2017-03-24T15:43:55-05:00 2016-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2015-07-01 050470320 THE INTERNATIONAL YACHT RESTORATION SCHOOL INC INTE 4018485777 449 THAMES STREET NEWPORT RI 02840 REBEKA J MAZZONE CHIEF FINANCIAL OFFICER 4018485777 2017-03-24 1 DEBORAH A HOPKINS P00167843 4012742001 2015 2021-01-29 14:40:06Z IYRS SCHOOL OF TECHNOLOGY & TRADES TERRY NATHAN 449 THAMES STREET NEWPORT RI 02840 7299394 0 X WWW.IYRS.EDU X 1993 RI INTERNATIONAL YACHT RESTORATION SCHOOL, INC. (IYRS) PROVIDES WORLD-CLASS EXPERIENTIAL EDUCATION, PREPARING STUDENTS TO ENTER A GLOBAL MANUFACTURING AND MAKER WORKFORCE. 34 33 38 33 0 0 2312649 3997978 1928862 1954046 232575 14095 -36252 -18095 4437834 5948024 0 0 0 0 2018162 2172163 15000 180000 760077 1431918 1479780 3465080 3831943 972754 2116081 16857329 18577346 2793282 2336615 14064047 16240731 X IYRS PROVIDES WORLD-CLASS EXPERIENTIAL EDUCATION, PREPARING STUDENTS TO ENTER A GLOBAL MANUFACTURING AND MAKER WORKFORCE. IYRS TEACHES THE ART AND SCIENCE OF MAKING, BUILDING, RESTORING AND MAINTAINING, AND IN THE PROCESS HELPS ITS GRADUATES BUILD BOTH CAREERS AND MORE MEANINGFUL LIVES - INSPIRED BY THE KNOWLEDGE THAT IN THEIR HANDS OR THROUGH THE USE OF TECHNOLOGY, THEY HAVE THE POWER TO BUILD ALMOST ANYTHING. 0 0 2452799 1583276 THE SCHOOL HAS THREE FULL-TIME PROGRAMS: THE BOATBUILDING & RESTORATION IS A TWO YEAR PROGRAM ABOUT MASTERING A CRAFT BASED ON THE FUNDAMENTALS OF WOODEN BOATBUILDING. IN THE SCHOOL OF BOATBUILDING & RESTORATION, FIRST-YEAR STUDENTS' MAJOR PROJECT IS THE FULL RESTORATION OF BEETLECATS, SMALL PLANK-ON-FRAME BOATS, IN TEAMS OF TWO OR THREE STUDENTS. THE CURRICULUM HAS ADDED ADDITIONAL FIELD TRIPS AND AN IN-DEPTH INSTRUCTION TO PROJECT MANAGEMENT WHICH IS EXPECTED TO PROVIDE A MORE REWARDING AND DEEPER EXPERIENCE FOR STUDENTS. SECOND-YEAR STUDENTS TAKE ON THE RESTORATION OF LARGER PLANK-ON-FRAME SAILBOATS OR POWER BOATS AND LEARN MARINE BUSINESS OPERATIONS. (CONTINUED ON SCHEDULE O) IN FISCAL YEAR 2016, FIRST-YEAR STUDENTS COMPLETED 7 BEETLECATS AND SECOND-YEAR PROJECTS INCLUDED THE RESTORATION OF A HERRESHOFF "S" BOAT AND A DARK HARBOR. THERE WERE TWO REPLICAS ALSO BUILT, A WHITEHALL 15.5 ROWING BOAT AND AN ELECTRIC LAUNCH. WE CONTINUE TO MODESTLY REFINE CURRICULUM TO DELIVER A STATE OF THE ART BOATBUILDING & RESTORATION PROGRAM, DEEPEN DIFFERENTIATORS AND EQUIP STUDENTS WITH SKILL SETS THAT SET THEM APART IN THE WORKPLACE SUCH AS PROJECT MANAGEMENT AND PROBLEM SOLVING SKILLS. IN SEPTEMBER 2015, THERE WERE 20 FIRST-YEAR AND 21 SECOND-YEAR STUDENTS ENROLLED IN BOATBUILDING & RESTORATION PROGRAM; 21 OF THE SECOND-YEAR STUDENTS RECEIVED THEIR CERTIFICATE IN BOATBUILDING AND RESTORATION.THE MARINE SYSTEMS IS A 6-MONTH PROGRAM THAT TRAINS STUDENTS TO INSTALL, REPAIR AND MAINTAIN EVERY ESSENTIAL SYSTEM ON BOATS OF ALL SIZES: ELECTRICAL, NAVIGATION, ELECTRONICS, STEERING, DIESEL ENGINES, PLUMBING, FIREFIGHTING, HVAC, REFRIGERATION AND MORE. IT IS AN INTENSE IMMERSION INTO THE WORLD OF MODERN BOAT SYSTEMS. STUDENTS WORK IN TEAMS AND RECEIVE TOP-TIER INSTRUCTION AND GUIDANCE FROM INDUSTRY EXPERTS. ABYC AND NMEA CERTIFICATION EXAM PREP IS A CORE PART OF THE CURRICULUM, SO STUDENTS ARE READY TO TAKE THE TESTS, AND ENTER THE INDUSTRY. IN SEPTEMBER 2015, THERE WERE 11 STUDENTS ENROLLED IN THE MARINE SYSTEMS PROGRAM, OF WHICH 11 RECEIVED THEIR CERTIFICATE IN MARINE SYSTEMS; IN MARCH 2016, THERE WERE 16 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2017.COMPOSITES TECHNOLOGY IS A 6-MONTH PROGRAM THAT HAS FOUR CORNERSTONES: COMPOSITES FUNDAMENTALS, COMPOSITES MANUFACTURING METHODS, COMPOSITES TOOLING DEVELOPMENT, AND COMPOSITES REPAIR AND REFINISHING. STUDENTS LEARN SKILLS SUCH AS VACUUM INFUSION PROCESSING, ADVANCED MOLDING, CAD/CAM OPERATIONS, ROBOTIC CNC PLUG BUILDING, REPAIR PRACTICES, AND MORE. DURING THE 6-MONTH PROGRAM, STUDENTS PREPARE TO TAKE SEVERAL ACMA CERTIFICATION EXAMS - THE GOLD STANDARD OF COMPOSITES CREDENTIALS. IN SEPTEMBER 2015, THERE WERE 19 STUDENTS ENROLLED IN THE COMPOSITES TECHNOLOGY PROGRAM, OF WHICH 17 RECEIVED THEIR CERTIFICATE IN COMPOSITES TECHNOLOGY; IN MARCH 2016, THERE WERE 8 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2017.SCHOLARSHIPS TO STUDENTS IN THE BOATBUILDING & RESTORATION, MARINE SYSTEMS AND COMPOSITES PROGRAMS ARE AWARDED FOR TUITION AND FEES BASED ON FINANCIAL NEED AS CREDITS TO THEIR ACCOUNTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2016, 48 STUDENTS RECEIVED SCHOLARSHIPS FOR A TOTAL OF $236,600. 126736 442893 IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS, AND OWNS A TEMPORARY BUILDING USED FOR THE RESTORATION OF THE YACHT "CORONET", AMERICA'S MOST HISTORIC YACHT. IYRS OPERATES THE MUSEUM OF YACHTING WITHIN THEIR LIBRARY, NOW THAT THE ORGANIZATION HAS FORMALLY MERGED INTO IYRS. IN ADDITION, IYRS MANAGES OTHER RELATED ORGANIZATIONS. 2579535 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 1 46 0 38 1 0 0 0 0 0 1 1 0 0 0 0 X 34 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 RI X REBEKA MAZZONE CFO 4018485777 449 THAMES STREET NEWPORT RI 02840 TERRY NATHAN PRESIDENT 58.00 2.00 X X 233936 0 38548 JOSEPH T DOCKERY CHAIRMAN 0.50 X X 0 0 0 CHARLES H TOWNSEND VICE-CHAIRMAN 0.50 X X 0 0 0 DARRELL CRATE TREASURER 0.50 X X 0 0 0 RONALD P O'HANLEY SECRETARY 0.50 X X 0 0 0 RICHARD BREADY TRUSTEE 0.50 X 0 0 0 WILLIAM M BROOKS TRUSTEE 0.50 X 0 0 0 CONNELL CHRISTOPHER CANNON TRUSTEE 0.50 X 0 0 0 MALCOLM D CLARKE JR TRUSTEE 0.50 X 0 0 0 PETER DENTON TRUSTEE 0.50 X 0 0 0 MICHAEL J DOMINGUEZ TRUSTEE 0.50 X 0 0 0 JUERGEN FRIEDRICH TRUSTEE 0.50 X 0 0 0 GLENN F FULLER TRUSTEE 0.50 X 0 0 0 STEPHEN L GLASCOCK TRUSTEE 0.50 X 0 0 0 LAWRENCE GLENN TRUSTEE 0.50 X 0 0 0 PETER GONZALEZ TRUSTEE 