2013-05-10T10:43:18-05:00 2012-06-30 020354851 MELANSON HEATH & COMPANY PC 102 PERIMETER ROAD NASHUA NH 03063 990 2011-07-01 030179305 PUTNEY SCHOOL INC PUTN 8023876215 ELM LEA FARM PUTNEY VT 053468675 RANDALL D SMITH 8023876245 2013-05-10 1 SHERYL L STEPHENS-BURKE CPA P00085224 6038821111 2011 2016-02-24 21:20:13Z TONIA WHEELER ELM LEA FARM PUTNEY VT 053468675 17918524 0 X WWW.PUTNEYSCHOOL.ORG X 1935 VT INDEPENDENT, COEDUCATIONAL BOARDING AND DAY SECONDARY SCHOOL 24 20 256 0 0 0 1001816 1484448 9819424 10341852 679407 651198 62878 83019 11563525 12560517 2573710 2627030 0 0 5456966 5642664 0 0 572175 4022371 4048218 12053047 12317912 -489522 242605 37911435 36654578 4026333 3919079 33885102 32735499 X THE ORGANIZATION IS COMMITTED TO DEVELOPING EACH STUDENT'S FULL INTELLECTUAL, ARTISTIC AND PHYSICAL POTENTIAL. STUDENTS ARE ENCOURAGED TO CHALLENGE THEMSELVES INTELLECTUALLY, TO PURSUE RIGOROUS LEARNING FOR ITS OWN SAKE, TO ACTIVELY PARTICIPATE IN AND APPRECIATE THE ARTS, TO CONTRIBUTE MEANINGFULLY TO THE WORK PROGRAM THAT SUSTAINS THE SCHOOL COMMUNITY AND THE FARM ON WHICH IT IS LOCATED, TO ENGAGE IN VIGOROUS ATHLETICS, AND TO DEVELOP A SOCIAL CONSCIOUSNESS AND WORLD VIEW THAT WILL PROVIDE THE FOUNDATION FOR LIFE-LONG MORAL AND INTELLECTUAL GROWTH. (ADOPTED 06/08/97) 0 0 8933674 2627030 10236498 THE PUTNEY SCHOOL PROVIDES AN EDUCATIONAL PROGRAM FOR APPROXIMATELY 225 HIGH SCHOOL STUDENTS IN A COEDUCATIONAL BOARDING SCHOOL SETTING. 173694 105354 FARM AND LAND USE PROGRAM CURRENTLY INVOLVES OVER SIXTY STUDENTS. THE STUDENTS ARE ENGAGED IN ALL ASPECTS OF THE DIVERSIFIED FARM, INCLUDING MILKING AND CARING FOR DAIRY CATTLE, FORAGE CROP PRODUCTION, GARDENING, OTHER LIVESTOCK CARE, SUGARING AND FIRE WOOD PROCESSING. 9107368 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 1 0 1 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 49 0 1 256 1 0 0 0 0 0 0 0 0 X 24 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VT X RANDALL D SMITH CFO 8023876245 PUTNEY SCHOOL ELM LEA FARM PUTNEY VT 05346 JOAN FARR 1.00 X 0 0 0 LAKSHMAN ACHUTHAN 1.00 X 0 0 0 WILFREDO BENITEZ 1.00 X 0 0 0 JILL CARR 1.00 X 0 0 0 TIM DALY 1.00 X 0 0 0 LYSSA JACKSON 1.00 X 0 0 0 PEGGY KING JORDE 1.00 X 0 0 0 WILLIAM NEW 1.00 X 0 0 0 FRANZ PAASCHE 1.00 X 0 0 0 MARGARET JEMMISON 1.00 X 0 0 0 WILLIAM KELLET 1.00 X 0 0 0 MARNI ROSNER 1.00 X 0 0 0 ANNE STEPHENS 1.00 X 0 0 0 JAMES THOMPSON 1.00 X 0 0 0 FREDDY FRIEDMAN 1.00 X 0 0 0 IRA WENDER 1.00 X 0 0 0 CHAVA LANSKY 1.00 X 0 0 0 KEVIN FEAL-STAUB 1.00 X 43100 0 8389 JOSHUA LAUGHLIN 1.00 X 0 0 0 JANINE HAMILTON 1.00 X 38960 0 8186 DANA HOKIN 1.00 X 0 0 0 TONIA WHEELER 1.00 X 0 0 0 CHRIS LEHMANN-HAUPT 1.00 X 0 0 0 EMILY JONES 40.00 X 135576 0 14935 RANDALL SMITH 40.00 X 79462 0 13766 297098 0 45276 1 0 1 0 FITZ VOGT & ASSOCIATES LTD PO BOX 415512 BOSTON MA 022415512 DINING HALL SERVICE 732190 1 1484448 1484448 TUITION AND FEES 900099 10236498 10236498 FARM INCOME 900099 105354 105354 10341852 433673 433673 5575532 5358007 217525 217525 217525 OTHER REVENUE 611710 48949 