2014-02-14T14:06:23-06:00 2013-06-30 061009205 BLUM SHAPIRO & COMPANY PC CPA'S 29 S MAIN STREET PO BOX 272000 WEST HARTFORD CT 061272000 990 2012-07-01 060910420 CHOATE ROSEMARY HALL FOUNDATION INCORPORATED CHOA 2036972225 333 CHRISTIAN STREET WALLINGFORD CT 064923818 RICHARD SALTZ 2036972225 2014-02-14 1 ELIZABETH SOLECKI P00235171 8605614000 2012 2015-11-30 17:44:51Z CHOATE ROSEMARY HALL ALEXANDER CURTIS 333 CHRISTIAN STREET WALLINGFORD CT 064923818 74492739 0 X WWW.CHOATE.EDU X 1974 CT TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 870 STUDENTS PER YEAR. 24 23 676 500 -128169 -128169 22200813 20945548 43605198 45905890 5471233 7176546 -66174 -46156 71211070 73981828 9331961 9932584 0 0 27172560 28830364 0 0 3849357 28134896 29903178 64639417 68666126 6571653 5315702 470641964 508538201 68457704 63050882 402184260 445487319 X TO PROVIDE A QUALITY, COMPREHENSIVE, SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 870 STUDENTS PER YEAR. 0 0 23173366 45905890 THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 870 STUDENTS, GENERATING OVER $30.1 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND SUPPORT. 11704658 THE SCHOOL MAINTAINS ABOUT 1.3 MILLION SQUARE FEET OF RESIDENTIAL, ACADEMIC AND ATHLETIC SPACE FOR A COMMUNITY OF OVER 1,000 MEMBERS. THE MAJORITY OF THIS EXPENSE REFLECTS THE DEPRECIATION ON THE SCHOOL PROPERTY, PLANT AND EQUIPMENT, WHICH HAS A CURRENT ACCOUNTING VALUE OF $125 MILLION. 9932584 9932584 THE SCHOOL DISCOUNTS TUITION IN THE FORM OF FINANCIAL AID AT AN APPROXIMATE RATE OF 25% IN AN EFFORT TO RECRUIT AND RETAIN THE MOST TALENTED STUDENT BODY. THE SCHOOL RECOGNIZES THAT A DIVERSE STUDENT BODY BETTERS THE OVERALL EXPERIENCE FOR ALL INVOLVED, AND THAT WHILE NOT EVERYONE CAN CONTRIBUTE FINANCIALLY IN TERMS OF TUITION, EVERYONE HAS SOMETHING TO OFFER THE CHOATE ROSEMARY HALL COMMUNITY. 4497860 MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING EXPENSES 1528908 TRAVEL AND CONFERENCE EXPENSES 2410192 OFFICE AND INFORMATION TECHNOLOGY EXPENSES 3141472 ALL OTHER PROGRAM RELATED EXPENSES, INCLUDING ADVERTISING, ROYALTIES, INTEREST PAYMENTS, OUTSIDE RENTALS, ETC. 11578432 56389040 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 1 215 0 1 676 1 1 1 1 SP FR 0 0 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X EDWARD T GRIFFIN CONTROLLER 2036972225 333 CHRISTIAN STREET WALLINGFORD CT 06492 ALEXANDER CURTIS 60.00 X X 412345 0 124965 SAMUEL BARTLETT 2.00 X 0 0 0 MICHAEL CARR 2.00 X 0 0 0 RICHARD ELMAN 2.00 X 0 0 0 DAVID FOSTER 2.00 X 0 0 0 ROBERT GOERGEN JR 2.00 X 0 0 0 JOHN GREEN 2.00 X 0 0 0 LINDA HODGE 2.00 X 0 0 0 CHRISTOPHER HODSON 2.00 X 0 0 0 BRETT JOHNSON 2.00 X 0 0 0 WARREN KANDERS 2.00 X 0 0 0 CECELIA KURZMAN 2.00 X 0 0 0 EDWARD LANPHIER 2.00 X 0 0 0 WILLIAM LAVERACK JR 2.00 X 0 0 0 GRETCHEN COOPER LEACH 2.00 X 0 0 0 KEWSONG LEE 2.00 X 0 0 0 ROBERT MINICUCCI 2.00 X 0 0 0 LINDA RIEFLER 2.00 X 0 0 0 MARSHALL RUBEN 2.00 X 0 0 0 HENRY SNYDER 2.00 X 0 0 0 WINDOW SNYDER 2.00 X 0 0 0 JEANETTE SUBLETT 2.00 X 0 0 0 THOMAS VIERTEL 2.00 X 0 0 0 BENJAMIN WALTON 2.00 X 0 0 0 RICHARD SALTZ 60.00 X 205334 0 