0.50 X 0 0 0 H THEODORE GRAVES TRUSTEE 0.50 X 0 0 0 DEBORAH L HADLEY TRUSTEE 0.50 X 0 0 0 SETH HAGEN TRUSTEE 0.50 X 0 0 0 JAMES A HILTON TRUSTEE 0.50 X 0 0 0 GEORGE M ISDALE JR TRUSTEE 0.50 X 0 0 0 RALPH ISHAM TRUSTEE 0.50 X 0 0 0 JOHN L KLINCK JR TRUSTEE 0.50 X 0 0 0 GERALD P MIGLIACCIO TRUSTEE 0.50 X 0 0 0 BILL MORONG TRUSTEE 0.50 X 0 0 0 DOUGLAS L NEWHOUSE TRUSTEE 0.50 X 0 0 0 JAMES O'BRIEN JR TRUSTEE 0.50 X 0 0 0 CAROL O'MALLEY TRUSTEE 0.50 X 0 0 0 HARRY T REIN TRUSTEE 0.50 X 0 0 0 TIM RUTTER TRUSTEE 0.50 X 0 0 0 TESA VAN MUNCHING TRUSTEE 0.50 X 0 0 0 MARK E WATSON TRUSTEE 0.50 X 0 0 0 J STEVEN WHITE TRUSTEE 0.50 X 0 0 0 ZBYNEK E ZAK TRUSTEE 0.50 X 0 0 0 REBEKA J MAZZONE CPA CCEP CHIEF FINANCIAL OFFICER 55.00 5.00 X 153573 0 7124 FRANK SARGENT VP OF EDUCATION 60.00 X 152852 0 1210 540361 0 46882 3 0 1 0 ODELL SIMMS & LYNCH INC 1593 SPRING HILL ROAD SUITE 450 TYSONS CORNER VA 22182 FUNDRAISING CONSULTING 180000 1 509314 3488664 322484 3997978 SCHOOL 611519 1579662 1579662 MARINA 713990 190383 190383 MANAGEMENT FEES 900099 184001 184001 1954046 41459 41459 43992 4166 0 0 43992 4166 48158 17992 30166 487296 116548 518274 112934 -30978 3614 -27364 3614 -30978 598605 509314 715375 -116770 -116770 6591 4787 1804 1804 OTHER INCOME 900099 48713 48713 48713 5948024 2026169 0 -76123 568993 214413 221029 133551 1353023 786734 437627 128662 29179 16083 13096 65917 41148 17693 7076 155051 82790 51436 20825 10542 10542 41560 41560 180000 180000 12966 12966 202144 113333 34706 54105 101939 93342 3114 5483 226747 170580 44662 11505 432731 263693 169038 38527 13943 18162 6422 8591 8486 105 781 781 212186 179139 32976 71 98455 12901 85554 MISCELLANEOUS EXPENSES 43566 28305 10222 5039 DUES AND FEES 25544 6803 8076 10665 BAD DEBT EXPENSE 12520 12520 STAFF DEVELOPMENT 10981 1870 9031 80 541938 -738426 196488 3831943 2579535 492331 760077 106910 146598 353420 1009876 470137 825123 836191 793196 4943 7911 286277 459360 8188719 2155243 5520082 6033476 2312303 2236198 5292569 5292569 1674497 1773039 16857329 18577346 611522 600856 1198081 724679 900000 900000 83679 111080 2793282 2336615 X 11622810 11718746 2021737 4064485 419500 457500 14064047 16240731 16857329 18577346 2116081 60603 0 X 0 1 X 1 0 X 1990745 1757181 1746958 2312649 3997978 11805511 1931140 1907954 2200244 2416029 2559242 11014609 3921885 3665135 3947202 4728678 6557220 22820120 739411 1262674 891084 2893169 0 739411 1262674 891084 2893169 19926951 404913 40018 74665 81881 89617 691094 404913 40018 74665 81881 89617 691094 15312 13584 12650 62014 48713 152273 4342110 3718737 4034517 4872573 6695550 23663487 0.84210 0.84640 0.02920 0.04420 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 466503 38000 13153 20850 496806 329853 138000 14942 16292 466503 270172 38000 21681 329853 223672 38000 8500 270172 185135 38000 537 223672 0.92000 0.08000 0 0 1921913 1921913 