2016-02-15T11:50:15-06:00 2015-03-31 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2014-04-01 050252708 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRES 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 JAMES M BURRESS DIRECTOR OF FINANCE 4018471000 2016-02-15 1 DEBORAH A HOPKINS P00167843 4012742001 2014 2016-08-17 19:52:53Z TRUDY COXE 424 BELLEVUE AVENUE NEWPORT RI 02840 23269465 0 X WWW.NEWPORTMANSIONS.ORG X 1945 RI TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES. 33 33 412 250 195319 -115587 6663280 4811942 11079225 11753946 2442251 3068103 2000740 1897522 22185496 21531513 0 0 0 0 9973956 10366259 0 0 741593 8020324 8809173 17994280 19175432 4191216 2356081 49797781 50259507 6057093 5027148 43740688 45232359 X THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S MISSION IS TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES IN ONE OF THE MOST HISTORICALLY INTACT CITIES IN AMERICA. WE HOLD IN PUBLIC TRUST THE NEWPORT MANSIONS, (CONT. ON SCHEDULE O)WHICH ARE AN INTEGRAL PART OF THE LIVING FABRIC OF NEWPORT, RHODE ISLAND. THESE SITES EXEMPLIFY THREE CENTURIES OF THE FINEST ACHIEVEMENTS IN AMERICAN ARCHITECTURE, DECORATIVE ARTS, AND LANDSCAPE DESIGN SPANNING THE COLONIAL ERA TO THE GILDED AGE. THROUGH OUR HISTORIC PROPERTIES, EDUCATIONAL PROGRAMS, AND RELATED ACTIVITIES WE ENGAGE THE PUBLIC IN THE STORY OF AMERICA'S VIBRANT CULTURAL HERITAGE. WE SEEK TO INSPIRE AND PROMOTE AN APPRECIATION OF THE VALUE OF PRESERVATION TO ENRICH THE LIVES OF PEOPLE EVERYWHERE. 0 0 15668765 13426853 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMEN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY OTHER LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS (CONT. ON SCHEDULE O)TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND. 15668765 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 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 87 0 412 1 1 1 0 0 0 0 1 1 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 RI X JAMES M BURRESS 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 MR DONALD O ROSS CHAIRMAN 10.00 X X 0 0 0 MRS EDWIN G FISCHER VICE CHAIR 5.00 X X 0 0 0 MRS A LESLIE BALLARD VICE PRESIDENT 5.00 X X 0 0 0 MR DAVID P LEYS VICE PRESIDENT 5.00 X X 0 0 0 MRS GARY MOORE VICE PRES./ASST. SEC. 5.00 X X 0 0 0 MRS RICHARD I BURNHAM TREASURER 5.00 X X 0 0 0 MR PETER S DAMON ASST. TREASURER 5.00 X X 0 0 0 MR ARTHUR W MURPHY ESQ SECRETARY 5.00 X X 0 0 0 MR MORTIMER BERKOWITZ III TRUSTEE 5.00 X 0 0 0 MR DUNCAN A CHAPMAN TRUSTEE 5.00 X 0 0 0 MRS ALEXANDER C CUSHING TRUSTEE 5.00 X 0 0 0 MRS KIMBERLY W DARDEN TRUSTEE 5.00 X 0 0 0 MR WILLIAM EGAN TRUSTEE 5.00 X 0 0 0 MS CAROL J EPSTEIN TRUSTEE 5.00 X 0 0 0 MR DAVID B FORD TRUSTEE 5.00 X 0 0 0 MRS SARAH GEWIRZ TRUSTEE 5.00 X 0 0 0 MR WILLIAM F HATFIELD TRUSTEE 5.00 X 0 0 0 MRS RALPH H ISHAM TRUSTEE 5.00 X 0 0 0 MR EDWARD W KANE TRUSTEE 5.00 X 0 0 0 MS EADDO KIERNAN TRUSTEE 5.00 X 0 0 0 MRS WILLIAM D LEATHERMAN TRUSTEE 5.00 X 0 0 0 MR DAVID E P LINDH TRUSTEE 5.00 X 0 0 0 MR WILLIAM F LUCEY TRUSTEE 5.00 X 0 0 0 MR RONALD K MACHTLEY TRUSTEE 5.00 X 0 0 0 MS ELIZABETH MCMILLEN TRUSTEE 5.00 X 0 0 0 MR EUGENE B ROBERTS TRUSTEE 5.00 X 0 0 0 MS JANET L ROBINSON TRUSTEE 5.00 X 0 0 0 MRS JAMES H ROSS TRUSTEE 5.00 X 0 0 0 MRS JOCELYN SHERMAN TRUSTEE 5.00 X 0 0 0 MS MERRILL SHERMAN TRUSTEE 5.00 X 0 0 0 MR ARCHBOLD VAN