2026-05-05T20:19:31-05:00 2025-06-30 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2024-07-01 050470320 IYRS SCHOOL OF TECHNOLOGY & TRADES INC IYRS 4018485777 449 THAMES STREET NEWPORT RI 02840 MONIQUE COLLINS CFO 4018485777 2026-05-05 1 1 MELISSA MODELSON P01603524 9143818900 2026-04-30 2024 2025-03-06 01:10:19Z KERN MAASS 449 THAMES STREET NEWPORT RI 02840 6254882 0 X WWW.IYRS.EDU X 1993 RI IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON INNOVATIVE LEARNING TO REALIZE THEIR POTENTIAL. 27 26 29 34 51276 45105 2281307 2399399 2825781 3035837 194207 138384 80364 124672 5381659 5698292 296870 320587 0 0 2612674 2802002 0 0 521633 2413830 2357938 5323374 5480527 58285 217765 21806897 21288824 1435183 1311144 20371714 19977680 IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON INNOVATIVE LEARNING TO REALIZE THEIR FULL POTENTIAL. 0 0 3710601 320587 2441558 IYRS OFFERS FOUR, ACCSC-ACCREDITED PROGRAMS THAT RANGE IN DURATION FROM 6 TO 20 MONTHS. THE BOATBUILDING & RESTORATION PROGRAM IS A COMPREHENSIVE TWO-YEAR COURSE FOCUSED ON TRADITIONAL WOODEN BOAT-BUILDING TECHNIQUES. THE MARINE SYSTEMS PROGRAM, LASTING 6 MONTHS, PREPARES STUDENTS TO INSTALL, REPAIR, AND MAINTAIN ESSENTIAL MARINE SYSTEMS, INCLUDING ELECTRICAL, NAVIGATION, PROPULSION, PLUMBING, AND SAFETY SYSTEMS. THE 9-MONTH COMPOSITES TECHNOLOGY PROGRAM PROVIDES TRAINING IN COMPOSITES FUNDAMENTALS, MANUFACTURING METHODS, TOOLING DEVELOPMENT, AND REPAIR. THE DIGITAL MODELING & FABRICATION PROGRAM, ALSO 9 MONTHS, OFFERS TECHNICAL SKILL DEVELOPMENT IN MODERN DIGITAL FABRICATION METHODS FOR CAREERS IN ADVANCED MANUFACTURING AND DESIGN. 374280 0 594279 IYRS OWNS AND OPERATES A MARINA THAT SHOWCASES CLASSIC AND OTHER BOATS, PROVIDING STUDENTS WITH HANDS-ON LEARNING OPPORTUNITIES. IYRS ALSO MANAGES RELATED ORGANIZATIONS TO FURTHER SUPPORT ITS EDUCATIONAL MISSION. 4084881 1 1 0 0 0 0 0 0 1 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 28 0 29 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA FL MA NY RI X X MONIQUE COLLINS CFO 4018485777 449 THAMES STREET NEWPORT RI 02840 KERN MAASS PRESIDENT/CEO 50.00 2.00 X X 292356 0 46859 STEPHEN GLASCOCK CHAIRMAN 0.50 0.00 X X 0 0 0 RONALD O'HANLEY VICE CHAIRMAN 0.50 0.00 X X 0 0 0 DOUGLAS NEWHOUSE TREASURER 0.50 0.00 X X 0 0 0 TOM FARRELL SECRETARY THRU 02/2025 0.50 0.00 X X 0 0 0 LISA LEFORT SECRETARY AS OF 03/2025 0.50 0.00 X X 0 0 0 GEORGE BAKER TRUSTEE 0.50 0.00 X 0 0 0 SUSAN BALLOCH TRUSTEE 0.50 0.00 X 0 0 0 DR KATHLEEN BARNES TRUSTEE 0.50 0.00 X 0 0 0 JOHN BROOKS TRUSTEE 0.50 0.00 X 0 0 0 CONNELL CHRISTOPHER CANNON TRUSTEE 0.50 0.00 X 0 0 0 LISA HINTZ CHEEK TRUSTEE THRU 07/2024 0.50 0.00 X 0 0 0 MALCOLM D CLARKE JR TRUSTEE THRU 09/2024 0.50 0.00 X 0 0 0 DARRELL CRATE TRUSTEE 0.50 0.00 X 0 0 0 PETER DENTON TRUSTEE 0.50 0.00 X 0 0 0 DAISY D'ISERNIA TRUSTEE 0.50 0.00 X 0 0 0 RONALD DUNBAR TRUSTEE 0.50 0.00 X 0 0 0 BILL FIRTH TRUSTEE 0.50 0.00 X 0 0 0 LAUREN FLAHERTY TRUSTEE 0.50 0.00 X 0 0 0 ROBERT FLAXMAN TRUSTEE THRU 05/2025 0.50 0.00 X 0 0 0 LAWRENCE GLENN TRUSTEE THRU 03/2025 0.50 0.00 X 0 0 0 JOHN HALEY TRUSTEE 0.50 0.00 X 0 0 0 RALPH ISHAM TRUSTEE 0.50 0.00 X 0 0 0 NEAL HARRELL JR TRUSTEE 0.50 0.00 X 0 0 0 BILL KAHANE TRUSTEE 0.50 0.00 X 0 0 0 MARTIN KEEN TRUSTEE 0.50 0.00 X 0 