2022-05-11T10:16:48-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2020-07-01 060646888 SALISBURY SCHOOL INC SALI 8604355711 251 CANAAN RD SALISBURY CT 06068 JOSEPHINE LEARY BUSINESS MANAGER 8604355711 2022-05-10 1 JOSEPHINE LEARY 999009999 JOHN TOSCANO P00358542 8605614000 2022-05-09 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHISHOLM CHANDLER 251 CANAAN RD SALISBURY CT 06068 33749815 0 X WWW.SALISBURYSCHOOL.ORG X 1901 CT EDUCATION: SALISBURY SCHOOL IS AN INDEPENDENT BOY'S SECONDARY SCHOOL(GRADES 9 THROUGH 12) FOR BOARDING AND DAY STUDENTS. THESCHOOL RECRUITS STUDENTS FROM AROUND THE WORLD. 27 27 205 27 -55813 0 5187267 7529924 20378265 20737462 1617883 3622264 252374 4705 27435789 31894355 4134691 4581608 0 0 12236293 12037464 0 0 1448967 10694601 10059953 27065585 26679025 370204 5215330 183556815 220053880 53715701 54815181 129841114 165238699 X SALISBURY SCHOOL WAS FOUNDED TO INSTILL A VIBRANT ENTHUSIASM FOR LEARNING AND THE SELF-CONFIDENCE NEEDED FOR INTELLECTUAL, PHYSICAL, MORAL AND SPIRITUAL DEVELOPMENT. THOUGH WE ARE A NON-DENOMINATIONAL SCHOOL OPEN TO BOYS OF ALL BELIEF SYSTEMS, SPIRITUAL EXPLORATION IS ONE OF OUR CORE TRADITIONS.BUILT ON ESSENTIAL CORE VALUES, THE SCHOOL'S UNIQUE CULTURE PROMOTES BROTHERHOOD, CREATIVITY, EMPATHY, HUMILITY, INTEGRITY, LEADERSHIP AND RESPECT. SALISBURY GRADUATES ARE MEN OF CHARACTER AND PROMISE WHO ARE PREPARED TO MEET THE CHALLENGES OF COLLEGE AND ADULTHOOD AND TO MAKE A DIFFERENCE IN AN ENTREPRENEURIAL, TECHNOLOGICAL AND COSMOPOLITAN WORLD. 0 0 20675247 4581608 20742167 SALISBURY SCHOOL IS AN INDEPENDENT BOY'S SECONDARY SCHOOL(GRADES 9 THROUGH 12) FOR APPROXIMATELY 300 BOARDING AND DAY STUDENTS. THE SCHOOL ALSO PROVIDES AN INDEPENDENT READING AND ENGLISH CO-ED SUMMER SCHOOL FOR STUDENTS IN GRADES 8 THROUGH 12. THE PROGRAM WAS NOT HELD DURING THE FISCAL YEAR ENDED JUNE 30, 2021 OR 2020 DUE TO THE PANDEMIC. 20675247 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 0 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 43 0 1 205 1 0 0 0 0 0 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X JOSEPHINE LEARY 8604355711 251 CANAAN RD SALISBURY CT 06068 CHISHOLM S CHANDLER HEADMASTER 40.00 X 385290 0 149554 JOSEPHINE LEARY INTERIM CFO (AS OF 7/1/2020) 40.00 X 198138 0 19800 ROBERT D WYNNE ASSISTANT HEADMASTER 40.00 X 338823 0 135154 PETER GILBERT ASST HEAD OF SCHOOL FOR INSTITUTIONAL ADVANCEMENT 40.00 X 226082 0 106656 SHANA STALKER DIR. OF COMMUNICATIONSAND MARKETING 40.00 X 125090 0 6250 WILLIAM BOYER DIR. OF BUILDINGS, GROUNDS AND SAFETY 40.00 X 122494 0 30223 ELECTRA W TORTORELLA DIR. OF LEADERSHIP AND PLANNED GIVING 40.00 X 115660 0 48629 ANTHONY FRAENKEL DIRECTOR OF DINING SERVICES 40.00 X 113867 0 40713 PETER RAIFSTANGER DIRECTOR OF TECHNOLOGY 40.00 X 110902 0 48704 MARK K SCHMIDT FORMER CFO (THRU 6/30/2020) 40.00 X 114976 0 32677 RICHARD E RIEGEL III CHAIRMAN 1.00 X X 0 0 0 LISA W CALLAHAN VICE CHAIR 1.00 X X 0 0 0 DAVID C LEAVY VICE CHAIR 