2013-05-15T14:50:59-05:00 2012-06-30 263753134 CBIZ TOFIAS 56 EXCHANGE TERRACE PROVIDENCE RI 02903 990 2011-07-01 050470320 THE INTERNATIONAL YACHT RESTORATION SCHOOL INC INTE 4018485777 449 THAMES STREET NO 111 NEWPORT RI 02840 RHONDA LANDERS 4018485777 2013-05-15 1 JOHN T WILMOT P00095129 4016263200 2011 2016-02-24 21:20:13Z RHONDA LANDERS 449 THAMES STREET NEWPORT RI 02840 3360314 0 X WWW.IYRS.ORG X 1993 RI TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF RESTORING, MAINTAINING AND BUILDING BOATS AND THEIR SYSTEMS. 35 34 37 50 12011 0 563748 1442707 538709 1075555 23097 22706 107835 341650 1233389 2882618 60000 209750 0 0 786448 1742254 0 0 434938 678655 1325523 1525103 3277527 -291714 -394909 13689552 13591948 1073770 1388559 12615782 12203389 X TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF RESTORING, MAINTAINING AND BUILDING BOATS AND THEIR SYSTEMS. 0 0 1927700 209750 1217133 THE INTERNATIONAL YACHT RESTORATION SCHOOL CONDUCTS VARIOUS EDUCATIONAL PROGRAMS, INCLUDING THE FOLLOWING:THE STUDENTS IN THE TWO YEAR YACHT RESTORATION PROGRAM RECEIVE A CERTIFICATE IN YACHT RESTORATION. THIS PROGRAM IS VERY HANDS ON. PRACTICAL EXPERIENCE RESTORING WOODEN BOATS IS SUPPLEMENTED BY CLASSROOM LECTURES, DRAWING AND DESIGN EXERCISES, CLASSES IN SURVEYING AND BUSINESS TECHNIQUES AND OFF CAMPUS EXCURSIONS. MOST STUDENTS GO ON TO WORK IN THE INDUSTRY. SIXTEEN STUDENTS RECEIVED A CERTIFICATE IN BOAT BUILDING AND RESTORATION IN 2011.THERE IS A 6 MONTH CERTIFICATE PROGRAM IN MARINE SYSTEMS. STUDENTS LEARN HOW TO INSTALL, MAINTAIN AND REPAIR THE MAJOR SYSTEMS FOUND IN BOTH POWER AND SAIL BOATS. CLASSES INCLUDE A BALANCE OF CLASSROOM AND HANDS-ON-STUDY. ELEVEN STUDENTS RECEIVED A CERTIFICATE IN MARINE SYSTEMS IN 2012.THERE IS A 6 MONTH CERTIFICATE PROGRAM IN COMPOSITES TECHNOLOGY. THE PROGRAM HAS AN INTENSIVE, SIX-MONTH SCHEDULE THAT GOES INTO MORE DEPTH THAN OTHER TRAINING PROGRAMS AND BLENDS THEORY WITH HANDS-ON TRAINING. IN THE PROGRAM, AFTER STUDENTS ESTABLISH A FOUNDATION IN TRADITIONAL COMPOSITES TECHNOLOGY, THEY MOVE ON TO THE LEADING-EDGE IN ADVANCED COMPOSITES. STUDENTS LEARN VACUUM INFUSION PROCESSING, ADVANCED COMPOSITES MOLDING, CAD/CAM OPERATIONS, ROBOTIC CNC PLUG BUILDING AND COMPOSITES RESTORATION PRACTICES. GRADUATES EMERGE FROM THE PROGRAM EQUIPPED TO MAKE AN IMMEDIATE CONTRIBUTION TO THE MARINE INDUSTRY OR OTHER AREAS WHERE QUALIFIED COMPOSITES PROFESSIONALS ARE IN DEMAND. EFFECTIVE SEPT. 2012, THE MARINE SYSTEMS AND COMPOSITE TECHONOLOGY PROGRAMS HAVE BEEN REVISED TO SIX-MONTH PROGRAMS AT 920 HOURS.IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS. IYRS ALSO OWNS A TEMPORARY BUILDING USED FOR THE RESORATION OF THE YACHT "CORONET", AMERICA'S MOST HISTORIC YACHT. 