4460463 872028 3588435 138322 48194 90128 1668021 1235021 433000 6033476 INVESTMENT IN SUBSIDIARY 5292569 C 5292569 BOAT RESTORATION ASSETS 538209 WORKS OF ART 1234830 1773039 DEFERRED COMPENSATION LIABILITY 53185 AMOUNTS HELD FOR OTHERS 57895 111080 X PART III, LINE 1A: THE COLLECTIONS ARE NOT CAPITALIZED BY THE ORGANIZATIONS. IN ADDITION, THE ORGANIZATIONS DO NOT CAPITALIZE REPAIRS OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS. ALL PURCHASES OF COLLECTION ITEMS AND RESTORATION OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE EXPENDITURE IS MADE. PART III, LINE 4: THE ORGANIZATIONS' COLLECTIONS CONSIST OF ARTWORK AND HISTORICAL ITEMS RELATING TO THE CULTURE AND HERITAGE OF YACHTING. THE ORGANIZATIONS MAINTAIN A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION AND DEACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. PART V, LINE 4: IYRS'S ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS ESTABLISHED TO SUPPORT SCHOLARSHIPS FOR THE SCHOOL, INCLUDING THE ACCUMULATED APPRECIATION OF THOSE FUNDS. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH ITS TAX-EXEMPT STATUS AT BOTH THE FEDERAL AND STATE LEVELS. THE ORGANIZATION ANNUALLY FILES IRS FORM 990 - RETURN OF ORGANIZATIONS EXEMPT FROM INCOME TAX, REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX-EXEMPT ENTITIES. THESE TAX RETURNS ARE SUBJECT TO REVIEW BY THE TAXING AUTHORITIES. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. X X X X X X 1 ODELL SIMMS & LYNCH INC 1593 SPRING HILL ROAD SUITE 450 TYSONS CORNER VA 22182 CAPITAL CAMPAIGN CONSULTATION 0 2645000 180000 2465000 2645000 180000 2465000 CA CT FL LA ME MA MD NH NJ NY NC OH PA RI SC TX VA GALA 827108 293698 533410 22872 86737 112137 243489 MIRAMAR EVENT 195000 175500 19500 3689 78177 51400 14952 2 85811 40116 45695 15150 48466 38306 1107919 509314 598605 41711 213380 163537 296747 715375 -116770 SCHEDULE G, PART I, LINE 2B, COLUMN (V) DURING FY2016, THE ORGANIZATION PAID ODELL SIMMS & LYNCH, INC. $180,000 FOR SERVICES IN SUPPORT OF THE CAPITAL CAMPAIGN, INCLUDING: CREATING MARKETING MATERIALS, PROPOSALS, AND PROSPECT RESEARCH. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TERRY NATHAN PRESIDENT 233936 0 0 0 0 0 30884 0 7664 0 272484 0 0 0 REBEKA J MAZZONE CPA CCEP CHIEF FINANCIAL OFFICER 153573 0 0 0 0 0 7124 0 0 0 160697 0 0 0 FRANK SARGENT VP OF EDUCATION 152852 0 0 0 0 0 1210 0 0 0 154062 0 0 0 PART I, LINE 1A IYRS PAYS FOR THE PRESIDENT'S MEMBERSHIP IN THE NEW YORK YACHT CLUB, A MEMBERSHIP DIRECTLY RELATED TO HIS PROGRAMMATIC AND FUNDRAISING WORK. PART I, LINE 1B THE EXPENSE FOR THE MEMBERSHIP IS PART OF THE COMPENSATION CONTRACT AND IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. X 2 65150 DONOR STATED VALUE X 6 114348 STOCK EXCHANGE VALUE X DONATED AUCTION ITEMS 75 127234 DONOR STATED VALUE X EQUIP. & TOOLS 2 15752 DONOR STATED