2019-05-14T13:49:44-05:00 2018-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2017-07-01 060646921 THE TAFT SCHOOL CORPORATION TAFT 8609457777 110 WOODBURY RD WATERTOWN CT 06795 JOHN H ODDEN CHIEF FINANCIAL OFFICER 8609457777 2019-05-13 1 JOHN TOSCANO P00358542 9592007000 2019-05-13 209.59.242.22 2019-05-13 15:09:55 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A999648B7C0F94429496C189B46642AFC33E1A30 2017 2019-02-21 02:37:17Z JOHN H ODDEN 110 WOODBURY RD WATERTOWN CT 06795 75094462 0 X WWW.TAFTSCHOOL.ORG X 1930 CT THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 31 31 395 0 192387 -14180 7686838 9591431 33866871 35284405 10043864 17703734 626453 646947 52224026 63226517 8261187 8684072 0 0 22193946 23423671 76074 72259 3691175 18546924 19442422 49078131 51622424 3145895 11604093 410488502 424805811 64454182 64545636 346034320 360260175 THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 0 0 41876002 8684072 35636036 PROVIDE EDUCATIONAL SERVICES AND SUPPORT FOR APPROXIMATELY 594 STUDENTS IN GRADES NINE THROUGH POST-GRADUATE IN A BOARDING AND DAY SETTING. 41876002 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 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 1 222 0 1 395 1 1 1 0 0 0 0 0 0 0 0 0 X 31 31 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 FOSTER CHIANG TRUSTEE 0.50 X 0 0 0 IRENE CHU TRUSTEE 0.50 X 0 0 0 DONNA HENRY CRYER TRUSTEE 0.50 X 0 0 0 ICY H FRANTZ TRUSTEE 0.50 X 0 0 0 J DAVID GILLIKIN OUTGOING 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 TRUSTEE 0.50 X 0 0 0 JEFFREY KEELER 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 LESLIE H LANAHAN OUTGOING TRUSTEE 0.50 X 0 0 0 MARIETTA LEE 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 G CARTER SEDNAOUI OUTGOING 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 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 403096 0 104447 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 40.00 X 257350 0 52520 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 40.00 X 241449 0 64564 DONALD F BARTON CONTROLLER 40.00 X 133545 0 35770 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 40.00 X 182671 0 23550 PETER A FREW DIRECTOR OF ADMISSIONS 40.00 X 139388 0 56148 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 40.00 X 143183 0 37561 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPM 40.00 X 133938 0 43672 1634620 0 418232 30 0 1 0 ARAMARK CORPORATION PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 3646920 BUSHKA LUMBER & MILLWORK LLC 305 FAIRFIELD AVENUE WATERBURY CT 06708 CONSTRUCTION SERVICES 3023977 NEW PROVIDENCE ASSET MANAGEMENT 650 FIFTH AVE 16TH FLOOR NEW YORK NY 10001 INVESTMENT MANAGEMENT 946870 NAUGATUCK WINDOW & GLASS CO 253 PROSPECT ST NAUGATUCK CT 06770 CONSTRUCTION SERVICES 330390 DAVID THOMPSON ARCHITECTS LLC 1211 CHAPEL ST NEW HAVEN CT 06511 ARCHITECT SERVICES 242323 17 9591431 721026 9591431 STUDENT TUITION 611110 33518567 33518567 PROGRAM FEES 611110 1765838 1765838 35284405 2396747 -15759 2412506 12200 0 12200 12200 12200 26749765 11442778 15306987 15306987 15306987 594719 425167 169552 169552 AUXILIARY INCOME 611110 259549 182079 2500 74970 HOCKEY RINK 532000 205646 205646 465195 63226517 35636036 192387 17806663 8684072 8684072 1114971 815830 299141 141786 141786 15905762 13702328 856696 1346738 1355397 1160854 51565 142978 3696535 3045765 350698 300072 1209220 1026208 73227 109785 83447 83447 50250 50250 72259 72259 1544381 1544381 4048419 3637100 276857 134462 132459 124746 4172 3541 1079364 458678 292441 328245 483087 448191 5148 29748 98 98 2165368 2093938 44321 27109 649297 287491 226728 135078 51556 23355 18229 9972 806813 780199 16514 10100 4668964 4514947 95566 58451 532382 514820 10897 6665 GENERAL AND INSTITUTION 1238280 1238280 