2018-11-14T02:11:06-06:00 2018-06-30 132781641 MITCHELL & TITUS LLP ONE BATTERY PARK PLAZA NEW YORK NY 10004 990 2017-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 AILEEN HEFFERREN CHIEF EXECUTIVE 2125791390 2018-11-14 1 FREDERICK E DAVIS JR P00446023 2127094500 2018-11-09 73.223.68.195 2018-11-14 02:09:34 PS P 2938B012F4ADA9A80FF31BABAAD52EED9EC89A11 2938B012F4ADA9A80FF31BABAAD52EED9EC89A11 2017 2019-02-21 02:37:17Z AILEEN HEFFERREN 328 WEST 71ST STREET NEW YORK NY 100233502 18363483 0 X WWW.PREPFORPREP.ORG X 1968 NY TO DEVELOP LEADERS FROM THE UNDER-REPRESENTED SEGMENTS OF OUR SOCIETY BY PROVIDING (CONT'D) ACCESS TO SUPERIOR EDUCATION AND LEADERSHIP OPPORTUNITIES TO YOUNG PEOPLE FROM SUCH COMMUNITIES. 62 62 249 503 345566 21633 7919015 17264372 0 0 5523751 706128 2061157 6789 15503923 17977289 0 0 0 0 7297712 7605443 0 0 963516 4416659 4377988 11714371 11983431 3789552 5993858 47416267 62818079 1836651 1893674 45579616 60924405 X PREP FOR PREP IS A LONG-TERM INVESTMENT STRATEGY TO DEVELOP THE LEADERSHIP POTENTIAL OF ABLE YOUNG PEOPLE FROM SEGMENTS OF SOCIETY GROSSLY UNDER-REPRESENTED IN THE LEADERSHIP POOL FROM WHICH ALL OF OUR MAJOR INSTITUTIONS DRAW BY EXPANDING THE NATION'S LEADERSHIP (CONT'D) RESOURCES, WE AIM TO IMPACT INDIRECTLY ON A SET OF INTER-RELATED PROBLEMS THAT THREATEN TO REND OUR SOCIETY.THE PROGRAM IDENTIFIES YOUNG PEOPLE OF EXCEPTIONAL POTENTIAL, PREPARES THEM TO TAKE ADVANTAGE OF THE EDUCATIONAL OPPORTUNITIES OFFERED, SUPPORTS THOSE YOUNG PEOPLE THROUGH THEIR EDUCATIONS AND BEYOND, AND PROVIDES THEM THROUGHOUT WITH INTERNSHIPS, TRAVEL AND OTHER EXTRACURRICULAR OPPORTUNITIES AIMED AT DEVELOPING THEIR LEADERSHIP CAPACITY. 0 0 3326093 ACADEMIC PROGRAMS - 14-MONTH "ACADEMIC BOOT CAMPS" PREPARING APPROXIMATELY 200 STUDENTS ANNUALLY FOR 7TH GRADE PLACEMENT IN INDEPENDENT DAY SCHOOLS IN NEW YORK CITY OR 9TH GRADE PLACEMENT IN NORTHEASTERN BOARDING SCHOOLS. 2515354 COUNSELING - INDIVIDUAL COUNSELING FOR APPROXIMATELY 700 STUDENTS THROUGH THEIR YEARS IN INDEPENDENT AND BOARDING SCHOOLS TO MONITOR THEIR ACADEMIC AND SOCIAL PROGRESS AND TO PROVIDE HELP AND SUPPORT AS NEEDED; SOCIAL AND CULTURAL ACTIVITIES TO EASE SOCIAL TRANSITION AND BUILD A SENSE OF COMMUNITY; SERVICES AND SUPPORT ARE MADE AVAILABLE TO APPROXIMATELY 600 COLLEGE STUDENTS AS WELL. 1580926 LEADERSHIP DEVELOPMENT - FOR PREP'S 1,000 HIGH SCHOOL AND COLLEGE STUDENTS, PROVIDE COLLEGE GUIDANCE, ORGANIZE LEADERSHIP RETREATS, AND ARRANGE FOR INTERNSHIPS, TRAVEL AND INTERNATIONAL LIVING EXPERIENCES AND OTHER OPPORTUNITIES TO EXPAND STUDENTS' HORIZONS, INCREASE THEIR SENSE OF LIFE'S POSSIBILITIES, AND BUILD A STRONGER SENSE OF SELF. 1323001 TALENT SEARCH - IDENTIFYING AND SELECTING 200 STUDENTS FOR PARTICIPATION IN THE PROGRAM - FROM AMONG 7,000 NOMINATED - THROUGH AN EXTENSIVE ADMISSIONS PROCESS. 