2016-11-08T10:53:03-06:00 2016-06-30 133516375 N CHENG & CO PC 40 WALL STREET 32ND FLOOR NEW YORK NY 10005 990 2015-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 AILEEN HEFFERREN CHIEF EXECUTIVE 2125791390 2016-11-07 1 ILEANA CORTORREAL P01652802 2127850100 2016-10-25 2015 2017-02-10 21:41:12Z AILEEN HEFFERREN 328 WEST 71ST NEW YORK NY 10023 NEW YORK NY 10023 20931202 0 X WWW.PREPFORPREP.ORG X NOT FOR PROFIT 1968 NY PREP FOR PREP DEVELOPS LEADERS THROUGH ACCESS TO SUPERIOR EDUCATION AND LIFE CHANGING OPPORTUNITIES. 54 54 322 485 0 0 10484108 8236544 0 0 3037679 -2170177 125 1872142 13521912 7938509 0 0 0 0 6706917 6959705 0 0 1141108 3664852 3922127 10371769 10881832 3150143 -2943323 46445110 44294216 1868012 2269590 44577098 42024626 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. 0 0 3259780 ACADEMIC PROGRAMS - 14-MONTH "ACADEMIC BOOT CAMPS" PREPARING APPROXIMATELY 200 STUDENTS FOR 7TH GRADE PLACEMENT IN INDEPENDENT DAY SCHOOLS IN NEW YORK CITY OR 9TH GRADE PLACEMENT IN NORTHEASTERN BOARDING SCHOOLS. 2084549 COUNSELING - INDIVIDUAL COUNSELING FOR APPROXIMATELY 800 STUDENTS THROUGH THEIR YEARS IN INDEPENDENT SCHOOL TO MONITOR THEIR ACADEMIC AND SOCIAL PROGRESS AND TO PROVIDE HELP AND SUPPORT AS NEEDED. SOCIAL AND CULTURAL ACTIVITIES DURING SCHOOL HOLIDAYS AND ON WEEKENDS EASE THE SOCIAL TRANSITION AND BUILD A SENSE OF COMMUNITY. SERVICES AND SUPPORT ARE MADE AVAILABLE TO APPROXIMATELY 800 UNDERGRADUATES AS WELL. 2014593 LEADERSHIP DEVELOPMENT OPPORTUNITIES FOR APPROXIMATELY 1,000 OF PREP'S HIGH SCHOOL AND COLLEGE STUDENTS. LEADERSHIP RETREATS, COLLEGE GUIDANCE, SUMMER INTERNSHIPS, TRAVEL ABROAD EXPERIENCES, AND OTHER OPPORTUNITIES THAT BROADEN STUDENTS' ASPIRATIONS, INCREASE THEIR SENSE OF LIFE'S POSSIBILITIES, AND BUILD A STRONGER SENSE OF SELF. OPPORTUNITIES, EVENTS, AND NETWORKING FOR PREP'S APPROXIMATELY 3,000 UNDERGRADUATE AND COLLEGE GRADUATE ALUMNI ENCOURAGES THEIR ON-GOING INVOLVEMENT WITH AND SUPPORT OF THE PROGRAM. 1545617 TALENT SEARCH - IDENTIFYING AND SELECTING 200 STUDENTS FOR PARTICIPATION IN THE PROGRAM - FROM AMONG 7000 NOMINATED - THROUGH AN EXTENSIVE ADMISSIONS PROCESS; SMART CONNECTIONS - SHARING PREP'S MODEL AND EXPERIENCE WITH 120 ORGANIZATIONS AND SOCIAL ENTREPRENEURS. 1545617 8904539 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 45 0 1 322 1 0 1 BD CJ 0 0 0 1 1 0 0 0 0 0 0 X 54 54 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 1.00 X X 0 0 0 JOHN L VOGELSTEIN CHAIRMAN EMERITUS 1.00 X 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 ANNE GILCHRIST HALL 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 HERBERT ALLEN III TRUSTEE 0.50 X 0 0 0 JOHN ALLMAN TRUSTEE EX OFFICIO 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 KEN CAPLAN 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 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 JONATHAN FIGUEROA TRUSTEE 0.50 X 0 0 0 MYRNA GREENBERG TRUSTEE 0.50 X 0 0 0 CARL D HARNICK TRUSTEE 0.50 X 0 0 0 LESLIE-BERNARD JOSEPH TRUSTEE 0.50 X 0 0 0 ROBIN KRASNY TRUSTEE 0.50 X 0 0 0 JAY L KRIEGEL TRUSTEE 0.50 X 0 0 0 FRANCES G LASERSON 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 MARGARET MUNZER LOEB 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 O'BRIEN 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 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 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 366748 0 0 ED BOLAND VP EXTERNAL AFFAIRS 40.00 X 221390 0 0 BRIDGET JOHNSON ASSOC. EXEC DIRECTOR 40.00 X 197270 0 0 CHARLES GUERRERO DIR. LEADERSHIP DEVT. OPPORTUNITIES 40.00 X 116128 0 0 MARIE URSINO DIR. OF COUNSELING 40.00 X 176390 0 0 NIKOLE SMITH DIR. ACADEMIC PRGRMS 40.00 X 132193 0 0 FRED MCINTOSH DIR. OF ADMISSIONS 40.00 X 105877 0 0 1315996 0 0 7 0 1 0 L&M BUS CORP 3167 ATLANTIC AVENUE BROOKLYN NY 11208 STUDENT TRANSPORTATION 452558 ASCEND SECURE TECHNOLOGY 2254 HOMECREST AVENUE BROOKLYN NY 11229 TECHNOLOGY 196092 2 2327203 5909341 395587 8236544 187288 187288 10244248 12601713 -2357465 -2357465 -2357465 2254400 2327203 390980 1863420 1863420 OTHER REVENUE 900099 8722 8722 8722 7938509 -2161455 0 1863420 588138 279690 84352 