2018-04-23T12:14:51-05:00 2017-06-30 061009205 BLUM SHAPIRO & COMPANY PC ONE INTERNATIONAL PLACE 16TH FL BOSTON MA 02110 990 2016-07-01 060910420 CHOATE ROSEMARY HALL FOUNDATION INCORPORATED CHOA 2036972676 333 CHRISTIAN STREET WALLINGFORD CT 064923818 RICHARD SALTZ CHIEF FINANCIAL OFFICER 2036972676 2018-03-29 1 LAURA J KENNEY P00202198 8605614000 2018-03-29 50.200.120.74 2018-03-29 19:09:21 ED P 42409A6C13D0611563846229DEC7F9DFFE4F4631 DF8EC6EC51E1FD1DECD3FD9B85C405DAF374F076 2016 2021-01-29 14:40:06Z CHOATE ROSEMARY HALL ALEXANDER CURTIS 333 CHRISTIAN STREET WALLINGFORD CT 064923818 96755443 0 X WWW.CHOATE.EDU X 1974 CT TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 862 STUDENTS PER YEAR. 24 23 669 0 52103 0 29619465 36334503 50453979 51444530 3166040 8390997 -78436 -121797 83161048 96048233 11161604 11633327 0 0 33428869 33591794 0 0 3575046 32601152 40340254 77191625 85565375 5969423 10482858 562810498 613932030 72499762 66657793 490310736 547274237 X TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 862 STUDENTS PER YEAR. 0 0 26838579 51444530 THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 862 STUDENTS, GENERATING OVER $34 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND SUPPORT. 15515208 THE SCHOOL MAINTAINS ABOUT 1.3 MILLION SQUARE FEET OF RESIDENTIAL, ACADEMIC AND ATHLETIC SPACE FOR A COMMUNITY OF OVER 1,000 MEMBERS. THE MAJORITY OF THIS EXPENSE REFLECTS THE DEPRECIATION ON THE SCHOOL PROPERTY, PLANT AND EQUIPMENT, WHICH HAS A CURRENT ACCOUNTING VALUE OF $156.2 MILLION. 11633327 11633327 THE SCHOOL DISCOUNTS TUITION IN THE FORM OF FINANCIAL AID AT AN APPROXIMATE RATE OF 25% IN AN EFFORT TO RECRUIT AND RETAIN THE MOST TALENTED STUDENT BODY. THE SCHOOL RECOGNIZES THAT A DIVERSE STUDENT BODY BETTERS THE OVERALL EXPERIENCE FOR ALL INVOLVED, AND THAT WHILE NOT EVERYONE CAN CONTRIBUTE FINANCIALLY IN TERMS OF TUITION, EVERYONE HAS SOMETHING TO OFFER THE CHOATE ROSEMARY HALL COMMUNITY. 5575007 MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING EXPENSES 1539271 TRAVEL AND CONFERENCE EXPENSES 2534848 OFFICE AND INFORMATION TECHNOLOGY EXPENSES 3580493 ALL OTHER PROGRAM RELATED EXPENSES, INCLUDING ADVERTISING, ROYALTIES, INTEREST PAYMENTS, OUTSIDE RENTALS, ETC. 13229619 67216733 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 1 1 0 1 0 0 0 0 1 0 0 0 1 227 0 1 669 1 1 1 1 SP FR 0 0 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X HEATHER LAFONTAINE 2036972676 333 CHRISTIAN STREET WALLINGFORD CT 06492 ALEXANDER D CURTIS HEADMASTER 60.00 X X 447720 0 295032 SAMUEL P BARTLETT TRUSTEE 2.00 X 0 0 0 MICHAEL J CARR TRUSTEE 2.00 X 0 0 0 GEORGE F COLONY TRUSTEE 2.00 X 0 0 0 JOHN F GREEN TRUSTEE 2.00 X 0 0 0 LINDA J HODGE TRUSTEE 2.00 X 0 0 0 BRETT M JOHNSON TRUSTEE 2.00 X 0 0 0 VANESSA KONG KERZNER TRUSTEE 2.00 X 0 0 0 CECELIA M KURZMAN TRUSTEE 2.00 X 0 0 0 EDWARD O LANPHIER TRUSTEE 2.00 X 0 0 0 GRETCHEN COOPER LEACH TRUSTEE 2.00 X 0 0 0 JAMES A LEBOVITZ TRUSTEE 2.00 X 0 0 0 KEWSONG LEE TRUSTEE 2.00 X 0 0 0 ROBERT A MINICUCCI TRUSTEE 2.00 X 0 0 0 HENRY K SNYDER TRUSTEE 2.00 X 0 0 0 BORJE E EKHOLM TRUSTEE 2.00 X 0 0 0 PATRICK J MCCURDY TRUSTEE 2.00 X 0 0 0 PETER B ORTHWEIN TRUSTEE 2.00 X 0 0 0 KENNETH G BARTELS TRUSTEE 2.00 X 0 0 0 TAL H NAZER TRUSTEE 2.00 X 0 0 0 M ANNE SA'ADAH TRUSTEE 