BEUREN TRUSTEE 5.00 X 0 0 0 MRS GUY FC VAN PELT TRUSTEE 5.00 X 0 0 0 MR MARK E WATSON TRUSTEE 5.00 X 0 0 0 MR WILLIAM F WILSON TRUSTEE 5.00 X 0 0 0 MR WILLIAM N WOOD PRINCE TRUSTEE 5.00 X 0 0 0 MS TRUDY COXE CEO & EXECUTIVE DIRECTOR 60.00 X 247704 0 28789 MR JAMES M BURRESS DIRECTOR OF FINANCE 45.00 X 145429 0 23044 MS CYNTHIA O'MALLEY DIR. OF RETAIL SALES 45.00 X 116688 0 12847 MS LAURIE OSSMAN DIR. MUSEUM AFFAIRS 45.00 X 124427 0 18953 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 45.00 X 120915 0 6994 MR JOHN G RODMAN DIR. MUSEUM EXPERIENCE 45.00 X 133148 0 19516 MR CHARLES MOORE CHIEF CONSERVATOR 45.00 X 111450 0 12464 999761 0 122607 11 0 1 0 FINE CATERING BY R MORIN INC 95 FRANK MOSSBERG DRIVE ATTLEBORO MA 02703 CATERING SERVICES 351354 EMERY ENVIRONMENTAL ASSOCIATES PO BOX E PAWTUCKET RI 02861 ENVIRONMENTAL REMEDIATION 265025 BARTLETT TREE EXPERTS PO BOX 3067 STAMFORD CT 06905 TREE MAINTENANCE SERVICES 246025 BMI TECHNOLOGIES 477 EAST MAIN ROAD MIDDLETOWN RI 02842 COMPUTER SERVICES 216300 NEWPORT TENT COMPANY INC 27 HIGHPOINT AVENUE PORTSMOUTH RI 02878 TENT RENTAL 204369 15 921109 54286 162340 3674207 256030 4811942 ADMISSIONS 900099 9049110 9049110 PROGRAM EVENTS 900099 2571586 2571586 ACADEMIC PROGRAMS 900099 94420 94420 REPRODUCTION INCOME 900099 38830 38830 11753946 1311428 1311428 9900 0 9900 9900 9900 1903996 147321 1756675 1756675 1756675 50870 54286 31474 19396 19396 3451575 1559157 1892418 1672907 219511 UBI FROM PARTNERSHIP INVESTMENTS 900099 -24192 -24192 -24192 21531513 13426853 195319 3097399 438938 300106 94939 43893 8156100 6685702 1017309 453089 363918 294536 49318 20064 727967 625674 82503 19790 679336 567480 75552 36304 296993 3516 293477 102225 102225 113086 113086 446202 377415 68787 453365 451776 1589 1284746 1223149 55196 6401 189885 19716 145672 24497 910737 887571 23166 156814 131905 17090 7819 27603 27603 48641 48641 524051 524051 886468 848901 30985 6582 EVENT SUPPLIES 880044 860754 19290 SPECIAL PROJECTS 670490 505826 164664 REPAIRS & MAINTENANCE 587875 583930 3945 EQUIPMENT & MAINTENANCE 385986 362711 23275 843962 414046 306762 123154 19175432 15668765 2765074 741593 570115 59375 453120 1051552 2112375 1593709 127369 172843 1038545 975900 259294 309665 15091645 7507323 7429715 7584322 29670950 30399518 7814247 7739581 322051 373042 49797781 50259507 1763600 1804596 608426 811113 3637793 2378845 47274 32594 6057093 5027148 X 12435723 13473612 15365477 15396834 15939488 16361913 43740688 45232359 49797781 50259507 2356081 -864410 0 X 0 1 X 1 0 X 3369015 3608081 5285892 6663280 4811942 23738210 13169212 13151977 14370217 14458523 15256392 70406321 16538227 16760058 19656109 21121803 20068334 94144531 858936 718733 1630471 1753486 875447 5837073 0 858936 718733 1630471 1753486 875447 5837073 88307458 498792 621019 596919 614802 1311428 3642960 498792 621019 596919 614802 1311428 3642960 -72286 -70048 -90236 -104444 -115587 -452601 16964733 17311029 20162792 21632161 21264175 97334890 0.90730 0.91480 0.03740 0.03100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 8 40.00 5 0 0 1 1 45.00 2500 X X X X 0 37520705 424925 2019705 1569136 38396199 32508439 1725697 4898711 1612142 37520705 30147175 702054 2912926 1253716 32508439 30385661 156188 1147123 1541797 30147175 28170406 301055 3741571 1827371 30385661 0.23250 0.42610 0.34140 0 0 910050 910050 7485658 