224096 5117360 4333131 354787 429442 249963 186524 19630 43809 581524 485329 31845 64350 422720 350585 27449 44686 38200 38200 185744 60536 25463 99745 496373 315534 27089 153750 256621 209855 10819 35947 696916 664245 19834 12837 101112 77675 14480 8957 13074 11658 1069 347 130932 109966 11784 9182 74753 56 74695 2 OTHER STUDENT EXPENSES 494491 494491 COUNSELING/CAMPUS VISIT 393451 393400 51 MISCELLANEOUS 368349 259753 94638 13958 PUPIL TRANSPORTATION 364666 364666 307445 307445 10881832 8904539 836185 1141108 2200 2200 2835279 2412722 3341449 3325886 428093 546269 6379669 4093032 2309462 2286637 26918746 21774937 10581714 13921154 28167 24411 46445110 44294216 674580 1111844 1193432 1157746 1868012 2269590 X 41068555 39301538 2260296 1464841 1248247 1258247 44577098 42024626 46445110 44294216 -2943323 637855 -247004 0 X X 0 1 X 1 0 X 10934339 11307871 9009443 10484108 10099964 51835725 10934339 11307871 9009443 10484108 10099964 51835725 6505428 45330297 173561 260732 208118 202077 187288 1031776 8722 8722 52876223 543099 0.85730 0.93070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37510460 10000 -1593172 -231198 35696090 36139900 598954 1008340 -236734 37510460 31395723 10000 6255103 -1500928 36139900 27728516 11000 3954223 -40619 -257397 31395723 27276587 1114181 -460161 -34226 -167865 27728516 0.94850 0.03520 0.01630 0 0 492750 492750 3655316 1959046 1696270 2231603 2133986 97617 2286637 ALTERNATIVE INVESTMENTS 13921154 F 13921154 10591834 295860 295860 10295974 -2357465 -2357465 7938509 11177691 295859 295859 10881832 0 10881832 PART V, LINE 4: THE BOARD DESIGNATED ENDOWMENT IS DEFINED AS ALL FUNDS WHICH WOULD OTHERWISE BE UNRESTRICTED AS TO USE, BUT WHICH THE BOARD HAS DESIGNATED AS ENDOWMENT FUNDS. THIS CATEGORY OF ENDOWMENT FUNDS WAS ESTABLISHED TO SERVE AS A BUFFER IN TIMES OF GENERAL ECONOMIC DOWNTURN AND AS A MEANS TO ENSURE THAT THE FINANCIAL UNCERTAINTIES IMPLICIT IN NOT HAVING AN ASSURED REVENUE STREAM OR A TUITION BASE DO NOT RESULT IN PROGRAMMATIC DECISIONS DRIVEN BY THE VAGARIES OF ANNUAL FUNDRAISING. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT N/A 10071273 0 0 0 0 0 0 10071273 0 10071273 0 0 0 1 0 0 LILAC BALL 4581603 2327203 2254400 24725 334184 18108 13963 4581603 2327203 2254400 24725 334184 18108 13963 390980 1863420 X X X X X 0 1 0 0 0 0 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 366748 0 0 0 0 0 0 0 0 0 366748 0 0 0 ED BOLAND VP EXTERNAL AFFAIRS 221390 0 0 0 0 0 0 0 0 0 221390 0 0 0 BRIDGET JOHNSON ASSOC. EXEC DIRECTOR 197270 0 0 0 0 0 0 0 0 0 197270 0 0 0 MARIE URSINO DIR. OF COUNSELING 176390 0 0 0 0 0 0 0 0 0 176390 0 0 0 PART I, LINE 4B AILEEN HEFFERREN; PAYMENTS TO 457B PLAN - $8,750 KATHRYN BORDONARO SPOUSE OF A FORMER KEY EMPLOYEE 109818 EMPLOYMENT 0 SAMUEL J ZALUTSKY SPOUSE OF KEY EMPLOYEE 7718 INDEPENDENT CONTRACTOR ARRANGEMENT 0 0 X 22 395587 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 INTERSHIPS, 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: 100.) 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 KATHRYN BORDONARO - SPOUSE OF FORMER KEY EMPLOYEE; SAMUEL J. ZALUTSKY- SPOUSE OF KEY EMPLOYEE THE TRUSTEES ANNIE AND JOHN HALL ARE MARRIED. THE TRUSTEES FRANK BYNUM, FRANK LOVERRO AND SANDY OSBORNE HAVE A SHARED OWNERSHIP INTEREST IN KELSO & COMPANY, INC. THE FOLLOWING TRUSTEES ARE EMPLOYED BY THE SAME ORGANIZATION: JOHN HALL AND SUE MENG BOTH WORK FOR DEBEVOISE & PLIMPTON; MARTY LIPTON, JON MOSES AND JEANNEMARIE O'BRIEN ALL WORK FOR WACHTELL, LIPTON, ROSEN & KATZ. FORM 990, PART VI, SECTION B, LINE 11 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 IN DISCHARGING ITS OVERSIGHT RESPONSIBILITIES, 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. COMMITTEE MEMBERS ARE INDEPENDENT AND RECEIVE NO COMPENSATION FOR THEIR SERVICE ON THE COMMITTEE. 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 PERIODIC USE OF COMPARABILITY DATA AND RETENTION OF OUTSIDE EXPERTS AND OTHER ADVISORS. 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. FORM 990, PART XII, LINE 2C PREP FOR PREP HAS NOT CHANGED THE PROCESS IN WHICH THE FORM 990 IS REVIEWED WHEN COMPARING THE 2014 TO THE 2015 FORM.