2015-05-08T14:24:54-05:00 2014-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2013-07-01 060646921 THE TAFT SCHOOL CORPORATION TAFT 8609457777 110 WOODBURY RD WATERTOWN CT 06795 GILBERT T THORNFELDT ASSISTANT TREASURER 8609457777 2015-05-08 1 JOHN TOSCANO P00358542 9592007000 2013 2016-03-07 17:11:31Z GILBERT T THORNFELDT 110 WOODBURY RD WATERTOWN CT 06795 83273984 0 X WWW.TAFTSCHOOL.ORG X 1930 CT THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 32 32 412 0 243463 -54478 9027094 17768395 29658450 30291930 5649557 22572795 387062 381188 44722163 71014308 6535527 6826462 0 0 19453145 19814075 0 0 3241566 17429178 17975792 43417850 44616329 1304313 26397979 360279334 396387738 62014122 60836020 298265212 335551718 THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 0 0 35381056 6826462 30360463 PROVIDE EDUCATIONAL SERVICES AND SUPPORT FOR APPROXIMATELY 579 STUDENTS IN GRADES NINE THROUGH POST-GRADUATE IN A BOARDING AND DAY SETTING. 35381056 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 162 0 1 412 1 1 1 0 0 0 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CT X GILBERT T THORNFELDT CFO 8609457770 110 WOODBURY RD WATERTOWN CT 06795 RODMAN W MOORHEAD III CHAIRMAN 0.50 X X 0 0 0 GRANT A PORTER VICE CHAIRMAN 0.50 X X 0 0 0 HOLCOMBE T GREEN III TREASURER 0.50 X X 0 0 0 JONATHAN D ALBERT TRUSTEE 0.50 X 0 0 0 J HORD ARMSTRONG III TRUSTEE 0.50 X 0 0 0 DRUMMOND C BELL III TRUSTEE 0.50 X 0 0 0 HENRY G BRAUER TRUSTEE 0.50 X 0 0 0 JENNIFER L BURNS PHD TRUSTEE 0.50 X 0 0 0 IRENE C CHU TRUSTEE 0.50 X 0 0 0 JOHN W DAYTON TRUSTEE 0.50 X 0 0 0 J KINGMAN GORDON TRUSTEE 0.50 X 0 0 0 JONATHAN M HARRIS OUTGOING TRUSTEE 0.50 X 0 0 0 ICY H FRANZ TRUSTEE 0.50 X 0 0 0 J DAVID GILLIKIN TRUSTEE 0.50 X 0 0 0 SARKIS D IZMIRLIAN TRUSTEE 0.50 X 0 0 0 JAMES A JACOBSON TRUSTEE 0.50 X 0 0 0 JAY A KREHBIEL TRUSTEE 0.50 X 0 0 0 KAREN KUKRAL OUTGOING TRUSTEE 0.50 X 0 0 0 LESLIE H LANAHAN TRUSTEE 0.50 X 0 0 0 PAUL T MCGOWAN TRUSTEE 0.50 X 0 0 0 AMISH H MEHTA TRUSTEE 0.50 X 0 0 0 GEORGE B MOORE TRUSTEE 0.50 X 0 0 0 NANCY N O'NEILL TRUSTEE 0.50 X 0 0 0 E MARC PINTO TRUSTEE 0.50 X 0 0 0 LEXI BROWNELL REESE TRUSTEE 0.50 X 0 0 0 G CARTER SEDNAOUI TRUSTEE 0.50 X 0 0 0 JOHN G TAFT TRUSTEE 0.50 X 0 0 0 KATE GENUNG TAYLOR TRUSTEE 0.50 X 0 0 0 HANK L TORBERT TRUSTEE 0.50 X 0 0 0 STEVEN B TURNER OUTGOING TRUSTEE 0.50 X 0 0 0 ARCHIBOLD D VAN BEUREN TRUSTEE 0.50 X 0 0 0 LAURA B WHITMAN TRUSTEE 0.50 X 0 0 0 ABRA PRENTICE WILKIN TRUSTEE 0.50 X 0 0 0 YI-MING YANG TRUSTEE 0.50 X 0 0 0 JOANNE K ZIESING TRUSTEE 0.50 X 0 0 0 WILLIAM R MACMULLEN PRESIDENT/HEADMASTER 40.00 X 319218 0 167544 GILBERT T THORNFELDT ASST TREASURER/ASST SECR 40.00 X 208313 0 43293 CHRISTOPHER T LATHAM DIRECTOR OF DEVELOPMENT 40.00 X 215865 0 58981 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 40.00 X 162724 0 13996 