INSTRUCTION 942407 942407 DEVELOPMENT 676733 676733 STUDENT SERVICES 229726 229726 59391 59391 51622424 41876002 6055247 3691175 12164915 11321734 29498726 27373882 10185332 10031648 291974 300169 787266 766364 195763519 80413039 113803848 115350480 87221589 100505692 156432490 158807914 102362 347928 410488502 424805811 1195205 1482805 16669924 18000918 39962052 38331603 1021340 707967 5605661 6022343 64454182 64545636 X 160570891 166228822 24907378 28690020 160556051 165341333 346034320 360260175 410488502 424805811 X 11604093 3344751 -722990 X X 0 1 X 1 0 X 17768395 12910548 14333550 7686838 9591431 62290762 17768395 12910548 14333550 7686838 9591431 62290762 4905705 57385057 1120308 1875266 1442753 1833061 2424706 8696094 243463 180999 211181 213316 192387 1041346 49000 74335 93679 74970 291984 72320186 167614395 0.79350 0.78350 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. X 0 244940289 5988619 19015607 3881047 6418953 259644515 223883573 2899516 28457200 3777533 6522467 244940289 239887766 9353651 -15057844 3688369 6611631 223883573 238593064 9635506 1659196 3615362 6384638 239887766 212710977 5855330 30976757 3820818 7129182 238593064 0.34570 0.62660 0.02770 0 0 10256890 10256890 169861406 69755090 100106316 12402212 10657949 1744263 3243011 3243011 115350480 PRIVATE EQUITIES AND ALTERNATIVE INVESTMENTS 158807914 F 158807914 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 6022343 6022343 X 56044992 3344751 -9407062 -6062311 62107303 1544381 -425167 1119214 63226517 41819137 425167 425167 41393970 1544381 8684072 10228453 51622423 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 2017 OR 2018. 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, 2018 AND 2017. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2015 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 -722,990. FINANCIAL AID -8,684,072. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -425,167. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 425,167. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,684,072. 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 92840949 0 0 0 0 0 0 92840949 0 92840949 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 18000 0 SPENCER GROUP INC 130 S WILLARD STREET BURLINGTON VT 05401 CONSULTING 0 0 54259 0 72259 CT 1 STUDENT FINANCIAL AID 198 8684072 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 396355 0 0 0 6741 0 56800 0 47647 0 507543 0 0 0 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 257350 0 0 0 0 0 31770 0 20750 0 309870 0 0 0 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 241100 0 0 0 349 0 29820 0 34744 0 306013 0 0 0 DONALD F BARTON CONTROLLER 133545 0 0 0 0 0 11184 0 24586 0 169315 0 0 0 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 182671 0 0 0 0 0 14637 0 8913 0 206221 0 0 0 PETER A FREW DIRECTOR OF ADMISSIONS 139388 0 0 0 0 0 17675 0 38473 0 195536 0 0 0 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 143183 0 0 0 0 0 11920 0 25641 0 180744 0 0 0 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPM 133938 0 0 0 0 0 16983 0 26689 0 177610 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 2015-08-28 10300000 CONSTRUCTION 0 0 0 A 1655000 18060000 1504282 361255 8001729 8594444 1 0 0 1 B 10300000 88122 205989 10005889 2016 0 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 B (E) AND PART II, COLUMN B, 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 141786 EMPLOYEE COMPENSATION AS ENGLISH TEACHER AND AEROBICS INSTRUCTOR 0 X 81 721026 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 JEFFREY KEELER AND MARIETTA LEE 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 -722,990. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES THE THE SCHOOL'S OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.