1.00 X X 0 0 0 CAMPBELL B LANGDON TREASURER 1.00 X X 0 0 0 JAMES P TOWNSEND SECRETARY 1.00 X X 0 0 0 MATTHEW BARZUN TREASURER 1.00 X 0 0 0 ERIC BOMMER TRUSTEE 1.00 X 0 0 0 J MATTHEW CASSIN TRUSTEE 1.00 X 0 0 0 JOHN COLEMAN TRUSTEE 1.00 X 0 0 0 JOHN M COUZENS JR TRUSTEE 1.00 X 0 0 0 MICHAEL GANS TRUSTEE 1.00 X 0 0 0 JAMES W GERARD V TRUSTEE 1.00 X 0 0 0 PETER GROSS TRUSTEE (UNTIL 01/21) 1.00 X 0 0 0 KENNETH HANAU TRUSTEE 1.00 X 0 0 0 ADELAIDE H HARRIS TRUSTEE 1.00 X 0 0 0 PATRICIA ISEN TRUSTEE 1.00 X 0 0 0 GREGORY JOHNSON TRUSTEE 1.00 X 0 0 0 PETER KEEHN TRUSTEE 1.00 X 0 0 0 CHINAM KRY TRUSTEE 1.00 X 0 0 0 JOHN LAMBROS TRUSTEE 1.00 X 0 0 0 DANA MACY TRUSTEE 1.00 X 0 0 0 CHRISTOPHER MERRILL TRUSTEE 1.00 X 0 0 0 WHITNEY ROBINSON TRUSTEE 1.00 X 0 0 0 J WOOD RUTTER TRUSTEE 1.00 X 0 0 0 KATHERINE SHEPHERD TRUSTEE 1.00 X 0 0 0 WILLIAM SOUDER TRUSTEE 1.00 X 0 0 0 MARITA WONG TRUSTEE 1.00 X 0 0 0 ROBERT P ZABEL TRUSTEE 1.00 X 0 0 0 1851322 0 618360 12 1 1 0 BURTON F CLARK INC 41155 STATE ROUTE 10 DELHI NY 13753 CONSTRUCTION 1713857 GINSBERG'S FOODS ROUTE 66 PO BOX 17 HUDSON NY 12534 FOOD SERVICES 219891 CAMBRIDGE ASSOCIATES LLC PO BOX 412015 BOSTON MA 02241 INVESTMENT CONSULTANTS 200000 US FOODSERVICE INC PO BOX 642554 PITTSBURGH PA 15264 FOOD SERVICES 162340 PREFERRED BUILDING MAINTENANCE LLC 40 SOUTH END PLAZA NEW MILFORD CT 06776 HOUSEKEEPING SERVICES 134826 9 7529924 831708 7529924 STUDENT TUITION & FEES 611600 20012168 20012168 AUXILIARY SERVICES 611600 725294 725294 20737462 1840244 -55930 1896174 3637480 1855460 1782020 1782020 117 1781903 OTHER REVENUES 900099 4705 4705 4705 31894355 20742167 -55813 3678077 4581608 4581608 1533862 1262262 271600 8020306 6111884 1283135 625287 528415 447477 12037 68901 1330255 897737 335098 97420 624626 426231 139518 58877 97622 97622 77150 77150 488337 488337 809990 554433 233061 22496 85009 11586 26686 46737 393062 93938 211163 87961 359490 108155 166101 85234 1279026 1156720 121032 1274 20280 15965 4315 61561 9618 25643 26300 1042408 1042408 2964316 2964316 305197 295309 6592 3296 STUDENT INCIDENTALS 1483886 1397394 39556 46936 SUPPLIES 341520 331236 8068 2216 COVID -19 EXPENSES 241511 241511 DEPARTMENTAL EXPENSES 9588 3686 5785 117 26679025 20675247 4554811 1448967 1058134 6271281 14077139 12384859 6118170 5568753 634326 882423 175549 118827 588407 653531 116926524 49018031 68634556 67908493 8316819 7688966 46924971 65435065 37028744 53141682 183556815 220053880 2281057 2391772 5980452 7136103 43454192 43287306 2000000 2000000 53715701 54815181 X 45182768 51887197 84658346 113351502 129841114 165238699 183556815 220053880 X 5215330 14408168 15774087 X X 0 1 X 1 0 X 3351368 6564857 8581386 5187267 7529924 31214802 3351368 6564857 8581386 5187267 7529924 31214802 3302859 27911943 548290 858247 1108198 921890 1896174 5332799 28865 28865 36576466 103631462 0.76310 0.82370 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 60275 X X X 0 56546184 1741583 17511635 828685 1871315 