2016-02-15T07:42:08-06:00 2015-06-30 050487888 BATCHELOR FRECHETTE MCCRORY MICHAEL & CO PO BOX 156 PROVIDENCE RI 029010156 990 2014-07-01 050258900 LINCOLN SCHOOL LINC 4013319696 301 BUTLER AVENUE PROVIDENCE RI 029065545 MARTHA BOSS BENNETT PRESIDENT 4013319696 2016-02-06 1 EDWARD F MCCRORY CPA P01469593 4016216200 2014 2016-08-17 19:52:53Z MARTHA BOSS BENNETT 301 BUTLER AVENUE PROVIDENCE RI 029065545 12849693 0 X WWW.LINCOLNSCHOOL.ORG X 1884 RI LINCOLN SCHOOL'S MISSION IS TO PROVIDE AN INDEPENDENT COLLEGE PREPERATORY SCHOOL FOR GIRLS WHERE HIGH ACADEMIC AND ETHICAL STANDARDS CHALLENGE STUDENTS FROM NURSERY THROUGH GRADE TWELVE TO NURTURE THEIR SPECIAL TALENTS AND INTERESTS. 22 22 203 46 9318 0 1377900 1799916 10629935 10702401 0 0 113409 231816 12121244 12734133 3102424 3184583 0 0 6127788 6203991 0 0 429777 2944618 3378450 12174830 12767024 -53586 -32891 22156852 22300723 4370302 4055795 17786550 18244928 X LINCOLN SCHOOL'S MISSION IS TO PROVIDE AN INDEPENDENT COLLEGE PREPERATORY SCHOOL FOR GIRLS WHERE HIGH ACADEMIC AND ETHICAL STANDARDS CHALLENGE STUDENTS FROM NURSERY THROUGH GRADE TWELVE TO NURTURE THEIR SPECIAL TALENTS AND INTERESTS. 0 0 9767443 3184583 9663667 INSTRUCTIONAL SERVICES - PROGRAMS FOR STUDENTS IN NURSERY SCHOOL THROUGH GRADE TWELVE. 26663 890990 INFANT TODDLER CARE AND EXTENDED DAY CARE - DAYCARE SERVICES FOR INFANTS AND TODDLERS, AFTER SCHOOL CARE FOR OTHER STUDENTS. 13963 127701 ENRICHMENT PROGRAMS - PROGRAMS DESIGNED FOR STUDENTS TO PARTICIPATE IN EXTRACURRICULAR ACTIVITIES AFTER SCHOOL HOURS. 721608 4560 ALL SCHOOL FACILITIES COSTS AND RENTAL INCOME FROM AN UNAFFILIATED EXEMPT ORGANIZATION. 369701 15483 DINING FACILITIES 1091309 20043 10899378 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 37 0 203 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X MERELISE HITTE 4013319696 301 BUTLER AVENUE PROVIDENCE RI 029065545 DANA ALLCOCK TREASURER, BD OF TRUSTEES 2.00 X X 0 0 0 PAULA MURRAY MCNAMARA PAST PRESIDENT, BD OF TRUSTEES 2.00 X X 0 0 0 STEPHEN COON TRUSTEE 2.00 X 0 0 0 SUSAN B HIBBITT TRUSTEE 2.00 X 0 0 0 PATRICIA IGOE TRUSTEE 2.00 X 0 0 0 BARBARA LEONARD BENNETT TRUSTEE 2.00 X 0 0 0 ROBERT RIDLEY TRUSTEE 2.00 X 0 0 0 ARLENE TATE SCHULER TRUSTEE 2.00 X 0 0 0 CURTIS SPALDING TRUSTEE 2.00 X 0 0 0 NANCY NAHIGIAN TAVITIAN VICE PRES., BD OF TRUSTEES 2.00 X 0 0 0 MARTHA BOSS BENNETT PRESIDENT 2.00 X X 0 0 0 JANE PALESTINE JAMIESON TRUSTEE 2.00 X 0 0 0 DIVAKAR MANDAPATI TRUSTEE 2.00 X 0 0 0 RUSSELL CAREY SECRETARY, BD OF TRUSTEES 2.00 X X 0 0 0 DAVID WHALEN TRUSTEE 2.00 X 0 0 0 STEFANO DUKCEVICH TRUSTEE 2.00 X 0 0 0 KIM BRIGGS BERRY TRUSTEE 2.00 X 0 0 0 HEATHER HAHN FOWLER VICE PRES., BD OF TRUSTEES 2.00 X 0 0 0 MARIS PERLMAN CASTRO TRUSTEE 2.00 X 0 0 0 KILAH WALTERS TRUSTEE 2.00 X 0 0 0 ALISON CHU PARENT ASSOCIATION PRESIDE 2.00 X 0 0 0 JANE MEISSNER SHARFSTEIN PRESIDENT ALUMNAE ASSOCIAT 2.00 X 0 0 0 TIM COGGINS TRUSTEE 2.00 X 0 0 0 ANN SULLIVAN FORMER HEAD OF SCHOOL 40.00 X X 124612 0 0 SUZANNE FOGARTY HEAD OF SCHOOL 