAL STREET BOSTON MA 02110 FUNDRAISING CONSULTANTS 0 0 216688 -216688 216688 -216688 VT SCHEDULE G, PART I, LINE 2B, COLUMN (V) THE PUTNEY SCHOOL DID NOT HIRE ANY ORGANIZATION TO SOLICIT FUNDS DIRECTLY. THE ORGANIZATION WAS HIRED TO PROVIDE GUIDANCE, COACHING AND SYSTEM ANALYSIS FOR DEVELOPMENT. SCHEDULE G, PART I, LINE 2A THE PUTNEY SCHOOL DID NOT HIRE ANY ORGANIZATION TO SOLICIT FUNDS DIRECTLY. THE ORGANIZATION WAS HIRED TO PROVIDE GUIDANCE, COACHING AND SYSTEM ANALYSIS FOR DEVELOPMENT. 1 FINANCIAL AID GIVEN BY THE ORGANIZATION TO STUDENTS ATTENDING THE SCHOOL. 106 3902707 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 EMILY JONES HEAD OF SCHOOL/TRUSTEE 205031 0 0 0 310 0 10738 0 28697 0 244776 0 0 0 RANDALL SMITH TREASURER/CFO 154387 0 0 0 310 0 8391 0 80319 0 243407 0 0 0 JOHN BARRENGOS DIRECTOR OF ADMISSIONS 127581 0 0 0 263 0 7018 0 80512 0 215374 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, PATRICK O'CONNOR, KIMBERLY SHAW, AND JOHN BARRENGOS A VERMONT EDUCATIONAL AND HEALTH BUILDINGS FINANCING AGENCY 237154467 2022-05-17 CONTSTRUCTION - REVENUE BONDS (THE PUTNEY SCHOOL PROJECT) 2022 SERIES A 0 0 0 A 13000000 99713 12900287 0 0 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 12 THE REVENUE BOND IS A DRAW DOWN LOAN FOR CONSTRUCTION PURPOSES AND IS REASONABLY EXPECTED TO BE ADVANCED WITHIN THREE YEARS OF THE DATE OF ISSUANCE. AT JUNE 30, 2022, THESE FUNDS WERE NOT DRAWN DOWN. JENNIFER SMITH SPOUSE OF CFO 69336 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 598 FMV X 1 3700 FMV X 33 747974 FMV X 1 500 FMV X EQUESTRIAN SUPPLIES AND FRIESIAN GELDING 4 40900 FMV X TELESCOPES AND ACCESSORIES 2 1600 FMV X WEAVING/SEWING SUPPLIES AND EQUIPMENT 17 1506 FMV X LUMBER 1 1500 FMV X CERAMICS TOOLS AND SUPPLIES 1 300 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 BY THE ASSISTANT HEAD OF SCHOOL/CFO AND DIRECTOR OF FINANCE. 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.