1927700 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 115 0 1 37 0 1 1 0 0 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X RHONDA LANDERS CFO 4018485777 449 THAMES STREET NEWPORT RI 02840 TERRY L NATHAN 60.00 X X 199969 0 16617 GEORGE M ISDALE 0.50 X X 0 0 0 JOHN MECRAY 0.50 X X 0 0 0 HARRY REIN 0.50 X X 0 0 0 MARTHA FAY COOLIDGE 0.50 X X 0 0 0 J STEVEN WHITE 0.20 X 0 0 0 ALFRED W BOYLAN 0.20 X 0 0 0 TED GRAVES 0.20 X 0 0 0 PEGGY COMFORT 0.20 X 0 0 0 ERNEST K JACQUET 0.20 X 0 0 0 DAVID ELWELL JR 0.20 X 0 0 0 RICHARD BREADY 0.20 X 0 0 0 CHARLES T TOWNSEND 0.20 X 0 0 0 JAMES J COLEMAN JR 0.20 X 0 0 0 BRENDA L WILSON 0.20 X 0 0 0 GERALD P MIGLIACCIO 0.20 X 0 0 0 JOSEPH T DOCKERY 0.20 X 0 0 0 LAWRENCE GLENN 0.20 X 0 0 0 PETER GONZALEZ 0.20 X 0 0 0 EARL MCMILLEN 0.20 X 0 0 0 PETER DENTON 0.20 X 0 0 0 RON O'HANLEY 0.20 X 0 0 0 MARK WATSON 0.20 X 0 0 0 MICHAEL DOMINGUEZ 0.20 X 0 0 0 DEBORAH HADLEY 0.20 X 0 0 0 WILLIAM BROOKS 0.20 X 0 0 0 DARRELL CRATE 0.20 X 0 0 0 CLAYTON G DEUTSCH 0.20 X 0 0 0 RALPH ISHAM 0.20 X 0 0 0 TERRY MCCLINCH 0.20 X 0 0 0 JAMES O'BRIEN JR 0.20 X 0 0 0 CAROL O'MALLEY 0.20 X 0 0 0 ZBYNEK E ZAK 0.20 X 0 0 0 JUERGEN FRIEDRICH 0.20 X 0 0 0 SETH HAGEN 0.20 X 0 0 0 RHONDA LANDERS 60.00 X 109363 0 4563 309332 0 21180 2 0 1 0 0 19492 480035 9954 933226 218657 1442707 SCHOOL INCOME 611600 945880 945880 MANAGEMENT FEES 900099 120300 120300 ADVERTISING INCOME 541800 9375 9375 1075555 29842 29842 262927 0 262927 262927 140561 2366 120000 208079 215215 -7136 -7136 -7136 321868 480035 253807 68061 68061 8944 8674 270 270 MISCELLANEOUS INCOME 900099 10392 10392 10392 2882618 1217133 12011 210767 138000 138000 71750 71750 360055 118818 118818 122419 1171314 652397 334782 184135 46291 29639 11281 5371 43787 17641 14743 11403 120807 62918 33973 23916 2994 2994 91988 91988 150173 124944 5270 19959 31180 24944 6236 251515 133205 100855 17455 302581 208972 93609 70821 34828 28139 7854 41031 27171 10708 3152 7727 7727 181776 157423 24353 67294 48851 18443 TOOLS & EQUIPMENT 52502 44478 8024 EVENT EXPENSE 30820 1398 3416 26006 IN-KIND EXPENSE 24858 24592 266 EVENT EXPENSE - GALA 7032 7032 11231 5731 5500 3277527 1927700 914889 434938 73771 15653 906562 948855 502818 355197 1557753 1689883 80045 77121 79916 104796 4536219 1417534 3270179 3118685 1049577 1106236 5033393 5033393 1135538 1142129 13689552 13591948 334891 389342 417773 523862 194000 308680 127106 166675 1073770 1388559 X 11310662 10976786 1137620 1021103 167500 205500 12615782 12203389 13689552 13591948 X -394909 -17484 X X 0 1 1 X 0 X 2433571 2497751 1425662 1944899 1442707 9744590 2433571 2497751 1425662 1944899 1442707 9744590 687752 9056838 235551 249112 272645 300434 290403 1348145 8972 3514 12486 194 1486035 123486 10392 1620107 12725328 3825705 0.71170 0.71650 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE DEVELOPER FEE - PRESERVATION OF CAMPUS BUILDING RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 791000 X X X 1 185135 38000 537 223672 167404 17500 231 185135 50000 100000 17404 167404 55121 50000 0.00000 0.91880 0.08120 0 0 1312145 1312145 1675286 458949 1216337 72765 19534 53231 1311369 812349 499020 164654 126702 37952 3118685 INVESTMENT