40.00 X 131801 0 9694 MERELISE HITTE CHIEF FINANCIAL OFFICER 40.00 X 32127 0 0 KYM GAISSL FORMER BUSINESS MANAGER 40.00 X 68288 0 10054 356828 0 19748 2 0 0 0 SAGE DINING SERVICES 222 BOSLEY AVENUE SUITE B7 TOWSON MD 21204 DINING SERVICES 379531 1 179776 1620140 286913 1799916 TUITION AND FEES 611710 9679150 9679150 INFANT TODDLER CARE 611710 890990 890990 ENRICHMENT PROGRAMS 611710 127701 127701 RENTAL TO UNAFFILIATED EXEMPT ORG 611710 4560 4560 10702401 95687 179776 115560 -19873 -19873 MISCELLANEOUS INCOME 611710 242371 242371 SWAG SALES 611710 9318 9318 251689 12734133 10944772 9318 -19873 3184583 3184583 365921 292737 36592 36592 4712905 4317002 192750 203153 323393 274884 35573 12936 362248 307911 39847 14490 439524 373595 48348 17581 558230 369701 188529 23547 23547 32750 32750 61934 61934 9170 9170 88072 50 88022 320772 24743 296029 165604 91082 37261 37261 129544 129544 101727 101727 789694 750210 19742 19742 94762 63116 31646 GENERAL ALL SCHOOL EXPE 495516 495516 BUILDING MAINTENANCE 249234 249234 HEAD'S DISCRETIONARY FU 89540 89540 OUTSIDE PROGRAMS 61347 61347 107007 43667 63340 12767024 10899378 1437869 429777 2382483 2624034 107701 40200 1364 8969 9462 128891 20992658 11425015 9656462 9567643 155772 9999380 9775214 22156852 22300723 693094 880025 1102805 1162124 2156655 1984295 417748 29351 4370302 4055795 X 7100262 7359526 656932 829516 10029356 10055886 17786550 18244928 22156852 22300723 X -32891 175586 366000 -50317 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9999380 37516 165679 361285 66076 9775214 8462589 502855 1428802 336786 58080 9999380 7587957 347453 899532 317803 54550 8462589 7042128 765341 -12939 154711 51862 7587957 6628679 601079 1288076 1449753 25953 7042128 0.00000 1.00000 0.00000 1 0 331046 331046 15632507 8131094 7501413 2801129 2014489 786640 2227976 1279432 948544 9567643 BENEFICIAL INTEREST IN ASSETS HELD BY A COMMUNITY FOUNDATION 9775214 9775214 POSTRETIREMENT BENEFITS OTHER THAN PENSION 29351 29351 X 9494436 175586 175586 9318850 3415283 3415283 12734133 9402060 0 9402060 3364964 3364964 12767024 PART V, LINE 4: THE SCHOOL TRANSFERRED THEIR PERMANENTLY RESTRICTED NET ASSETS TO THE RI FOUNDATION (THE FOUNDATION) ON JUNE 24, 2011. THE SCHOOLS PERMANENTLY RESTRICTED NET ASSETS ARE HELD BY THE FOUNDATION IN FIVE SEPARATE FUNDS, THE FACULTY FUND, THE SCHOLARSHIP FUND, THE LINCOLN SCHOLARS FUND, THE EDUCATION FUND, AND THE OPERATIONS/UNRESTRICTED FUND. PROSPECTIVE DONORS CAN MAKE CONTRIBUTIONS TO THESE FUNDS TO BENEFIT THE SCHOOL. ANNUAL DISTRIBUTIONS FROM THESE FUNDS WILL BE DETERMINED IN ACCORDANCE WITH THE POLICIES OF THE FOUNDATION AND WILL BE FROM INCOME GENERATED BY THE FUNDS. INCOME PAID TO THE SCHOOL FROM THE VARIOUS FUNDS WILL BE USED IN SUPPORT OF THE FUNDS PURPOSE. PAYMENTS OF INCOME AND/OR PRINCIPAL FROM ANY FUND MAY BE MADE ONLY UPON APPROVAL OF THE FOUNDATIONS BOARD OF DIRECTORS. PERMANENTLY RESTRICTED NET ASSETS ARE ENDOWED TO PROVIDE A PERMANENT SOURCE OF INCOME TO SUPPORT SPECIFIC