735555 ALUMNI AFFAIRS - FOR PREP'S APPROXIMATELY 3,100 COLLEGE GRADUATES, PROVIDE NETWORKING AND COMMUNITY-BUILDING OPPORTUNITIES TO ENCOURAGE A LIFE-LONG COMMITMENT TO PREP AND ITS MISSION. 78029 SMART CONNECTIONS - SHARING PREP'S MODEL AND EXPERIENCE WITH ORGANIZATIONS AND SOCIAL ENTREPRENEURS. 2136585 9558958 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 51 0 1 249 1 1 1 0 0 0 0 1 1 0 0 0 0 X 62 62 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 NY X SHARON MADISON 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 MARTIN LIPTON CHAIRMAN EMERITUS (NONVOTING) 0.00 X 0 0 0 JOHN L VOGELSTEIN CHAIRMAN EMERITUS (NONVOTING) 0.00 X 0 0 0 SCOTT L BOK CHAIRMAN 1.00 X X 0 0 0 LISA SMITH CASHIN PRESIDENT 1.00 X X 0 0 0 DANIEL M NEIDICH EXECUTIVE VICE PRESIDENT 1.00 X X 0 0 0 FRANK K BYNUM JR VICE PRESIDENT 1.00 X X 0 0 0 MARGARET MUNZER LOEB VICE PRESIDENT 1.00 X X 0 0 0 JAMES R MAHER VICE PRESIDENT 1.00 X X 0 0 0 ERIC A ROTHFELD VICE PRESIDENT 1.00 X X 0 0 0 JOHN H HALL ESQ VICE PRESIDENT & SECRETARY 1.00 X X 0 0 0 SUE MENG VICE PRESIDENT & ASSISTANT SECRETARY 1.00 X X 0 0 0 PETER ANZALONE VICE PRESIDENT & TREASURER 1.00 X X 0 0 0 ARUN ALAGAPPAN TRUSTEE 0.50 X 0 0 0 HERB ALLEN TRUSTEE 0.50 X 0 0 0 JOHN ALLMAN TRUSTEE, EX-OFFICIO (NONVOTING) 0.50 X 0 0 0 DALE ALLSOPP TRUSTEE 0.50 X 0 0 0 ANNE-CARMENE ALMONORD TRUSTEE 0.50 X 0 0 0 NICOLE ARNABOLDI TRUSTEE 0.50 X 0 0 0 CONOR BASTABLE TRUSTEE 0.50 X 0 0 0 ANSON H BEARD TRUSTEE 0.50 X 0 0 0 RONALD E BLAYLOCK TRUSTEE 0.50 X 0 0 0 JORGE CALDERON TRUSTEE 0.50 X 0 0 0 VAUGHN CALDON TRUSTEE 0.50 X 0 0 0 KENNETH CAPLAN TRUSTEE 0.50 X 0 0 0 YAHONNES CLEARY TRUSTEE 0.50 X 0 0 0 RICHARD D'ALBERT TRUSTEE 0.50 X 0 0 0 DANIELLE DANESE TRUSTEE 0.50 X 0 0 0 ELIZABETH B DATER TRUSTEE 0.50 X 0 0 0 JAMES P DEMARE TRUSTEE 0.50 X 0 0 0 PASCAL DESROCHES TRUSTEE 0.50 X 0 0 0 ALEXANDER R EDLICH TRUSTEE 0.50 X 0 0 0 JOHN EYDENBERG TRUSTEE 0.50 X 0 0 0 PATRICIA FARMAN-FARMAIAN TRUSTEE 0.50 X 0 0 0 KEVIN FERRO TRUSTEE 0.50 X 0 0 0 JONATHAN FIGUEROA TRUSTEE 0.50 X 0 0 0 JEREMY W GELBER MD TRUSTEE 0.50 X 0 0 0 CARL D HARNICK TRUSTEE 0.50 X 0 0 0 NATALIE SWABY HUTCHINSON TRUSTEE 0.50 X 0 0 0 CHRISTOPHER JAMES TRUSTEE 0.50 X 0 0 0 LESLIE-BERNARD JOSEPH TRUSTEE 1.00 X 0 0 0 ROBIN KRASNY TRUSTEE 0.50 X 0 0 0 JAY L KRIEGEL TRUSTEE 0.50 X 0 0 0 LAURENCE C LEEDS JR TRUSTEE 0.50 X 0 0 0 JAMES R LEVY TRUSTEE 0.50 X 0 0 0 FRANK J LOVERRO TRUSTEE 0.50 X 0 0 0 BRIDGET MACASKILL TRUSTEE 0.50 X 0 0 0 PAULA KARSTENS MAHONEY TRUSTEE 0.50 X 0 0 0 JULIE MONACO TRUSTEE 0.50 X 0 0 0 R TYLER MORSE TRUSTEE 0.50 X 0 0 0 JONATHAN MOSES TRUSTEE 0.50 X 0 0 0 JEANNEMARIE OBRIEN TRUSTEE 0.50 X 0 0 0 CHRISTOPHER ORTEGA TRUSTEE 0.50 X 0 0 0 SANDY OSBORNE TRUSTEE 0.50 X 0 0 0 LISSA PERLMAN TRUSTEE 0.50 X 0 0 0 TREVOR PRICE TRUSTEE 0.50 X 0 0 0 