2014-05-13T09:11:58-05:00 2013-06-30 221478099 COHNREZNICK LLP 180 GLASTONBURY BOULEVARD GLASTONBURY CT 06033 990 2012-07-01 141413770 MILLBROOK SCHOOL MILL 8456778261 131 MILLBROOK SCHOOL ROAD MILLBROOK NY 12545 ROBERT W CONNOLLY 8456778261 2014-05-12 1 JOHN TOSCANO P00358542 8606333000 2012 2015-11-30 17:44:51Z DREW CASERTANO 131 MILLBROOK SCHOOL ROAD MILLBROOK NY 12545 28546043 0 X WWW.MILLBROOK.ORG X 1932 NY MILLBROOK SCHOOL IS A COEDUCATIONAL, COLLEGE PREPARATORY SCHOOL WHICH OFFERS COLLEGE PREPARATORY EDUCATION TO ITS BOARDING AND DAY STUDENTS. 21 20 172 0 91260 -18348 6682286 9278798 13125458 14377336 617646 1644014 76420 9285 20501810 25309433 2568900 2313359 0 0 7684671 8538138 50479 92841 1471106 6613687 7409604 16917737 18353942 3584073 6955491 78195483 86643663 14588470 15379429 63607013 71264234 X MILLBROOK SCHOOL IS A SMALL, COEDUCATIONAL, COLLEGE PREPARATORY BOARDING SCHOOL WHERE CLOSE, NURTURING, AND STIMULATING RELATIONSHIPS BETWEEN STUDENTS AND THEIR TEACHERS HAVE BEEN THE SCHOOL'S HALLMARK SINCE ITS FOUNDING. OUR GOAL IS TO PROMOTE IN EACH STUDENT THE INTELLECTUAL, EMOTIONAL, SPIRITUAL, AND PHYSICAL GROWTH WHICH WILL LEAD TO A LIFE BOTH INDIVIDUALLY SATISFYING AND VALUABLE TO THE GREATER SOCIETY. 0 0 14795346 2313359 14295361 INDEPENDENT SECONDARY EDUCATION FOR APPROXIMATELY 280 BOARDING AND DAY STUDENTS. 14795346 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 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 86 0 1 172 1 1 1 0 0 0 0 0 0 0 0 0 X 21 20 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 NY X ROBERT W CONNOLLY 8456778261 131 MILLBROOK SCHOOL ROAD MILLBROOK NY 12545 WILLIAM L MENARD 1.00 X X 0 0 0 PAUL SOLOMON 1.00 X X 0 0 0 PETER R CHAPMAN 1.00 X X 0 0 0 RICHARD STUCKEY 1.00 X X 0 0 0 DREW J CASERTANO 40.00 X X 1099954 0 44314 FRANCISCO L BORGES 1.00 X 0 0 0 DREW W EFFRON 1.00 X 0 0 0 CYNTHIA CHASE GRAY 1.00 X 0 0 0 WILLIAM L CROSSMAN 1.00 X 0 0 0 WILLIAM R HETTINGER 1.00 X 0 0 0 CHRISTOPHER HOLBROOK 1.00 X 0 0 0 SANDRA HOLBROOK JAMES 1.00 X 0 0 0 ROBERT S KOENIGSBERGER 1.00 X 0 0 0 MARTIN W LYNN 1.00 X 0 0 0 TRACY MERRILL 1.00 X 0 0 0 GORDON S PENNOYER 1.00 X 0 0 0 ANNE B PUTNAM 1.00 X 0 0 0 BRADLEY REIFLER 1.00 X 0 0 0 GILBERT P SCHAFER III 1.00 X 0 0 0 CAROLINE A WAMSLER 1.00 X 0 0 0 GEORGE T WHALEN III 1.00 X 0 0 0 ROBERT W CONNOLLY 40.00 X 153362 0 29531 ROBERT ANTHONY 40.00 X 128850 0 34117 1382166 0 107962 3 0 1 0 KIRCHHOFF - CONSIGLI CONSTRUCTION MANAGE 199 WEST ROAD SUITE 100 PLEASANT VALLEY NY 12569 CONSTRUCTION 5131741 ARAMARK CORPORATION PO BOX 198532 ATLANTA GA 303848532 FOOD SERVICE 1078395 VOITH & MACTAVISH 2401 WALNUT STREET 6TH FLOOR PHILADELPHIA PA 19103 ARCHITECTURAL SERVICES 562234 CASSONE LEASING INC 1950 LAKELAND AVENUE RONKONKOMA