2018-05-11T15:09:03-05:00 2017-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2016-07-01 060646906 SOUTH KENT SCHOOL CORPORATION SOUT 8609273539 40 BULLS BRIDGE ROAD SOUTH KENT CT 06785 steven e camardi chief financial officer 8609273539 2018-05-11 1 JOHN TOSCANO P00358542 9592007000 2018-05-04 2016 2022-09-23 18:48:47Z ANDREW J VADNAIS 40 BULLS BRIDGE ROAD SOUTH KENT CT 06785 24704508 0 X www.southkentschool.org X 1923 CT SOUTH KENT SCHOOL, ESTABLISHED IN 1923, IS A COLLEGE-PREPARATORY SCHOOL FOR BOYS IN GRADES 9 THROUGH 12. WE DEVELOP YOUNG MEN WHO CAN EVOLVE AND ADAPT, BE GLOBALLY COMPETITIVE AND PREPARED TO MEET THE CHALLENGES POSED BY A CHANGING NATURAL ENVIRONMENT. THEIR TIME AT SOUTH KENT PREPARES OUR STUDENTS FOR SUCCESS AT EACH POINT IN THEIR LIFE. THREE PRINCIPLES DEFINE THE SCHOOL: SIMPLICITY OF LIFE, SELF-RELIANCE, AND DIRECTNESS OF PURPOSE.SOUTH KENT SCHOOL IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES AND HOLDS MEMBERSHIPS IN THE CUM LAUDE SOCIETY, THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, THE NATIONAL ASSOCIATION OF EPISCOPAL SCHOOLS, THE SECONDARY SCHOOL ADMISSION TEST BOARD, THE CONNECTICUT ASSOCIATION OF INDEPENDENT SCHOOLS, THE ASSOCIATION OF BOARDING SCHOOLS, THE INTERNATIONAL COALITION OF BOYS SCHOOLS AND THE NATIONAL ASSOCIATION FOR COLLEGE ADMISSION COUNSELING. 23 22 97 4 56687 -7160 4063994 1907134 9827823 9525507 427400 -31683 184641 1058064 14503858 12459022 2324312 2972262 0 0 4657298 4645983 0 0 524813 5659819 5341640 12641429 12959885 1862429 -500863 36485319 34704489 16403742 13737485 20081577 20967004 X SOUTH KENT SCHOOL IS AN INDEPENDENT, COLLEGE-PREPARATORY SCHOOL FOR BOYS. SINCE ITS FOUNDING, SOUTH KENT HAS MAINTAINED TIES WITH THE EPISCOPAL CHURCH. THREE PRINCIPLES DEFINE THE SCHOOL: SIMPLICITY OF LIFE, SELF-RELIANCE, AND DIRECTNESS OF PURPOSE.WE OFFER, BY LIVING SIMPLY, AN UNCLUTTERED ENVIRONMENT FOR LIVELY AND RIGOROUS LEARNING.WE ENCOURAGE OUR STUDENTS TO BECOME SELF-RELIANT IN ORDER TO DEVELOP COMPETENCE AND SELF-ESTEEM.WE VALUE DIRECTNESS OF PURPOSE: WE WANT EACH STUDENT TO WELCOME THE CHALLENGE TO FOCUS HIS ENERGIES, TO SET GOALS, AND TO WORK TO MEET THEM. 0 0 10207178 2972262 9598635 A PRIVATE SECONDARY EDUCATIONAL INSTITUTION FOR APPROXIMATELY 160 BOARDING AND DAY STUDENTS (BOYS). THE SCHOOL PROVIDES AN ENVIRONMENT THAT ENCOURAGES INTELLECTUAL, CULTURAL AND ATHLETIC ACHIEVEMENT. 10207178 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 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 62 0 1 97 1 1 1 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 0 0 X steven e camardi 8609273539 40 BULLS BRIDGE ROAD SOUTH KENT CT 06785 John P Carey Chairperson 1.00 X X 0 0 0 LINCOLN W DAY PRESIDENT 1.00 X X 0 0 0 John L Garceau Vice President 1.00 X X 0 0 0 Jeffrey W Conover TREASURER 1.00 X X 0 0 0 Andrew J Vadnais Head of School/Secretary 40.00 X X 230844 0 89112 Drew K Barber Trustee 1.00 X 0 0 0 William C Corbin Trustee 1.00 X 0 0 0 Christopher C Farr outgoing trustee 1.00 X 0 0 0 Hani MS Farsi Trustee 1.00 X 0 0 0 Annie