2.00 X 0 0 0 PEGGY BRIM BEWKES TRUSTEE 2.00 X 0 0 0 JUNGWOOK RYAN HONG TRUSTEE 2.00 X 0 0 0 ALEXANDRA B AIRTH TRUSTEE 2.00 X 0 0 0 RICHARD SALTZ CFO 60.00 X 264079 0 78327 DANIEL COURCEY EXEC DIR OF DEVELOPMENT 60.00 X 345870 0 186158 JOHN BURDITT CIO 40.00 X 232756 0 38056 KATHLEEN WALLACE ASSOCIATE HEAD OF SCHOOL 40.00 X 200292 0 28785 RAYMOND DIFFLEY ADMISSION DIRECTOR 60.00 X 167271 0 33436 WATSON LOWERY TEACHER 40.00 X 174844 0 12864 CHRISTOPHER DIAMOND DIR. OF HEALTH CENTER 60.00 X 176604 0 70833 MARI JONES DIR. DEVELOPMENT & ALUMNI RELATIONS 40.00 X 139606 0 39352 BENJAMIN GARDNER DIR. OF HEALTH CENTER 0.00 X 171918 0 0 2320960 0 782843 23 1 1 0 SHAWMUT DESIGN AND CONSTRUCTION 560 HARRISON AVE SUITE 200 BOSTON MA 02118 CONSTRUCTION 13716108 SAGE DINING SERVICES 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 4369115 ABM JANITORIAL SERVICES PO BOX 1534 NEW YORK NY 100081534 CAMPUS JANITORIAL SERVICES 1500110 ROBERT A M STERN ASSOCIATES ONE PARK AVENUE NEW YORK NY 10016 ARCHITECT 1327836 HIGHER LEARNING SUPPLY COMPANY 733 CHAPIN STREET SUITE 102 LUDLOW MA 01056 SCHOOL STORE 615042 32 36334503 4084519 36334503 TUITION AND FEES 611710 45785712 45785712 SUMMER PROGRAMS 611710 4424929 4424929 STUDENT ACTIVITIES 611710 377530 377530 APPLICATION FEES 611710 227435 227435 INFIRMARY/COUNSELING 611710 182693 182693 446231 446231 51444530 3146590 -109568 3256158 256495 304700 -48205 -48205 -48205 5244407 0 5244407 5244407 209876 5034531 328918 402510 -73592 -73592 96048233 51444530 52103 8217097 11633327 11633327 1936124 176513 890042 869569 22790605 19591664 1556911 1642030 3039052 2684332 142368 212352 4104330 2939442 1106232 58656 1721683 1446628 142168 132887 5600114 5575007 8837 16270 5722466 5722466 94821 94821 3801822 3801822 2026239 1719586 125422 181231 75561 20140 55421 2736633 2195150 523968 17515 392027 339698 52299 30 6568 6568 1953133 1859683 74007 19443 1544240 1333713 51709 158818 219007 205558 7549 5900 1394568 1341575 39187 13806 11212480 10781714 318540 112226 1206220 1160383 33895 11942 MAINTENANCE & REPAIR 1713528 1713428 100 OUTSIDE RENTALS 222360 156419 1303 64638 GIFTS & RECOGNITION 136492 77634 10664 48194 MINOR EQUIP. PURCHASE 101512 84520 13592 3400 180463 174051 273 6139 85565375 67216733 14773596 3575046 15967306 19202258 26601886 37015429 128276 54728 104191 69191 244257 176729 2674761 2840429 291290480 135085044 142231856 156205436 105895525 85664769 268763197 312385256 199243 317805 562810498 613932030 7154526 6342230 16117789 15400827 35050000 34025000 14177447 10889736 72499762 66657793 X 219690676 228648732 139158018 184456357 131462042 134169148 490310736 547274237 562810498 613932030 X 10482858 43959726 2520917 X X 0 1 X 1 0 X 20945548 24299117 18189969 29619465 36334503 129388602 20945548 24299117 18189969 29619465 36334503 129388602 7169373 122219229 1546476 1706377 2156109 1972367 3256158 10637487 140026089 245135456 0.87280 0.80720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 343101418 2923744 51360514 21774259 4340300 371271117 353608160 7520998 -120848 15372945 2533947 343101418 356726590 4860464 9114022 14164319 2928597 353608160 317866454 7947370 48057826 13240358 3904702 356726590 284784784 7309320 41718690 12096396 3849944 317866454 0.30000 0.36000 0.34000 0 0 2622278 