2013-02-12T07:52:29-06:00 2012-06-30 221478099 COHNREZNICK LLP 180 GLASTONBURY BOULEVARD GLASTONBURY CT 06033 990 2011-07-01 060646921 THE TAFT SCHOOL CORPORATION TAFT 8609457777 110 WOODBURY RD WATERTOWN CT 06795 GILBERT T THORNFELDT 8609457777 2013-02-12 1 JOHN TOSCANO CPA P00358542 8606333000 2011 2016-03-07 17:11:31Z GILBERT T THORNFELDT 110 WOODBURY RD WATERTOWN CT 06795 40991364 0 X WWW.TAFTSCHOOL.ORG X 1930 CT THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 35 34 396 0 308215 -9724 15906138 8552416 27070457 27958094 11239191 3292017 767869 651052 54983655 40453579 5682903 6301072 0 0 18513061 19474823 0 0 2822921 16280988 16813725 40476952 42589620 14506703 -2136041 336611954 332773550 48767811 54503819 287844143 278269731 X THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 0 0 35687511 6301072 28175158 PROVIDE EDUCATIONAL SERVICES AND SUPPORT FOR APPROXIMATELY 577 STUDENTS IN GRADES NINE THROUGH POST-GRADUATE IN A BOARDING AND DAY SETTING. INSTITUTIONAL SUPPORT 35687511 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 94 0 1 396 1 1 1 0 0 0 0 1 1 0 0 0 X 35 34 1 0 0 0 0 0 0 1 1 0 0 1 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 0.50 X X 0 0 0 GRANT A PORTER 0.50 X X 0 0 0 IRENE C CHU 0.50 X X 0 0 0 HOLCOMBE T GREEN III 0.50 X X 0 0 0 WILLIAM R MACMULLEN 40.00 X X 285832 0 151837 JONATHAN D ALBERT 0.50 X 0 0 0 J HORD ARMSTRONG III 0.50 X 0 0 0 DRUMMOND C BELL III 0.50 X 0 0 0 HENRY G BRAUER 0.50 X 0 0 0 JENNIFER L BURNS PHD 0.50 X 0 0 0 JOHN W DAYTON 0.50 X 0 0 0 JONATHAN M HARRIS 0.50 X 0 0 0 SARKIS D IZMIRLIAN 0.50 X 0 0 0 JAMES A JACOBSON 0.50 X 0 0 0 JAY F KREHBIEL 0.50 X 0 0 0 KARIN KUKRAL 0.50 X 0 0 0 LESLIE H LANAHAN 0.50 X 0 0 0 LESLIE B LITTLEJOHN 0.50 X 0 0 0 GEORGE B MOORE 0.50 X 0 0 0 NANCY N O'NEILL 0.50 X 0 0 0 DONALD PASCAL 0.50 X 0 0 0 MARIS PASCAL 0.50 X 0 0 0 E MARC PINTO 0.50 X 0 0 0 LEXI BROWNELL REESE 0.50 X 0 0 0 G CARTER SENDAOUI 0.50 X 0 0 0 DYLAN T SIMONDS 0.50 X 0 0 0 KAREN L STEVENSON 0.50 X 0 0 0 HANK L TORBERT 0.50 X 0 0 0 STEVEN B TURNER 0.50 X 0 0 0 ARCHBOLD D VAN BEUREN 0.50 X 0 0 0 ABRA PRENTICE WILKIN 0.50 X 0 0 0 JOHN P WOLD 0.50 X 0 0 0 IVY KWOK WU 0.50 X 0 0 0 YI-MING YANG 0.50 X 0 0 0 JOANNE K ZIESING 0.50 X 0 0 0 GILBERT T THORNFELDT 40.00 X 178497 0 44433 CHRISTOPHER R LATHAM 40.00 X 201096 0 63842 FREDERICK WANDELT 40.00 X 153167 0 27346 ELIZABETH WELCH 40.00 X 110928 0 36903 JAMES SHEPARD 40.00 X 106030 0 72108 DAVID HOSTAGE 40.00 X 108306 0 21534 H WILLIAM DAVIS 40.00 X 102453 0 56737 TERRANCE GIFFEN 40.00 X 102267 0 19390 1348576 0 494130 10 0 1 0 BUSHKA LUMBER & MILLWORK LLC 305 FAIRFIELD AVE WATERBURY CT 06708 CONSTRUCTION SERVICES 3989511 ARAMARK CORPORATION PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 2269487 NEW PROVIDENCE ASSET MANAGEMENT 650 FIFTH AVE 16TH FLOOR NEW YORK NY 10001 INVESTMENT MANAGEMENT 801352 ASTRO ELECTRIC 680 RIVERSIDE STREET WATERBURY CT 06708 CONSTRUCTION SERVICES 475621 CHUBB FIRE AND SECURITY LLC 55 ROBINSON ROAD ORANGE CT 06477 CONSTRUCTION SERVICES 420000 12 8552416 388756 8552416 STUDENT TUITION 611110 25575550 25575550 PROGRAM FEES 611110 2382544 2382544 27958094 780023 780023 2530244 0 18250 2530244 -18250 2511994 2511994 736599 519535 217064 217064 HOCKEY RINK 532000 308215 308215 INSURANCE ROCEEDS 900099 125773 125773 433988 40453579 28175158 308215 3417790 6301072 6301072 827157 569277 257880 13698775 11850690 687895 1160190 1124557 986898 50246 87413 2783534 2427051 118355 238128 1040800 877438 65304 98058 26644 26644 52150 52150 1263396 1263396 3246272 2814753 219167 212352 437996 437996 2076540 2024003 40493 12044 241184 82311 79596 79277 560073 560073 3788497 3648527 118270 21700 376530 376530 GENERAL AND ADMINISTRAT 1675261 1675261 INSTRUCTION 1220913 1220913 STUDENT SERVICES 959481 959481 DEVELOPMENT 655879 655879 232909 232909 42589620 35687511 4079188 2822921 9130366 10663323 25909982 21265661 1352575 5754723 226130 269026 522345 548593 150416029 55169689 89907951 95246340 72912136 61775651 136065548 134820253 584921 2429980 336611954 332773550 1974303 973021 4369162 13914681 36730505 34260851 979601 887083 4714240 4468183 48767811 54503819 X 129265458 123126046 