2022-02-14T14:43:24-06:00 2021-03-31 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2020-04-01 050252708 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRES 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 JAMES M BURRESS DIRECTOR OF FINANCE 4018471000 2022-02-12 1 JAMES BURRESS 999009999 PAUL BALLASY P00852868 9592007000 2022-02-11 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z TRUDY COXE 424 BELLEVUE AVENUE NEWPORT RI 02840 18166557 0 X WWW.NEWPORTMANSIONS.ORG X 1945 RI TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES. 28 28 365 736 100896 0 5394788 9031444 16298242 4953408 2274768 3041514 1603393 610611 25571191 17636977 0 0 0 0 13661202 7772952 0 0 469781 11260046 7187872 24921248 14960824 649943 2676153 60327174 78393006 5737890 7255836 54589284 71137170 X THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S MISSION IS TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES IN ONE OF THE MOST HISTORICALLY INTACT CITIES IN AMERICA. WE HOLD IN PUBLIC TRUST THE NEWPORT MANSIONS, WHICH ARE AN INTEGRAL PART OF THE LIVING FABRIC OF NEWPORT, RHODE ISLAND. THESE SITES EXEMPLIFY THREE CENTURIES OF THE FINEST ACHIEVEMENTS IN AMERICAN ARCHITECTURE, DECORATIVE ARTS, AND LANDSCAPE DESIGN SPANNING THE COLONIAL ERA TO THE GILDED AGE. THROUGH OUR HISTORIC PROPERTIES, EDUCATIONAL PROGRAMS, AND RELATED ACTIVITIES WE ENGAGE THE PUBLIC IN THE STORY OF AMERICA'S VIBRANT CULTURAL HERITAGE. WE SEEK TO INSPIRE AND PROMOTE AN APPRECIATION OF THE VALUE OF PRESERVATION TO ENRICH THE LIVES OF PEOPLE EVERYWHERE. 0 0 12707840 5490422 THE PRESERVATION SOCIETY OF NEWPORT COUNTRY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMAN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND. 12707840 1 1 0 1 0 0 1 1 0 1 1 1 0 0 0 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 49 0 1 365 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X JAMES M BURRESS 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 MS MONTY BURNHAM CHAIRMAN 15.00 X X 0 0 0 MR WILLIAM N WOOD PRINCE VICE CHAIRMAN 5.00 X X 0 0 0 MR WILLIAM F LUCEY III TREASURER 10.00 X X 0 0 0 MR PETER W HARRIS SECRETARY 5.00 X X 0 0 0 MS JANET L ROBINSON ASST TREASURER 5.00 X X 0 0 0 MS CYNTHIA STEWART REED ASST SECRETARY 5.00 X X 0 0 0 MS HOLLY BANNISTER TRUSTEE 5.00 X 0 0 0 MR MORTIMER BERKOWITZ III TRUSTEE 5.00 X 0 0 0 MS MEG BRAFF TRUSTEE 5.00 X 0 0 0 MR WILLIAM CORCORAN JR TRUSTEE 5.00 X 0 0 0 MR ANGUS DAVIS TRUSTEE 5.00 X 0 0 0 MR II WILLIAM P EGAN TRUSTEE 5.00 X 0 0 0 MS CAROL J EPSTEIN TRUSTEE 5.00 X 0 0 0 MR PETER C ERICHSEN TRUSTEE 5.00 X 0 0 0 MR DAVID FORD OUTGOING TRUSTEE 5.00 X 0 0 0 MR STEVEN GEWIRZ TRUSTEE 5.00 X 0 0 0 MR WILLIAM F HATFIELD OUTGOING TRUSTEE 5.00 X 0 0 0 MS EADDO HAYES KIERNAN OUTGOING TRUSTEE 5.00 X 0 0 0 MS BEVERLY LITTLE TRUSTEE 5.00 X 0 0 0 MS ELIZABETH WRIGHT MCMILLEN TRUSTEE 5.00 X 0 0 0 MS ANN S MENCOFF TRUSTEE 5.00 X 0 0 0 MR JOHN MUGGERIDGE TRUSTEE 5.00 X 0 0 0 MS NAOMI NEVILLE TRUSTEE 5.00 X 0 0 0 MR JOHN PEIXINHO TRUSTEE 5.00 X 0 0 0 MS SUSAN C PETROVAS TRUSTEE 5.00 X 0 0 0 MR JOHN G PICERNE TRUSTEE 5.00 X 0 0 0 MR EARL POWELL TRUSTEE 5.00 X 0 0 0 MR TED SANDERSON TRUSTEE 5.00 X 0 0 0 MS JOCELYN C SHERMAN OUTGOING TRUSTEE 5.00 X 0 0 0 MS DALE VENTURINI TRUSTEE 5.00 X 0 0 0 MR MELVIN WESLEY TRUSTEE 5.00 X 0 0 0 MR WILLIAM F WILSON TRUSTEE 5.00 X 0 0 0 MS TRUDY COXE CEO & EXEC. DIR. 65.00 X 286546 0 37607 MR JAMES BURRESS DIRECTOR OF FINANCE 50.00 X 