2560273 4925385 150931 109385 41546 6545006 4837665 1707341 7584322 CASH AND SHORT-TERM INVESTMENTS 1721371 F PRIVATE EQUITY PARTNERSHIPS 5687639 F REMAINDER TRUST 330571 F 7739581 CAPITAL LEASE 32594 32594 X 22623644 -864410 504000 -360410 22984054 113086 -1565627 -1452541 21531513 21131973 504000 1590631 2094631 19037342 113086 25004 138090 19175432 PART II, LINE 9: THE PRESERVATION SOCIETY OF NEWPORT COUNTY HOLDS CONSERVATION EASEMENTS ON THREE PROPERTIES, WHICH WERE FORMERLY OWNED BY THE SOCIETY. THE SOCIETY DOES NOT GENERALLY ACCEPT DONATED EASEMENTS NOR DOES IT PURCHASE EASEMENTS AS PART OF ITS PROGRAM ACTIVITIES. THERE IS NO VALUE ASSIGNED TO THE SOCIETY'S CONSERVATION EASEMENTS, AND NO FINANCIAL TRANSACTIONS ARISE FROM ITS EASEMENTS. THEREFORE, THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES OR THE STATEMENT OF FINANCIAL POSITION. PART III, LINE 1A: PER THE SOCIETY'S FINANCIAL STATEMENT FOOTNOTES: THE SOCIETY'S COLLECTIONS CONSIST OF HISTORIC MANSIONS AND LANDSCAPES AS WELL AS OBJECTS DISPLAYED IN THE MANSIONS, SUCH AS FINE ART, FURNISHINGS AND CLOTHING. THE HISTORICAL COLLECTIONS ARE NOT CAPITALIZED BY THE SOCIETY. IN ADDITION, THE SOCIETY DOES 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. THE SOCIETY MAINTAINS A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION AND DE-ACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. IN ACCORDANCE WITH THE POLICY OF NOT RECORDING COLLECTIONS IN THE FINANCIAL RECORDS, DONATED COLLECTION ITEMS RECEIVED DURING THE YEAR ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES, AND ARE A RECONCILING ITEM NOTED BELOW. PART III, LINE 4: THE COLLECTIONS OF THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S HOUSE MUSEUMS, COMPRISING OVER 50,000 OBJECTS, REFLECT THE ORGANIZATION'S MISSION TO PRESENT AND PRESERVE AMERICAN ARCHITECTURE AND DECORATIVE ARTS SPANNING THE COLONIAL ERA TO THE GILDED AGE. THE COLLECTIONS, OTHER THAN ARCHIVAL MATERIALS AND FRAGILE TEXTILES, ARE PERMANENTLY EXHIBITED IN THEIR ORIGINAL HISTORIC CONTEXT OF DOMESTIC INTERIORS AND REFLECT A UNIQUE SURVEY OF THE EVOLUTION OF AMERICAN DESIGN. PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING MAINTAINING THE HISTORIC HOUSES AND OTHER HISTORICAL TREASURES IN THE ORGANIZATION'S COLLECTIONS AND SUPPORTING CERTAIN ANNUAL EDUCATIONAL EVENTS. PART X, LINE 2: THE SOCIETY IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE SOCIETY OPERATES IN A MANNER CONSISTENT WITH THEIR TAX-EXEMPT STATUS AT BOTH THE STATE AND FEDERAL LEVEL. THE SOCIETY 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. THE SOCIETY ALSO ANNUALLY FILES IRS FORM 990-T - EXEMPT ORGANIZATION'S BUSINESS INCOME TAX RETURN FOR ALL OF ITS TAXABLE TRANSACTIONS. 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 FISCAL YEARS 2012, 2013, AND 2014 ARE SUBJECT TO EXAMINATION BY THE IRS. THE SOCIETY CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. FOR THE SOCIETY'S TAX YEAR ENDING MARCH 31, 2014 THE SOCIETY OWED NO INCOME TAXES RELATED TO ITS TAXABLE SALES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES IN PART VIII, LINE 10B -1,559,157. EXPENSES IN PART VIII, LINE 8B -31,474. NONCASH CONTRIBUTIONS OF COLLECTION ITEMS 25,004. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES IN PART VIII, LINE 10B 1,559,157. EXPENSES IN PART VIII, LINE 8B 31,474. PART XII, LINE 4B - OTHER ADJUSTMENTS: NONCASH CONTRIBUTIONS OF COLLECTION ITEMS 25,004. GOLF OUTING 105156 54286 50870 9200 14225 8049 105156 54286 50870 9200 14225 8049 31474 19396 X X X X 0 0 0 1 0 0 0 0 0 MS TRUDY COXE CEO & EXECUTIVE DIRECTOR 247704 0 0 0 0 0 14677 0 14112 0 276493 0 0 0 MR JAMES M BURRESS DIRECTOR OF FINANCE 145429 0 0 0 0 0 8932 0 14112 0 168473 0 0 0 MR JOHN G RODMAN DIR. MUSEUM EXPERIENCE 133148 0 0 0 0 0 6404 0 13112 0 152664 0 0 0 PART I, LINE 5 PHILLIP PELLETIER AND IVAN COLON RECEIVE INCENTIVE COMPENSATION BASED ON BOOKED EVENTS. FOR CALENDAR YEAR 2014, PHILLIP PELLETIER RECEIVED BASE COMPENSATION OF APPROXIMATELY $109,000 AND INCENTIVE COMPENSATION OF APPROXIMATELY $5,800; IVAN COLON RECEIVED BASE COMPENSATION OF APPROXIMATELY $72,000 AND INCENTIVE COMPENSATION OF APPROXIMATELY $34,000. IVAN COLON LEFT THE SOCIETY MID-YEAR. IN ADDITION, CYNTHIA O'MALLEY RECEIVED INCENTIVE COMPENSATION BASED ON SALES. FOR 2014, HER BASE COMPENSATION WAS APPROXIMATELY $103,000 AND INCENTIVE COMPENSATION WAS APPROXIMATELY $4,000. X 14 333457 MARKET VALUE X 2 25004 INDEPENDENT APPRAISAL X EVENT SUPPLIES 90 187750 COST OR SELLING PRIC 1 0 1 0 PART I, COLUMN (B): FOR CONTRIBUTIONS OF ITEMS WHICH ARE ACCESSIONED, THE ORGANIZATION IDENTIFIES EACH GIFT RECEIVED AND REPORTS THE TOTAL NUMBER OF GIFTS (SOME GIFTS CONTAIN MULTIPLE ITEMS). FOR OTHER TYPES OF NON-CASH CONTRIBUTIONS, THE ORGANIZATION IDENTIFIES EACH DONOR BY PURPOSE, SUCH AS A SPECIFIC EVENT. THE ORGANIZATION REPORTS THE SUM OF THE TOTAL NUMBER OF CONTRIBUTORS FOR EACH PURPOSE. SOME CONTRIBUTORS ARE INCLUDED MULTIPLE TIMES, FOR EACH DISCRETE INSTANCE OF PROVIDING A NON-CASH CONTRIBUTION. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 HAS BEEN PREPARED BY THE SOCIETY'S EXTERNAL AUDITORS AND REVIEWED IN DRAFT WITH THE CHIEF EXECUTIVE OFFICER, DIRECTOR OF FINANCE AND THE AUDIT COMMITTEE. CORRECTIONS AND CHANGES WERE MADE AS NECESSARY. THE BOARD HAS DELEGATED THE PROCESS OF REVIEWING THE 990 TO THE DIRECTOR OF FINANCE, THE CHIEF EXECUTIVE OFFICER, AND THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION'S CODE OF ETHICS IS PROVIDED TO ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES. THESE PEOPLE ARE ASKED TO REVIEW THE CODE AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND IT, 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 BOARD 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 15 THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTED A PERFORMANCE REVIEW AND EVALUATION OF THE CEO, WHICH ALSO ESTABLISHED THE CEO'S COMPENSATION FOR THE FOLLOWING YEAR. THE COMMITTEE REVIEWED COMPARABILITY PAY DATA FOR THE CEO, AS WELL AS THE DIRECTOR OF FINANCE, USING COMPENSATION FOR COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS AS COMPILED BY AN INDEPENDENT EXPERT. THE PAY FOR ALL EMPLOYEES, INCLUDING THE DIRECTOR OF FINANCE, IS ESTABLISHED BY THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS (ARTICLES OF INCORPORATION AND BY-LAWS), ITS CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND PUBLIC TAX RETURNS AVAILABLE UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CURRENTLY DOES NOT CHARGE FOR THE COPIES. PSNC HOLDINGS INC 424 BELLEVUE AVE NEWPORT RI 02840 050479546 HOLDS TITLE TO WAREHOUSE HOUSING PSNC INVENTORY RI 501(C)(2) THE PRESERVATION SOCIETY OF NEWPORT COUNTY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0