2020-07-15T11:04:03-05:00 2019-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2018-07-01 060646921 THE TAFT SCHOOL CORPORATION TAFT 8609457777 110 WOODBURY RD WATERTOWN CT 06795 JOHN H ODDEN CHIEF FINANCIAL OFFICER 8609457777 2020-07-14 1 LORI ROTHE YOKOBOSKY CPA P01273422 9592007000 2020-07-10 209.59.242.22 2020-07-14 17:19:46 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0FC5460241256066D74A2C5C66FD8B85E1F8608D 2018 2021-01-29 14:40:06Z JOHN H ODDEN 110 WOODBURY RD WATERTOWN CT 06795 71159089 0 X WWW.TAFTSCHOOL.ORG X 1930 CT THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 32 32 402 0 199461 0 9591431 9260670 35284405 37041274 17703734 12262217 646947 670108 63226517 59234269 8684072 9163597 0 0 23423671 24948662 72259 77373 3582399 19442422 19742331 51622424 53931963 11604093 5302306 424805811 427515362 64545636 62340023 360260175 365175339 THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 0 0 44228683 9163597 37256510 PROVIDE EDUCATIONAL SERVICES AND SUPPORT FOR APPROXIMATELY 593 STUDENTS IN GRADES NINE THROUGH POST-GRADUATE IN A BOARDING AND DAY SETTING. 44228683 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 0 1 0 0 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 1 238 0 1 402 1 1 1 1 CJ 0 0 0 0 0 0 0 0 0 0 X 32 32 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X DONALD F BARTON CONTROLLER 8609457770 110 WOODBURY RD WATERTOWN CT 06795 JONATHAN D ALBERT TRUSTEE 0.50 X 0 0 0 DRUMMOND C BELL III TRUSTEE 0.50 X 0 0 0 HENRY G BRAUER TRUSTEE 0.50 X 0 0 0 DIANA CALVARUSO TRUSTEE 0.50 X 0 0 0 FOSTER CHIANG TRUSTEE 0.50 X 0 0 0 NANA CHIU TRUSTEE 0.50 X 0 0 0 IRENE CHU TRUSTEE 0.50 X 0 0 0 DONNA HENRY CRYER OUTGOING TRUSTEE 0.50 X 0 0 0 KATAMA EASTMAN TRUSTEE 0.50 X 0 0 0 ICY H FRANTZ TRUSTEE 0.50 X 0 0 0 J KINGMAN GORDON TRUSTEE 0.50 X 0 0 0 HOLCOMBE T GREEN III VICE CHAIRMAN 0.50 X X 0 0 0 MICHAEL M HUMPHREYS TRUSTEE 0.50 X 0 0 0 SARKIS D IZMIRLIAN SECRETARY 0.50 X X 0 0 0 JAMES A JACOBSON OUTGOING TRUSTEE 0.50 X 0 0 0 JEFFREY KEELER OUTGOING TRUSTEE 0.50 X 0 0 0 JAY F KREHBIEL TRUSTEE 0.50 X 0 0 0 ERNEST O KWARTENG TRUSTEE 0.50 X 0 0 0 MARIETTA LEE OUTGOING TRUSTEE 0.50 X 0 0 0 PAUL T MCGOWAN TRUSTEE 0.50 X 0 0 0 AMISH H MEHTA TRUSTEE 0.50 X 0 0 0 ANTHONY W PASQUARIELLO TRUSTEE 0.50 X 0 0 0 E MARC PINTO TRUSTEE 0.50 X 0 0 0 GRANT A PORTER CHAIRMAN 0.50 X X 0 0 0 VICTORIA POSMANTUR TRUSTEE 0.50 X 0 0 0 JACQUELINE ROSA TRUSTEE 0.50 X 0 0 0 ROBERT SAVAGE TRUSTEE 0.50 X 0 0 0 SARA SAVAGE TRUSTEE 0.50 X 0 0 0 LISA M SEGALAS TRUSTEE 0.50 X 0 0 0 DYLAN T SIMONDS TRUSTEE 0.50 X 0 0 0 KATE GENUNG TAYLOR TRUSTEE 0.50 X 0 0 0 HANK L TORBERT TRUSTEE 0.50 X 0 0 0 LAURA B WHITMAN TRUSTEE 0.50 X 0 0 0 ABRA PRENTICE WILKIN TRUSTEE 0.50 X 0 0 0 SCOTT G WILLARD TRUSTEE 0.50 X 0 0 0 YI-MING YANG OUTGOING TRUSTEE 0.50 X 0 0 0 JOANNE K ZIESING TREASURER 0.50 X X 0 0 0 WILLIAM R MACMULLEN PRESIDENT/HEADMASTER 40.00 X 416163 0 110231 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 40.00 X 265015 0 70129 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 40.00 X 293239 0 71888 DONALD F BARTON CONTROLLER 40.00 X 137585 0 42881 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 40.00 X 187712 0 26002 PETER A FREW DIRECTOR OF ADMISSIONS 40.00 X 152769 0 44640 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 40.00 X 145473 0 46764 