21879296 17844293 136699389 137299392 287844143 278269731 336611954 332773550 X -2136041 -7438371 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 207779471 1385239 -1940858 3447110 7052890 1263396 195460456 181456442 6967550 28996471 2704233 5568819 1367940 207779471 162545494 3842646 25624923 2875757 6241972 1438892 181456442 195239490 1850411 -23657275 3039079 6570985 1277068 162545494 0.31000 0.68000 0.01000 0 0 8211293 8211293 127488290 47743533 79744757 8828127 7426156 1401971 5888319 5888319 95246340 PRIVATE EQUITIES AND ALTERNATIVE INVESTMENTS 134820253 F 134820253 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 4468183 4468183 40453579 42589620 -2136041 -4931888 -2506483 -7438371 -9574412 25970275 -4931888 -8614185 -13546073 39516348 1263396 -326165 937231 40453579 35544687 519535 519535 35025152 1263396 6301072 7564468 42589620 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 2012 OR 2011. 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2012 AND 2011. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2009 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 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -813,113. IMPAIRMENT LOSS -1,500,000. BOOK VS TAX DIFFERENCE -193,370. TOTAL TO SCHEDULE D, PART XI, LINE 8: -2,506,483. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -813,113. FINANCIAL AID -6,301,072. IMPAIRMENT LOSS -1,500,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: BOOK VS. TAX DIFFERENCE 193,370. COST OF GOODS SOLD -519,535. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 519,535. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,301,072. 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 NEWSPAPER MEDIA CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTS 76139977 0 0 0 0 0 0 76139977 0 76139977 1 0 1 0 1 0 1 STUDENT FINANCIAL AID 197 0 6301072 FMV TUITION AND FEES ASSISTANCE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 0 0 0 0 0 0 0 0 WILLIAM R MACMULLEN 285832 0 0 0 0 0 29400 0 122437 0 437669 0 0 0 GILBERT T THORNFELDT 178497 0 0 0 0 0 18907 0 25526 0 222930 0 0 0 CHRISTOPHER R LATHAM 201096 0 0 0 0 0 24955 0 38887 0 264938 0 0 0 FREDERICK WANDELT 153167 0 0 0 0 0 18520 0 8826 0 180513 0 0 0 JAMES SHEPARD 106030 0 0 0 0 0 11247 0 60861 0 178138 0 0 0 H WILLIAM DAVIS 102453 0 0 0 0 0 13051 0 43686 0 159190 0 0 0 PART I, LINE 1A AS THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 472 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. CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 20774UG74 2008-08-13 17738135 DEFEASE SERIES F AND SERIES D 0 0 0 CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 2077415Q8 2008-12-23 8500000 CONSTRUCTION OF DINING HALL 0 0 0 17738135 1649647 15758283 330205 2008 1 0 1 1 8500000 215170 8284830 2009 0 0 1 1 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 X O & G INDUSTRIES INC GREGORY ONEGLIA, FORMER TRUSTEE (2009) & AN OWNER OF O & G INDUSTRIES, INC. 183106 PROVIDED CONSTRUCTION SERVICES TO THE SCHOOL 0 MEREDITH THORNFELDT SPOUSE OF AN OFFICER 20848 EMPLOYEE COMPENSATION 0 PAMELA MACMULLEN SPOUSE OF AN OFFICER 72700 EMPLOYEE COMPENSATION 0 X 1 450000 FMV X SPONSOR EVENT 3 29170 COST X LANTERNS 1 6750 COST 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL MAY CONTRACT WITH THIRD PARTIES, SUCH AS A REAL ESTATE BROKER, TO ACT AS A BROKER AGENT FOR THE SALE OF REAL ESTATE. THE SCHOOL ALSO MAINTAINS AN ACCOUNT WITH A FINANCIAL INSTITUTION THROUGH WHICH IT LIQUIDATES DONATED SECURITIES. FORM 990, PART VI, SECTION A, LINE 2 TWO TRUSTEES, DONALD PASCAL AND MARIS PASCAL ARE MARRIED TO EACH OTHER. 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 AUDITORS. THE FORM 990 IS EMAILED 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. 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 SCHOOLS FROM 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -4,931,888. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -813,113. IMPAIRMENT LOSS -1,500,000. BOOK VS TAX DIFFERENCE -193,370. TOTAL TO FORM 990, PART XI, LINE 5: -7,438,371. FORM 990, PART XII, LINE 2C THE SCHOOL HAS NOT CHANGED EITHER ITS OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.