2022-03-24T16:45:00-05:00 2021-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2020-07-01 050470320 IYRS SCHOOL OF TECHNOLOGY & TRADES SCHOOL INC IYRS 4018485777 449 THAMES STREET NEWPORT RI 02840 JAY COOGAN PRESIDENT 4018485777 2022-03-24 1 JAY COOGAN 999009999 SANDY ROSS P01399337 4012742001 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAY COOGAN 449 THAMES STREET NEWPORT RI 02840 7102547 0 X WWW.IYRS.EDU X 1993 RI IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREER AND IN LIFE. 29 29 31 0 0 0 2452718 4359404 1780666 2284865 289279 108771 313849 202880 4836512 6955920 0 338860 0 0 2160853 1986752 0 0 368105 2054521 2054707 4215374 4380319 621138 2575601 26980906 26287190 8800649 5473254 18180257 20813936 X IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREER AND IN LIFE. 0 0 3296440 338860 1994259 IYRS OFFERS FIVE, ACCSC-ACCREDITED PROGRAMS THAT RANGE IN DURATION FROM 6 TO 20 MONTHS. THE BOATBUILDING & RESTORATION IS A TWO-YEAR PROGRAM ABOUT MASTERING A CRAFT BASED ON THE FUNDAMENTALS OF WOODENN BOATBUILDING. THE MARINE STYSTEMS IS A 6-MONTH PROGRAM THAT TRAINS STUDENTS TO INSTALL, REPAIR AND MAINTAIN EVERY ESSENTIAL SYSTEM ON BOATS OF ALL SIZES: ELECTRICAL, NAVIGAION, ELECTRONICS, STEERING, DIESEL ENGINES, PLUMBING, FIREFIGHTING, HVAC, REFRIGERATION AND MORE. THE COMPOSITES TECHNOLOGY IS A 6 MONTH PROGRAM THAT HAS FOUR CORNERSTONES: COMPOSITES FUNDAMENTALS, COMPOSITES MANUFACTURING METHODS, COMPOSITES TOOLING DEVELOPMENT, AND COMPOSITES REPAIR AND REFINISHING. THE COMBINED PROGRAM IN COMPOSITES TECHNOLOGY AND MARINE SYSTEMS PROGRAM IS 11 MONTHS, WHERE STUDENTS ATTEND BOTH PROGRAMS AND COMPLETE THE PROGRAM WITH ONE EXTERNSHIP. THE DIGITAL MODELING & FABRICATION IS A 9 MONTH PROGRAM THAT IS A TECHNICAL SKILL BUILDING PLATFORM FOR THE MODERN MAKER OR MANUFACTURER. 106018 290606 IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS WHICH PROVIDE STUDENTS OPPORTUNITIES FOR HANDS-ON WORK, AND OWNS A TEMPORARY BUILDING USED FOR THE RESTORATION OF THE YACHT "CORONET". IN ADDITION, IYRS MANGES OTHER RELATED ORGANIZATIONS. 3402458 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 23 0 31 0 0 0 0 0 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 RI X MONIKA MILLER DIRECTOR OF FINANCE & ADMIN 4018485777 449 THAMES STREET NEWPORT RI 02840 JAY COOGAN PRESIDENT/CEO 50.00 2.00 X X 273950 0 17186 CONNELL CHRISTOPHER CANNON CHAIRMAN 0.50 X X 0 0 0 RONALD P O'HANLEY VICE-CHAIRMAN 0.50 X X 0 0 0 DARRELL CRATE TREASURER 0.50 X X 0 0 0 MICHAEL J DOMINGUEZ SECRETARY 0.50 X X 0 0 0 MALCOLM D CLARKE JR TRUSTEE 0.50 X 0 0 0 PETER DENTON TRUSTEE 0.50 X 0 0 0 JOSEPH T DOCKERY ENDED 92020 TRUSTEE 0.50 X 0 0 0 BILL FIRTH TRUSTEE 0.50 X 0 0 0 JUERGEN FRIEDRICH ENDED 92020 TRUSTEE 0.50 X 0 0 0 GLENN F FULLER ENDED 92020 TRUSTEE 0.50 X 0 0 0 STEPHEN L GLASCOCK TRUSTEE 0.50 X 0 0 0 LAWRENCE GLENN TRUSTEE 0.50 X 0 0 0 DEBORAH L HADLEY TRUSTEE 0.50 X 0 0 0 CLARE HARRINGTON TRUSTEE 0.50 X 0 0 0 JAMES A HILTON ENDED 22021 TRUSTEE 0.50 X 0 0 0 RALPH ISHAM TRUSTEE 0.50 X 0 0 0 WILLIAM KAHANE TREASURER 0.50 X 0 0 0 JOHN L KLINCK JR TRUSTEE 0.50 X 0 0 0 TERRY L LANZA TRUSTEE 0.50 X 0 0 0 BILL MORONG TRUSTEE 0.50 X 0 0 0 DOUGLAS L NEWHOUSE TRUSTEE 0.50 X 0 0 0 HARRY REIN ENDED 092020 TRUSTEE 0.50 X 0 0 0 MARK E WATSON ENDED 092020 TRUSTEE 0.50 X 0 0 0 J STEVEN WHITE TRUSTEE 0.50 X 0 0 0 NORA MEAH DIR. OF ADMISSIONS & MARKE 40.00 X 110630 0 6952 THOMAS