2018-05-11T20:19:14-05:00 2017-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2016-07-01 060646921 The Taft School Corporation TAFT 8609457777 110 Woodbury Rd Watertown CT 06795 Gilbert t thornfeldt assistant treasurer 8609457777 2018-05-11 1 JOHN TOSCANO P00358542 9592007000 2018-05-11 2016 2022-09-23 18:48:47Z gilbert t thornfeldt 110 Woodbury Rd Watertown CT 06795 63394960 0 X www.taftschool.org X 1930 CT the mission of the school is to educate the whole student. 31 31 415 0 111677 -171122 14333550 7686838 32858899 33866871 25125339 10043864 620023 626453 72937811 52224026 7864454 8261187 0 0 22121749 22193946 99807 76074 3432544 18220602 18546924 48306612 49078131 24631199 3145895 389358568 410488502 66177537 64454182 323181031 346034320 the mission of the school is to educate the whole student. 0 0 39762500 8261187 34174129 Provide educational services and support for approximately 592 students in grades nine through post-graduate in a boarding and day setting. 39762500 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 1 188 0 1 415 1 1 1 1 UK 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 J HORD ARMSTRONG III OUTGOING 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 IRENE CHU TRUSTEE 0.50 X 0 0 0 DONNA HENRY CRYER TRUSTEE 0.50 X 0 0 0 JOHN W DAYTON OUTGOING TRUSTEE 0.50 X 0 0 0 ICY H FRANTZ TRUSTEE 0.50 X 0 0 0 J DAVID GILLIKIN 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 TRUSTEE 0.50 X 0 0 0 JAMES A JACOBSON treasurer 0.50 X 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 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 RODMAN W MOORHEAD III OUTGOING 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 TRUSTEE 0.50 X 0 0 0 DYLAN T SIMONDS TRUSTEE 0.50 X 0 0 0 JOHN G TAFT OUTGOING 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 YI-MING YANG TRUSTEE 0.50 X 0 0 0 JOANNE K ZIESING TRUSTEE 0.50 X 0 0 0 WILLIAM R MACMULLEN PRESIDENT/HEADMASTER 40.00 X 386234 0 112923 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 40.00 X 245914 0 60564 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 40.00 X 233600 0 73039 DONALD F BARTON CONTROLLER 40.00 X 125854 0 45400 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 40.00 X 169686 0 30067 PETER A FREW DIRECTOR OF ADMISSIONS 40.00 X 130334 0 67241 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 40.00 X 134272 0 46002 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPMENT 40.00 X 129157 0 92480 1555051 0 527716 29 0 1 0 bushka lumber & millwork llc 305 fairfield avenue waterBURY CT 06708 construction services 5603965 aramark corporation po box 91337 chicago IL 60693 food SERVICE 3585085 new providence asset management 650 fifth ave 16th floor new york NY 10001 investment MANAGEMENT 878710 Naugatuck Window & Glass Co 253 Prospect St Naugatuck CT 06770 CONSTRUCTION services 317206 DAVID THOMPSON ARCHITECTS LLC 1211 CHAPEL ST NEW HAVEN CT 06511 ARCHITECT SERVICES 287524 15 7686838 668213 7686838 STUDENT TUITION 611110 31998055 31998055 Program Fees 611110 1868816 1868816 33866871 1820861 -101639 1922500 12200 0 12200 12200 12200 19007855 10784852 8223003 8223003 8223003 528308 386082 142226 142226 auxiliary income 611110 264711 165032 6000 93679 hockey rink 532000 207316 207316 472027 52224026 34174129 111677 10251382 8261187 8261187 1043556 762406 281150 132316 123625 8691 15509916 13423442 853176 1233298 1284639 1093574 62883 128182 3060435 2394784 389658 275993 1163084 981470 83365 98249 83154 83154 47150 47150 76074 76074 1518690 1518690 3862292 3408851 292266 161175 182054 176385 4270 1399 1061899 472355 279786 309758 474624 417132 4368 53124 2955 2610 345 2088759 2022151 39422 27186 488230 317943 99635 70652 72042 55851 9175 7016 767414 742942 14484 9988 4394573 4254434 82941 57198 467092 452197 8816 6079 general and institution 1238751 1238751 instruction 957883 957883 DEVELOPMENT 635678 635678 student services 170617 170617 33067 33067 49078131 39762500 5883087 3432544 14540971 12164915 33161906 29498726 8287994 10185332 278347 291974 718387 787266 