67900 JOHN BURDITT 40.00 X 247890 0 48027 DANIEL COURCEY 60.00 X 265825 0 114611 BENJAMIN GARDNER 60.00 X 168741 0 58102 KATHLEEN WALLACE 40.00 X 157106 0 23548 STEPHEN FARRELL 60.00 X 146042 0 121559 RAYMOND DIFFLEY 40.00 X 137490 0 97853 EDWARD GRIFFIN 40.00 X 132555 0 35128 1873328 0 691693 24 0 1 0 SHAWMUT DESIGN AND CONSTRUCTION 116 WASHINGTON AVENUE NORTH HAVEN CT 06473 CONSTRUCTION 10525204 ARAMARK CAMPUS SERVICE PO BOX 198532 ATLANTA GA 303848532 FOOD SERVICE 3395109 ABM JANITORIAL SERVICES PO BOX 1534 NEW YORK NY 100081534 JANITORIAL SERVICES 1304589 NEWFIELD CONSTRUCTION INC 225 NEWFIELD AVENUE HARTFORD CT 06100 CONSTRUCTION 964320 KRONENBERGER & SONS RESTORATION 175 INDUSTRIAL PARK ROAD MIDDLETOWN CT 06457 CONSTRUCTION 877418 27 20945548 5120189 20945548 TUITION AND FEES 611710 44416120 44416120 STUDENT ACTIVITIES 611710 380380 380380 INFIRMARY/COUNSELING 611710 221129 221129 APPLICATION FEES 611710 200215 200215 RENTS 611710 173768 173768 514278 514278 45905890 1326792 -219684 1546476 318399 369149 -50750 -50750 -50750 5849754 0 5849754 5849754 142265 5707489 146356 141762 4594 4594 73981828 45905890 -128169 7258559 9932584 9932584 1131394 103086 556311 471997 19952456 17019352 1398642 1534462 2817072 2303196 235419 278457 3426775 2507503 694494 224778 1502667 1240229 128216 134222 4511019 4497860 13159 66410 66410 61998 61998 3216214 3216214 2557920 1487308 638682 431930 50808 42230 8273 305 2395825 1899392 207894 288539 339420 304818 34539 63 6996 6996 2251007 2132011 94461 24535 1685368 1375990 95676 213702 170602 152918 10849 6835 1393980 1335433 43353 15194 8792362 8415711 278901 97750 792006 302385 476531 13090 MAINTENANCE & REPAIR 999735 854551 145184 0 EQUIPMENT PURCHASE 215525 205982 8275 1268 OUTSIDE RENTALS 123983 65293 5562 53128 GIFTS & RECOGNITION 122847 58260 8135 56452 149153 145952 551 2650 68666126 56389040 8427729 3849357 13762769 12826579 25236895 26979998 38568 43845 404295 428168 2404439 2720461 226724218 101513539 123336870 125210679 98412109 90907531 206679642 247351212 366377 2069728 470641964 508538201 6335635 4306930 11265300 12227331 38095000 37115000 12761769 9401621 68457704 63050882 X 177465676 197557509 113210427 129251907 111508157 118677903 402184260 445487319 470641964 508538201 X 5315702 35177914 2809443 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 284784784 7309320 41718690 12096396 3849944 317866454 286521297 9378558 3064867 11094464 3085474 284784784 237129117 16723637 49439024 14259927 2510554 286521297 215360644 8791990 24430184 9198280 2255421 237129117 262771094 7740267 -42218364 11363000 1569353 215360644 0.35000 0.35000 0.30000 0 0 2622278 2622278 183941796 78276174 105665622 0 21779470 16747907 5031563 18380674 6489458 11891216 125210679 ALTERNATIVE INVESTMENTS 240356546 F SPLIT INTEREST AGREEMENTS 6994666 F 247351212 LIABILITY UNDER SPLIT-INTEREST AGREEMENTS 2390538 AMOUNTS HELD ON BEHALF OF OTHERS 174003 INTEREST RATE SWAP VALUATION 6837080 9401621 95675637 35177913 -13945648 21232265 74443372 -461544 -461544 73981828 55554466 461547 461547 55092919 13573207 13573207 68666126 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO SUPPORT THE ORGANIZATION'S MISSION OF PROVIDING A QUALITY EDUCATION TO STUDENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS -9,932,584. INVESTMENT MANAGEMENT FEE RECLASS -3,849,944. CHANGE IN VALUE OF SPLIT INTEREST OBLIGATIONS 209,321. BENEFITS PAID ON ANNUITY OBLIGATIONS -372,441. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASS -369,149. COST OF GOODS SOLD RECLASS -141,762. RECLASS POSTAGE RECHARGES 49,366. MISCELLANEOUS 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS 141,762. RENTAL EXPENSES RECLASS 369,149. RECLASS POSTAGE RECHARGES -49,366. MISCELLANEOUS 2. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS 9,932,584. INVESTMENT MANAGEMENT FEES RECLASS 3,849,944. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -209,321. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 A STATEMENT OF CHOATE'S NON-DISCRIMINATORY POLICY IS INCLUDED IN ALL BROCHURES AND CATALOGS PERTAINING TO APPLICATIONS, FINANCIAL AID AND ENROLLMENT MATERIALS UTILIZED DURING STUDENT RECRUITMENT, MATRICULATION AND RE-ENROLLMENT, IS POSTED IN MULTIPLE LOCATIONS ON OUR WEB SITE, AND IS STATED IN ALUMNI PUBLICATIONS. EUROPE (INCLUDING ICELAND & GREENLAND) - 1 3 PROGRAM SERVICES STUDY ABROAD PROGRAMS 490881 EAST ASIA AND THE PACIFIC - 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 249765 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 42483 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 65262808 EUROPE 0 0 INVESTMENTS 6118770 1 3 0 0 1 3 72164707 0 72164707 1 0 1 1 1 0 1 FINANCIAL AID 284 9932584 OTHER FINANCIAL AID-REDUCTION IN TUITION PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL AID IS PROVIDED VIA A REDUCTION IN TUITION. X X 0 1 X X X X X 0 0 0 0 0 0 0 0 1 1 ALEXANDER CURTIS 338250 0 0 0 74095 0 55000 0 69965 0 537310 0 0 0 RICHARD SALTZ 204010 0 0 0 1324 0 31373 0 36527 0 273234 0 0 0 JOHN BURDITT 246486 0 0 0 1404 0 37500 0 10527 0 295917 0 0 0 DANIEL COURCEY 265033 0 0 0 792 0 37500 0 77111 0 380436 0 0 0 BENJAMIN GARDNER 168263 0 0 0 478 0 25239 0 32863 0 226843 0 0 0 KATHLEEN WALLACE 156987 0 0 0 119 0 23548 0 0 0 180654 0 0 0 STEPHEN FARRELL 146042 0 0 0 0 0 21559 0 100000 0 267601 0 0 0 RAYMOND DIFFLEY 137490 0 0 0 0 0 21233 0 76620 0 235343 0 0 0 EDWARD GRIFFIN 132555 0 0 0 0 0 21017 0 14111 0 167683 0 0 0 PART I, LINE 1B THE SCHOOL REQUIRES THAT ITS SENIOR LEADERSHIP RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT. ALL FACULTY WHO RESIDE IN SCHOOL HOUSING ARE REQUESTED TO SUBSTANTIATE THEIR "BUSINESS USE" OF THE FACILITY ONCE A YEAR. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING AND PERSONAL SERVICES. PART I, LINE 8 A NEW HEADMASTER BEGAN AT THE SCHOOL IN JULY 2011. A NEW THREE YEAR CONTRACT WAS NEGOTIATED AT THE TIME. HUGH MALLON OF EXECUTIVE COMPENSATION CONCEPTS LTD. WAS RETAINED TO PROVIDE ANALYTICAL DATA TO ENSURE THE SCHOOL WAS COMPENSATING THE NEW HEADMASTER APPROPRIATELY. COMPARISON COMPENSATION DATA WAS ALSO DEVELOPED FROM ANNUAL ABOPS SURVEYS. THIS INFORMATION WAS GIVEN TO THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AS