VALUE 2 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS BASED ON THE ACTUAL NUMBER OF DONORS WHO GAVE NON-CASH GIFTS TO IYRS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE ASSISTANT CONTROLLER AND CHIEF FINANCIAL OFFICER BOTH REVIEW THE 990 PRIOR TO FILING AND WORK CLOSELY WITH THE EXTERNAL TAX TEAM. ONCE THEY ARE SATISFIED WITH THE FORM, IT IS SHARED WITH THE FINANCE COMMITTEE ELECTRONICALLY, AND THEN WITH THE BOARD OF TRUSTEES. THE COMMITTEE AND BOARD ARE ASKED IF THEY HAVE ANY QUESTIONS OR COMMENTS, WHICH ARE REVIEWED ELECTRONICALLY. ONCE THERE ARE NO FURTHER CHANGES, THE FORM IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PROVIDED TO ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES. ANNUALLY, THESE INDIVIDUALS ARE ASKED TO REVIEW THE POLICY AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND THE POLICY, HAVE REPORTED ALL POTENTIAL CONFLICTS DURING THE PAST YEAR IN ACCORDANCE WITH THE POLICY AND WILL REPORT ALL POTENTIAL CONFLICTS DURING THE COMING YEAR. ALL POTENTIAL CONFLICTS ARE EVALUATED BY THE CHAIR OF THE BOARD OF TRUSTEES TO DETERMINE IF A CONFLICT ACTUALLY EXISTS. IN THOSE INSTANCES WHERE THE POTENTIAL TRANSACTION IS A CONFLICT, THE BOARD EXAMINES THE TRANSACTION AND A VOTE IS TAKEN (WITH THOSE INVOLVED RECUSING THEMSELVES) AS TO WHETHER THE ORGANIZATION WILL ENTER INTO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A ANNUALLY, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A PERFORMANCE REVIEW AND EVALUATION OF THE PRESIDENT. THE ORGANIZAZTION HAS A 5 YEAR EMPLOYMENT CONTRACT EXPIRING 12/31/2017 ESTABLISHING THE PRESIDENT'S COMPENSATION BASED ON THE EVALUATION OF THE PRESIDENT AND CONSIDERATION OF A SALARY SURVEY OF COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS. THE PAY FOR ALL OTHER EMPLOYEES, INCLUDING THE CHIEF FINANCIAL OFFICER, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES, IS DETERMINED BY THE PRESIDENT. HOWEVER, THE BOARD OF TRUSTEES APPROVES THE BUDGET WHICH INCLUDES EMPLOYEE SALARIES, AND A SALARY WORKSHEET IS AVAILABLE TO ALL EXECUTIVE COMMITTEE MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES UPON REQUEST OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CHARGES FOR THE COPIES IN ACCORDANCE WITH IRS REGULATIONS. MILL RESTORATION LLC 449 THAMES ST NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC EXCLUDED 3464 83816 1 0 0.01000 RESTORATION LEASING LLC 449 THAMES ST NEWPORT RI 02840 261134383 REAL ESTATE RI EXCLUDED 622929 1663042 1 1 0.99900 RESTORATION MANAGEMENT INC 449 THAMES ST NEWPORT RI 02840 261126450 REAL ESTATE RI C 40000 3898304 1.00000 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 RESTORATION LEASING LLC K 185417 ACTUAL CASH PAID RESTORATION LEASING LLC L 84000 ACTUAL CASH RECEIVED RESTORATION LEASING LLC J 35000 ACTUAL CASH RECEIVED RESTORATION MANAGEMENT INC L 36000 ACTUAL CASH RECEIVED