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPM 40.00 X 140253 0 49621 1738209 0 462156 31 0 1 0 BUSHKA LUMBER & MILLWORK LLC 305 FAIRFIELD AVENUE WATERBURY CT 06708 CONSTRUCTION SERVICES 4384378 ARAMARK CORPORATION PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 3477473 NEW PROVIDENCE ASSET MANAGEMENT 650 FIFTH AVE 16TH FLOOR NEW YORK NY 10001 INVESTMENT MANAGEMENT 913622 ASTRO ELECTRIC INC 680 RIVERSIDE ST WATERBURY CT 06708 ELECTRICAL SERVICES 471848 JOHNSON CONTROLS FIRE PROTECTION LP DEPT CH 10320 PALATINE IL 60055 FIRE PREVENTION SERVICES 304108 20 9260670 806993 9260670 STUDENT TUITION 611110 35209260 35209260 PROGRAM FEES 611110 1832014 1832014 37041274 3943412 1830 3941582 12200 0 12200 12200 12200 19818511 11499706 8318805 8318805 8318805 605955 425114 180841 180841 AUXILIARY INCOME 611110 279436 215236 64200 HOCKEY RINK 532000 197631 197631 477067 59234269 37256510 199461 12517628 9163597 9163597 1372787 1018341 354446 145929 145929 16625517 14296167 969930 1359420 1430723 1234880 72474 123369 4102709 3312854 442401 347454 1270997 1065677 94400 110920 11702 11702 56500 56500 77373 77373 1480645 1480645 4302889 3820422 325278 157189 58642 55134 3508 1424471 951301 280940 192230 464126 450197 5321 8608 3360 3360 2400577 2328597 46531 25449 608377 340358 172373 95646 67139 51746 12739 2654 738634 716486 14318 7830 4820934 4676381 93446 51107 515754 500289 9997 5468 GENERAL AND INSTITUTION 1010037 1010037 INSTRUCTION 861735 861735 DEVELOPMENT 663236 663236 STUDENT SERVICES 224891 224891 28682 28682 53931963 44228683 6120881 3582399 11321734 9396771 27373882 25072666 10031648 9028484 300169 301939 766364 872943 201939821 85233977 115350480 116705844 100505692 112017247 158807914 153678025 347928 441443 424805811 427515362 1482805 1463628 18000918 17581778 38331603 37003406 707967 306771 6022343 5984440 64545636 62340023 X 166228822 168353517 28690020 26063886 165341333 170757936 360260175 365175339 424805811 427515362 X 5302306 99090 -486232 X X 0 1 X 1 0 X 12910548 14333550 7686838 9591431 9260670 53783037 12910548 14333550 7686838 9591431 9260670 53783037 2556112 51226925 1875266 1442753 1833061 2424706 3955612 11531398 180999 211181 213316 192387 199461 997344 49000 74335 93679 74970 64200 356184 66667963 174560523 0.76840 0.79350 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: AUXILIARY INCOME - 2014 AMOUNT: $ 49,000. 2015 AMOUNT: $ 74,335. 2016 AMOUNT: $ 93,679. 2017 AMOUNT: $ 74,970. 2018 AMOUNT: $ 64,200. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 0 0 259644515 5578399 10433514 4213609 6786391 264656428 244940289 5988619 19015607 3881047 6418953 259644515 223883573 2899516 28457200 3777533 6522467 244940289 239887766 9353651 -15057844 3688369 6611631 223883573 238593064 9635506 1659196 3615362 6384638 239887766 0.33900 0.63500 0.02600 0 0 10359390 10359390 175117152 73963050 101154102 12742348 11270927 1471421 3720931 3720931 116705844 PRIVATE EQUITIES AND ALTERNATIVE INVESTMENTS 153678025 F 153678025 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 5984440 5984440 X 48627999 99090 -9649829 -9550739 58178738 1480645 -425114 1055531 59234269 43712835 425114 425114 43287721 1480645 9163597 10644242 53931963 PART III, LINE 1A: THE SCHOOL HAS A COLLECTION OF ARTWORK WHICH IS ON PUBLIC DISPLAY THROUGHOUT ITS CAMPUS