189547925 75744077 112024602 113803848 88721544 87221589 131573524 156432490 51293 102362 389358568 410488502 1147797 1195205 15573277 16669924 42872499 39962052 1337297 1021340 5246667 5605661 66177537 64454182 X 140856583 160570891 23712129 24907378 158612319 160556051 323181031 346034320 389358568 410488502 X 3145895 20781522 -1074128 X X 0 1 X 1 0 X 9027094 17768395 12910548 14333550 7686838 61726425 9027094 17768395 12910548 14333550 7686838 61726425 6644962 55081463 937173 1120308 1875266 1442753 1833061 7208561 300215 243463 180999 211181 213316 1149174 49000 74335 93679 217014 70301174 161641910 0.78350 0.80190 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 223883573 2899516 28457200 3777533 6522467 244940289 239887766 9353651 -15057844 3688369 6611631 223883573 238593064 9635506 1659196 3615362 6384638 239887766 212710977 5855330 30976757 3820818 7129182 238593064 195460456 4061226 23789295 3507484 7092516 212710977 0.35300 0.64500 0.00200 0 0 10098480 10098480 165790649 65658706 100131943 11341559 10085371 1256188 2317237 2317237 113803848 private equities and alternative investments 156432490 F 156432490 liabilities under split-interest agreements 5605661 5605661 X 62626554 20781522 88927 -9335315 11535134 51091420 1518688 -386082 1132606 52224026 39773265 88927 386082 475009 39298256 1518688 8261187 9779875 49078131 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 2015 OR 2016. 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, 2017 AND 2016. THE SCHOOL'S U.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 STATEMENTS OF FINANCIAL POSITION. Part XI, Line 2d - Other Adjustments: change in value of split-interest agreements -1,074,128. financial aid -8,261,187. Part XI, Line 4b - Other Adjustments: cost of goods sold -386,082. Part XII, Line 2d - Other Adjustments: cost of goods sold 386,082. Part XII, Line 4b - Other Adjustments: FINANCIAL AID 8,261,187. 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 89677315 0 0 0 0 0 0 89677315 0 89677315 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 18425 0 spencer group inc 130 s willard street burlington VT 05401 consulting 0 0 57649 0 76074 CT 1 student financial aid 201 0 8261187 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 383534 0 0 0 2700 0 56800 0 56123 0 499157 0 0 0 GILBERT T THORNFELDT ASST TREAS/ASST SECRETARY 245914 0 0 0 0 0 30434 0 30130 0 306478 0 0 0 CHRISTOPHER R LATHAM DIRECTOR OF DEVELOPMENT 233254 0 0 0 346 0 28915 0 44124 0 306639 0 0 0 DONALD F BARTON CONTROLLER 125854 0 0 0 0 0 10932 0 34468 0 171254 0 0 0 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 169686 0 0 0 0 0 13859 0 16208 0 199753 0 0 0 PETER A FREW DIRECTOR OF ADMISSIONS 130334 0 0 0 0 0 16680 0 50561 0 197575 0 0 0 KAITLIN ORFITELLI DIRECTOR OF MKTG & COMM 134272 0 0 0 0 0 11525 0 34477 0 180274 0 0 0 ELIZABETH WELCH ASSOC DIRECTOR OF DEVELOPMENT 129157 0 0 0 0 0 16383 0 76097 0 221637 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 g 060806186 20774ug74 2008-08-13 17738135 Defease SERIES F AND SERIES D 0 0 0 B CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY series i 060806186 20774YLP0 2012-11-07 18461710 defease series h and construction 0 0 0 C connecticut Health and Educational Facilities Authority series j 060806186 20774ywf0 2015-08-28 10300000 construction 0 0 0 A 16905000 1649647 330205 15758283 2008 1 0 1 1 B 18060000 1504282 361255 3695345 8594444 4306384 1 0 0 1 C 10300000 88122 205989 4116600 5889289 2016 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 1 C 0 0 0 0 1 0 0 0 1 A 1 B 1 C 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. 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 123625 employee compensation as english teacher and aerobics instructor 0 MEREDITH THORNFELDT spouse of officer 8691 employee compensation AS OFFICE ASSISTANT 0 X 95 668213 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 -1,074,128. Form 990, Part XII, Line 2c: THERE HAVE BEEN NO CHANGES THE THE SCHOOL'S OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.