2622278 244351498 107277085 137074413 25282957 19951844 5331113 19033747 7856115 11177632 156205436 ALTERNATIVE INVESTMENTS 302657228 F SPLIT INTEREST AGREEMENTS 9728028 F 312385256 LIABILITY UNDER SPLIT-INTEREST AGREEMENTS 3574191 AGENCY FUNDS 322787 INTEREST RATE SWAP VALUATION 6992758 10889736 124421810 43959726 -16293359 27666367 96755443 -707210 -707210 96048233 70480961 707210 707210 69773751 15791624 15791624 85565375 PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO SUPPORT THE ORGANIZATION'S MISSION OF PROVIDING A QUALITY EDUCATION TO STUDENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS -11,633,327. INVESTMENT MANAGEMENT FEE RECLASS -4,340,301. CHANGE IN VALUE OF SPLIT INTEREST OBLIGATIONS 222,846. BENEFITS PAID ON ANNUITY OBLIGATIONS -501,735. POSTAGE RECHARGE -40,843. ROUNDING 1. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASS -304,700. COST OF GOODS SOLD RECLASS -402,510. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS 402,510. RENTAL EXPENSES RECLASS 304,700. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS 11,633,327. INVESTMENT MANAGEMENT FEES RECLASS 4,340,301. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -222,846. POSTAGE RECLASS 40,843. ROUNDING -1. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF CHOATE'S NON-DISCRIMINATION POLICY IS INCLUDED IN ALL BROCHURES AND CATALOGS PERTAINING TO APPLICATIONS, FINANCIAL AID AND ENROLLMENT MATERIALS UTILIZED DURING STUDENT RECRUITMENT, MATRICULATION AND RE-ENROLLMENT, IS POSTED IN MULTIPLE LOCATIONS ON OUR WEB SITE, AND IS STATED IN ALUMNI PUBLICATIONS. EUROPE 2 2 PROGRAM SERVICES STUDY ABROAD PROGRAM 342000 EAST ASIA AND THE PACIFIC 0 1 PROGRAM SERVICES STUDY ABROAD PROGRAM 162800 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 79709000 EUROPE 0 0 INVESTMENTS 3233000 2 3 0 0 2 3 83446800 0 83446800 1 0 1 1 1 0 1 FINANCIAL AID 288 11633327 OTHER FINANCIAL AID-REDUCTION IN TUITION PART I, LINE 2: FINANCIAL AID IS PROVIDED VIA A REDUCTION IN TUITION. X X X X 0 1 X X X X 1 1 0 0 0 0 0 0 0 ALEXANDER D CURTIS HEADMASTER 408926 0 0 0 38794 0 132750 0 162282 0 742752 0 0 0 RICHARD SALTZ CFO 262707 0 0 0 1372 0 39279 0 39048 0 342406 0 0 0 DANIEL COURCEY EXEC DIR OF DEVELOPMENT 336246 0 0 0 9624 0 100400 0 85758 0 532028 0 0 0 JOHN BURDITT CIO 195333 0 0 0 37423 0 29300 0 8756 0 270812 0 0 0 KATHLEEN WALLACE ASSOCIATE HEAD OF SCHOOL 197869 0 0 0 2423 0 28785 0 0 0 229077 0 0 0 RAYMOND DIFFLEY ADMISSION DIRECTOR 79000 0 0 0 88271 0 11850 0 21586 0 200707 0 0 0 WATSON LOWERY TEACHER 41693 0 0 0 133151 0 6254 0 6610 0 187708 0 0 0 CHRISTOPHER DIAMOND DIR. OF HEALTH CENTER 175888 0 0 0 716 0 27405 0 43428 0 247437 0 0 0 MARI JONES DIR. DEVELOPMENT & ALUMNI RELATIONS 138736 0 0 0 870 0 21924 0 17428 0 178958 0 0 0 BENJAMIN GARDNER DIR. OF HEALTH CENTER 0 0 0 0 171918 0 0 0 0 0 171918 0 0 0 PART I, LINE 1B THE SCHOOL REQUIRES THAT ITS SENIOR LEADERSHIP RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT. ALL FACULTY WHO RESIDE IN SCHOOL HOUSING ARE REQUESTED TO SUBSTANTIATE THEIR "BUSINESS USE" OF THE FACILITY ONCE A YEAR. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING AND PERSONAL SERVICES. PART I, LINES 4A-B AN AGREED UPON PAYMENT OF $171,918 WAS MADE TO BENJAMIN GARDNER. AN AGREED UPON PAYMENT OF $137,587 WAS MADE TO WATSON LOWERY. AN AGREED UPON PAYMENT OF $90,852 WAS MADE TO RAYMOND DIFFLEY. AN AGREED UPON PAYMENT OF $45,455 WAS MADE TO JOHN BURDITT. ALEXANDER CURTIS AND DANIEL COURCEY PARTICPATE IN A 457(F) PLAN. PART I LINE 1A THE HEAD OF THE SCHOOL IS ALLOWED TO TRAVEL FIRST CLASS WITH PRIOR APPROVAL FROM THE CHEIF FINANCIAL OFFICER. A CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 20774YUT2 2015-03-27 36110000 SERIES E BONDS WERE ISSUED TO REFINANCE SERIES D BONDS 0 0 0 A 36110000 36110000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BARCLAY'S 20.000000000000 1 0 0 0 1 A 0 ALEX CURTIS PART V PART V X 113000 13000 0 1 1 DANIEL COURCEY PART V PART V X 81191 56191 0 1 1 69191 VARIOUS PART V 16500 $750 COLLEGE AID GRANT COLLEGE GRANT HEATHER COURCEY SPOUSE OF KEY EMPLOYEE 12678 EMPLOYMENT 0 ELIZABETH FECKO-CURTIS SPOUSE OF OFFICER 42024 EMPLOYMENT 0 SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS: (A) NAME OF PERSON: ALEXANDER CURTIS(B) RELATIONSHIP WITH ORGANIZATION: HEAD OF SCHOOL(C) PURPOSE OF LOAN: LOAN TO FACILITATE MOVE TO CT(A) NAME OF PERSON: DANIEL COURCEY(B) RELATIONSHIP WITH ORGANIZATION: EXECUTIVE DIRECTOR OF DEVELOPMENT(C) PURPOSE OF LOAN: HOME REFINANCE SCHEDULE L, PART III, GRANTS OR ASSISTANCE BENEFITING INTERESTED PERSONS (A) NAME OF PERSON: VARIOUS(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: CHILDREN OF FACULTY X 85 4084519 FMV 0 1 1 PART I, LINE 32B: THE SCHOOL UTILIZES THE SERVICES OF STOCK BROKER FIRMS TO SELL DONATED SECURITIES. CASH IS THEN TRANSFERRED TO THE SCHOOL'S BANK ACCOUNT. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGEMENT OF THE SCHOOL DISTRIBUTES THE DRAFT COPY OF THE FORM 990 TO THE ENTIRE BOARD OF TRUSTEES. MANAGEMENT IS AVAILABLE FOR ANY QUESTIONS BOARD MEMBERS MAY HAVE. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL'S AUDIT COMMITTEE DOES AN INVENTORY OF EACH RESPONDENT'S CONFLICT OF INTEREST QUESTIONNAIRE BEFORE EACH APRIL MEETING. THE AUDIT COMMITTEE ENSURES THERE IS A 100% RESPONSE RATE. THE TRUSTEESHIP COMMITTEE FOLLOWS UP ON CONFLICTS THAT ARE DISCLOSED, IF ANY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS ONCE A YEAR TO DISCUSS AND REVIEW THE HEAD OF SCHOOL'S AND SENIOR ADMINISTRATORS' COMPENSATION. THE CFO PROVIDES SALARY HISTORY AND COMPARISONS FROM ABOPS AND/OR NACUBO OR OTHER THIRD PARTY SOURCES TO THE COMMITTEE FOR THE HEAD OF SCHOOL AND SENIOR ADMINISTRATORS AND MAKES A RECOMMENDATION OF INCREASES BASED ON FACULTY COMPENSATION POOL (PERCENT OF INCREASE). FROM TIME-TO-TIME, A PRIVATE CONSULTANT IS CONTRACTED TO PERFORM INDEPENDENT ANALYSIS OF COMPENSATION PACKAGES AND ENSURE COMPLIANCE WITH IRS REGULATIONS OF THE INTERMEDIATE SANCTIONS ACT AND REBUTTABLE PRESUMPTION OF REASONABLENESS TESTS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS 990 AND AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. THE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: BENEFITS PAID ON ANNUITY OBLIGATIONS -501,735. UNREALIZED GAIN ON INTEREST RATE SWAP 3,022,652. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS AN AUDIT COMMITTEE WHICH OVERSEES THE WORK OF ITS INDEPENDENT ACCOUNTANTS, AND IS RESPONSIBLE FOR THEIR SELECTION. CHARITABLE REMAINDER TRUST (1) CHARITABLE TRUST CT T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0