BUILDINGS. THE SCHOOL FOLLOWS A POLICY OF NOT CAPITALIZING THE COLLECTION OF ARTWORK IN ITS FINANCIAL STATEMENTS. ACCORDINGLY, NO COLLECTION ITEMS ARE RECOGNIZED AS ASSETS, WHETHER THEY ARE PURCHASED OR RECEIVED AS A CONTRIBUTION. PURCHASES OF COLLECTION ITEMS REDUCE NET ASSETS IN THE PERIOD OF PURCHASE. PROCEEDS FROM SALES OR INSURANCE RECOVERIES ARE RECORDED AS INCREASES IN NET ASSETS WHEN RECEIVED. NO ITEMS WERE PURCHASED FOR OR REMOVED FROM THE COLLECTION IN 2018 OR 2019. PART III, LINE 4: COLLECTIONS ARE COMPRISED OF VARIOUS PAINTINGS AND SCULPTURES THAT ARE ON DISPLAY THROUGHTOUT THE SCHOOL FOR THE CULTURAL ENRICHMENT OF ITS STUDENT BODY. PART V, LINE 4: RESTRICTED ENDOWMENT FUNDS ARE USED IN ACCORDANCE WITH DONOR-IMPOSED STIPULATIONS. UNRESTRICTED ENDOWMENT FUNDS, INCLUDING BOARD DESIGNATED FUNDS, ARE USED IN ACCORDANCE WITH THE SPENDING POLICY APPROVED BY THE BOARD OF TRUSTEES. PART X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2019 AND 2018. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2016 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 366,426. FINANCIAL AID -9,163,597. UNCOLLECTIBLE PLEDGE EXPENSE -464,205. LOSS ON BOND DEFEASANCE -377,776. LOSS ON DISPOSAL OF EQUIPMENT -10,677. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -425,114. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 425,114. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 9,163,597. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 NEWSPAPER MEDIA CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 79428354 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 4063198 0 0 0 0 0 0 83491552 0 83491552 1 0 1 0 1 0 PART 1, LINE 3(D) THE LISTED INVESTMENTS RELATE TO HOLDINGS IN THE SCHOOL'S ENDOWMENT FUND. X X X X X 1 MARTS & LUNDY 1200 WALL ST WEST LYNDHURST NJ 07071 CONSULTING 0 0 24083 0 SPENCER GROUP INC 130 S WILLARD STREET BURLINGTON VT 05401 CONSULTING 0 0 53290 0 77373 CT 1 STUDENT FINANCIAL AID 200 9163597 FMV TUITION AND FEES ASSISTANCE PART I, LINE 2: ALL FINANCIAL AID RECIPIENTS ARE REQUIRED TO COMPLETE A FINANCIAL AID STATEMENT AND PROVIDE THE NECESSARY SUPPORTING DOCUMENTATION. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 WILLIAM R MACMULLEN PRESIDENT/HEADMASTER 409405 0 0 0 6758 0 56800 0 53431 0 526394 0 0 0 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 265015 0 0 0 0 0 32700 0 37429 0 335144 0 0 0 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 292958 0 0 0 281 0 33000 0 38888 0 365127 0 0 0 DONALD F BARTON CONTROLLER 137585 0 0 0 0 0 12324 0 30557 0 180466 0 0 0 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 187712 0 0 0 0 0 15316 0 10686 0 213714 0 0 0 PETER A FREW DIRECTOR OF ADMISSIONS 152769 0 0 0 0 0 18695 0 25945 0 197409 0 0 0 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 145473 0 0 0 0 0 12400 0 34364 0 192237 0 0 0 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPM 140253 0 0 0 0 0 17760 0 31861 0 189874 0 0 0 PART I, LINE 1A AS THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 480 STUDENTS RESIDING ON CAMPUS, CERTAIN INDIVIDUALS ARE REQUIRED TO RESIDE ON CAMPUS. THE VALUE OF SCHOOL HOUSING PROVIDED FOR THIS PURPOSE MEETS THE REQUIREMENT FOR TAX EXEMPTION UNDER IRC SECTION 119, AND ACCORDINGLY, IS INCLUDED IN NON-TAXABLE BENEFITS. PART I, LINE 4B THE HEADMASTER PARTICIPATES IN A 