2012-11-06T16:04:00-06:00 2012-03-31 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2011-04-01 050252708 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRES 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 JAMES M BURRESS 4018471000 2012-10-23 1 DEBORAH A HOPKINS P00167843 4012742001 2011 2016-02-24 21:20:13Z TRUDY COXE 424 BELLEVUE AVENUE NEWPORT RI 02840 30525637 0 X WWW.NEWPORTMANSIONS.ORG X 1945 RI TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES. 27 27 380 250 185450 -70048 3369015 3608081 9889764 10018203 1453615 2014796 1709624 1802610 16422018 17443690 0 0 0 0 8790178 9206234 158898 23049 851252 7262806 6928576 16211882 16157859 210136 1285831 39726213 39549533 6196403 5535610 33529810 34013923 X THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S MISSION IS TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES IN ONE OF THE MOST HISTORICALLY INTACT CITIES IN AMERICA. WE HOLD IN PUBLIC TRUST THE NEWPORT MANSIONS, (CONT. ON SCHEDULE O)WHICH ARE AN INTEGRAL PART OF THE LIVING FABRIC OF NEWPORT, RHODE ISLAND. THESE SITES EXEMPLIFY THREE CENTURIES OF THE FINEST ACHIEVEMENTS IN AMERICAN ARCHITECTURE, DECORATIVE ARTS, AND LANDSCAPE DESIGN SPANNING THE COLONIAL ERA TO THE GILDED AGE. THROUGH OUR HISTORIC PROPERTIES, EDUCATIONAL PROGRAMS, AND RELATED ACTIVITIES WE ENGAGE THE PUBLIC IN THE STORY OF AMERICA'S VIBRANT CULTURAL HERITAGE. WE SEEK TO INSPIRE AND PROMOTE AN APPRECIATION OF THE VALUE OF PRESERVATION TO ENRICH THE LIVES OF PEOPLE EVERYWHERE. 0 0 13540654 11612300 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, OVER 813,000 VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMEN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY OTHER LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS (CONT. ON SCHEDULE O)TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND. 13540654 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 55 0 1 380 1 1 1 0 0 0 0 1 1 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 RI X JAMES M BURRESS 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 MR DONALD O ROSS 10.00 X X 0 0 0 MRS EDWIN G FISCHER 10.00 X X 0 0 0 MRS A LESLIE BALLARD 5.00 X X 0 0 0 MR DAVID P LEYS 5.00 X X 0 0 0 MRS GARY MOORE 5.00 X X 0 0 0 MRS RICHARD I BURNHAM 5.00 X X 0 0 0 MR PETER S DAMON 5.00 X X 0 0 0 MRS A T STAUTBERG JR 5.00 X X 0 0 0 ARTHUR W MURPHY ESQ 5.00 X X 0 0 0 MR DUNCAN A CHAPMAN 5.00 X 0 0 0 MRS ALEXANDER C CUSHING 5.00 X 0 0 0 MRS KIMBERLY W DARDEN 5.00 X 0 0 0 MR DAVID B FORD 5.00 X 0 0 0 MRS SARAH GEWIRZ 5.00 X 0 0 0 MRS RALPH H ISHAM 5.00 X 0 0 0 MRS PETER D KIERNAN 5.00 X 0 0 0 MRS WILLIAM D LEATHERMAN 5.00 X 0 0 0 MR DAVID E P LINDH 5.00 X 0 0 0 MR RICHARD C LOEBS JR 5.00 X 0 0 0 MR WILLIAM F LUCEY 5.00 X 0 0 0 MR RONALD K MACHTLEY 5.00 X 0 0 0 MR JOHN D MUGGERIDGE 5.00 X 0 0 0 MR ANDREW REILLY 5.00 X 0 0 0 MR EUGENE B ROBERTS 5.00 X 0 0 0 MRS JAMES H ROSS 5.00 X 0 0 0 MRS GUY FC VAN PELT 5.00 X 0 0 0 MR MARK E WATSON 5.00 X 0 0 0 MR WILLIAM F WILSON 5.00 X 0 0 0 MR WILLIAM WOOD PRINCE 5.00 X 0 0 0 MS TRUDY COXE 60.00 X 232158 0 27191 MR JAMES M BURRESS 45.00 X 128011 0 20859 MR JOHN G RODMAN 45.00 X 120288 0 19757 MR IVAN COLON 45.00 X 113203 0 20272 MR PHILIP PELLETIER 45.00 X 111586 0 6561 MS CYNTHIA O'MALLEY 45.00 X 106998 0 11605 MR JOHN TSCHIRCH 45.00 X 107990 0 12109 920234 0 118354 8 0 1 0 DONOVAN & SONS INC 613 AQUIDNECK AVENUE MIDDLETOWN RI 02842 PLUMBING SERVICES 220054 FINE CATERING BY R MORIN INC 95 FRANK MOSSBERG DRIVE