NY 11779 BUILDING PROVIDER 162994 HAUFE CONTRACTORS 575 SALT POINT TURNPIKE POUGHKEEPSIE NY 12602 CONSTRUCTION SERVICES 136336 6 26600 9252198 366676 9278798 TUITION AND FEES 611110 13865135 13865135 PROGRAM SUPPORTING REVENUES AND F 611110 303174 303174 AUXILIARY INCOME 611110 209027 117418 91609 14377336 1628171 1628171 3068076 3052233 15843 15843 15843 194011 184377 9634 9634 LIMITED PARTNERSHIP INCOME - 2012 523000 -349 -349 -349 25309433 14295361 91260 1644014 2313359 2313359 571023 376645 194378 5730708 4919002 218586 593120 326026 269578 10963 45485 1457930 1274604 63138 120188 452451 357134 39682 55635 61923 61923 43400 43400 92841 92841 7627 7627 20035 20035 130431 57261 59633 13537 784061 627249 141131 15681 81616 73454 8162 390269 312215 78054 1849165 1294416 462291 92458 330786 297707 33079 FOOD SERVICE 895195 895195 INSTRUCTIONAL, ATHLETIC 750469 750469 REPAIRS AND MAINTENANCE 691613 622452 48413 20748 ALUMNI, PUBLICATIONS AN 298813 74703 224110 1074201 711216 360060 2925 18353942 14795346 2087490 1471106 704 6208 3420224 4030400 4731605 6634992 116572 2160 109430 106444 177085 202940 70107298 23032727 44257219 47074571 20047788 22619658 4835200 5421506 499656 544784 78195483 86643663 2280039 962268 4537306 5223532 7740709 7604682 33941 30416 1555006 14588470 15379429 X 42873810 50026955 4618508 7569363 16114695 13667916 63607013 71264234 78195483 86643663 X 6955491 697804 3926 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 198115 X X 0 25278635 1103570 2297327 1681793 26997739 25016738 1065982 206348 1010433 25278635 19869758 4326001 3071183 2250204 25016738 20406046 760667 2408687 3705642 19869758 23141714 913145 -3235917 412896 20406046 0.44600 0.04700 0.50700 0 0 1199517 1199517 64171650 19600671 44570979 3897307 3432056 465251 838824 838824 47074571 HEDGE FUND 4905260 F INVESTMENT IN PARTNERSHIP 516246 C 5421506 STUDENT DEPOSITS 55006 LINE OF CREDIT 1500000 1555006 X 23447528 697804 4547 191576 893927 22553601 2755832 2755832 25309433 15790307 4547 184377 188924 15601383 2752559 2752559 18353942 PART III, LINE 1A: THE SCHOOL HAS A COLLECTION OF ARTWORK, RECORDED AT $198,115, WHICH IS ON PUBLIC DISPLAY THROUGHOUT ITS CAMPUS BUILDINGS. THE SCHOOL FOLLOWS A POLICY OF CAPITALIZING THE COLLECTION OF ARTWORK IN ITS FINANCIAL STATEMENTS. ACCORDINGLY, COLLECTION ITEMS ARE RECOGNIZED AS ASSETS, WHETHER THEY ARE PURCHASED OR RECEIVED AS A CONTRIBUTION. PART III, LINE 4: THE ART COLLECTIONS GENERALLY REPRESENTS PAINTINGS, PICTURES, AND SCULPTURES THAT HAVE BEEN RECEIVED AS DONATIONS. THEY ARE DISPLAYED AT VARIOUS LOCATIONS THROUGHOUT THE CAMPUS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: INCOME FROM THE SCHOOL'S ENDOWMENT IS APPROPRIATED FOR STUDENT FINANCIAL AID, TEACHER'S SALARIES AND BENEFITS, AND OPERATING EXPENSES OF THE SCHOOL. APPROPRIATIONS ARE MADE IN ACCORDANCE WITH DONOR RESTRICTIONS, AND THE SCHOOL'S APPROVED SPENDING POLICY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2013. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2010 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 STATEMENT OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 184,377. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 7,199. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 2,752,559. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST 3,622. PARTNERSHIP BOOK VS. TAX DIFFERENCE -349. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 184,377. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 2,752,559. 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 1) ANNUALLY IN THE NEW YORK TIMES AND LOCAL NEWPAPERS 2) CATALOGUES MAILED TO POTENTIAL STUDENTS 3) WEBSITE X X X X X 1 MARTS AND LUNDY 1200 WALL STREET WEST LYNDHURST NJ 07071 FUNDRAISING CONSULTING 0 0 0 92841 92841 NY 1 FINANCIAL AID TO STUDENTS 73 2313359 FAIR MARKET VALUE GRANTS REPRESENT FINANCIAL AID PROVIDED TO STUDENTS BASED UPON NEED. PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL AID IS OFFERED TO QUALIFIED STUDENTS ON THE BASIS OF THE DEMONSTRATED FINANCIAL NEED OF THE FAMILY AND THE AVAILABILITY OF FUNDS. THE SCHOOL SUBSCRIBES TO THE SCHOOL AND STUDENT SERVICES (SSS). SSS ASSESSES A FAMILY'S FINANCIAL NEED BY TAKING THE DETAILED FINANCIAL INFORMATION SUPPLIED BY THE FAMILY AND APPLYING IT TO A FORMULA NATIONALLY ACCEPTED BY INDEPENDENT SCHOOLS. SSS THEN PREPARES A REPORT OF FAMILY CONTRIBUTION (RFC), WHICH IT SENDS TO THE SCHOOL WITH A RECOMMENDATION AS TO THE AMOUNT WHICH THE FAMILY CAN CONTRIBUTE TOWARD THEIR CHILD'S EDUCATION. THE SCHOOL'S FINANCIAL AID COMMITTEE WILL USE THIS RECOMMENDATION AS A STARTING POINT FOR DETERMINING A FAMILY'S AWARD, BEARING IN MIND THAT THERE ARE MANY SPECIAL CONDITIONS SURROUNDING EACH FAMILY'S FINANCIAL SITUATION. THE FINANCIAL AID COMMITTEE ALSO TAKES INTO ACCOUNT A FAMILY'S FINANCIAL STRENGTH RELATIVE TO ALL OF THE FAMILIES WHO ARE APPLYING FOR AID AS WELL AS THE AVAILABILITY OF FUNDS WHICH THE SCHOOL HAS BUDGETED FOR THIS PURPOSE. X X 0 0 X X X X 0 1 0 0 0 0 0 0 0 DREW J CASERTANO 283283 0 0 0 816671 0 22500 0 21814 0 1144268 0 750000 0 ROBERT W CONNOLLY 153362 0 0 0 0 0 7892 0 21639 0 182893 0 0 0 ROBERT ANTHONY 128850 0 0 0 0 0 12500 0 21617 0 162967 0 0 0 PART I, LINE 1A MOST FACULTY MEMBERS ARE REQUIRED TO LIVE ON CAMPUS. ACCORDINGLY, THE SCHOOL PROVIDES HOUSING TO ALL ELIGIBLE FACULTY MEMBERS BASED ON AVAILABILITY. IN ADDITION, PER THE TERMS OF THE EMPLOYMENT AGREEMENTS THE FOLLOWING BENEFITS ARE AVAILABLE AND INCLUDED AS OTHER