PURPOSES. PART X, LINE 2: INCOME TAX STATUS: THE SCHOOL IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 50L(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE SCHOOL OPERATES IN A MANNER CONSISTENT WITH THEIR TAX-EXEMPT STATUS AT BOTH THE STATE AND FEDERAL LEVEL. THE SCHOOL ANNUALLY FILES IRS FORM 990 - (RETURN OF ORGANIZATION 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 GENERALLY FOR A PERIOD OF THREE YEARS AFTER THEY WERE FILED. THE TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2012, 2013, AND 2014 ARE SUBJECT TO EXAMINATION BY THE IRS. THE SCHOOL CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,184,583. FAIR MARKET VALUE OF ITEMS DONATED TO THE AUCTION 50,319. RIF MANAGEMENT FEES 61,934. SPECIAL EVENTS 118,447. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,184,583. RIF MANAGEMENT FEES 61,934. SPECIAL EVENTS 118,447. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 USE OF NEWSPAPER AND PERIODICALS WITH OTHER AREA PREP SCHOOLS SPRING BENEFIT 209253 163947 45306 64100 BOOK FESTIVAL 59780 9769 50011 50308 1 6430 6060 370 1152 275463 179776 95687 115560 115560 -19873 1 FINANCIAL AID AND TUITION REMISSION FOR STUDENTS ATTENDING LINCOLN SCHOOL AND EMPLOYEE'S WHOSE CHILDREN ATTEND LINCOLN SCHOOL. 209 3184583 VALUE OF TUITION REDUCTION APPROVED BY HEAD OF SCHOOL AND CFO REDUCTION OF GROSS TUITION. PART I, LINE 2: FINANCIAL AID IS GIVEN TO STUDENTS BASED ON THE NEEDS OF THE FAMILIES. THIS PROCESS IS MONITORED BY THE HEAD OF SCHOOL, DIRECTOR OF FINANCIAL AID AND CFO. EVERY FAMILY REQUESTING FINANCIAL AID IS REQUIRED TO SUBMIT THE NECESSARY FINANCIAL DATA AND FINANCIAL AID FORMS TO BE REVIEWED BY THE HEAD OF SCHOOL AND DIRECTOR OF FINANCIAL AID AND CFO BEFORE ACCEPTANCE AND AWARD. ONCE FINANCIAL AID IS GRANTED, THE FAMILY IS BILLED FOR THE GROSS TUITION AND THE AMOUNT OF FINANCIAL AID AWARDED IS APPLIED TO THE APPROPRIATE ACCOUNT. THE FAMILY THEN REMITS THE NET AMOUNT OF THE TUITION DUE. EMPLOYEE'S WHOSE CHILDREN ATTEND LINCOLN SCHOOL ALSO RECEIVE A REDUCTION IN TUITION. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL IS PROVIDED WITH A RESIDENCE ON THE UPPER TWO FLOORS OF A HOUSE THAT IS OWNED BY LINCOLN SCHOOL. THE BOTTOM FLOOR OF THE RESIDENCE IS USED BY THE HEAD TO ENTERTAIN POTENTIAL STUDENTS AND THEIR FAMILIES, SUBSTANTIAL AND/OR POTENTIAL CONTRIBUTORS AND OTHERS WHO HAVE A DIRECT BUSINESS RELATIONSHIP WITH THE SCHOOL. THE DUTIES REQUIRED BY THE HEAD OF SCHOOL INCLUDE BEING THE REPRESENTATIVE OF THE BOARD IN ITS RELATIONS WITH THE FACULTY, STAFF, STUDENTS AND THE PATRONS OF THE SCHOOL. THE HEAD OF SCHOOL WOULD NOT BE ABLE TO PERFORM THE REQUIRED DUTIES OF HER POSITION WITHOUT THE RESIDENCE THAT IS PROVIDED. THIS ARRANGEMENT IS PART OF AN AGREEMENT BETWEEN THE HEAD OF SCHOOL AND LINCOLN SCHOOL. X 10 216691 PUBLIC STOCK EXCHANGE X GALA AUCTION 183 50319 FAIR VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 A DRAFT COPY OF THE FORM 990 WAS REVIEWED IN DETAIL BY THE BOARD OF TRUSTEES PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C A FORMAL CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES TO ENSURE ALL BUSINESS RELATIONSHIPS ARE IN THE BEST INTEREST OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE CONSISTING OF THE PRESIDENT, VICE PRESIDENT, TREASURER AND SECRETARY MEET EACH YEAR PRIOR TO AUGUST 20, TO GIVE IT'S ANNUAL EVALUATION OF THE HEAD OF SCHOOL'S PERFORMANCE. THE HEAD OF SCHOOL THEN HAS AN OPPORTUNITY TO RESPOND AS NEEDED. THE HEAD OF SCHOOL MUST GIVE THE COMMITTE A WRITTEN OVERVIEW OF HOW SHE HAS PROGRESSED IN MEETING THE GOALS OUTLINED BY THE EXECUTIVE COMMITTEE. THIS WRITTEN OVERVIEW MUST BE GIVEN TO THE EXECUTIVE COMMITTEE AT LEAST TWENTY DAYS BEFORE THE SCHEDULED MEETING BETWEEN THE EXECUTIVE COMMITTEE AND THE HEAD OF SCHOOL. FAILURE TO PERFORM ACCORDING TO THE BOARD'S EXPECTATIONS MAY RESULT IN REASSIGNMENT OF DUTIES, OR OTHER APPROPRIATE MEASURES UP TO AND INCLUDING TERMINATION OF THE AGREEMENT BETWEEN LINCOLN SCHOOL AND THE HEAD OF SCHOOL. THE EXECUTIVE COMMITTEE MEETS WITH THE HEAD OF SCHOOL NO LATER THAN AUGUST 20 EACH YEAR AND MUTUALLY AGREEABLE GOALS ARE SET FOR THE HEAD OF SCHOOL FOR THE UPCOMING SCHOOL YEAR. THE EXECUTIVE COMMITTEE THEN MEETS WITH THE HEAD OF SCHOOL PERIODICALLY THROUGHOUT THE YEAR TO DISCUSS THE PROGRESS TO DATE ON THE GOALS SET. THE EXECUTIVE COMMITTEE WILL PROVIDE ANY FEEDBACK NECESSARY ON THE PERFORMANCE OF THE HEAD OF SCHOOL. THESE MEETINGS ARE INFORMAL. A FORMAL MEETING IS SET FOR THE END OF JANUARY EACH YEAR TO DISCUSS A MID TERM ASSESSMENT OF THE PROGRESS ON THE GOALS SET AT THE BEGINNING OF THE SCHOOL YEAR. THE EXECUTIVE COMMITTEE WILL REVIEW THE HEAD OF SCHOOL'S SALARY ON OR BEFORE AUGUST 20 OF EACH YEAR (WITH ANY ADJUSTMENTS RETROACTIVE TO JULY 1). UPON EACH REVIEW THE EXECUTIVE COMMITTEE RETAINS THE RIGHT TO ADJUST THE ANNUAL SALARY AND BENEFITS PAYABLE TO THE HEAD OF SCHOOL DURING THE TERM OF THEIR AGREEMENT. ANY SALARY INCREASE WILL DEPEND UPON THE HEAD OF SCHOOL'S PERFORMANCE AND THE FINANCIAL CONDITION OF THE SCHOOL. THE EXECUTIVE COMMITTEE USES NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, AN ORGANIZATION WHICH PROVIDES ACCREDITATION FOR PRIVATE SCHOOLS, FOR COMPARABILITY DATA IN DETERMINING THE HEAD OF SCHOOL'S COMPENSATION AND EXAMINING IT FOR REASONABLENESS. ALL OTHER FACULTY AND STAFF ARE REVIEWED ANNUALLY BY THE HEAD OF SCHOOL AND COMPENSATION IS INCREASED ACCORDINGLY NOT TO EXCEED GUIDELINES SET BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 IN ORDER FOR THE PUBLIC TO REVIEW THE GOVERNING DOCUMENTS OR FINANCIAL STATEMENTS OF THIS ORGANIZATION, THEY ARE REQUIRED TO CALL AND REQUEST TO SEE THE DOCUMENTS. THE ORGANIZATION WILL THEN MAKE THE DOCUMENTS AVAILABLE WITHIN 24 HOURS OF THE REQUEST. FORM 990, PART XI, LINE 9: FAIR MARKET VALUE OF ITEMS DONATED TO THE AUCTION -50,319. ROUNDING 2. FORM 990, PART XI, ITEM 2C THE FINANCE COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTING FIRM. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.