JOANNA WANDELT ADMIN. ASST. ADMISSIONS 40.00 X 136418 0 32944 DAVID HOSTAGE SCIENCE TEACHER 40.00 X 129036 0 25297 ELIZABETH WELCH ASSOC. DIRECTOR OF DEVELOPMENT 40.00 X 118300 0 62549 LINDA SAARNIJOKI DEAN OF FACULTY 40.00 X 114680 0 21834 1404554 0 426438 15 0 1 0 ARAMARK CORPORATION PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 3253712 BUSHKA LUMBER & MILLWORK LLC 305 FAIRFIELD AVENUE WATERBURY CT 06708 CONSTRUCTION SERVICES 2885733 RED HAWK FIRE & SECURITY PO BOX 677671 DALLAS TX 75267 CONSTRUCTION SERVICES 1082825 NEW PROVIDENCE ASSET MANAGEMENT 650 FIFTH AVE 16TH FLOOR NEW YORK NY 10001 INVESTMENT MANAGEMENT 830106 ASTRO ELECTRIC 680 RIVERSIDE STREET WATERBURY CT 06708 CONSTRUCTION SERVICES 473886 19 17768395 1069161 17768395 STUDENT TUITION 611110 27708594 27708594 PROGRAM FEES 611110 2583336 2583336 30291930 1051116 -53892 1105008 15300 0 15300 15300 15300 32187322 1219000 10664808 1219835 21522514 -835 21521679 21521679 443566 375033 68533 68533 HOCKEY RINK 532000 297355 297355 297355 71014308 30360463 243463 22641987 6826462 6826462 1010034 743328 266706 14378042 12483637 635855 1258550 1162977 997946 63232 101799 2177171 1861525 125072 190574 1085851 942783 48021 95047 50855 50855 56650 56650 1600936 1600936 3493516 2927294 301236 264986 168677 159520 7067 2090 603061 297866 137785 167410 463323 463323 2176198 2110912 43524 21762 736938 479206 146896 110836 119046 102529 15618 899 596504 596504 4002908 3882821 80058 40029 420000 420000 GENERAL AND INSTITUTION 1517574 1517574 INSTRUCTION 778125 778125 DEVELOPMENT 720878 720878 STUDENT SERVICES 329044 329044 141559 141559 44616329 35381056 5993707 3241566 13835459 15562932 23526019 28871712 7810446 7629529 261474 266397 387753 553754 164718226 62882557 99093016 101835669 67807204 97838730 145606344 143354746 1951619 474269 360279334 396387738 1584648 1195578 13045546 14532236 41576342 38903730 792243 695190 5015343 5509286 62014122 60836020 X 139645621 165642887 18196999 24584069 140422592 145324762 298265212 335551718 360279334 396387738 X 26397979 11179473 -290946 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 212710977 5855330 32577693 3820818 7129182 1600936 238593064 195460456 4061226 25002484 3507484 7092516 1213189 212710977 207779471 1385239 -1940858 3447110 7052890 1263396 195460456 181456442 6967550 28996471 2704233 5568819 1367940 207779471 162545494 3842646 25624923 2875757 6241972 1438892 181456442 0.40000 0.59840 0.00160 0 0 8969142 8969142 143145061 54240269 88904792 9728917 8642288 1086629 2875106 2875106 101835669 PRIVATE EQUITIES AND ALTERNATIVE INVESTMENTS 143354746 F 143354746 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 5509286 5509286 X 73850469 11179473 -7117409 4062064 69788405 1600936 -375033 1225903 71014308 36563963 375033 375033 36188930 1600936 6826463 