2012-03-29T14:06:25-05:00 2011-06-30 BLUM SHAPIRO & COMPANY PC CPA'S 29 S MAIN STREET PO BOX 272000 WEST HARTFORD CT 061272000 990 2010-07-01 060910420 THE CHOATE ROSEMARY HALL FOUNDATION INCORPORATED CHOA 2036972225 333 CHRISTIAN STREET WALLINGFORD CT 064923818 RICHARD SALTZ 2036972225 2012-03-27 1 ELIZABETH SOLECKI 8605614000 2010 2016-02-24 21:20:13Z EDWARD SHANAHAN 333 CHRISTIAN STREET WALLINGFORD CT 064923818 79174264 0 X WWW.CHOATE.EDU X 1974 CT TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 850 STUDENTS PER YEAR. 33 32 646 500 68834 0 20512908 29270350 40704579 42451209 3606883 6973978 -30867 -31416 64793503 78664121 8305357 8779712 0 0 24229268 25717030 27392 0 3416815 25791560 26853594 58353577 61350336 6439926 17313785 404888329 464327636 64479087 62217508 340409242 402110128 X TO PROVIDE A QUALITY, COMPREHENSIVE, SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 850 STUDENTS PER YEAR. 0 0 18334718 0 42451303 THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 850 STUDENTS, GENERATING OVER $28.3 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND SUPPORT. 10244994 0 0 THE SCHOOL MAINTAINS OVER 1.2 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 NET ASSET VALUE OF OVER $111 MILLION. 8779712 8779712 0 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. 4208639 0 0 MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING 1476273 TRAVEL AND CONFERENCE EXPENSES 1504906 OFFICE AND INFORMATION TECHNOLOGY EXPENSES 2617413 ALL OTHER PROGRAM RELATED EXPENSES, INCLUDING ADVERTISING, ROYALTIES, INTEREST PAYMENTS, OUTSIDE RENTALS, ETC. 9807231 47166655 1 1 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 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 1 181 0 1 646 1 1 1 1 SP FR 0 0 0 0 0 0 0 0 X 33 32 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 EDWARD SHANAHAN 60.00 X X 434987 0 113117 LUIS H BALL 2.00 X 0 0 0 SUSAN M BARCLAY 2.00 X 0 0 0 SAMUEL P BARTLETT 2.00 X 0 0 0 MICHAEL J CARR 2.00 X 0 0 0 RICHARD ELMAN 2.00 X 0 0 0 ROBERT B GOERGEN JR 2.00 X 0 0 0 JEFFREY W GREENBERG 2.00 X 0 0 0 DAVID R FOSTER 2.00 X 0 0 0 BRETT M JOHNSON 2.00 X 0 0 0 WARREN B KANDERS 2.00 X 0 0 0 HERBERT V KOHLER JR 2.00 X 0 0 0 LINDA J HODGE 2.00 X 0 0 0 EDWARD O LANPHIER II 2.00 X 0 0 0 GRETCHEN COOPER LEACH 2.00 X 0 0 0 GILLIAN S MESTRE 2.00 X 0 0 0 ROBERT A MINICUCCI 2.00 X 0 0 0 LINDA H RIEFLER 2.00 X 0 0 0 MARSHALL S RUBEN 2.00 X 0 0 0 HENRY K SNYDER 2.00 X 0 0 0 M WINDOW SNYDER 2.00 X 0 0 0 JEANETTE SUBLETT 2.00 X 0 0 0 THOMAS M VIERTEL 2.00 X 0 0 0 BENJAMIN S WALTON 2.00 X 0 0 0 CAROLYN SEELY WIENER 2.00 X 0 0 0 JAMES A LEBOVITZ 2.00 X 0 0 0 GREGORY J MUTH 2.00 X 0 0 0 CHARLES F DEY 2.00 X 0 0 0 BRUCE S GELB 2.00 X 0 0 0 EDWIN A GOODMAN 2.00 X 0 0 0 CARY L NIEMAN 2.00 X 0 0 0 STEPHEN J SCHULTE 2.00 X 0 0 0 WILLIAM G SPEARS 2.00 X 0 0 0 RICHARD SALTZ 60.00 X 184764 0 53440 JOHN BURDITT 40.00 X 220228 0 33717 DANIEL COURCEY 60.00 X 205161 0 81457 BENJAMIN GARDNER 60.00 X 161077 