2023-11-06T16:14:41-06:00 2022-12-31 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2022-01-01 050317816 NEWPORT RESTORATION FOUNDATION NEWP 4018497300 51 TOURO STREET NEWPORT RI 02840 FRANKLIN VAGNONE PRESIDENT 4018497300 2023-11-03 1 FRANKLIN VAGNONE 999009999 1 PATRICK J MARTIN P00283486 4012742001 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z FRANKLIN VAGNONE 51 TOURO STREET NEWPORT RI 02840 9437181 0 X WWW.NEWPORTRESTORATION.ORG X 1969 RI NRF PROMOTES AND INVESTS IN THE HERITAGE OF THE NEWPORT COMMUNITY, THE TRADITIONAL BUILDING TRADES, AND DORIS DUKE'S FINE AND DECORATIVE ARTS AND COLLECTIONS, FOR THE ENJOYMENT, EDUCATION AND INSPIRATION TO ALL. 6 6 68 0 0 0 4040616 6112918 2666204 2809502 346712 203688 172195 177031 7225727 9303139 1385 350 0 0 2591044 2725706 0 0 0 3462770 3541554 6055199 6267610 1170528 3035529 38992264 39101709 2410475 1331863 36581789 37769846 X NRF PROMOTES AND INVESTS IN THE HERITAGE OF THE NEWPORT COMMUNITY, THE TRADITIONAL BUILDING TRADES, AND DORIS DUKE'S FINE AND DECORATIVE ARTS AND COLLECTIONS, FOR THE ENJOYMENT, EDUCATION AND INSPIRATION TO ALL. 0 0 2973690 350 501031 ROUGH POINT IS A MUSEUM, OPEN TO THE PUBLIC, SHOWCASING FINE AND DECORATIVE ARTS FROM 15TH CENTURY TAPESTRIES TO 20TH CENTURY FASHION. 2529500 2488031 THE FOUNDATION OWNS, PRESERVES, AND MAINTAINS APPROXIMATELY 70 18TH AND 19TH CENTURY HOUSES ON AQUIDNECK ISLAND, PREDOMINANTLY IN NEWPORT. THE HOUSES ARE RENTED TO TENANT STEWARDS. 121837 7437 WHITEHORNE IS OPEN TO THE PUBLIC AND IS THE ONLY MUSEUM IN THE WORLD DEDICATED TO DISPLAYING AND EXPLORING THE ARTISTRY, HISTORY, AND CULTURE OF 18TH CENTURY NEWPORT FURNITURE AND RELATED DECORATIVE ARTS. 55348 4005 PRESCOTT FARM, OPEN DAILY TO THE PUBLIC, FEATURES AN 1812 WINDMILL, HISTORIC BUILDINGS, GARDENS AND WALKING TRAILS. PUBLIC PROGRAMS ARE ALSO OFFERED RANGING FROM STONE WALL WORKSHOPS TO FAMILY WINDWILL OPEN HOUSES. 55348 4005 5680375 1 1 0 0 0 0 1 1 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 68 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 6 6 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X THE ORGANIZATION 4018497300 51 TOURO STREET NEWPORT RI 02840 JAMES ROSS PRESIDENT (TO 12/22) 0.40 X X 0 0 0 DR M THERESE ANTONE TREASURER 0.20 X X 0 0 0 FRANKLIN VAGNONE PRESIDENT (AS OF 7/22) 0.40 X X 205934 0 11382 MIKEL FOLCARELLI SECRETARY 0.20 X X 0 0 0 EDITH MCBEAN MEMBER AT LARGE 0.20 X 0 0 0 PHILIP MARSHALL MEMBER AT LARGE 0.20 X 0 0 0 AMELIA AMY BERKOWITZ MEMBER AT LARGE 0.20 X 0 0 0 MARK THOMPSON EXECUTIVE DIRECTOR (TO 5/31/22) 40.00 X 116389 0 9745 AMY ELIZABETH WINSOR CHIEF OPERATING OFFICER 40.00 X 137143 0 15739 ERIK GREENBERG DIRECTOR OF MUSEUMS 40.00 X 118118 0 21902 ALYSSA LOZUPONE DIRECTOR OF PRESERVATION 40.00 X 102182 0 11248 679766 0 70016 6 0 1 0 CONSIGLI CONTRUCTION CO INC 72 SUMMER ST MILFORD MA 01757 CONSTRUCTION 3342655 DF DWYER INSURANCE 38 BELLEVUE AVENUE NEWPORT RI 02840 INSURANCE 175308 SECURITIAS SECURITY SERVICES USA INC PO BOX 403412 ATLANTA GA 30384 SECURITY 156369 DBVW ARCHITECTS 111 CHESTNUT