8427399 44616329 PART III, LINE 1A: THE SCHOOL HAS A COLLECTION OF ARTWORK WHICH IS ON PUBLIC DISPLAY THROUGHOUT ITS CAMPUS BUILDINGS. THE SCHOOL FOLLOWS A POLICY OF NOT CAPITALIZING THE COLLECTION OF ARTWORK IN ITS FINANCIAL STATEMENTS. ACCORDINGLY, NO COLLECTION ITEMS ARE RECOGNIZED AS ASSETS, WHETHER THEY ARE PURCHASED OR RECEIVED AS A CONTRIBUTION. PURCHASES OF COLLECTION ITEMS REDUCE NET ASSETS IN THE PERIOD OF PURCHASE. PROCEEDS FROM SALES OR INSURANCE RECOVERIES ARE RECORDED AS INCREASES IN NET ASSETS WHEN RECEIVED. NO ITEMS WERE PURCHASED FOR OR REMOVED FROM THE COLLECTION IN 2014 OR 2013. PART III, LINE 4: COLLECTIONS ARE COMPRISED OF VARIOUS PAINTINGS AND SCULPTURES THAT ARE ON DISPLAY THROUGHTOUT THE SCHOOL FOR THE CULTURAL ENRICHMENT OF ITS STUDENT BODY. PART V, LINE 4: RESTRICTED ENDOWMENT FUNDS ARE USED IN ACCORDANCE WITH DONOR-IMPOSED STIPULATIONS. UNRESTRICTED ENDOWMENT FUNDS, INCLUDING BOARD DESIGNATED FUNDS, ARE USED IN ACCORDANCE WITH THE SPENDING POLICY APPROVED BY THE BOARD OF TRUSTEES. PART X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2014 AND 2013. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2011 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -290,946. FINANCIAL AID -6,826,463. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -375,033. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 375,033. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,826,463. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 NEWSPAPER MEDIA CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTS 93581545 0 0 0 0 0 0 93581545 0 93581545 0 0 1 1 1 0 PART 1, LINE 3(D) THE LISTED INVESTMENTS RELATE TO HOLDINGS IN THE SCHOOL'S ENDOWMENT FUND. 1 STUDENT FINANCIAL AID 198 6826462 FMV TUITION AND FEES ASSISTANCE PART I, LINE 2: ALL FINANCIAL AID RECIPIENTS ARE REQUIRED TO COMPLETE A FINANCIAL AID STATEMENT AND PROVIDE THE NECESSARY SUPPORTING DOCUMENTATION. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 WILLIAM R MACMULLEN PRESIDENT/HEADMASTER 315545 0 0 0 3673 0 55600 0 111944 0 486762 0 0 0 GILBERT T THORNFELDT ASST TREASURER/ASST SECR 208313 0 0 0 0 0 21220 0 22073 0 251606 0 0 0 CHRISTOPHER T LATHAM DIRECTOR OF DEVELOPMENT 215865 0 0 0 0 0 26700 0 32281 0 274846 0 0 0 DIANE FOUNTAS DIRECTOR OF HEALTH CENTER 162724 0 0 0 0 0 4237 0 9759 0 176720 0 0 0 JOANNA WANDELT ADMIN. ASST. ADMISSIONS 136418 0 0 0 0 0 16512 0 16432 0 169362 0 0 0 DAVID HOSTAGE SCIENCE TEACHER 129036 0 0 0 0 0 15636 0 9661 0 154333 0 0 0 ELIZABETH WELCH ASSOC. DIRECTOR OF DEVELOPMENT 118300 0 0 0 0 0 15096 0 47453 0 180849 0 0 0 PART I, LINE 1A AS THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 480 STUDENTS RESIDING ON CAMPUS, CERTAIN INDIVIDUALS ARE REQUIRED TO RESIDE ON CAMPUS. THE VALUE OF SCHOOL HOUSING PROVIDED FOR THIS PURPOSE MEETS THE REQUIREMENT