2011-05-13T13:11:07-05:00 2010-06-30 JH COHN LLP 180 GLASTONBURY BOULEVARD GLASTONBURY CT 06033 990 2009-07-01 060646921 The Taft School Corporation TAFT 8609457777 110 Woodbury Rd Watertown CT 06795 Gilbert t thornfeldt 8609457777 2011-05-09 1 8606333000 2009 2016-02-24 21:20:13Z gilbert t thornfeldt 110 Woodbury Rd Watertown CT 06795 50580200 0 X www.taftschool.org X 1930 CT the mission of the school is to educate the whole student. 35 34 379 0 270644 -78386 14890498 11602166 24309796 25783234 -11530685 12312861 394935 416004 28064544 50114265 5248755 5895008 0 17585491 18167652 0 2493685 15511651 14983831 38345897 39046491 -10281353 11067774 287830153 307774060 56795852 51213597 231034301 256560463 the mission of the school is to educate the whole student. 0 0 33269130 5895008 25928594 Provide educational services and support for approximately 575 students in grades nine through post-graduate in a boarding and day setting. INSTITUTIONAL SUPPORT 33269130 1 1 0 0 0 0 1 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 1 93 0 1 379 1 1 1 0 0 0 0 0 0 0 0 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 Business Man 8609457770 110 WOODBURY RD WATERTOWN CT 06795 william r macmullen 40.00 X X 276006 0 73763 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 irene chu 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 holcombe t green iii 0.50 X 0 0 0 jonathan m harris 0.50 X 0 0 0 james A Jacobson 0.50 X 0 0 0 david f kirkpatrick 0.50 X 0 0 0 john z Kukral 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 littlejohn 0.50 X 0 0 0 george moore 0.50 X 0 0 0 rodman w moorhead iii 0.50 X X 0 0 0 KATHERINE M MORRIS 0.50 X 0 0 0 THOMAS S MURPHY jr 0.50 X 0 0 0 gregory s oneglia 0.50 X 0 0 0 grant a porter 0.50 X X 0 0 0 Ms Karen Stevenson 0.50 X 0 0 0 hank L Torbert 0.50 X 0 0 0 archbold d van beuren 0.50 X 0 0 0 abra prentice wilkin 0.50 X X 0 0 0 john p wold 0.50 X 0 0 0 lady 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 167345 0 37759 christopher r latham 40.00 X 192824 0 51521 frederick wandelt 40.00 X 145924 0 34116 mark bodnar 40.00 X 106328 0 40204 Elizabeth welch 40.00 X 105849 0 20327 james shepard 40.00 X 101086 0 23881 steven mccabe 40.00 X 102002 0 26283 1197364 0 307854 8 0 1 0 o&G Industries 112 Wall Street Torrington CT 06790 ConstructioN SERVICES 17314518 Aramark corporation PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 2435328 new providence asset management 650 fifth ave 16th floor new york NY 10001 INVESTMENT MANAGEMENT 695052 gund partnership inc PO BOX 18241 BRIDGEPORT CT 06601 architect 649566 bushka LUMBER & MILLWORK LLC 305 FAIRFIELD AVE WATERBURY CT 06708 CONSTRUCTION SERVICES 469352 12 11602166 53562 11602166 STUDENT TUITION 611110 23734711 23734711 Program Fees 611110 2048523 2048523 25783234 3010368 3010368 9302493 9302493 9302493 9302493 611295 465935 145360 145360 hockey rink 532000 270644 270644 270644 50114265 25928594 270644 12312861 5895008 5895008 753517 516335 237182 12936408 11287326 611799 1037283 1120337 994237 48482 77618 2385745 2125716 89201 170828 971645 822790 60819 88036 25190 25190 50000 50000 1471735 1471735 2640089 2300197 157913 181979 433784 433784 2086155 2086155 198460 49160 64246 85054 766869 766869 3023103 2845995 160157 16951 382787 382787 general and administrat 1116747 1116747 instruction 1038342 1038342 student services 964624 964624 DEVELOPMENT 598754 598754 general and institution 187192 187192 39046491 33269130 3283676 2493685 9101053 5402522 25925811 26481635 1218251 1394413 213766 233950 654247 787305 135983480 48166084 75399565 87817396 44363293 64722898 129994620 120285340 959547 648601 287830153 307774060 5591264 3622308 3826237 4027738 41498552 39120159 5879799 4443392 56795852 51213597 X 88335768 107960617 17996244 20101064 124702289 128498782 231034301 256560463 287830153 307774060 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 162545494 3842646 25624923 2875757 6241972 1438892 181456442 195239490 1850411 -23657275 3039079 6570985 1277068 162545494 0.32000 0.67000 0 0 6752663 6752663 120949790 41069607 79880183 7998357 7096477 901880 282670 282670 87817396 private equities and alternative investments 120285340 F 120285340 liabilities under split-interest agreements 4443392 4443392 50114265 39046491 11067774 13609640 848748 14458388 25526162 57671845 13609640 1405729 15015369 42656476 1471735 5986054 7457789 50114265 32145683 465935 465935 31679748 1471735 5895008 7366743 39046491 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 2010 OR 2009. 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. Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part X: Description of Uncertain Tax Positions Under FIN 48: THE SCHOOL ADOPTED THE NEW ACCOUNTING FOR UNCERTAINTY IN INCOME TAX GUIDANCE ON JULY 1, 2009. THE ADOPTION OF THAT GUIDANCE DID NOT RESULT IN THE RECOGNITION OF ANY UNRECOGNIZED TAX BENEFITS AND THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2010. THE SCHOOL'S U.S. FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2007 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: 939794. book vs. tax difference: -91046. Part XII, Line 2d - Other Adjustments: cost of goods sold: 465935. change in value of split-interest agreements: 939794. Part XII, Line 4b - Other Adjustments: financial aid: 5895008. book vs. tax difference: 91046. Part XIII, Line 2d - Other Adjustments: cost of goods sold: 465935. Part XIII, Line 4b - Other Adjustments: financial aid: 5895008. 1 1 1 Newspaper media 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 Student Financial Aid 183 5895008 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 276006 0 0 0 0 0 34703 0 39060 0 349769 0 0 0 GILBERT t THORNFELDT 167345 0 0 0 0 0 17538 0 20221 0 205104 0 0 0 christopher r latham 192824 0 0 0 0 0 24511 0 27010 0 244345 0 0 0 frederick wandelt 145924 0 0 0 0 0 17695 0 16421 0 180040 0 0 0 Part I, Line 1a AS THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 465 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 Connecticut Health and Educational Facilities Authority 060806186 2077415q8 2008-12-23 8500000 CONSTRUCTION DINING HALL 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. 15975634 provided Construction services to the school 0 meredith thornfeldt spouse of an officer 17694 employee compensation 0 pamela macmullen spouse of an officer 69180 employee compensation 0 X WALK IN COOLER 1 35059 FMV X VARIOUS 7 18503 FMV 0 1 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 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 key employees is determined by the President of the Corporation, independently of those individuals, based upon compensation data surveyed from 39 comparable boarding schools. 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 those same 39 schools. 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. Form 990, Part XI, Line 2c The School has not changed either its oversight or selection process during the tax year.