0 49340 STEPHEN FARRELL 60.00 X 135289 0 96041 KATHLEEN WALLACE 40.00 X 141890 0 20756 ANN WARDWELL 40.00 X 135433 0 20427 EDWARD GRIFFIN 40.00 X 125097 0 19238 1743926 0 487533 24 0 1 0 ARAMARK CAMPUS SERVICES PO BOX 198532 ATLANTA GA 303848532 FOOD SERVICE 3350913 RAD CORPORATION 171 VFW DRIVE ROCKLAND MA 02370 CONSTRUCTION 2874263 ABM JANITORIAL SERVICES PO BOX 1534 NEW YORK NY 100081534 CLEANING/ENVIRONMENTAL SERVICE 1278129 ROBERT AM STERN ARCHITECTS 460 WEST 34TH STREET NEW YORK NY 10001 ARCHITECT 1070138 CAPE & ISLAND PO BOX 1100 POCASSET MA 02559 CONSTRUCTION 679078 26 29270350 1746366 29270350 TUITION AND FEES 611710 41178615 41178615 STUDENT ACTIVITIES 611710 320022 320022 INFIRMARY/COUNSELING 611710 194826 194826 RENTS 611710 174738 174738 APPLICATION FEES 611710 148615 148615 434393 434393 42451209 863532 4146 859386 317837 344289 -26452 -26452 -26452 6110446 6110446 6110446 91140 6019306 160796 165854 -5058 -5058 CLASS ACTION SETTLEMEN 900099 94 94 94 78664121 42451303 68834 6873634 8779712 8779712 1045140 108747 513739 422654 17785438 13179541 3225236 1380661 2563000 1789235 523575 250190 2970534 2293937 659429 17168 1352918 963258 267594 122066 4208697 4208639 58 156346 156346 87083 87083 2145360 2145360 1943764 707899 865952 369913 50162 31248 18914 2390694 1103117 895878 391699 290622 289771 851 6381 6381 2125955 1889267 214503 22185 1573469 1332987 43105 197377 160837 143286 11133 6418 1488377 1425865 46289 16223 7737584 7404777 246436 86371 706340 84398 613207 8735 MAINTENANCE & REPAIR 1073028 866552 206476 EQUIPMENT PURCHASE 141831 128701 12799 331 GIFTS & RECOGNITION 125687 48278 4951 72458 OUTSIDE RENTALS 108326 55454 3836 49036 UNIFORMS 87255 83293 3962 245796 242312 212 3272 61350336 47166655 10766866 3416815 15145856 12216793 33692613 27869474 100200 76434 363888 412967 1895613 2431897 196852231 85805315 107734254 111046916 131027365 140188871 114706925 168464846 221615 1619438 404888329 464327636 5050108 4993806 10435357 10177659 39910000 39015000 9083622 8031043 64479087 62217508 X 131651693 166154201 102904227 125860930 105853322 110094997 340409242 402110128 404888329 464327636 X 17313785 44387101 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 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 2498668 2498668 155648504 65877198 89771306 19998993 15010807 4988186 18706066 4917310 13788756 111046916 LIMITED PARTNERSHIPS 161221004 F SPLIT INTEREST AGREEMENTS 7243842 F 168464846 LIABILITY UNDER SPLIT-INTEREST AGREEMENTS 2725307 AMOUNTS HELD ON BEHALF OF OTHERS 135695 INTEREST RATE SWAP VALUATION 5170041 8031043 78664121 61350336 17313785 43828041 559060 44387101 61700886 111383615 43828041 -11539525 32288516 79095099 -430978 -430978 78664121 50621845 431030 431030 50190815 11159521 11159521 61350336 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 8 - OTHER ADJUSTMENTS: BENEFITS PAID ON ANNUITY OBLIGATIONS -380,004. MISCELLANEOUS -52. UNREALIZED GAIN ON INTEREST RATE SWAP 939,116. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS -8,779,712. INVESTMENT MANAGEMENT FEE RECLASS -2,510,554. CHANGE IN VALUE OF SPLIT INTEREST OBLIGATIONS 130,745. BENEFITS PAID ON ANNUITY OBLIGATIONS -380,004. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASS -344,289. COST OF GOODS SOLD RECLASS -165,855. RECLASS POSTAGE RECHARGES 62,480. MISCELLANEOUS 3. RECLASS OF EVENTS EXPENSES 16,683. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS 165,855. RENTAL EXPENSES RECLASS 344,289. RECLASS POSTAGE RECHARGES -62,480. MISCELLANEOUS EXPENSES 49. RECLASS OF EVENTS EXPENSES -16,683. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS 8,779,712. INVESTMENT MANAGEMENT FEES RECLASS 2,510,554. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -130,745. 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 533010 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 240222 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 37695685 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 2862213 1 3 0 0 1 3 41331130 0 41331130 1 0 1 1 1 0 1 FINANCIAL AID 260 8779712 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 1 0 0 0 0 0 0 0 EDWARD SHANAHAN 312242 0 81336 0 41409 0 53250 0 59867 0 548104 0 0 0 RICHARD SALTZ 180117 0 3633 0 1014 0 27690 0 25750 0 238204 0 0 0 JOHN BURDITT 214935 0 4178 0 1115 0 33717 0 0 0 253945 0 0 0 DANIEL COURCEY 200310 0 4160 0 691 0 55707 0 25750 0 286618 0 0 0 BENJAMIN GARDNER 157267 0 3095 0 715 0 23590 0 25750 0 210417 0 0 0 STEPHEN FARRELL 129705 0 2553 0 3031 0 19456 0 76585 0 231330 0 0 0 KATHLEEN WALLACE 136375 0 2700 0 2815 0 20756 0 0 0 162646 0 0 0 ANN WARDWELL 132109 0 2680 0 644 0 20427 0 0 0 155860 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 4B DANIEL COURCEY PARTICIPATES IN A 457(F) NONQUALIFIED DEFERRED COMPENSATION PLAN. DURING 2010, HE WAS AWARDED $25,000. 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 42415000 42098000 315814 1186 2008 1 0 1 1 0 0 0 0 0.00750 0.00750 1 0 1 1 BARCLAY'S 28.420000000000 1 0 0 0 0 VARIOUS CHILDREN OF FACULTY 500 COLLEGE GRANTS SANDRA PODESTA SHANAHAN SPOUSE OF KEY OFFICER/TREASURER 33784 EMPLOYMENT 0 THERESE BURDITT SPOUSE OF KEY EMPLOYEE 28297 EMPLOYMENT 0 X 139 1746366 VALUE ON DATE RECEIVED 0 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 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. THE COMPENSATION COMMITTEE ALSO OVERSEES CONTRACT/SALARY NEGOTIATIONS WITH THE HEADMASTER'S SPOUSE. 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 5: NET UNREALIZED GAINS ON INVESTMENTS: 43,828,041. BENEFITS PAID ON ANNUITY OBLIGATIONS -380,004. MISCELLANEOUS -52. UNREALIZED GAIN ON INTEREST RATE SWAP 939,116. TOTAL TO FORM 990, PART XI, LINE 5: 44,387,101. FOUNDATION FOR A GREATER OPPORTUNITY 767 FIFTH AVENUE NEW YORK NY 10153 133913393 FUNDING SCHOLARSHIPS NY 501(C)(3) 509(A)(3) N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FOUNDATION FOR A GREATER OPPORTUNITY C 316206 CASH PAYMENT