ATTLEBORO MA 02703 CATERING SERVICES 214578 LODI WELDING CO INC 133 WILLOW GROVE STREET HACKETTSTOWN NJ 07840 CONTRACTOR WORK 170700 NEWPORT TENT COMPANY INC 27 HIGHPOINT AVENUE PORTSMOUTH RI 02878 TENT RENTAL 166609 GLORIOUS AFFAIRS LTD 926 AQUIDNECK AVENUE MIDDLETOWN RI 02842 CATERING SERVICES 147046 8 882916 51285 65792 2608088 190510 3608081 ADMISSIONS 900099 7840245 7840245 PROGRAM EVENTS 900099 1988488 1988488 ACADEMIC PROGRAMS 900099 121543 121543 REPRODUCTION INCOME 900099 67927 67927 10018203 621019 621019 12814877 11421100 1393777 1393777 1393777 49450 51285 26387 23063 23063 3412635 1634460 1778175 1594097 184078 UBI FROM PARTNERSHIP I 900099 1372 1372 1372 17443690 11612300 185450 2037859 428177 295471 89889 42817 7129304 6007466 753761 368077 307983 251805 39924 16254 643417 528059 90083 25275 697353 607761 59365 30227 38243 1903 24239 12101 107573 105263 2310 23049 23049 118804 118804 521462 331701 32618 157143 376291 366202 10089 1110668 1068834 26002 15832 159988 147167 12821 755280 755280 86476 70175 14124 2177 12349 11054 1295 67231 67231 464430 464430 795210 771703 16002 7505 EVENT SUPPLIES 672695 665389 7306 REPAIRS & MAINTENANCE 406647 406647 EQUIPMENT & MAINTENANCE 340748 337991 2757 SPECIAL PROJECTS 340017 270676 50000 19341 554464 339161 110364 104939 16157859 13540654 1765953 851252 83341 247433 817577 904653 145463 318079 245284 140560 869273 848317 230731 230202 12246966 6282042 6119869 5964924 28170647 26961264 2876490 3733322 167538 200779 39726213 39549533 1184300 1122740 460928 599082 4521480 3796084 29695 17704 6196403 5535610 X 8887819 9168760 10579383 10673175 14062608 14171988 33529810 34013923 39726213 39549533 X 1285831 -801718 X 0 1 1 X 0 X 5756628 4559632 4069535 3369015 3608081 21362891 11636185 10975057 12113275 13113284 13084050 60921851 17392813 15534689 16182810 16482299 16692131 82284742 1436751 1525233 805096 1309436 787513 5864029 0 1436751 1525233 805096 1309436 787513 5864029 76420713 619760 638565 542109 498792 621019 2920245 619760 638565 542109 498792 621019 2920245 -54687 -69372 -51524 -72286 -70048 -317917 144624 133624 68003 55928 67927 470106 18102510 16237506 16741398 16964733 17311029 85357176 0.89530 0.90140 0.03420 0.03300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 4880 0 0 4880 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: PAID STAFF MEMBERS OF THE PRESERVATION SOCIETY PARTICIPATED IN A LOBBY DAY, PERFORMED RESEARCH AND PROVIDED TESTIMONY TO THE STATE LEGISLATURE WITH REGARDS TO PROPOSED CHANGES TO SALES TAX EXEMPTIONS THAT WERE LIKELY TO IMPACT THE PRESERVATION SOCIETY. A TOTAL OF 87 HOURS WERE SPENT ON SUCH ACTIVITIES, WITH 11 DIFFERENT STAFF MEMBERS PARTICIPATING, FOR A TOTAL COST TO THE PRESERVATION SOCIETY OF $4,880. X 4 4 0 0 1 1 0.00 0 X X X X 0 30385661 156188 1147123 1541797 30147175 28170406 301055 3741571 1827371 30385661 21899922 74232 7770239 1573987 28170406 32903205 25661 -9251317 1580441 197186 21899922 0.22000 0.47000 0.31000 0 0 1126428 1126428 5726148 2459957 3266191 290409 164831 125578 5103981 3657254 1446727 5964924 CASH AND SHORT-TERM INVESTMENTS 616430 F PRIVATE EQUITY PARTNERSHIPS 2814794 F REMAINDER TRUST 302098 F 3733322 CAPITAL LEASE 17704 17704 17443690 16157859 1285831 -801718 -801718 484113 18488255 -801718 330000 -471718 18959973 118804 -1635087 -1516283 17443690 18004142 330000 1660847 1990847 16013295 118804 25760 144564 16157859 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: THE PRESERVATION SOCIETY OF