RICHARD SCHAPS TRUSTEE 0.50 X 0 0 0 LOU SHAPIRO TRUSTEE 0.50 X 0 0 0 WILLIAM A SHUTZER TRUSTEE 0.50 X 0 0 0 PEG SULLIVAN TRUSTEE 0.50 X 0 0 0 MARISA ROSE VAN BOKHORST TRUSTEE 0.50 X 0 0 0 MICHAEL WEST TRUSTEE 0.50 X 0 0 0 ANITA VOLZ WIEN TRUSTEE 0.50 X 0 0 0 BRIAN C WILLE TRUSTEE 0.50 X 0 0 0 VALDA WITT TRUSTEE 0.50 X 0 0 0 BABAK YAGHMAIE TRUSTEE 0.50 X 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 40.00 X 394511 0 41908 SHARON MADISON VP FOR ADMINISTRATION 40.00 X 188896 0 9206 BRIDGET JOHNSON ASSOC EXEC DIRECTOR (THRU 12/31/17) 40.00 X 199458 0 18853 JACKSON COLLINS ASSOC EXEC DIRECTOR (EFF 1/1/18) 40.00 X 140482 0 8643 EDWARD BOLAND VP FOR EXTERNAL AFFAIRS 40.00 X 219044 0 31104 CHARLES GUERRERO DIR OF LEADERSHIP DEVELOP OPPORTUNITIES 40.00 X 114403 0 20260 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 40.00 X 147016 0 8645 FRANCESCA RYAN DIRECTOR OF DEVELOPMENT 40.00 X 127983 0 19481 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGRAMS 40.00 X 140294 0 20592 1672087 0 178692 9 0 1 0 L&M BUS CORP 3167 ATLANTIC AVENUE BROOKLYN NY 11208 STUDENT TRANSPORTATION 441646 ASCEND SECURE TECHNOLOGY 2254 HOMECRESS AVENUE BROOKLYN NY 11229 TECHNOLOGY 141722 N CHENG LLP 40 WALL STREET NEW YORK NY 10005 AUDIT & ACCOUNTING 140025 3 6013884 11250488 17264372 345566 345566 360562 0 360562 360562 360562 386194 6013884 386194 0 MISC REVENUE 900099 6789 6789 6789 17977289 0 345566 367351 1337484 819450 227436 290598 5243211 4508121 525525 209565 183382 145018 15530 22834 413620 363232 32392 17996 427746 349297 44797 33652 60292 44778 8592 6922 237863 237863 24297 24297 279281 137117 65476 76688 182416 14360 56506 111550 335661 288507 13043 34111 196783 162639 19934 14210 812004 759065 22916 30023 510001 493038 7055 9908 133908 105841 17108 10959 86169 44432 39255 2482 CAMPUS & SCHOOL TRIPS 441797 437938 3524 335 INTERN & LEADER RETREAT 380306 358704 102 21500 TESTING & SCREENING 136532 136532 BOARD SCHOOL IMMERSION 131050 131050 429628 259839 99606 70183 11983431 9558958 1460957 963516 2469406 4236750 1770477 13861959 601726 765258 6489626 4353265 2214973 2136361 22297158 16961590 18062527 24746578 0 109583 47416267 62818079 737683 718494 1098968 1065597 0 109583 1836651 1893674 X 42915592 45869567 1405777 13796591 1258247 1258247 45579616 60924405 47416267 62818079 5993858 2891754 6459177 0 X 0 1 X 1 0 X 9009443 10484108 10099964 16416158 17264372 63274045 9009443 10484108 10099964 16416158 17264372 63274045 10088572 53185473 208118 202077 187288 436937 345566 1379986 8722 23191 6789 38702 64692733 0.82210 0.92720 X 39215589 3615775 1250000 41581364 35509937 5145697 1440045 39215589 37510460 10000 -1779326 231198 35509936 36139900 598954 1008340 236734 37510460 31395723 10000 6255103 1520926 36139900 0.94850 0.03020 0.02130 0 0 492750 492750 3690771 2143187 