THE CONTRACT WAS NEGOTIATED. A CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 20774UUD5 2008-04-02 42415000 SERIES D BONDS WERE ISSUED TO REFINANCE SERIES C BONDS ISSUES THROUGH CHEFA 0 0 0 A 42415000 42098000 315814 1186 2008 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 1 1 BARCLAY'S 28.420000000000 1 0 0 0 0 A 0 SCHEDULE K, PART IV, LINE 2: FORM 8038-T - THE SERIES D ISSUE HAS NO FUNDS SUBJECT TO ARBITRAGE REBATE. ALEXANDER CURTIS LOAN TO FACILITATE MOVE TO CT X 113000 113000 0 1 1 113000 VARIOUS CHILDREN OF FACULTY $500 COLLEGE GRANTS COLLEGE GRANTS THERESE BURDITT SPOUSE OF KEY EMPLOYEE 30417 EMPLOYMENT 0 X 53 5120189 FMV 0 1 1 THIRD PARTY USE: PART I, LINE 32B: OPPENHEIMER IS A FULL SERVICE BROKER THAT IS THE SCHOOL'S DEDICTATED SECURITIES BROKER. FORM 990, PART VI, SECTION B, LINE 11 THE MANAGEMENT OF THE SCHOOL DISTRIBUTES THE DRAFT COPY OF THE FORM 990 TO THE ENTIRE BOARD OF TRUSTEES. THE AUDIT COMMITTEE CALLS A MEEETING FOR ALL TRUSTEES IN WHICH MANAGEMENT GOES THROUGH THE FORM 990, THE FORM 990-T AND THE FORM CT-990T IN DETAIL. AFTER REVIEW AND APPROVAL, THE FORM IS SUBMITTED TO THE PROPER AUTHORITIES. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL'S AUDIT COMMITTEE DOES AN INVENTORY OF EACH RESPONDENT'S CONFLICT OF INTEREST QUESTIONNAIRE BEFORE EACH APRIL MEETING. THE AUDIT COMMITTEE ENSURES THERE IS A 100% RESPONSE RATE. THE TRUSTEESHIP COMMITTEE FOLLOWS UP ON CONFLICTS THAT ARE DISCLOSED, IF ANY. FORM 990, PART VI, SECTION B, LINE 15 A NEW HEADMASTER BEGAN AT THE SCHOOL IN JULY 2011. A NEW THREE YEAR CONTRACT WAS NEGOTIATED AT THE TIME. HUGH MALLON OF EXECUTIVE COMPENSATION CONCEPTS LTD. WAS RETAINED TO PROVIDE ANALYTICAL DATA TO ENSURE THE SCHOOL WAS COMPENSATING THE NEW HEADMASTER APPROPRIATELY. COMPARISON DATA WAS ALSO DEVELOPED FROM ANNUAL ABOPS SURVEYS. THIS INFORMATION WAS GIVEN TO THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AS THE CONTRACT WAS NEGOTIATED. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS ONCE A YEAR TO DISCUSS AND REVIEW THE HEADMASTER'S AND SENIOR ADMINISTRATORS' COMPENSATION. THE CFO PROVIDES SALARY HISTORY AND COMPARISONS FROM ABOPS AND/OR NACUBO OR OTHER THIRD PARTY SOURCES TO THE COMMITTEE FOR THE HEADMASTER AND SENIOR ADMINISTRATORS AND MAKES A RECOMMENDATION OF INCREASES BASED ON FACULTY COMPENSATION POOL (PERCENT OF INCREASE). FROM TIME-TO-TIME, A PRIVATE CONSULTANT IS CONTRACTED TO PERFORM INDEPENDENT ANALYSIS OF COMPENSATION PACKAGES AND ENSURE COMPLIANCE WITH IRS REGULATIONS OF THE INTERMEDIATE SANCTIONS ACT AND REBUTTABLE PRESUMPTION OF REASONABLENESS TESTS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL ANNUALLY POSTS ITS AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE, WWW.CHOATE.EDU. THE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: BENEFITS PAID ON ANNUITY OBLIGATIONS -372,441. MISCELLANEOUS -4. UNREALIZED LOSS ON INTEREST RATE SWAP 3,181,888. OVERSIGHT OF INDEPENDENT ACCOUNTANTS FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE WHICH OVERSEES THE WORK OF ITS INDEPENDENT ACCOUNTANTS, AND IS RESPONSIBLE FOR THEIR SELECTION.