NEWPORT COUNTY HOLDS CONSERVATION EASEMENTS ON FOUR PROPERTIES, WHICH WERE FORMERLY OWNED BY THE SOCIETY. THE SOCIETY DOES NOT ACCEPT DONATED EASEMENTS NOR DOES IT PURCHASE EASEMENTS AS PART OF ITS PROGRAM ACTIVITIES. THERE IS NO VALUE ASSIGNED TO THE SOCIETY'S CONSERVATION EASEMENTS, AND NO FINANCIAL TRANSACTIONS ARISE FROM ITS EASEMENTS. THEREFORE, THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES OR THE STATEMENT OF FINANCIAL POSITION. PART III, LINE 1A: PER THE SOCIETY'S FINANCIAL STATEMENT FOOTNOTES: THE HISTORICAL COLLECTIONS ARE NOT CAPITALIZED BY THE SOCIETY. IN ADDITION, THE SOCIETY DOES NOT CAPITALIZE REPAIRS OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS. ALL PURCHASES OF COLLECTION ITEMS AND RESTORATION OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE EXPENDITURE IS MADE. THE SOCIETY MAINTAINS A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION AND DE-ACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. IN ACCORDANCE WITH THE POLICY OF NOT RECORDING COLLECTIONS IN THE FINANCIAL RECORDS, DONATED COLLECTION ITEMS RECEIVED DURING THE YEAR ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS. PART III, LINE 4: THE COLLECTIONS OF THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S HOUSE MUSEUMS, COMPRISING OVER 50,000 OBJECTS, REFLECT THE ORGANIZATION'S MISSION TO PRESENT AND PRESERVE AMERICAN ARCHITECTURE AND DECORATIVE ARTS SPANNING THE COLONIAL ERA TO THE GILDED AGE. THE COLLECTIONS, OTHER THAN ARCHIVAL MATERIALS AND FRAGILE TEXTILES, ARE PERMANENTLY EXHIBITED IN THEIR ORIGINAL HISTORIC CONTEXT OF DOMESTIC INTERIORS AND REFLECT A UNIQUE SURVEY OF THE EVOLUTION OF AMERICAN DESIGN. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING MAINTAINING THE HISTORIC HOUSES AND OTHER HISTORICAL TREASURES IN THE ORGANIZATION'S COLLECTIONS AND SUPPORTING CERTAIN ANNUAL EDUCATIONAL EVENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SOCIETY IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE SOCIETY OPERATES IN A MANNER CONSISTENT WITH THEIR TAX-EXEMPT STATUS AT BOTH THE STATE AND FEDERAL LEVEL. THE SOCIETY ANNUALLY FILES IRS FORM 990 - RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX-EXEMPT ENTITIES. THE SOCIETY ALSO ANNUALLY FILES IRS FORM 990-T - EXEMPT ORGANIZATION'S BUSINESS INCOME TAX RETURN FOR ALL OF ITS TAXABLE TRANSACTIONS. THESE TAX RETURNS ARE SUBJECT TO REVIEW BY THE TAXING AUTHORITIES GENERALLY FOR A PERIOD OF THREE YEARS AFTER THEY WERE FILED. THE TAX RETURNS FOR 2009, 2010, AND 2011 ARE OPEN TO EXAMINATION BY THE IRS. THE SOCIETY CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. FOR THE SOCIETY'S TAX YEAR ENDING MARCH 31, 2012 THE SOCIETY PAID NO INCOME TAXES RELATED TO ITS TAXABLE SALES. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES IN PART VIII, LINE 10B -1,634,460. EXPENSES IN PART VIII, LINE 8B -26,387. NONCASH CONTRIBUTIONS OF COLLECTION ITEMS 25,760. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES IN PART VIII, LINE 10B 1,634,460. EXPENSES IN PART VIII, LINE 8B 26,387. PART XIII, LINE 4B - OTHER ADJUSTMENTS: NONCASH CONTRIBUTIONS OF COLLECTION ITEMS 25,760. X X X X X X X 1 MARTS & LUNDY 1200 WALL ST WEST LYNDHURST NY 07071 CONSULTING FOR PLANNING OF COMPREHENSIVE CAMPAIGN 0 0 23049 -23049 23049 -23049 RI GOLF OUTING 100735 51285 49450 8211 11109 7067 100735 51285 49450 8211 11109 7067 26387 23063 EXPLANATION OF FUNDRAISING PAYMENTS SCHEDULE G, PART I, LINE 2B, COLUMN (V) MARTS & LUNDY WAS HIRED TO CONSULT ON THE PLANNING