REPORTABLE COMPENSATION: A) A HOUSING ALLOWANCE FOR REIMBURSEMENT OF EXPENSES RELATED TO A PERSONAL RESIDENCE B) MEMBERSHIP TO SOCIAL CLUBS (PAID FOR DIRECTLY BY THE SCHOOL) C) PAYMENT OF MILLBROOK SCHOOL DAY STUDENT TUITION GROSSED UP FOR INCOME TAXES FOR CHILDREN'S USE AT COLLEGE. PART I, LINE 4B DREW CASERTANO, HEADMASTER, DEFERRED COMPENSATION WAS PAID OF $750,000. SUPPLEMENTAL INFORMATION PART III PART II, COLUMN (B)(III), LINE (1): OTHER REPORTABLE COMPENSATION INCLUDES PAYMENT OF AN AMOUNT UNDER A DEFERRED COMPENSATION AGREEMENT, WHICH HAD BEEN SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE AND BECAME FULLY VESTED. IN ACCORDANCE WITH THIS AGREEMENT, $750,000 WAS PAID AND REPORTED AS TAXABLE INCOME DURING CALENDAR YEAR 2012. A DUTCHESS COUNTY INDUSTRIAL DEVELOPMENT AGENCY 141613685 NONEAVAIL 2008-01-30 8000000 CONSTRUCTION OF MATH AND SCIENCE CENTER 0 0 0 A 395318 7604682 2008 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 LINDA CASERTANO SPOUSE OF THE HEADMASTER 66752 ASSOCIATE DIRECTOR OF ADMISSIONS AND IS THE DIRECTOR OF FINANCIAL AID. 0 VIRGINIA CONNOLLY SPOUSE OF THE CFO 56028 HUMAN RESOURCES AND ASSISTANCE TO THE DEVELOPMENT OFFICE. 0 GEORGE WHALEN BOARD MEMBER 0 GEORGE IS DIRECTOR AT THE BANK WHERE MILLBROOK SCHOOL HOLDS IT'S OPERATING ACCOUNT, BANK OF MILLBROOK. 0 X 13 348232 FAIR MARKET VALUE X MISCELLANEOUS 18444 FAIR MARKET VALUE 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL MAINTAINS AN ACCOUNT AT A FINANCIAL INSTITUTION INTO WHICH GIFTS OF APPRECIATED SECURITIES ARE RECEIVED AND FROM WHICH THEY ARE LIQUIDATED. FORM 990, PART VI, SECTION A, LINE 2 CHRISTOPHER HOLBROOK AND SANDRA HOLBROOK JAMES ARE MEMBERS OF THE SAME FAMILY. FORM 990, PART VI, SECTION A, LINE 8B THE BOARD HAS CREATED VARIOUS COMMITTEES TO PERFORM CERTAIN FUNCTIONS ON BEHALF OF THE BOARD. HOWEVER, THE COMMITTEES' ACTIONS ARE REVIEWED AND RATIFIED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 MEMBERS OF THE AUDIT COMMITTEE AND THE HEADMASTER REVIEW FORM 990 AND APPROVE IT FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE SCHOOL SENDS TO EACH OFFICER, TRUSTEE, AND KEY EMPLOYEE A QUESTIONNAIRE ON ANY CONFLICTS OF INTEREST. ALL OTHER EMPLOYEES ARE MADE AWARE OF THE POLICY, AND ENCOURAGED TO DISCLOSE ANY CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE HEADMASTER AND KEY EMPLOYEES IS APPROVED BY THE BOARD OF TRUSTEES. IT IS GENERALLY BASED ON A REVIEW OF COMPENSATION PACKAGES OFFERED BY SIMILAR SCHOOLS IN THE AREA. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE TRUST -3,622. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 7,199. PARTNERSHIP BOOK VS. TAX DIFFERENCE 349. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES TO THE PROCESSES DURING THE TAX YEAR.