Funnell Trustee 1.00 X 0 0 0 James M Garnett Trustee 1.00 X 0 0 0 Robert H Hacker Trustee 1.00 X 0 0 0 Curtis Himy Trustee 1.00 X 0 0 0 Peter Hopper Trustee 1.00 X 0 0 0 Keith Koritko Trustee 1.00 X 0 0 0 James R Lowe III Trustee 1.00 X 0 0 0 Timothy H Mitchell Trustee 1.00 X 0 0 0 Peter Ramsey Trustee 1.00 X 0 0 0 Fitz Robertson Trustee 1.00 X 0 0 0 Lawrence A Smith Trustee 1.00 X 0 0 0 Alex Thomson Trustee 1.00 X 0 0 0 Cindy White Trustee 1.00 X 0 0 0 Charles F Wreaks IV Trustee 1.00 X 0 0 0 Dorell Wright Trustee 1.00 X 0 0 0 STEVEN E CAMARDI CHIEF FINANCIAL OFFICER 40.00 X 95257 0 27385 326101 0 116497 1 0 1 0 flik independent schools po box 417632 boston MA 02241 food service 724245 PBM-Preferred Building Maintenance LLC 40 South End Plaza New Milford CT 06776 Cleaning Service 173599 Legacy Global Sports 99 Bow Street Ste 100W Portsmouth NH 03801 Consulting 159424 Santoro's Commercial Laundry Service 200 Saint Onge Road Winsted CT 06098 Laundry Services 112003 C&M CONTRACTING INC 125 CHURCH ST STE 90-364 PEMBROKE MA 02359 General contractor 105233 5 46451 1860683 140592 1907134 TUITION AND FEES 611710 9268157 9268157 AUXILIARY PROGRAMS AND 611710 200663 200663 SUMMER PROGRAM REVENUE 611710 56687 56687 9525507 152685 152685 158134 0 158134 158134 158134 11925199 11782800 326767 142399 -326767 -184368 -184368 49305 46451 48832 473 473 113417 87087 26330 26330 Proceeds from Insuranc 900099 769642 769642 OTHER INCOME 611710 103485 103485 873127 12459022 9598635 56687 896566 2972262 2972262 374330 38291 208402 127637 3270518 2457358 674537 138623 217371 166877 43570 6924 541117 372342 140893 27882 242647 168661 64927 9059 22336 22336 30050 30050 62701 62701 494650 267644 226888 118 12420 12420 179011 22860 95157 60994 109828 82371 16474 10983 1088295 925051 108830 54414 96441 10596 67720 18125 10433 3503 6198 732 338128 304315 33813 825974 743377 82597 132803 8483 124320 DINING SERVICES 658040 658040 ATHLETICS 372121 372121 STUDENT ACTIVITIES 259798 259798 STUDENT SERVICES 196932 196932 451679 176296 206061 69322 12959885 10207178 2227894 524813 1058281 531086 93653 1885180 3092135 1784113 109155 66742 15035 15034 57463 246507 39805 81648 27384262 10650863 17107655 16733399 14492371 12903026 419766 457754 36485319 34704489 812487 641130 262245 231895 1097639 1496600 7206000 7011000 5700333 3373469 1325038 983391 16403742 13737485 X 6691307 8289608 7306118 6197026 6084152 6480370 20081577 20967004 36485319 34704489 X -500863 1177246 209044 X X 0 1 X 1 0 X 1533287 3197088 2211769 4063994 1907134 12913272 1533287 3197088 2211769 4063994 1907134 12913272 5270008 7643264 392852 462567 503507 583755 310819 2253500 34700 30280 54540 32647 35743 187910 63078 57531 48275 47009 818947 1034840 16389522 47946220 0.46640 0.35780 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising - 2012 Amount: $ 63,078. 2013 Amount: $ 57,531. 2014 Amount: $ 48,275. 2015 Amount: $ 47,009. 2016 Amount: $ 49,305. insurance proceeds - 2016 Amount: $ 769,642. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8234523 2361 919884 350000 8806768 8513874 374210 -303561 350000 8234523 7830155 990394 43325 350000 8513874 6543284 678502 958369 350000 7830155 6809585 196756 536943 1000000 6543284 0.20580 0.70380 0.09040 0 0 1431050 1431050 23482065 9474071 14007994 1044687 787324 257363 1426460 389468 1036992 16733399 POST RETIREMENT BENEFIT OBLIGATION 425708 deferred compensation 266129 SWAP Agreement 291554 983391 X 10946268 1177246 -2763218 -1585972 12532240 62701 -135919 -73218 12459022 10060841 135919 135919 9924922 62701 2972262 3034963 12959885 Part V, Line 4: THE SOUTH KENT SCHOOL HAS APPROXIMATELY 40 INDIVIDUAL ENDOWMENT FUNDS ESTABLISHED FOR A VARIETY OF SCHOOL-RELATED PURPOSES. Part X, Line 2: THE SCHOOL'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2014 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 STATEMENT OF FINANCIAL POSITION. Part XI, Line 2d - Other Adjustments: financial aid -2,972,262. net actuARIAL LOSS ON POST RETIREMENT OBLIGATION 33,947. change in value of interest rate swap 322,842. Change in FV split Interest -147,745. Part XI, Line 4b - Other Adjustments: cost of goods sold -87,087. special event expenses -48,832. Part XII, Line 2d - Other Adjustments: COST OF GOODS SOLD 87,087. special event expenses 48,832. Part XII, Line 4b - Other Adjustments: FINANCIAL AID 2,972,262. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 REQUIRED NOTICE PUBLISHED IN NEWSPAPER. Sub-Saharan Africa 0 0 PROGRAM SERVICES Recruiting 2968 Central America and the Caribbean 0 0 PROGRAM SERVICES Recruiting 1065 East Asia and the Pacific 0 0 PROGRAM SERVICES Development 47165 Europe (Including Iceland & Greenland) 0 0 PROGRAM SERVICES Development 2375 South Asia 0 0 PROGRAM SERVICES Recruiting 3429 0 0 0 0 0 0 57002 0 57002 0 0 0 0 0 0 Part I, line 3: expenditures are accounted for using the ACCRUAL BASIS of accounting HARVEST AUCTION 64721 46451 18270 24388 GOLF TOURNAMENT 31035 31035 24444 95756 46451 49305 48832 48832 473 1 FINANCIAL AID 91 2972262 FMV TUITION AND FEES Part I, Line 2: FINANCIAL AID IS GRANTED TO FAMILIES ON A NEED BASIS. IN ORDER TO OBJECTIVELY ESTABLISH FINANCIAL NEED, THE SCHOOL SUBSCRIBES TO THE SCHOOL AND STUDENT SERVICES (SSS). THE SSS PROVIDES A FINANCIAL NEEDS ANALYSIS USING OBJECTIVE CRITERIA APPLIED TO FINANCIAL INFORMATION PROVIDED BY THE FAMILIES. ONCE NEED IS ESTABLISHED, THE SCHOOL WILL DETERMINE THE APPROPRIATE AWARD AMOUNT. X 1 1 X X 0 0 0 0 0 0 0 1 0 Andrew J Vadnais Head of School/Secretary 210444 0 20400 0 0 0 40800 0 48312 0 319956 0 0 0 Part I, Line 1a THE HEADMASTER MUST RESIDE IN THE HEADMASTER'S RESIDENCE LOCATED ON THE SCHOOL'S CAMPUS IN ORDER FOR THE HEADMASTER TO EFFECTIVELY PERFORM PRESCRIBED DUTIES, INCLUDING, BUT NOT LIMITED TO, PROVIDING STUDENTS AND TEACHERS OFF HOURS WITH ACCESS TO LOCKED BUILDINGS AND OTHER CAMPUS VENUES WHEN NECESSARY, PROVIDING CAMPUS OVERSIGHT DURING EVENINGS AND WEEKENDS AND VACATIONS, AND PROVIDING COVENIENT ADMINISTRATIVE PRESENCE AT SCHOOL EVENTS. THE HEADMASTER'S OCCUPATION OF THIS RESIDENCE IS A CONDITION OF HIS EMPLOYMENT BY THE SCHOOL AND