48949 BOOKSTORE 611710 25511 25511 APPLICATION FEE REVENU 611710 8559 8559 83019 12560517 10341852 0 734217 2627030 2627030 305913 305913 4189925 3292776 533136 364013 247224 188071 38842 20311 492414 399541 60902 31971 407188 322986 55525 28677 36172 36172 20807 20807 10376 10376 437 437 88795 13693 60444 14658 77911 64375 13536 897801 897801 53708 325 36182 17201 10675 8044 2631 58874 58874 961073 961073 155459 155459 RESIDENTIAL EXPENSES 566370 566370 INSTRUCTIONAL EXPENSES 352031 352031 LEADERSHIP AND BUSINESS 312814 312814 LAND USE EXPENSES 173694 173694 271221 141757 34120 95344 12317912 9107368 2638369 572175 4732556 3885612 93758 176700 36646 21793 120355 129137 29811920 12255053 17796189 17556867 15053827 14800704 78104 83765 37911435 36654578 445868 695791 2053610 1728008 1496997 1461182 29858 34098 4026333 3919079 X 21113217 20273779 3577833 3141140 9194052 9320580 33885102 32735499 37911435 36654578 X 242605 -1392208 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 17004111 614167 -233239 799119 16585920 15079950 218195 2488666 782700 17004111 19308326 931039 1054830 6297832 14996363 24716848 722413 -2087253 4043682 19308326 0.25000 0.56000 0.19000 0 0 93652 93652 26659368 9397859 17261509 3007224 2857194 150030 51676 51676 17556867 OTHER LIABILITIES 34098 34098 12560517 12317912 242605 -863767 -528441 -1392208 -1149603 9094626 -863767 24907 -838860 9933486 2627031 2627031 12560517 9715788 24907 24907 9690881 2627031 2627031 12317912 PART III, LINE 1A: COLLECTIONS: THE SCHOOL'S COLLECTION IS COMPRISED OF VARIOUS ART OBJECTS THAT ARE HELD FOR EDUCATIONAL AND CURATORIAL PURPOSES. THE SCHOOL IS CURRENTLY IN THE PROCESS OF CATALOGING EACH PIECE. EACH ITEM IS CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION, ARE PERFORMED REGULARLY. THE SCHOOL HAS NOT ADOPTED A POLICY TO CAPITALIZE ITS COLLECTIONS; THEREFORE, IN ACCORDANCE WITH FASB 116, CONTRIBUTIONS OF ARTWORK ARE NOT RECOGNIZED IN REVENUE. IN THE EVENT OF THE SALE OF CONTIBUTED ARTWORK, THE SCHOOL RECOGNIZES THE PROCEEDS AND INCREASES THE APPROPRIATE CLASS OF NET ASSETS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE PUTNEY SCHOOL, INC. IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). THE SCHOOL HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS. THE SCHOOL FOLLOWS FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FASB ASC 740-10 DID NOT HAVE A MATERIAL IMPACT ON THE SCHOOL'S FINANCIAL STATEMENTS. THE SCHOOL'S FEDERAL FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) FOR FISCAL YEARS 2011, 2010, AND 2009 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. THE SCHOOL RECOGNIZES INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES THAT ARE INCLUDED WITHIN REPORTED EXPENSES. DURING THE YEAR ENDED JUNE 30, 2011, THE SCHOOL HAD NO INTEREST OR PENALTIES ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACCRUAL FOR EARLY RETIREMENT -528,441. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE 24,907. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION REDUCED BY FINANCIAL AID 2,627,030. ROUNDING ADJUSTMENT 1. PART XIII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE 24,907. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REDUCTIONS AGAINST TUITION 2,627,030. ROUNDING ADJUSTMENT 1. 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 THE POLICY IS STATED IN LITERATURE AND BROCHURES PROVIDED TO ALL CURRENT AND POTENTIAL STUDENTS. IT IS ALSO PUBLISHED IN LOCAL NEWSPAPERS AND ON THE SCHOOL'S WEBSITE. 0 0 0 0 0 0 0 0 0 0 FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. CANADA 1 30000 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. ITALY 1 38900 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. NIGERIA 1 45300 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. REPUBLIC OF RWANDA 1 29400 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. TAIWAN 1 15000 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV FINANCIAL AID GIVEN BY THE ORGANIZATION TO FOREIGN STUDENTS ATTENDING THE SCHOOL. UNITED KINGDOM 1 10000 REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. FMV 0 0 0 0 0 0 0 FINANCIAL AID GIVEN BY THE ORGANIZATION TO STUDENTS ATTENDING THE SCHOOL. 88 2431250 FMV REDUCTION IN TUITION FOR STUDENTS WHO QUALIFY FOR FINANCIAL AID. X 0 0 0 0 0 0 0 0 0 EMILY JONES 135576 0 0 0 0 0 510 0 14425 0 150511 0 0 0 X 7 54729 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 MARNI ROSNER IS NOT INDEPENDENT BECAUSE SHE OWNS LAND THAT THE SCHOOL USES AND PAYS THE PROPERTY TAXES ON. EMILY JONES IS THE HEAD OF SCHOOL AND IS THEREFORE NOT INDEPENDENT. KEVIN FEAL-STAUB AND JANINE HAMILTON ARE FACULTY TRUSTEES AND ARE THEREFORE NOT INDEPENDENT. LYSSA JACKSON AND CHAVA LANSKY ARE STUDENT REPRESENTATIVES AND ARE THEREFORE NOT INDEPENDENT. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND CONTROLLER AND IS THEN PRESENTED TO THE AUDIT, FINANCE AND EXECUTIVE COMMITTEES FOR APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REVIEWS THE POLICY EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15A THE DIRECTOR'S SALARY IS DETERMINED AND APPROVED BY THE EXECUTIVE AND AUDIT COMMITTEES OF THE BOARD AND IS AVAILABLE FOR REVIEW BY ANY SCHOOL BOARD MEMBER. EXECUTIVE COMPENSATION FOR ALL EMPLOYEES, OTHER THEN THE DIRECTOR, IS SET BY SCHOOL MANANGEMENT. MANAGEMENT INCREASES ARE TIED TO STAFF AND FACULTY INCREASES. FACULTY AND STAFF INCREASES ARE SET AT A PERCENTAGE EACH YEAR BY THE BOARD. THERE IS ALSO A SCALE ASSOCIATED WITH TIME SERVED FOR FACULTY. TO SET SALARIES, A COMPARISON IS DONE BETWEEN SIMILAR POSITIONS AT SCHOOLS IN THE INDEPENDENT SCHOOL ASSOCIATION OF NORTHERN NEW ENGLAND (ISANNE). OUR GOAL IS TO HAVE MANAGEMENT AT OR NEAR THE MEDIAN OF THEIR PEER GROUP. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION 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: -863,767. ACCRUAL FOR EARLY RETIREMENT -528,441. TOTAL TO FORM 990, PART XI, LINE 5: -1,392,208. THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT HAS OVERSIGHT OF THE AUDIT THAT IS PERFORMED EACH YEAR. THIS HAS NOT CHANGED FROM THE PRIOR YEAR.