73099402 57686822 826393 732969 804802 1895198 56546184 57404092 528002 2465728 828950 1464046 418004 57686822 84199006 795530 3483085 851927 1845991 28375611 57404092 80530800 340806 6418972 2685732 405840 84199006 0.33544 0.66456 0.00000 0 0 1306500 1306500 110164457 44939201 65225256 3491287 2917648 573639 1964280 1161182 803098 67908493 GLOBAL EQUITY 24264254 F HEDGE FUNDS 24702350 F PRIVATE EQUITY 7068185 F OIL AND GAS 876765 F REAL ESTATE 211465 F DOMESTIC EQUITY 8312046 F 65435065 ASSETS HELD IN CHARITABLE REMAINDER TRUSTS 53117455 DEPOSITS 24227 53141682 REFUNDABLE ADVANCE 2000000 2000000 57006665 14408168 11192479 25600647 31406018 488337 488337 31894355 21609080 0 21609080 488337 4581608 5069945 26679025 PART III, LINE 4: THE SCHOOL HOLDS A SHAKESPEARE BOOK COLLECTION AND A PATRICK HUGHES OIL PAINTING, WHICH WERE DONATED WITH THE INTENTION THAT THEY BE USED FOR EDUCATIONAL PURPOSES. PART V, LINE 4: THE INTENDED USE OF THE SCHOOL'S ENDOWMENT IS TO SUPPORT THE OPERATIONS OF THE SCHOOL INCLUDING SCHOLARSHIPS TO STUDENTS AND PROFESSIONAL DEVELOPMENT TO FACULTY. PART XI, LINE 2D - OTHER ADJUSTMENTS: PROVISION FOR UNCOLLECTIBLE PLEDGES 42,077. CHANGE IN VALUE OF CHARITABLE TRUSTS 16,112,969. FINANCIAL AID -4,581,608. LOSS ON BOND REDEMPTION -380,959. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 4,581,608. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE STATEMENT OF NON-DISCRIMINATORY POLICY WAS POSTED THE HOMEPAGE OF THE SCHOOL'S WEBSITE. SCHEDULE E, PART I, LINE 6 ON APRIL, 17, 2020 THE SCHOOL RECEIVED A PAYCHECK PROTECTION PROGRAM LOAN OF $2,000,000 GRANTED BY THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT. THE SCHOOL DOES NOT OTHERWISE RECEIVE GOVERNMENT FINANCIAL ASSISTANCE. ON AUGUST 23, 2021, THE SCHOOL RECEIVED NOTICE OF FULL FORGIVENESS OF ITS PPP LOAN. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 24731798 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 2518933 0 0 0 0 0 0 27250731 0 27250731 1 0 1 1 1 0 PART III ACCOUNTING METHOD: PART 1, LINE 3(D): THE LISTED INVESTMENTS RELATE TO HOLDINGS IN THE SCHOOL'S ENDOWMENT. 1 FINANCIAL AID 122 4566988 FMV FINANCIAL ASSISTANCE PROVIDED AS A REDUCTION TO TUITION CHARGES SUPPLEMENTAL AID 9 14620 FMV BOOKS, HEALTH INSURANCE PART I, LINE 2: FINANCIAL AID IS AVAILABLE FOR QUALIFIED STUDENTS ON THE BASIS OF NEED DETERMINED BY SCHOOL AND STUDENT SERVICES (SSS) GUIDELINES WHICH PROVIDES A FINANCIAL AID NEED ANALYSIS BASED ON CONFIDENTIAL INFORMATION PROVIDED BY FAMILIES. THE SCHOLARSHIPS ARE AWARDED ON AN OBJECTIVE AND NONDISCRIMINATORY MANNER. ALL SCHOLARSHIPS ARE MADE DIRECTLY AS CREDITS AGAINST STUDENT ACCOUNTS AND NO CASH REFUNDS ARE ISSUED FOR ANY PURPOSE. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 CHISHOLM S CHANDLER HEADMASTER 372352 0 0 0 12938 0 93500 0 56054 0 534844 0 0 0 JOSEPHINE LEARY INTERIM CFO (AS OF 7/1/2020) 198000 0 0 0 138 0 19800 0 0 0 217938 0 0 0 ROBERT D WYNNE ASSISTANT HEADMASTER 337052 0 0 0 1771 0 78500 0 56654 0 473977 0 0 0 PETER GILBERT ASST HEAD OF SCHOOL FOR INSTITUTIONA 225944 0 0 0 138 0 23000 0 83656 0 332738 0 0 0 WILLIAM BOYER DIR. OF BUILDINGS, GROUNDS AND SAFET 120194 0 0 0 2300 0 12700 0 17523 0 152717 0 0 0 ELECTRA W TORTORELLA DIR. OF LEADERSHIP AND PLANNED GIVIN 115402 0 0 0 258 0 10675 0 37954 0 164289 0 0 0 ANTHONY FRAENKEL DIRECTOR OF DINING SERVICES 113609 0 0 0 258 0 12250 0 28463 0 154580 0 0 0 PETER RAIFSTANGER DIRECTOR OF TECHNOLOGY 110644 0 0 0 258 0 12250 0 36454 0 159606 0 0 0 MARK K SCHMIDT FORMER CFO (THRU 6/30/2020) 114976 0 0 0 0 0 6250 0 26427 0 147653 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES ON-CAMPUS HOUSING AND HOUSEKEEPING SERVICES TO THE HEADMASTER. THESE ARE NOT TREATED AS TAXABLE INCOME. THE SCHOOL ALSO PROVIDES CLUB DUES WHICH ARE REPORTED AS TAXABLE INCOME TO THE HEADMASTER. THE SCHOOL ALSO PROVIDES HOUSING TO ROBERT WYNNE, WHICH IS NOT TREATED AS TAXABLE INCOME. PART I, LINE 4B THE HEADMASTER AND ASSISTANT HEADMASTER PARTICIPATE IN A 457(F) NONQUALIFIED DEFERRED COMPENSATION PLAN. THE PLAN AMOUNTS ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE AND WILL VEST ON JUNE 30, 2021 AND JUNE 30, 2025, RESPECTIVELY, IF EACH INDIVIDUAL IS CONTINUOUSLY EMPLOYED BY THE SCHOOL THROUGH THAT DATE. A STATE OF CONNECTICUT HEALTH AND EDUCATION FACILITIES AUTHORITY 060806186 2020-12-11 43601000 REFUND SERIES D BONDS 0 0 0 A 43601000 321738 43601000 2020 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 1 0 0 0 0 1 A 1 X 1 200000 APPRAISAL X 31 808689 FMV X FLOORING 1 17771 FMV X CHAIRS 1 4860 FMV X BOOKS 1 229 FMV X TREES 1 159 FMV 1 0 1 0 PART I, COLUMN (B): THE AMOUNT IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY TAX ADVISORS WITH INFORMATION PROVIDED BY MANAGEMENT. IT IS REVIEWED BY THE CFO, CONTROLLER AND AUDIT COMMITTEE. THE AUDIT COMMITTEE THEN MAKES ANY CHANGES AND APPROVES THE FORM 990. A COPY OF THE FORM 990 EXCLUDING SCHEDULE B, DONOR INFORMATION, IS PROVIDED TO ALL TRUSTEES BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST STATEMENTS ARE REVIEWED AT THE ANNUAL BOARD MEETING. THE SCHOOL ANNUALLY CERTIFIES THAT THERE ARE NO CONFLICTS. THE CONFLICT OF INTEREST POLICY COVERS TRUSTEES. THE SCHOOL'S EMPLOYEE POLICY AND PROCEDURE MANUAL INCLUDES A CONFLICT OF INTEREST POLICY THAT COVERS OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE REVIEWS OFFICER AND KEY EMPLOYEE COMPENSATION ANNUALLY AND PRESENTS A RECOMMENDATION AT THE SPRING MEETING. ABOPS COMPENSATION DATA IS USED FOR COMPARABILITY STUDIES. THE DELIBERATIONS AND DECISIONS REGARDING COMPENSATION ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE AVAILABLE UPON REQUEST AND ARE ON FILE IN THE BUSINESS OFFICE OF THE SCHOOL. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE TRUSTS 16,112,969. PROVISION FOR UNCOLLECTABLE PLEDGES 42,077. LOSS ON BOND REDEMPTION -380,959. FORM 990, PART XII, LINE 2C: THE SCHOOL HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.