IS FOR THE CONVENIENCE OF THE SCHOOL. AS A REPRESENTATIVE OF THE SCHOOL, THE HEADMASTER USES SAID HOUSE FOR MEETINGS OF DONORS, STUDENTS, TEACHERS, STAFF MEMBERS, ALUMNI, VISITING TEACHERS, SCHOLARS, TRUSTEES, AND SPEAKERS, AND FOR SUCH OTHER SCHOOL FUNCTIONS AND AFFAIRS AS SHALL BE APPROPRIATE FOR THE BEST INTEREST AND DEVELOPMENT OF THE SCHOOL. Part I, Line 7 HEAD OF SCHOOL RECEIVED A BOARD APPROVED CALENDAR YEAR BONUS WHICH WAS INCLUDED IN HIS 2016 W2. A STATE OF CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 2013-08-29 7300000 SERIES A BONDS ISSUED aug 2013 AND FOR BUILDINGS AND STRUCTURE 0 0 0 A 289000 7300000 146000 7206000 2016 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 1 People's United Bank 10.000000000000 0 0 0 0 1 A 1 NANCY LYON SPOUSE OF HEADMASTER 94067 COMPENSATION FOR HER ROLE AS THE SCHOOL'S CHIEF OPERATIONS OFFICER AND FOURTH FORM DEAN. 0 X 9 116204 fair value X VARIOUS AUCTION ITEMS 240 24388 FAIR VALUE 0 0 1 Part I, Column (b): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF items CONTRIBUTed. Part I, Line 32b: the school liquidates all gifts of appreciated securities using an account held with a third-party financial institution. Form 990, Part VI, Section B, line 11b ONCE THE FORM 990 IS COMPLETED, IT IS FIRST REVIEWED BY THE SCHOOL'S INTERNAL MANAGEMENT AND OUTSIDE ADVISORS. FOLLOWING THAT REVIEW, THE FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES WHO WILL THEN REVIEW AND APPROVE THE FILING OF THE FORM FOR THE TAX YEAR. 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 CORPORATION, ITS TRUSTEES AND OFFICERS SHALL AT ALL TIMES TAKE SUCH STEPS AS ARE NECESSARY TO ENSURE NO CONFLICT OF INTEREST EXISTS OR OCCURS BETWEEN ANY TRUSTEE OR OFFICER OF THE CORPORATION AND THE CORPORATION OR ITS INTERESTS. ANY TRUSTEE WHO HAS ANY INTEREST, DIRECTLY OR INDIRECTLY, IN ANY ENTITY THAT CONTRACTS WITH OR OTHERWISE SERVES THE CORPORATION SHALL BE DISQUALIFIED FROM VOTING WITH REGARD TO SUCH RELATIONSHIP OR OTHERWISE ACTING IN ANY OFFICIAL CAPACITY ON BEHALF OF THE CORPORATION IN CONNECTION WITH SUCH RELATIONSHIP. Form 990, Part VI, Section B, line 15a THE HEAD of School's COMPENSATION IS REVIEWED ANNUALLY AND INDEPENDENTLY BY THE BOARD OF TRUSTEES. COMPARABLE COMPENSATION DATA IS CONSIDERED DURING THE REVIEW, INCLUDING SALARY DATA FROM PRIOR YEARS' FORM 990 AND NAIS BENCHMARK DATA. A RECOMMENDATION IS THEN PROVIDED FOR APPROVAL BY THE FULL BOARD. SIMILARY, SALARIES OF OTHER KEY EMPLOYEES ARE REVIEWED BY THE HEAD of School IN CONJUNCTION WITH COMPARABLE SALARY DATA DERIVED FROM VARIOUS SOURCES, INCLUDING NAIS BENCHMARK DATA AND FORM 990 OF SIMILAR INSTITUTIONS. Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE OFFICES OF THE SCHOOL. Form 990, Part XI, line 9: ACTUARIAL LOSS ON POST-RETIREMENT BENEFIT OBLIGATION 33,947. Change in value of SWAP agreement 322,842. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -147,745. FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES MADE TO THE ORGANIZATION'S OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.