FOR TAX EXEMPTION UNDER IRC SECTION 119, AND ACCORDINGLY, IS INCLUDED IN NON-TAXABLE BENEFITS. PART I, LINE 4B THE HEADMASTER PARTICIPATES IN A 457(F) PLAN. A CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY SERIES G 060806186 20774UG74 2008-08-13 17738135 DEFEASE SERIES F AND SERIES D 0 0 0 B CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY SERIES I 060806186 20774YLP0 2012-11-07 18461710 DEFEASE SERIES H AND CONSTRUCTION 0 0 0 A 9119851 8618284 1649647 330205 15758283 2008 1 0 1 1 B 33476 18428234 1504282 361255 3695345 8594444 4306384 1 0 0 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 1 A 1 B 1 MEREDITH THORNFELDT SPOUSE OF AN OFFICER 11962 EMPLOYEE COMPENSATION 0 PAMELA MACMULLEN SPOUSE OF AN OFFICER 92290 EMPLOYEE COMPENSATION 0 X 35 1069161 FAIR VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE ASSISTANT TREASURER AND THE CONTROLLER REVIEW A COPY OF THE DRAFT FORM 990, WHICH IS FIRST REVIEWED BY THE SCHOOL'S EXTERNAL AUDIT FIRM. THE DRAFT FORM 990 IS PROVIDED TO ALL AUDIT COMMITTEE MEMBERS SEVERAL DAYS IN ADVANCE OF A SCHEDULED AUDIT AND RISK COMMITTEE MEETING. HIGHLIGHTS OF THE FORM 990 ARE SUBSEQUENTLY PRESENTED TO THE BOARD OF TRUSTEES AT A REGULARLY SCHEDULED MEETING FOR FULL BOARD DISCUSSION AND COMMENT. IN ORDER TO PROTECT THE PRIVACY OF ITS DONOR BASE, THE SCHOOL CHOOSES TO DISTRIBUTE TO THE BOARD A COPY OF FORM 990 WHICH EXCLUDES SCHEDULE B. ALL OTHER PAGES, SCHEDULES AND ATTACHMENTS ARE PROVIDED IN FULL TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL HAS A WRITTEN CONFLICT OF INTEREST POLICY. ALL TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO SIGN A COPY OF THE CONFLICT OF INTEREST STATEMENT. ISSUES THAT PRESENT A POTENTIAL CONFLICT OF INTEREST RELATED TO ANY CURRENT TRUSTEE, OFFICER OR KEY EMPLOYEE ARE BROUGHT TO THE ATTENTION OF THE FULL BOARD OF TRUSTEES FOR DISCUSSION AND INCLUSION IN BOARD MINUTES. THE TRUSTEE, OFFICER OR KEY EMPLOYEE THAT IS IDENTIFIED AS POSSIBLY HAVING A CONFLICT OF INTEREST IS ASKED TO RECUSE THEMSELVES FROM THE MEETING AND DISCUSSION OF THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE HEADMASTER/PRESIDENT OF THE CORPORATION IS DETERMINED BY THE GOVERNANCE COMMITTEE, INDEPENDENTLY OF THAT INDIVIDUAL, BASED UPON SURVEY DATA COLLECTED RELATED TO THE COMPENSATION OF THE HEADS OF 39 COMPARABLE BOARDING SCHOOLS. COMPENSATION FOR KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT OF THE CORPORATION, INDEPENDENTLY OF THOSE INDIVIDUALS, BASED UPON COMPENSATION DATA SURVEYED FROM THOSE SAME 39 SCHOOLS AND REVIEWED BY THE GOVERNANCE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE TAFT SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -290,946. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES TO THE SCHOOL'S OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.