200806 0 12744 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 50.00 X 146053 0 8389 MS TARA FLYNN FRATES DIRECTOR OF DEVELOPMENT 50.00 X 131975 0 27552 MR TERRY DICKINSON CHIEF OF STAFF 50.00 X 130490 0 8003 MR JAMES DONAHUE LANDSCAPES CURATOR 50.00 X 112850 0 16088 MS PATRICIA MILLER CHIEF CONSERVATOR 50.00 X 107733 0 14700 1116453 0 125083 7 0 1 0 APOLLO ROOFING & SHEET METAL LLC 316 LOCKWOOD STREET PROVIDENCE RI 02907 ROOFING CONTRACTOR 906345 RP MARZILLI & COMPANY INC 21 TROTTER DR MEDWAY MA 02053 LANDSCAPE CONTRACTOR 315494 JAM CONSTRUCTION CO INC 1700 WEST MAIN ROAD MIDDLETOWN RI 02842 GENERAL CONTRACTOR 204740 DONOVAN & SONS INC 613 AQUIDNECK AVENUE MIDDLETOWN RI 02842 PLUMBING CONTRACTOR 159752 BARTLETT TREE EXPERTS 240 HIGHLAND AVENUE SEEKONK MA 12771 ARBORISTS 119690 5 744611 182383 2568046 5536404 98413 9031444 ADMISSIONS 900099 3916254 3916254 PROGRAM EVENTS 900099 1029811 1029811 REPRODUCTION INCOME 900099 7343 7343 4953408 326498 25902 300596 24000 0 24000 24000 24000 2725029 0 10013 2725029 -10013 2715016 2715016 17127 182383 42524 -25397 -25397 1089051 477043 612008 537014 74994 17636977 5490422 100896 3014215 503429 189987 255340 58102 5461335 4395362 792857 273116 207107 203088 -931 4950 847145 719795 88952 38398 753936 670618 49358 33960 145469 145469 45000 45000 131072 131072 225552 225552 130578 130578 25546 25546 610558 610558 1751 1751 1415 1415 65977 65977 884939 884939 978872 976785 1577 510 EQUIPMENT AND MAINTENAN 1930975 1720946 160314 49715 SPECIAL PROJECTS 716117 711950 4167 OTHER EXPENSES 543310 493505 38775 11030 SUPPLIES 205785 205785 544956 541095 3861 14960824 12707840 1783203 469781 476021 4654054 1793993 793845 1021281 962944 1167 44615 919246 697281 238628 130138 28049703 11477769 17199019 16571934 28790183 40761194 9273288 12838008 614348 938993 60327174 78393006 906683 1084545 883199 3591929 3333660 1640369 614348 938993 5737890 7255836 X 23841172 30225389 30748112 40911781 54589284 71137170 60327174 78393006 X 2676153 14313523 -441790 X X 0 1 X 1 1 1 X 5125067 6149562 5585013 5394788 9031444 31285874 16814809 18776604 19076885 19756944 5967465 80392707 21939876 24926166 24661898 25151732 14998909 111678581 821270 843802 1367921 652196 381660 4066849 0 821270 843802 1367921 652196 381660 4066849 107611732 623043 581093 627742 470602 324596 2627076 623043 581093 627742 470602 324596 2627076 100896 100896 35500 39500 34260 17127 126387 22562919 25542759 25329140 25656594 15441528 114532940 0.93960 0.92610 0.02290 0.02310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45000 45000 14915824 14960824 898041 224510 0 0 1000000 1000000 1000000 898041 3898041 5847062 22500 45000 67500 250000 250000 250000 224510 974510 1461765 FORM 990, SCHEDULE C, PART II-A THE ORGANIZATION DID NOT HAVE ANY OUT OF POCKET LOBBYING EXPENDITURES IN FY21. HOWEVER, THE ORGANIZATION DID HIRE A LOBBYING FIRM, DOME CONSULTANTS AND PAID THE FIRM $45,000. X X 9 40.00 6 0 0 1 1 10.00 230 X X X X 0 37871284 76108 17232522 1944006 53235908 42368425 150208 -2736775 1910574 37871284 42397139 180565 1920241 2129520 42368425 38535415 747297 4951731 1837304 42397139 35307545 878916 4082678 1733724 38535415 0.26100 0.73900 0 0 910050 910050 18512897 4759874 13753023 150931 116920 34011 8475825 6600975 1874850 16571934 ALTERNATIVE INVESTMENTS 12473660 F CHARITABLE REMAINDER TRUSTS 364348 F 12838008 DEFERRED COMPENSATION 938993 938993 X 32120325 14313523 223120 -441790 14094853 18025472 131072 -519567 -388495 17636977 15572439 223120 519567 742687 14829752 131072 131072 14960824 PART II, LINE 9: THE PRESERVATION SOCIETY OF NEWPORT COUNTY HOLDS CONSERVATION EASEMENTS ON NINE PROPERTIES, WHICH WERE FORMERLY OWNED BY THE SOCIETY. THE SOCIETY DOES NOT GENERALLY ACCEPT DONATED EASEMENTS NOR DOES IT PURCHASE EASEMENTS AS PART OF ITS PROGRAM ACTIVITIES. THERE IS NO VALUE ASSIGNED TO THE SOCIETY'S CONSERVATION EASEMENTS, AND NO FINANCIAL TRANSACTIONS ARISE FROM ITS EASEMENTS. THEREFORE, THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES OR THE STATEMENT OF FINANCIAL POSITION. PART III, LINE 1A: THE SOCIETY'S COLLECTIONS CONSIST OF HISTORIC MANSIONS AND LANDSCAPES AS WELL AS OBJECTS DISPLAYED IN THE MANSIONS, SUCH AS FINE ART, FURNISHINGS AND CLOTHING. THE HISTORICAL COLLECTIONS ARE NOT CAPITALIZED BY THE SOCIETY. IN ADDITION, THE SOCIETY DOES NOT CAPITALIZE REPAIRS OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS. ALL PURCHASES OF COLLECTION ITEMS ARE RESTORATION OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE EXPENDITURE IS MADE AND AMOUNTED TO APPROXIMATELY $1,784,000 AND $708,000 FOR THE YEARS ENDED MARCH 31, 2021 AND 2020, RESPECTIVELY. THE SOCIETY MAINTAINS A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION, AND DEACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. IN ACCORDANCE WITH THE POLICY OF NOT RECORDING COLLECTIONS IN THE FINANCIAL RECORDS, DONATED COLLECTION ITEMS RECEIVED DURING THE YEAR ARE NOT REFLECTED IN THE STATEMENTS OF ACTIVITIES. NO COLLECTION ITEMS WERE DONATED FOR THE YEARS ENDED MARCH 31, 2021 AND 2020. PART III, LINE 4: THE COLLECTIONS OF THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S HOUSE MUSEUMS, COMPRISING OVER 50,000 OBJECTS, REFLECT THE ORGANIZATION'S MISSION TO PRESENT AND PRESERVE AMERICAN ARCHITECTURE AND DECORATIVE ARTS SPANNING THE COLONIAL ERA TO THE GILDED AGE. THE COLLECTIONS, OTHER THAN ARCHIVAL MATERIALS AND FRAGILE TEXTILES, ARE PERMANENTLY EXHIBITED IN THEIR ORIGINAL HISTORIC CONTEXT OF DOMESTIC INTERIORS AND REFLECT A UNIQUE SURVEY OF THE EVOLUTION OF AMERICAN DESIGN. PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING MAINTAINING THE HISTORIC HOUSES AND OTHER HISTORICAL TREASURES IN THE ORGANIZATION'S COLLECTIONS AND SUPPORTING CERTAIN ANNUAL EDUCATIONAL EVENTS. PART X, LINE 2: THE SOCIETY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A MORE LIKELY THAN NOT THRESHOLD. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE SOCIETY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AND ITS DETERMINATION AS TO WHAT INCOME IS RELATED AND UNRELATED AS ITS ONLY SIGNIFICANT TAX POSITIONS; HOWEVER, THE SOCIETY HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SOCIETY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAX JURISDICTIONS. THE SOCIETY'S FEDERAL TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENT 71,671. ADOPTION OF NEW ACCOUNTING STANDARD -513,461. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -477,043. FUNDRAISING EXPENSES -42,524. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOOD SOLD 477,043. FUNDRAISING EXPENSES 42,524. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5082916 0 0 0 0 0 0 5082916 0 5082916 0 0 0 0 1 0 PART III ACCOUNTING METHOD: GOLF OUTING 199510 182383 17127 1137 13075 4052 24260 199510 182383 17127 1137 13075 4052 24260 42524 -25397 X X X X 0 0 0 0 0 0 0 0 0 MS TRUDY COXE CEO & EXEC. DIR. 254073 0 0 0 32473 0 16711 0 20896 0 324153 0 0 0 MR JAMES BURRESS DIRECTOR OF FINANCE 170132 0 0 0 30674 0 11423 0 1321 0 213550 0 0 0 MS TARA FLYNN FRATES DIRECTOR OF DEVELOPMENT 130203 0 0 0 1772 0 6106 0 21446 0 159527 0 0 0 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 136921 0 0 0 9132 0 8225 0 164 0 154442 0 0 0 FORM 990 SCHEDULE J COLUMN BIII AN AMOUNT OF $19,500 IS INCLUDED IN SCHEDULE J, PART II COLUMN B (III) WHICH IS A VOLUNTARY 457(B) PAYROLL DEDUCTION CONTRIBUTION MADE BY THE PARTICIPANT WHICH IS FULLY VESTED. X 5 64863 FMV X EVENT SUPPLIES 12 33550 FMV 0 1 0 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: FOR CONTRIBUTIONS OF ITEMS WHICH ARE ACCESSIONED, THE ORGANIZATION IDENTIFIES EACH GIFT RECEIVED AND REPORTS THE TOTAL NUMBER OF GIFTS (SOME GIFTS CONTAIN MULTIPLE ITEMS). FOR OTHER TYPES OF NON-CASH CONTRIBUTIONS, THE ORGANIZATION IDENTIFIES EACH DONOR BY PURPOSE, SUCH AS A SPECIFIC EVENT. THE ORGANIZATION REPORTS THE SUM OF THE TOTAL NUMBER OF CONTRIBUTORS FOR EACH PURPOSE. SOME CONTRIBUTORS ARE INCLUDED MULTIPLE TIMES, FOR EACH DISCRETE INSTANCE OF PROVIDING A NON-CASH CONTRIBUTION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 HAS BEEN PREPARED BY THE SOCIETY'S EXTERNAL AUDITORS AND REVIEWED IN DRAFT WITH THE CHIEF EXECUTIVE OFFICER, DIRECTOR OF FINANCE AND THE AUDIT COMMITTEE. CORRECTIONS AND CHANGES WERE MADE AS NECESSARY. THE BOARD HAS DELEGATED THE PROCESS OF REVIEWING THE 990 TO THE DIRECTOR OF FINANCE, THE CHIEF EXECUTIVE OFFICER, AND THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION'S CODE OF ETHICS IS PROVIDED TO ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES. THESE PEOPLE ARE ASKED TO REVIEW THE CODE AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND IT, HAVE REPORTED ALL POTENTIAL CONFLICTS DURING THE PAST YEAR IN ACCORDANCE WITH THE POLICY AND WILL REPORT ALL POTENTIAL CONFLICTS DURING THE COMING YEAR. ALL POTENTIAL CONFLICTS ARE EVALUATED BY THE BOARD TO DETERMINE IF A CONFLICT ACTUALLY EXISTS. IN THOSE INSTANCES WHERE THE POTENTIAL TRANSACTION IS A CONFLICT THE BOARD EXAMINES THE TRANSACTION AND A VOTE IS TAKEN (WITH THOSE INVOLVED RECUSING THEMSELVES) AS TO WHETHER THE ORGANIZATION WILL ENTER INTO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTED A PERFORMANCE REVIEW AND EVALUATION OF THE CEO MOST RECENTLY IN 2019, WHICH ALSO ESTABLISHED THE CEO'S COMPENSATION FOR THE FOLLOWING YEAR. THE COMMITTEE REVIEWED COMPARABILITY DATA FOR THE CEO, AS WELL AS THE DIRECTOR OF FINANCE, USING COMPENSATION FOR COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS AS COMPILED BY AN INDEPENDENT EXPERT. THE PAY FOR ALL EMPLOYEES, INCLUDING THE DIRECTOR OF FINANCE, IS ESTABLISHED BY THE CHIEF EXECUTIVE OFFICER. 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, FINANCIAL STATEMENTS AND PUBLIC TAX RETURNS AVAILABLE UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CURRENTLY DOES NOT CHARGE FOR THE COPIES. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENT 71,671. NET ASSET AFFECT OF ADOPTION OF ASU 606 -513,461. FORM 990 PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES MADE TO THE ORGANIZATION'S OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR. PSNC HOLDINGS INC 424 BELLEVUE AVE NEWPORT RI 02840 050479546 HOLDS TITLE TO WAREHOUSE HOUSING PSNC INVENTORY RI 501(C)(2) THE PRESERVATION SOCIETY OF NEWPORT COUNTY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0