IN SUBSIDIARY 5033393 C 5033393 ASSETS HELD FOR RESTORATION PURPOSES 349373 COLLECTIONS 791000 INTEREST RECEIVABLE 1756 1142129 DUE TO RHODE ISLAND MARINE TRADES ASSOCIATION 20000 DEPOSITS 146675 166675 2882618 3277527 -394909 22516 -40000 -17484 -412393 3300990 22516 153171 253807 429494 2871496 11122 11122 2882618 3673383 153171 253807 406978 3266405 11122 11122 3277527 PART III, LINE 4: THE ORGANIZATION HAS A COLLECTION OF SCALE YACHT MODELS TO BE DISPLAYED FOR OUR STUDENTS AND THE PUBLIC. THE MODELS FURTHER THE ORGANIZATION'S EXEMPT PURPOSE BY PROVIDING OUR STUDENTS THE OPPORTUNITY TO SEE MODELS OF HISTORICAL YACHTS SOME OF WHICH ARE NO LONGER IN EXISTENCE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS FROM ENDOWMENT FUNDS ARE INTENDED TO BE USED FOR SCHOLARSHIPS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. IYRS HAS IDENTIFIED ITS TAX STATUS AND THAT OF MOY AS TAX EXEMPT ENTITIES AS TAX POSITIONS. IN ADDITION, MILL RESTORATION AND RESTORATION LEASING'S ELECTIONS TO BE TAXED AS PARTNERSHIPS HAVE ALSO BEEN IDENTIFIED AS TAX POSITIONS. THE SCHOOL HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SCHOOL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE SCHOOL'S FEDERAL INCOME TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: PRIOR YEAR LATE F/S ADJUSTMENT FOR BAD DEBTS, NOT REFLECTED ON PY 990 -40,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: SUMMER FUNDRAISER SHOWN NET 253,807. PART XII, LINE 4B - OTHER ADJUSTMENTS: MOY EXPENSES 11,122. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SUMMER FUNDRAISER SHOWN NET 253,807. PART XIII, LINE 4B - OTHER ADJUSTMENTS: MOY EXPENSES 11,122. GALA 801903 480035 321868 253807 801903 480035 321868 253807 253807 68061 1 CORONET RESTORATION PARTNERS 261754168 138000 FMV USE OF FACILITIES RESTORATION OF YACHT CORONET SCHOLARSHIPS ARE AWARDED TO STUDENTS FOR TUITION AND FEES BASED UPON FINANCIAL NEED. 31 71750 COST THE SCHOLARSHIP FUNDS ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS. PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE GRANTS ARE POSTED TO THE RECIPIENTS' ACCOUNTS. THE AMOUNT IS VERIFIED WITH THE ORIGINAL AMOUNT AWARDED THROUGH THE RECONCILIATION OF THE SCHOLARSHIP ACCOUNT BY THE ACCOUNTING DEPARTMENT. X 0 1 X X 0 0 0 0 0 0 0 0 0 TERRY L NATHAN 199969 0 0 0 0 0 12780 0 3837 0 216586 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID FOR THE PRESIDENT'S MEMBERSHIP IN THE NEW YORK YACHT CLUB. PART I, LINE 1B THE EXPENSE WAS APPROVED BY THE CHAIRMAN OF THE BOARD. X 15 19643 FMV ON DATE OF GIFT X 1000 FMV ON DATE OF GIFT X 11177 FMV ON DATE OF GIFT X 31 34000 FMV ON DATE OF GIFT X 2 64602 FMV ON DATE OF GIFT X 19 38807 FMV ON DATE OF GIFT X MECHANICAL EQUIPMENT 8 15795 FMV ON DATE OF GIFT X TOOLS AND SUPPLIES 3 2297 FMV ON DATE OF GIFT X MISCELLANEOUS 40 20308 FMV ON DATE OF GIFT X BOAT EQUIPMENT 1 275 FMV ON DATE OF GIFT X JEWELRY 4 10753 FMV ON DATE OF GIFT 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS. THIRD