FERRELL STARTED 102020 TRUSTEE 0.50 X 0 0 0 GEORGE BAKER STARTED 102020 TRUSTEE 0.50 X 0 0 0 SEAN NEWTH STARTED 102020 TRUSTEE 0.50 X 0 0 0 LISA CHEEK STARTED 92019 TRUSTEE 0.50 X 0 0 0 RONALD DUNBAR STARTED 102020 TRUSTEE 0.50 X 0 0 0 DAISY D'ISERNIA STARTED 102020 TRUSTEE 0.50 X 0 0 0 ROBERT FLAXMAN STARTED 102020 TRUSTEE 0.50 X 0 0 0 CARTER RICHARDSON STARTED 092019 TRUSTEE 0.50 X 0 0 0 DANIEL OGDEN STARTED 102020 TRUSTEE 0.50 X 0 0 0 LISA LEFORT STARTED 102020 TRUSTEE 0.50 X 0 0 0 MONIKA MILLER DIRECTOR OF FINANCE AND ADMINISTRATION 50.00 X 84338 0 11172 468918 0 35310 2 0 1 0 FARRAR & ASSOCIATES 31A BRIDGE STREET NEWPORT RI 02840 CONSTRUCTION 248680 1 412433 357100 3589871 484117 4359404 SCHOOL 611519 1786694 1786694 MARINA 713990 290606 290606 MANAGEMENT FEES 900099 200465 200465 CONTRACT REVENUE 900099 7100 7100 2284865 93679 93679 52472 0 52472 52472 52472 98179 83087 15092 15092 15092 114600 412433 63540 51060 51060 PROCEEDS FROM INSURANC 900099 93227 93227 OTHER INCOME 900099 6121 6121 99348 6955920 2451777 0 144739 338860 338860 344593 144246 105290 95057 1428093 1063156 193279 171658 22039 16813 512 4714 63329 59355 3974 128698 85814 22466 20418 16948 1700 15248 51720 51720 121731 111914 7221 2596 107317 104124 106 3087 275447 181499 84386 9562 113400 86705 14271 12424 476740 387940 47985 40815 532 403 2 127 758 396 362 169596 167903 1693 524567 501295 22017 1255 149770 133677 12772 3321 DUES AND FEES 31291 16658 11562 3071 BAD DEBT EXPENSE 14890 14890 4380319 3402458 609756 368105 749048 559105 3821148 3493702 136513 50 1711770 1849569 11215 8712 196785 223939 16237518 3837013 12790396 12400505 1294936 1570411 5292569 5292569 976526 888628 26980906 26287190 521041 383464 511824 545059 7088460 4534460 210396 468928 10271 8800649 5473254 X 15660676 19064148 2519581 1749788 18180257 20813936 26980906 26287190 2575601 58078 0 X 0 0 0 X 3138970 2713495 2148628 2452718 4865638 15319449 2713984 2621872 2294811 2651127 2310191 12591985 5852954 5335367 4443439 5103845 7175829 27911434 707199 876827 463898 1913735 273751 4235410 0 707199 876827 463898 1913735 273751 4235410 23676024 63364 171090 110805 131395 126280 602934 63364 171090 110805 131395 126280 602934 100228 32722 50816 62382 99348 345496 6016546 5539179 4605060 5297622 7401457 28859864 0.82040 0.79700 0.02090 0.02010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 597150 14588 20000 591738 629179 -13379 18650 597150 584602 25000 36677 17100 629179 541477 30000 30625 17500 584602 496806 35000 28971 19300 541477 0.00000 0.92520 0.07475 0 0 3828668 3828668 10157297 2074837 8082460 94536 62031 32505 2157017 1700145 456872 12400505 INVESTMENT IN SUBSIDIARY 5292569 C 5292569 CAPITAL LEASE OBLIGATIONS 10271 10271 X 6675138 58078 58078 6617060 338860 338860 6955920 4041459 0 4041459 338860 338860 4380319 PART V, LINE 4: IYRS'S ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS ESTABLISHED TO SUPPORT SCHOLARSHIPS FOR THE SCHOOL, INCLUDING THE ACCUMULATED APPRECIATION OF THOSE FUNDS. PART X, LINE 2: IYRS IS EXEMPT FROM FEDERAL INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH ITS TAX-EXEMPT STATUS AT BOTH THE FEDERAL AND STATE LEVELS. IYRS ANNUALLY FILES IRS FORM 990 - RETURN OF ORGANIZATIONS EXEMPT FROM INCOME TAX, REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX-EXEMPT ENTITIES. THESE TAX RETURNS ARE SUBJECT TO REVIEW BY THE TAXING AUTHORITIES. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. GALA 521627 412433 109194 60285 CLASSIC YACHT REGATTA 5406 5406 3255 1 527033 412433 114600 63540 63540 51060 1 SCHOLARSHIPS 338860 FAIR MARKET VALUE X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JAY COOGAN PRESIDENT/CEO 273950 0 0 0 0 0 9782 0 7404 0 291136 0 0 0 PART I, LINE 1A IYRS PAYS FOR THE PRESIDENT'S MEMBERSHIP IN THE NEW YORK YACHT CLUB, A MEMBERSHIP DIRECTLY RELATED TO HIS PROGRAMMATIC AND FUNDRAISING WORK. PART I, LINE 1B THE EXPENSE FOR THE MEMBERSHIP IS PART OF THE COMPENSATION CONTRACT AND IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. A RHODE ISLAND COMMERCE CORPORATION SERIES 2016A 050356994 2016-10-28 6000000 REFINANCE/FINANCE CONSTRUCTION OF NEW BUILDING 0 0 0 B RHODE ISLAND COMMERCE CORPORATION SERIES 2016B 050356994 2016-10-28 2100000 REFINANCE/FINANCE CONSTRUCTION OF NEW BUILDING 0 0 0 A 6000000 6000000 2017 0 0 0 0 B 2100000 2100000 2017 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 X 13 434358 STOCK EXCHANGE VALUE X DONATED GOODS AND PROPERTY 50 49759 DONOR STATED VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE SENIOR STAFF ACCOUNTANT AND DIRECTOR OF FINANCE AND ADMINISTRATION BOTH REVIEW THE 990 PRIOR TO FILING AND WORK CLOSELY WITH THE EXTERNAL TAX TEAM. ONCE THEY ARE SATISFIED WITH THE FORM, IT IS SHARED WITH THE FINANCE COMMITTEE ELECTRONICALLY, AND THEN WITH THE BOARD OF TRUSTEES. THE COMMITTEE AND BOARD ARE ASKED IF THEY HAVE ANY QUESTIONS OR COMMENTS, WHICH ARE REVIEWED ELECTRONICALLY. ONCE THERE ARE NO FURTHER CHANGES, THE FORM IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PROVIDED TO ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES. ANNUALLY, THESE INDIVIDUALS ARE ASKED TO REVIEW THE POLICY AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND THE POLICY, 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 CHAIR OF THE BOARD OF TRUSTEES 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 15A ANNUALLY, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A PERFORMANCE REVIEW AND EVALUATION OF THE PRESIDENT, ESTABLISHING THE PRESIDENT'S COMPENSATION BASED ON THE EVALUATION OF THE PRESIDENT AND CONSIDERATION OF A SALARY SURVEY OF COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS. THE NEW PRESIDENT WAS HIRED AS OF OCTOBER 1, 2018 WITH A 5 YEAR CONTRACT THROUGH DECEMBER, 2023. THE PAY FOR ALL OTHER EMPLOYEES, INCLUDING THE CHIEF OPERATIONS & FINANCIAL OFFICER, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES, IS DETERMINED BY THE PRESIDENT. HOWEVER, THE BOARD OF TRUSTEES APPROVES THE BUDGET WHICH INCLUDES EMPLOYEE SALARIES, AND A SALARY WORKSHEET IS AVAILABLE TO ALL EXECUTIVE COMMITTEE MEMBERS UPON REQUEST. 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. 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. MILL RESTORATION LLC 449 THAMES ST NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC EXCLUDED 390891 5969352 1 0 1.00000 RESTORATION LEASING LLC 449 THAMES ST NEWPORT RI 02840 261134383 REAL ESTATE RI EXCLUDED 606827 456134 1 1 1.00000 RESTORATION MANAGEMENT INC 449 THAMES ST NEWPORT RI 02840 261126450 REAL ESTATE RI C 40000 3904771 1.00000 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 RESTORATION LEASING LLC K 425891 ACTUAL CASH PAID RESTORATION LEASING LLC L 43239 ACTUAL CASH RECEIVED RESTORATION LEASING LLC J 149924 ACTUAL CASH RECEIVED RESTORATION MANAGEMENT INC L 40000 ACTUAL CASH RECEIVED