2015-11-11T11:51:56-06:00 2015-06-30 133516375 N CHENG LLP 40 WALL STREET 32ND FLOOR NEW YORK NY 10005 990 2014-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 AILEEN HEFFERREN CHIEF EXECUTIVE 2125791390 2015-11-11 1 ILEANA CORTORREAL P01652802 2127850100 2015-11-10 2014 2016-03-07 17:11:31Z AILEEN HEFFERREN 328 WEST 71ST NEW YORK NY 10023 NEW YORK NY 10023 13865653 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. 50 50 325 290 0 0 9009443 10484108 0 0 1605256 3037679 24347 125 10639046 13521912 0 0 0 0 6910307 6706917 0 0 973547 3760308 3664852 10670615 10371769 -31569 3150143 45423050 46445110 1730022 1868012 43693028 44577098 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. 0 0 3028334 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. 1958079 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. 2085787 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. 1510868 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. 1510868 8583068 1 1 0 0 0 0 0 0 0 1 1 1 0 1 0 1 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 49 0 1 325 1 0 1 BD CJ 0 0 0 1 1 0 0 X 50 50 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 NY X ZUBIAR RASULI 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 MARTIN LIPTON CHAIRMAN EMERITUS 1.00 X X 0 0 0 JOHN 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 VALENTINO CARLOTTI 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 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 NICOLE ARNABOLDI TRUSTEE 0.50 X 0 0 0 CONOR BASTABLE TRUSTEE 0.50 X 0 0 0 CIATTA Z BAYSAH ESQ TRUSTEE 0.50 X 0 0 0 ANSON H BEARD TRUSTEE 0.50 X 0 0 0 RONALD BLAYLOCK TRUSTEE 0.50 X 0 0 0 KEN CAPLAN TRUSTEE 0.50 X 0 0 0 JORGE CALDERON 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 DATER TRUSTEE 0.50 X 0 0 0 PASCAL DESROCHES TRUSTEE 0.50 X 0 0 0 ALEXANDER 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 MYRNA GREENBERG TRUSTEE 0.50 X 0 0 0 CARL HARNICK TRUSTEE 0.50 X 0 0 0 JAY KRIEGEL TRUSTEE 0.50 X 0 0 0 FRANCES LASERSON TRUSTEE 0.50 X 0 0 0 LAURENCE LEEDS JR 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 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 RICHARD REISS JR TRUSTEE 0.50 X 0 0 0 WILLIAM A SHUTZER TRUSTEE 0.50 X 0 0 0 SANDY SIRULNICK TRUSTEE 0.50 X 0 0 0 PEG SULLIVAN TRUSTEE 0.50 X 0 0 0 ANITA VOLZ WIEN TRUSTEE 0.50 X 0 0 0 BRIAN WILLE TRUSTEE 0.50 X 0 0 0 VALDA WITT TRUSTEE 0.50 X 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 40.00 X 324918 0 54975 ED BOLAND VP EXTERNAL AFFAIRS 40.00 X 205151 0 28648 PETER BORDONARO DEPUTY EXEC. DIRECTOR 40.00 X 154406 0 29141 ALIK HINCKSON CHIEF FINANCIAL OFFICER 40.00 X 141742 0 8365 BRIDGET JOHNSON ASSOC. EXEC DIRECTOR 40.00 X 159754 0 18889 CHARLES GUERRERO DIR. LEADERSHIP DEVT. OPPORTUNITIES 40.00 X 109175 0 25227 MARIE URSINO DIR. OF COUNSELING 40.00 X 163381 0 27119 NIKOLE SMITH DIR. ACADEMIC PRGRMS 40.00 X 113577 0 19768 1372104 0 212132 8 0 1 0 L&M BUS CORP 3167 ATLANTIC AVENUE BROOKLYN NY 11208 STUDENT TRANSPORTATION 400295 ASCEND SECURE TECHNOLOGY 2254 HOMECREST AVENUE BROOKLYN NY 11229 TECHNOLOGY 217773 2 4262609 6221499 1403214 10484108 3037679 3037679 343741 4262609 343741 0 OTHER REVENUE 900099 125 125 125 13521912 3037804 0 0 1372104 795820 150932 425352 4070042 3721323 216206 132513 273050 210730 21192 41128 604732 504451 41299 58982 386989 326965 23331 36693 33500 33500 157071 54700 37724 64647 451401 284314 55536 111551 297691 236423 24100 37168 707767 684595 10227 12945 108643 92450 4360 11833 6692 5704 668 320 127853 