ST PROVIDENCE RI 02903 ARCHITECT 111009 4 81962 6030956 12076 6112918 RENTAL INCOME 532000 2486696 2486696 ADMISSIONS 713990 305011 305011 PROGRAM INCOME 713990 17795 17795 2809502 193982 193982 257 257 81505 45966 53758 64007 27747 -18041 9706 9706 560 81962 16277 -15717 -15717 33842 0 33842 33842 MISCELLANOUS 621610 158649 157160 1489 158649 9303139 3000504 0 189717 350 350 403450 346967 56483 1854688 1521319 333369 79009 67948 11061 162893 142046 20847 225666 194073 31593 16261 13984 2277 36500 31390 5110 408090 364215 43875 55483 55483 274886 249376 25510 49188 42302 6886 1219715 1200946 18769 19314 16787 2527 1093273 1075087 18186 332702 326506 6196 DUES AND SUBSCRIPTION 32472 27926 4546 BAD DEBT EXPENSE 3670 3670 6267610 5680375 587235 0 3451611 2846813 19401 53681 2688590 3131780 72752 61335 208742 229628 44794536 20292026 22532503 24502510 10018665 8275962 38992264 39101709 1866174 739942 544301 591921 2410475 1331863 X 29667924 30012164 6913865 7757682 36581789 37769846 38992264 39101709 3035529 -1847472 0 X X 0 1 X 1 0 X 2785021 2944927 2975315 4040616 6112918 18858797 2384409 2423097 2311932 2691427 357208 10168073 5169430 5368024 5287247 6732043 6470126 29026870 63576 63576 0 63576 63576 28963294 260361 342685 369851 199919 2680935 3853751 260361 342685 369851 199919 2680935 3853751 153707 158649 312356 5429791 5710709 5657098 7085669 9309710 33192977 0.87260 0.94740 0.11610 0.04730 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 2831.00 1 0 0 1 0 8.00 0 X X X X 0 5598431 5598431 36141520 18755069 17386451 1422715 1151207 271508 1631870 385750 1246120 24502510 VANGUARD MUSEUM OBJECTS FUND 7438017 F VANGUARD PRESERVATION FUND 837945 F 8275962 TENANT SECURITY DEPOSIT 158641 ASSET RETIREMENT OBLIGATION 433280 591921 X PART III, LINE 4: ROUGH POINT, DORIS DUKE'S NEWPORT MANSION WHICH IS HOME TO A SIGNIFICANT COLLECTION OF EUROPEAN PAINTINGS, FURNITURE, AND TEXTILES, AND OTHER EUROPEAN AND ASIAN DECORATIVE ARTS; WHITEHORNE HOUSE MUSEUM, FEATURING 18TH- AND EARLY 19TH-CENTURY NEWPORT FURNITURE AND DECORATIVE ARTS. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAXES AS A PRIVATE FOUNDATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH THEIR TAX-EXEMPT STATUS AT BOTH THE STATE AND FEDERAL LEVEL. THE ORGANIZATION ANNUALLY FILES IRS FORMS 990-PF RETURN OF PRIVATE FOUNDATION REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX EXEMPT ENTITIES. THE TAX RETURNS ARE SUBJECT TO REVIEW BY THE TAXING AUTHORITIES AND THE FEDERAL INCOME TAX RETURNS FOR 2018, 2019, AND 2020 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. DORIS DUKE PRESERVATION AWARD 82522 81962 560 765 9918 5594 82522 81962 560 765 9918 5594 16277 -15717 X 1 1 X X X 1 0 0 0 0 0 0 0 0 FRANKLIN VAGNONE PRESIDENT (AS OF 7/22) 144231 0 0 0 61703 0 6490 0 4892 0 217316 0 0 0 AMY ELIZABETH WINSOR CHIEF OPERATING OFFICER 134067 0 2416 0 660 0 6033 0 9706 0 152882 0 0 0 PART I, LINE 1A FRANKLIN VAGNONE'S CONTRACT PROIVIDES HIM WITH RESIDENTIAL HOUSING (NRF'S OWNED PROPERTY). THE FAIR MARKET VALUE OF RENT IN 2022 WAS $19,200. PART