PARTY USE: PART I, LINE 32B: UBS FINANCIAL SERVICES WAS USED IN FISCAL YEAR ENDING 6-30-2012 TO PROCESS STOCK GIFTS BY RECEIVING THE STOCK AND LIQUIDATING, ALL ON BEHALF OF IYRS. FORM 990, PART VI, SECTION B, LINE 11 THE DIRECTOR OF FINANCE AND CHIEF FINANCIAL OFFICER BOTH REVIEW THE 990 PRIOR TO FILING AND WORK CLOSELY WITH THE EXTERNAL TAX TEAM. FOR 2012, THE FORM 990 WILL BE REVIEWED BY THE AUDIT COMMITTEE IN CONJUNCTION WITH ITS REVIEW OF THE AUDITED FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS THE TRUSTEES SIGN A CONFLICT OF INTEREST DOCUMENT ANNUALLY AT THE LAST BOARD MEETING OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15A A SALARY SURVEY IS CONSIDERED BY THE CHAIRMAN OF THE BOARD AS PART OF THE NEGOTIATION AND APPROVAL OF THE PRESIDENT'S YEARLY PACKAGE. THE BOARD OF DIRECTORS APPROVE THE BUDGET WHICH INCLUDES EMPLOYEE SALARIES. THE SALARY WORKSHEET IS AVAILABLE TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE DOCUMENTS ARE GIVEN TO THE REQUESTER WITHIN A FEW DAYS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 22,516. PRIOR YEAR LATE F/S ADJUSTMENT FOR BAD DEBTS, NOT REFLECTED ON PY 990 -40,000. TOTAL TO FORM 990, PART XI, LINE 5: -17,484. FORM 990, PART XII, LINE 2B THE INTERNATIONAL YACHT RESTORATION SCHOOL, INC. ("IYRS") PREPARES CONSOLIDATED FINANCIAL STATEMENTS WHICH INCLUDE THE ACCOUNTS OF IYRS'S AFFILIATES MILL RESTORATION, LLC, RESTORATION MANAGEMENT, INC., RESTORATION LEASING, LLC, AND THE MUSEUM OF YACHTING. THE CONSOLIDATED FINANCIAL STATEMENTS FOR IYRS AND ITS AFFILIATES ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. STAND-ALONE FINANCIAL STATEMENTS FOR IYRS ARE NOT AUDITED. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S PROCESS FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. THE ORGANIZATION'S AUDIT COMMITTEE MEETS WITH THE AUDIT FIRM, BOTH PRIOR TO AND UPON COMPLETION OF THE AUDIT, TO REVIEW THE FINANCIAL STATEMENTS AND DISCUSS ANY INTERNAL CONTROL OR OTHER RECOMMENDATIONS NOTED BY THE AUDIT FIRM. THE AUDIT FIRM IS THE LOCAL OFFICE OF A NATIONAL ACCOUNTING FIRM THAT IS SUBJECT TO REVIEW BY THE PCAOB AS WELL AS A TRIENNIAL PEER REVIEW OF ITS AUDIT PRACTICE BY ANOTHER SIMILARLY QUALIFIED ACCOUNTING FIRM. THE MUSEUM OF YACHTING INC FT ADAMS STATE PARK NEWPORT RI 02840 050387774 MUSEUM RI 501(C)(3) 7 N/A 0 MILL RESTORATION LLC 449 THAMES STREET NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC UNRELATED 13655 95766 0 0 0.01000 RESTORATION LEASING LLC 449 THAMES STREET NEWPORT RI 02840 261134383 REAL ESTATE RI N/A RESTORATION MANAGEMENT INC 449 THAMES STREET NEWPORT RI 02840 261126450 REAL ESTATE RI N/A C -25522 4409269 1.00000 AVOCET INDUSTRIES INC C/O MUSEUM OF YACHTING FORT ADAMS NEWPORT RI 02840 223450395 HOLDS TITLE TO A BOAT DE N/A C 0 0 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 0 RESTORATION LEASING LLC J 170489 AT COST THE MUSEUM OF YACHTING INC N 106327 AT COST RESTORATION LEASING LLC N 72300 AT COST