1547584 2306105 2210078 96027 2136361 ALTERNATIVE INVESTMENTS 24746578 C 24746578 LIABILITY FOR DEFERRED COMPENSATION 109583 109583 X 21209442 2891754 364696 3256450 17952992 24297 24297 17977289 12323830 364696 364696 11959134 24297 24297 11983431 PART V, LINE 4: THE BOARD DESIGNATED ENDOWMENT IS UNRESTRICTED AS TO USE, HAVING BEEN ESTABLISHED TO SERVE AS A BUFFER AGAINST FUNDRAISING SHORTFALLS AND TO COVER SHORT-TERM OPERATING CASH NEEDS. THE PERMANENTLY RESTRICTED ENDOWMENT IS LIMITED BY DONOR-IMPOSED RESTRICTIONS THAT DO NOT EXPIRE AND REQUIRES AN ANNUAL DRAW OF 4% BASED ON THE AVERAGE VALUE OF SUCH FUNDS AND RELATED TEMPORARILY RESTRICTED ASSETS MEASURED QUARTERLY OVER FIVE YEARS. THESE FUNDS ARE USED TO HELP SUPPORT PREP'S ANNUAL OPERATING BUDGET PART X, LINE 2: PREP HAS ADOPTED THE PROVISION PERTAINING TO UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENT. PERIODS ENDING JUNE 30, 2014 AND SUBSEQUENT REMAIN OPEN TO EXAMINATION TO APPLICABLE TAXING AUTHORITIES. LILAC BALL 6400078 6013884 386194 230225 155969 6400078 6013884 386194 230225 155969 386194 0 X X X X X 0 1 0 0 0 0 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 394511 0 0 0 0 0 38898 0 3010 0 436419 0 0 0 SHARON MADISON VP FOR ADMINISTRATION 188896 0 0 0 0 0 6317 0 2889 0 198102 0 0 0 BRIDGET JOHNSON ASSOC EXEC DIRECTOR (THRU 12/31/17) 199458 0 0 0 0 0 11156 0 7697 0 218311 0 0 0 EDWARD BOLAND VP FOR EXTERNAL AFFAIRS 219044 0 0 0 0 0 23300 0 7804 0 250148 0 0 0 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 147016 0 0 0 0 0 0 0 8645 0 155661 0 0 0 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGRAMS 140294 0 0 0 0 0 13028 0 7564 0 160886 0 0 0 PART I, LINE 4B AILEEN HEFFERREN: PAYMENTS TO 457(B) PLAN= $12,148 NEW PROVIDENCE ASSET MANAGEMENT (NPAM) JOHN VOGELSTEIN, CHAIRMAN EMERITUS ON JUNE 1, 2017, PREP ENTERED INTO A SUBSCRIPTION AGREEMENT AS A LIMITED PARTNER IN NEW PROVIDENCE BALANCED PORTFOLIO, LP WITH NPAM FOR THE MANAGEMENT OF A PORTION OF PREP'S ENDOWMENT ASSETS. MR. VOGELSTEIN'S INTEREST IN NPAM WAS DISCLOSED TO PREP PRIOR TO ITS ENTERING INTO THE AGREEMENT WITH NPAM, AND MR. VOGELSTEIN DID NOT PARTICIPATE OR PLAY ANY ROLE IN PREP'S DECISION TO ENGAGE NPAM. 0 X 33 1382037 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: GIFTS OF SHARES OF STOCK ARE RECEIVED ON PREP'S BEHALF BY MERRILL LYNCH AND ARE SOLD AS SOON AS PREP IS NOTIFIED OF RECEIPT. FORM 990, PART I, LINE 6 PREP STUDENTS AND ALUMNI VOLUNTEER IN THE PREP ADMISSIONS OFFICE, WORK WITH PROSPECTIVE APPLICANTS AND THEIR PARENTS DURING THE RECRUITMENT AND APPLICATION PROCESS. PREP GRADS, OR STUDENTS WHO HAVE COMPLETED 8TH GRADE IN THEIR INDEPENDENT SCHOOLS, SERVE AS VOLUNTEERS DURING THE PREPARATORY COMPONENT SUMMER SESSION BY ASSISTING WITH ATTENDANCE, TELEPHONE CALLS, AND THE COLLECTION AND