I, LINE 4A MARK THOMPSON RECEIVED A $30,000 SEVERANCE PAYMENT IN 2022. MARK THOMPSON OFFICER FOR NRF 11200 NRF LEASES SPACE TO OFFICER 0 FORM 990, PART VI, SECTION A, LINE 4 CHANGES TO THE BYLAWS INCLUDED SECTION 3.04 TERM OF OFFICER AND QUALIFICATION. A TRUSTEE TERM SHALL CONSIST OF THREE (3) YEARS. NO TRUSTEE SHALL SERVE MORE THAN THREE (3) CONSECUTIVE TERMS, NINE (9) IN TOTAL, EXCEPT IN CASES DEEMED NECESSARY BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS AND REVIEWED BY MANAGEMENT. ONCE ALL ARE SATISFIED WITH THE FORM, IT IS FINALIZED AND A COPY IS SENT TO ALL BOARD MEMBERS. AT THE SUBSEQUENT BOARD MEETING THE BOARD IS ASKED IF THEY HAVE ANY QUESTIONS OR COMMENTS AND A GENERAL REVIEW OF THE FORM IS CONDUCTED BY MANAGEMENT. REVISIONS, CORRECTIONS, ETC. ARE MADE AS NECESSARY. SUBSEQUENT TO THIS MEETING THE FORM IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES MUST DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST TO THE EXECUTIVE DIRECTOR OF NRF AND MEMBERS OF THE BOARD OF DIRECTORS AND THE EXECUTIVE DIRECTOR MUST DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST TO THE BOARD OF DIRECTORS. NRF SHALL NOT PROCEED WITH OR CONTINUE ANY TRANSACTION OR RELATIONSHIP INVOLVING AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST WITHOUT THE APPROVAL OF THE EXECUTIVE DIRECTOR OR THE BOARD OF DIRECTORS, AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, DESIGNATED, INDEPENDENT MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD CONDUCT A PERFORMANCE REVIEW AND EVALUATION OF THE EXECUTIVE DIRECTOR. THE REVIEW ALSO ESTABLISHES THE INDIVIDUAL'S COMPENSATION FOR THE FOLLOWING YEAR. THE PROCESS INVOLVES EVALUATION OF THE INDIVIDUAL. THE REVIEW AND DECISION ARE NOTED IN THE RECORDS OF THE EXECUTIVE COMMITTEE. IN THE EVENT THE EXECUTIVE DIRECTOR'S COMPENSATION IS PROPOSED TO BE INCREASED BY MORE THAN THE PERCENTAGE INCREASE GIVEN GENERALLY TO EMPLOYEES ACROSS THE BOARD, THE EXECUTIVE COMMITTEE WILL REVIEW COMPARABLE COMPENSATION DATA FROM SIMILAR ORGANIZATIONS AND OBTAIN SUCH OTHER INFORMATION AS MAY BE NECESSARY TO INDICATE THAT THE PROPOSED COMPENSATION IS REASONABLE. THE PROPOSED COMPENSATION IS PRESENTED TO THE BOARD FOR APPROVAL AND THE BOARD'S DELIBERATION AND DECISION ARE NOTED IN THE MINUTES OF THE MEETING. THE EXECUTIVE DIRECTOR ESTABLISHES THE COMPENSATION OF THE SENIOR MANAGEMENT TEAM AND REVIEWS THE PERFORMANCE EVALUATIONS AND RECOMMENDATIONS WITH THE EXECUTIVE COMMITTEE. THE EVALUATIONS AND COMPENSATION ARE DISCUSSED BY THE EXECUTIVE COMMITTEE, BUT NO VOTE OF APPROVAL OF THE EXECUTIVE DIRECTOR'S DECISION BY THE BOARD OR EXECUTIVE COMMITTEE IS REQUIRED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS (ARTICLES OF INCORPORATION AND BY-LAWS), ITS CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES UPON REQUEST OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CHARGES FOR THE COPIES IN ACCORDANCE WITH IRS REGULATIONS. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE ORGANIZATION'S OVERSIGT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.