2012-05-01T09:40:26-05:00 2011-06-30 JH COHN LLP 180 GLASTONBURY BOULEVARD GLASTONBURY CT 06033 990 2010-07-01 060646921 THE TAFT SCHOOL CORPORATION TAFT 8609457777 110 WOODBURY RD WATERTOWN CT 06795 GILBERT T THORNFELDT 8609457777 2012-05-01 1 JOHN TOSCANO CPA 8606333000 2010 2016-02-24 21:20:13Z GILBERT T THORNFELDT 110 WOODBURY RD WATERTOWN CT 06795 55481083 0 X WWW.TAFTSCHOOL.ORG X 1930 CT THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 36 35 395 0 309125 -33926 11602166 15906138 25783234 27070457 12312861 11239191 416004 767869 50114265 54983655 5895008 5682903 0 0 18167652 18513061 0 0 2688387 14983831 16280988 39046491 40476952 11067774 14506703 307774060 336611954 51213597 48767811 256560463 287844143 X THE MISSION OF THE SCHOOL IS TO EDUCATE THE WHOLE STUDENT. 0 0 34193515 5682903 27295046 PROVIDE EDUCATIONAL SERVICES AND SUPPORT FOR APPROXIMATELY 584 STUDENTS IN GRADES NINE THROUGH POST-GRADUATE IN A BOARDING AND DAY SETTING. INSTITUTIONAL SUPPORT 34193515 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 0 0 0 0 0 0 0 0 0 0 1 99 0 1 395 1 1 1 0 0 0 0 0 0 0 0 0 X 36 35 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 BUSINESS MAN 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 272626 0 108915 JONATHAN D ALBERT 0.50 X 0 0 0 J HORD ARMSTRONG 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 JOHN W DAYTON 0.50 X 0 0 0 WILLIAM O DEWITT III 0.50 X 0 0 0 LISA S FIRESTONE 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 KARIN KUKRAL 0.50 X 0 0 0 LESLIE H LANAHAN 0.50 X 0 0 0 ROGER H LEE 0.50 X 0 0 0 LESLIE B LITTLEJOHN 0.50 X 0 0 0 GEORGE B MOORE 0.50 X 0 0 0 KATHERINE M MORRIS 0.50 X 0 0 0 NANCY N O'NELL 0.50 X 0 0 0 TIMOTHY A O'NEILL 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 MS KAREN 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 169522 0 42396 CHRISTOPHER R LATHAM 40.00 X 193861 0 62715 FREDERICK WANDELT 40.00 X 147497 0 24005 MARK BODNAR 40.00 X 107111 0 27017 ELIZABETH WELCH 40.00 X 107695 0 29516 JAMES SHEPARD 40.00 X 102211 0 63186 DAVID HOSTAGE 40.00 X 100951 0 18549 1201474 0 376299 9 0 1 0 O&G INDUSTRIES 112 WALL STREET TORRINGTON CT 06790 CONSTRUCTION SERVICES 6588592 ARAMARK CORPORATION PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 2639680 NEW PROVIDENCE ASSET MANAGEMENT 650 FIFTH AVE 16TH FLOOR NEW YORK NY 10001 INVESTMENT MANAGEMENT 768879 BUSHKA LUMBER & MILLWORK LLC 305 FAIRFIELD AVE WATERBURY CT 06708 CONSTRUCTION SERVICES 633671 ASTRO ELECTRIC 680 RIVERSIDE STREET WATERBURY CT 06708 CONSTRUCTION SERVICES 350211 15 15906138 20888 15906138 STUDENT TUITION 611110 24997901 24997901 PROGRAM FEES 611110 2072556 2072556 27070457 1625471 1625471 9613720 9613720 9613720 9613720 722017 497428 224589 224589 HOCKEY RINK 532000 309125 309125 INSURANCE ROCEEDS 900099 234155 234155 543280 54983655 27295046 309125 11473346 5682903 5682903 765079 525743 239336 13116315 11474634 553311 1088370 1111618 994417 41789 75412 2536150 2245350 86157 204643 983899 830929 60742 92228 33854 33854 39075 39075 1409289 1409289 2840677 2432901 197774 210002 417797 417797 2211500 2211500 219929 47745 93002 79182 706817 706817 3505811 3316605 169470 19736 376530 376530 GENERAL AND ADMINISTRAT 1417603 1417603 INSTRUCTION 1228048 1228048 STUDENT SERVICES 969930 969930 DEVELOPMENT 679478 679478 GENERAL AND INSTITUTION 224650 