457(F) PLAN. A CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY SERIES I 060806186 20774YLP0 2012-11-07 18461710 DEFEASE SERIES H AND CONSTRUCTION 0 0 0 B CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY SERIES J 060806186 20774YWF0 2018-09-11 22669365 DEFEASE SERIES E AND SERIES J 0 0 0 A 3345000 18060000 1504282 361255 8001729 8594444 1 0 0 1 B 22669365 369365 22300000 1 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 B 0 0 0 0 1 0 0 0 1 A 1 B 1 FORM 990, SCHEDULE K PART I, LINE A (E) AND PART II, COLUMN A, LINE 3 THE ISSUE PRICE AND THE TOTAL PROCEEDS OF ISSUE DO NOT AGREE DUE TO THE PREMIUM PAID BY THE SCHOOL AT ISSUANCE, WHICH IS INCLUDED IN THE ISSUE PRICE. PAMELA MACMULLEN SPOUSE OF OFFICER 145929 EMPLOYEE COMPENSATION AS ENGLISH TEACHER AND AEROBICS INSTRUCTOR 0 X 73 806993 FAIR VALUE 0 1 1 PART I, COLUMN (B): THE AMOUNT REPORTED IN PART I, (B) REPRESENTS THE NUMBER OF GIFTS RECEIVED. PART I, LINE 32B: THE SCHOOL MAINTAINS AN ACCOUNT WITH A FINANCIAL INSTITUTION WHICH IS USED TO ACCEPT AND SUBSEQUENTLY LIQUIDATE ALL DONATED SECURITIES. FORM 990, PART VI, SECTION A, LINE 2 ROBERT SAVAGE AND SARA SAVAGE ARE RELATED BY MARRIAGE. FORM 990, PART VI, SECTION B, LINE 11B THE ASSISTANT TREASURER AND THE CONTROLLER REVIEW A COPY OF THE DRAFT FORM 990, WHICH IS FIRST REVIEWED BY THE SCHOOL'S EXTERNAL AUDIT FIRM. THE DRAFT FORM 990 IS PROVIDED TO ALL AUDIT AND FINANCIAL RISK COMMITTEE MEMBERS SEVERAL DAYS IN ADVANCE OF A SCHEDULED AUDIT AND FINANCIAL RISK COMMITTEE MEETING. HIGHLIGHTS OF THE FORM 990 ARE SUBSEQUENTLY PRESENTED TO THE BOARD OF TRUSTEES AT A REGULARLY SCHEDULED MEETING FOR FULL BOARD DISCUSSION AND COMMENT. IN ORDER TO PROTECT THE PRIVACY OF ITS DONOR BASE, THE SCHOOL CHOOSES TO DISTRIBUTE TO THE BOARD A COPY OF FORM 990 WHICH EXCLUDES SCHEDULE B. ALL OTHER PAGES, SCHEDULES AND ATTACHMENTS ARE PROVIDED IN FULL TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL HAS A WRITTEN CONFLICT OF INTEREST POLICY. ALL TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO SIGN A COPY OF THE CONFLICT OF INTEREST STATEMENT. ISSUES THAT PRESENT A POTENTIAL CONFLICT OF INTEREST RELATED TO ANY CURRENT TRUSTEE, OFFICER OR KEY EMPLOYEE ARE BROUGHT TO THE ATTENTION OF THE FULL BOARD OF TRUSTEES FOR DISCUSSION AND INCLUSION IN BOARD MINUTES. THE TRUSTEE, OFFICER OR KEY EMPLOYEE THAT IS IDENTIFIED AS POSSIBLY HAVING A CONFLICT OF INTEREST IS ASKED TO RECUSE THEMSELVES FROM THE MEETING AND DISCUSSION OF THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE HEADMASTER/PRESIDENT OF THE CORPORATION IS DETERMINED BY THE GOVERNANCE COMMITTEE, INDEPENDENTLY OF THAT INDIVIDUAL, BASED UPON SURVEY DATA COLLECTED RELATED TO THE COMPENSATION OF THE HEADS OF 39 COMPARABLE BOARDING SCHOOLS. COMPENSATION FOR KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT OF THE CORPORATION, INDEPENDENTLY OF THOSE INDIVIDUALS, BASED UPON COMPENSATION DATA SURVEYED FROM THOSE SAME 39 SCHOOLS AND REVIEWED BY THE GOVERNANCE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE TAFT SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 366,426. UNCOLLECTIBLE PLEDGE EXPENSE -464,205. LOSS ON BOND DEFEASANCE -377,776. LOSS ON DISPOSAL OF EQUIPMENT -10,677. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES THE THE SCHOOL'S OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.