DISTRIBUTION OF LUNCHES, MAILINGS, BOOKS AND NOTICES (APPROXIMATE TOTAL NUMBER OF VOLUNTEERS FOR ADMISSIONS AND PREPARATORY COMPONENT 80). PREP FOR PREP ALSO USES VOLUNTEERS IN ORDER TO FACILITATE ITS PROFESSIONAL ADVANCEMENT INITIATIVES, WHICH EXPOSE PREP HIGH SCHOOL STUDENTS AND UNDERGRADUATES TO A RANGE OF CAREER OPTIONS THEY MIGHT NOT OTHERWISE HAVE CONSIDERED. THESE INITIATIVES INCLUDE SUMMER INTERNSHIPS, SUMMER JOBS BANK, AND THE PREP FOR PREP INSTITUTE FOR ENTREPRENEURSHIP. VOLUNTEERS HELP PREPARE STUDENTS FOR SUMMER INTERNSHIPS BY CONDUCTING MOCK INTERVIEWS FOR HIGH SCHOOL STUDENTS. THROUGH THE INSTITUTE FOR ENTREPRENEURSHIP, VOLUNTEERS SERVE AS BUSINESS PLAN ADVISORS AND FINAL COMPETITION JUDGES. PREP ALSO USES VOLUNTEERS TO SERVE AS CAREER SEMINAR SERIES PANELISTS (APPROXIMATE TOTAL NUMBER OF VOLUNTEERS FOR PROFESSIONAL ADVANCEMENT 280). BOARD AND ASSOCIATES COUNCIL MEMBERS VOLUNTEER THEIR TIME AND PROFESSIONAL EXPERIENCE TO ATTEND PANELS AND LEVERAGE THEIR CONTACTS (TOTAL NUMBER OF BOARD AND ASSOCIATES COUNCIL MEMBERS 118) IN ADDITION, APPROXIMATELY 25 PREP ALUMNI VOLUNTEER THEIR TIME TO HELP RUN PREP'S ANNUAL GIVING CAMPAIGN. FORM 990, PART VI, SECTION A, LINE 2 THE TRUSTEES FRANK BYNUM, FRANK LOVERRO-AND SANDY OSBORNE HAVE A SHARED OWNERSHIP INTEREST IN KELSO & COMPANY, INC. THE FOLLOWING TRUSTEES ARE ASSOCIATED WITH THE SAME ORGANIZATION: SUE MENG IS A PARTNER WITH DEBEVOISE & PLIMPTON; JOHN HALL IS OF COUNCIL. MARTY LIPTON, JON MOSES AND JEANNEMARIE O'BRIEN WORK WITH WACHTELL, LIPTON, ROSEN & KATZ. FORM 990, PART VI, SECTION B, LINE 11B BEFORE FILING, THE 990 IS REVIEWED BY THE TREASURER OF PREP FOR PREP, DISTRIBUTED TO ALL MEMBERS OF THE FINANCE COMMITTEE FOR REVIEW, APPROVED BY THE EXECUTIVE COMMITTEE OF TRUSTEES, AND DISTRIBUTED TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C THE FINANCE COMMITTEE IS EMPOWERED TO INVESTIGATE ANY MATTER BROUGHT TO ITS ATTENTION WITH FULL ACCESS TO ALL BOOKS, RECORDS, FACILITIES AND PERSONNEL OF PREP. IN KEEPING WITH ITS CHARTER, THE FINANCE COMMITTEE ANNUALLY REVIEWS AND DISCUSSES WITH MANAGEMENT AND THE INDEPENDENT AUDITORS THE ADEQUACY AND EFFECTIVENESS OF PREP'S LEGAL, REGULATORY AND ETHICS COMPLIANCE PROGRAMS, INCLUDING PREP'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE STAFF RECRUITMENT AND COMPENSATION COMMITTEE OF THE BOARD ASSISTS THE EXECUTIVE COMMITTEE OF THE BOARD IN DETERMINING COMPENSATION OF SENIOR MANAGEMENT. THE COMMITTEE REVIEWS THE COMPENSATION OF THE CHIEF EXECUTIVE AND KEY EMPLOYEES EACH YEAR AND RECOMMENDS CHANGES OR ADJUSTMENTS TO THE EXECUTIVE COMMITTEE. REVIEW INCLUDES USE OF COMPARABILITY DATA AND ENGAGEMENT OF OUTSIDE EXPERTS AND OTHER ADVISORS. THE LAST REVIEW WAS IN 2018. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL REPORTS AVAILABLE TO THE PUBLIC UPON REQUEST.