224650 40476952 34193515 3595050 2688387 5402522 9130366 26481635 25909982 1394413 1352575 233950 226130 787305 522345 141439800 51531849 87817396 89907951 64722898 72912136 120285340 136065548 648601 584921 307774060 336611954 3622308 1974303 4027738 4369162 39120159 36730505 979601 4443392 4714240 51213597 48767811 X 107960617 129265458 20101064 21879296 128498782 136699389 256560463 287844143 307774060 336611954 X 14506703 16776977 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 181456442 6967550 28996471 2704233 5568819 1367940 207779471 162545494 3842646 25624923 2875757 6241972 1438892 181456442 195239490 1850411 -23657275 3039079 6570985 1277068 162545494 0.36000 0.64000 0 0 6971131 6971131 123474063 44889981 78584082 8542411 6641868 1900543 2452195 2452195 89907951 PRIVATE EQUITIES AND ALTERNATIVE INVESTMENTS 136065548 F 136065548 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 4714240 4714240 54983655 40476952 14506703 18205584 -1428607 16776977 31283680 65165868 18205584 -6333070 11872514 53293354 1409289 281012 1690301 54983655 33882188 497428 497428 33384760 1409289 5682903 7092192 40476952 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 2011 OR 2010. 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'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2008 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 -1,147,595. BOOK VS. TAX DIFFERENCE -281,012. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 497,428. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -1,147,595. FINANCIAL AID -5,682,903. PART XII, LINE 4B - OTHER ADJUSTMENTS: BOOK VS. TAX DIFFERENCE 281,012. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 497,428. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,682,903. 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 71572000 0 0 0 0 0 0 71572000 0 71572000 1 0 1 0 1 0 1 STUDENT FINANCIAL AID 200 5682903 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 272626 0 0 0 0 0 29400 0 79515 0 381541 0 0 0 GILBERT T THORNFELDT 169522 0 0 0 0 0 19042 0 23354 0 211918 0 0 0 CHRISTOPHER R LATHAM 193861 0 0 0 0 0 24157 0 38558 0 256576 0 0 0 FREDERICK WANDELT 147497 0 0 0 0 0 17828 0 6177 0 171502 0 0 0 JAMES SHEPARD 102211 0 0 0 0 0 10800 0 52386 0 165397 0 0 0 PART I, LINE 1A AS THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 475 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 1 0 1 1 0 0 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 O & G INDUSTRIES INC GREGORY ONEGLIA, FORMER TRUSTEE (2009) & AN OWNER OF O & G INDUSTRIES, INC. 1583656 PROVIDED CONSTRUCTION SERVICES TO THE SCHOOL 0 MEREDITH THORNFELDT SPOUSE OF AN OFFICER 19717 EMPLOYEE COMPENSATION 0 PAMELA MACMULLEN SPOUSE OF AN OFFICER 69870 EMPLOYEE COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 2 TWO TRUSTEES, TIMOTHY A. O'NEILL AND NANCY O'NEILL, 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 0THE 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, INDEPENDENT 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 GAINS ON INVESTMENTS: 18,205,584. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -1,147,595. BOOK VS. TAX DIFFERENCE -281,012. TOTAL TO FORM 990, PART XI, LINE 5: 16,776,977. FORM 990, PART XII, LINE 2C THE SCHOOL HAS NOT CHANGED EITHER ITS OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.