PHASE FOR AN UPCOMING COMPREHENSIVE CAMPAIGN. NO FUNDS WERE RAISED BY MARTS & LUNDY DURING THE CURRENT OR PREVIOUS YEARS. X X X X X 0 0 0 1 0 0 0 0 0 MS TRUDY COXE 215658 0 0 0 16500 0 13985 0 13206 0 259349 0 0 0 PART I, LINE 5 PHILLIP PELLETIER AND IVAN COLON RECEIVE INCENTIVE COMPENSATION BASED ON BOOKED EVENTS. FOR THE YEAR ENDED MARCH 31, 2012, PHILLIP PELLETIER RECEIVED BASE COMPENSATION OF APPROXIMATELY $103,000 AND INCENTIVE COMPENSATION OF APPROXIMATELY $8,500; IVAN COLON RECEIVED BASE COMPENSATION OF APPROXIMATELY $77,000 AND INCENTIVE COMPENSATION OF APPROXIMATELY $36,000. X 2 25760 INDEPENDENT APPRAISAL X EVENT SUPPLIES 88 COST OR SELLING PRICE PER THE DONOR 1 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): FOR CONTRIBUTIONS OF ITEMS WHICH ARE ACCESSIONED, THE ORGANIZATION IDENTIFIES EACH GIFT RECEIVED AND REPORTS THE TOTAL NUMBER OF GIFTS (SOME GIFTS CONTAIN MULTIPLE ITEMS). FOR OTHER TYPES OF NON-CASH CONTRIBUTIONS, THE ORGANIZATION IDENTIFIES EACH DONOR BY PURPOSE, SUCH AS A SPECIFIC EVENT. THE ORGANIZATION REPORTS THE SUM OF THE TOTAL NUMBER OF CONTRIBUTORS FOR EACH PURPOSE. SOME CONTRIBUTORS ARE INCLUDED MULTIPLE TIMES, FOR EACH DISCRETE INSTANCE OF PROVIDING A NON-CASH CONTRIBUTION. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 HAS BEEN PREPARED BY THE SOCIETY'S EXTERNAL AUDITORS AND REVIEWED IN DRAFT WITH THE CHIEF EXECUTIVE OFFICER, DIRECTOR OF FINANCE AND THE FINANCE COMMITTEE. CORRECTIONS AND CHANGES WERE MADE AS NECESSARY. THE BOARD HAS DELEGATED THE PROCESS OF REVIEWING THE 990 TO THE DIRECTOR OF FINANCE, THE CHIEF EXECUTIVE OFFICER, AND THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION'S CODE OF ETHICS IS PROVIDED TO ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES. THESE PEOPLE ARE ASKED TO REVIEW THE CODE AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND IT, HAVE REPORTED ALL POTENTIAL CONFLICTS DURING THE PAST YEAR IN ACCORDANCE WITH THE POLICY AND WILL REPORT ALL POTENTIAL CONFLICTS DURING THE COMING YEAR. ALL POTENTIAL CONFLICTS ARE EVALUATED BY THE BOARD TO DETERMINE IF A CONFLICT ACTUALLY EXISTS. IN THOSE INSTANCES WHERE THE POTENTIAL TRANSACTION IS A CONFLICT THE BOARD EXAMINES THE TRANSACTION AND A VOTE IS TAKEN (WITH THOSE INVOLVED RECUSING THEMSELVES) AS TO WHETHER THE ORGANIZATION WILL ENTER INTO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A ANNUALLY THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A PERFORMANCE REVIEW AND EVALUATION OF THE CEO. THE REVIEW ALSO ESTABLISHES THE CEO'S COMPENSATION FOR THE FOLLOWING YEAR. THIS PROCESS INVOLVES THE EVALUATION OF THE CEO, AND A REVIEW OF COMPENSATION OF COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS. THE COMMITTEE'S DELIBERATION AND DECISION ARE NOTED IN THE MINUTES OF THE MEETING. THE PAY FOR ALL OTHER EMPLOYEES, INCLUDING THE DIRECTOR OF FINANCE, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES, IS DETERMINED BY THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS (ARTICLES OF INCORPORATION AND BY-LAWS), ITS CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND PUBLIC TAX RETURNS AVAILABLE UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CURRENTLY DOES NOT CHARGE FOR THE COPIES. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -801,718. PSNC HOLDINGS INC 424 BELLEVUE AVE NEWPORT RI 02840 050479546 HOLDS TITLE TO WAREHOUSE HOUSING PSNC INVENTORY RI 501(C)(2) THE PRESERVATION SOCIETY OF NEWPORT COUNTY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0