108675 7671 11507 68757 68757 MISCELLANEOUS 405073 256514 119651 28908 OTHER STUDENT EXPENSES 347856 347856 COUNSELING/CAMPUS VISIT 346099 346099 PUPIL TRANSPORTATION 305795 305795 300654 300654 10371769 8583068 815154 973547 1713 2200 2891750 2835279 3602623 3341449 341610 428093 6275317 3965855 2413531 2309462 21352430 26918746 14787470 10581714 31923 28167 45423050 46445110 501980 674580 1228042 1193432 1730022 1868012 X 40257548 41068555 2207233 2260296 1228247 1248247 43693028 44577098 45423050 46445110 3150143 -2266073 0 X X 0 1 X 1 0 X 9604624 10934339 11307871 9009443 10484108 51340385 9604624 10934339 11307871 9009443 10484108 51340385 2594988 48745397 190328 173561 260732 208118 202077 1034816 52375201 786382 0.93070 0.94670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36139900 648715 771607 -59761 37500461 31395723 10000 6255103 -1500928 36139900 27728516 11000 3954223 -40619 -257397 31395723 27276587 1114181 -460161 -34226 -167865 27728516 23636611 530335 3272632 -28614 -134377 27276587 0.96700 0.03300 0 0 492750 492750 3619511 1867993 1751518 2163056 2097862 65194 2309462 ALTERNATIVE INVESTMENTS 10581714 F 10581714 X 11609693 -2266073 353854 -1912219 13521912 0 13521912 10725623 353854 353854 10371769 0 10371769 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. PART X, LINE 2: THE ORGANIZATION APPLIES THE PROVISION OF FASB ASC 740, INCOME TAXES. MANAGEMENT HAS CONSIDERED POSSIBLE AREAS OF UNCERTAIN TAX POSITIONS AND POSSIBLE AREAS OF RISK TO ITS TAX-EXEMPT STATUS. MANAGEMENT HAS CONCLUDED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS AND THAT ITS TAX EXEMPT STATUS WOULD SUSTAIN EXAMINATION. TAX YEARS OF 2011, 2012 AND 2013 REMAIN OPEN AND ARE SUBJECT TO EXAMINATION. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT N/A 9159606 0 0 0 0 0 0 9159606 0 9159606 0 0 0 0 0 0 LILAC BALL 4606350 4262609 343741 21450 294319 18532 9440 4606350 4262609 343741 21450 294319 18532 9440 343741 0 X X X X X 0 1 0 0 0 0 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 324918 0 0 0 0 0 54975 0 0 0 379893 0 0 0 ED BOLAND VP EXTERNAL AFFAIRS 205151 0 0 0 0 0 28648 0 0 0 233799 0 0 0 PETER BORDONARO DEPUTY EXEC. DIRECTOR 154406 0 0 0 0 0 29141 0 0 0 183547 0 0 0 ALIK HINCKSON CHIEF FINANCIAL OFFICER 141742 0 0 0 0 0 8365 0 0 0 150107 0 0 0 BRIDGET JOHNSON ASSOC. EXEC DIRECTOR 159754 0 0 0 0 0 18889 0 0 0 178643 0 0 0 MARIE URSINO DIR. OF COUNSELING 163381 0 0 0 0 0 27119 0 0 0 190500 0 0 0 PART I, LINE 4B AILEEN HEFFERREN; PAYMENTS TO 457B PLAN - $6,864 KATHRYN BORDONARO SPOUSE OF A FORMER KEY EMPLOYEE 100185 EMPLOYMENT 0 SAMUEL J ZALUTSKY SPOUSE OF KEY EMPLOYEE 7500 INDEPENDENT CONTRACTOR ARRANGEMENT 0 0 X 28 1403214 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: 90.) 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 CAREER PATHS PLUS, 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: 100.) 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: 75.) 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 KEY EMPLOYEE; SAMUEL J. ZALUTSKY- SPOUSE OF KEY EMPLOYEE TWO PAIRS OF TRUSTEES ARE FAMILY RELATED FOUR TRUSTEES HAVE A SHARED OWNERSHIP INTEREST; TWO PAIRS OF TRUSTEES AND 3 OTHER TRUSTEES ARE EMPLOYED BY THE SAME ORGANIZATIONS. FORM 990, PART VI, SECTION B, LINE 11 BEFORE FILING, THE 990 IS REVIEWED BY THE TREASURER AND APPROVED BY THE FINANCE COMMITTEE, DISCUSSED WITH THE EXECUTIVE COMMITTEE AND DISTTRIBUTED TO ALL BOARD MEMBERS BEFORE FILING. 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 2013 TO THE 2014 FORM.