0 0 TERRY LANZA TRUSTEE THRU 07/2024 0.50 0.00 X 0 0 0 SEAN NEWTH TRUSTEE 0.50 0.00 X 0 0 0 DAN OGDEN TRUSTEE 0.50 0.00 X 0 0 0 RIVES POTTS TRUSTEE 0.50 0.00 X 0 0 0 CARTER RICHARDSON TRUSTEE 0.50 0.00 X 0 0 0 HANNAH SWETT TRUSTEE 0.50 0.00 X 0 0 0 ALEX VALCIC TRUSTEE 0.50 0.00 X 0 0 0 MONIQUE COLLINS CFO & DIRECTOR OF OPERATIONS 50.00 2.00 X 138698 0 37629 WILLIAM KENYON DEAN OF STUDENTS 50.00 0.00 X 105558 0 6317 536612 0 90805 3 0 1 0 EAB GLOBAL INC PO BOX 603519 CHARLOTTE NC 28260 MARKETING SERVICES 260765 SME ENTERTAINMNET GROUP LLC 11777 SAN VINCENTE BLVD LOS ANGELES CA 90049 ENTERTAINMENT SERVICES 145475 SECURE FUTURE TECH SOLUTIONS 475 KILVERT STREET SUITE 110 WARWICK RI 02886 IT SERVICES 119390 RUSSEL MORIN CATERING & EVENTS 95 FRANK MOSSBERG DRIVE ATTLENBORO MA 02703 CATERING SERVICES 117285 REAGAN MARINE CONSTRUCTION LLC 221 THIRD STREET SUITE 201 NEWPORT RI 02840 CONSTRUCTION SERVICES 108750 8 763250 1636149 566537 2399399 TUITION FEES 611519 2267348 2267348 MARINA INCOME 713990 376159 376159 MANAGEMENT FEES 541610 218120 218120 STUDENT HOUSING FEES 721310 174210 174210 3035837 135206 51276 83930 44702 0 44702 44702 44702 106476 2373 105671 0 805 2373 3178 3178 263615 763250 434484 -170869 -170869 30450 9890 20560 20560 9846 6545 3301 3301 PARKING REVENUE 900099 164496 164496 MISCELLANEOUS INCOME 900099 62482 62482 226978 5698292 3035837 51276 211780 320587 320587 512490 84547 292667 135276 1922404 1548834 116152 257418 77882 64836 6036 7010 118900 94100 5060 19740 170326 119539 25387 25400 18493 18493 46707 46707 236887 216493 17730 2664 221734 221270 464 106472 83580 3053 19839 209424 136864 51577 20983 344109 335451 6753 1905 10401 9259 530 612 3700 2865 835 1607 975 632 436024 417434 9067 9523 225041 178557 45277 1207 PROGRAM EXPENSE 339578 126051 213527 REPAIRS & MAINTENANCE 70644 70644 COMMUNICATION EXPENSE 30206 23341 4192 2673 PROGRAM FOOD 24156 15879 7198 1079 32755 13775 3140 15840 5480527 4084881 874013 521633 402265 417721 1303335 1511907 131096 79429 100148 67845 61650 49458 445364 311259 15632762 4793955 11121679 10838807 847888 872900 5292569 4663353 2100903 2476145 21806897 21288824 457605 300899 963099 999256 0 3000 14479 7989 1435183 1311144 X 18903602 18379123 1468112 1598557 20371714 19977680 21806897 21288824 X 217765 17417 -491612 -137604 X X 0 1 X 1 0 X 4865638 2295446 1877009 1635584 2399399 13073076 2310191 2469359 3326744 3875468 3035837 15017599 7175829 4764805 5203753 5511052 5435236 28090675 273751 515513 373775 602359 252156 2017554 75000 307330 46589 50918 98016 577853 348751 822843 420364 653277 350172 2595407 25495268 126280 190616 438476 312682 128632 1196686 126280 190616 438476 312682 128632 1196686 99348 352015 25709 35019 226978 739069 7401457 5307436 5667938 5858753 5790846 30026430 0.84910 0.81870 0.03990 0.04060 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISC INCOME - 2020 AMOUNT: $ 99,348. 2021 AMOUNT: $ 352,015. 2022 AMOUNT: $ 25,709. 2023 AMOUNT: $ 35,019. 2024 AMOUNT: $ 62,482. PARKING REVENUE - 2024 AMOUNT: $ 164,496. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 592890 32663 29360 30172 624741 595178 0 25974 28262 592890 556324 0 66229 27375 595178 591738 0 -35414 0 556324 597150 0 14588 20000 591738 0.00000 0.92865 0.07135 0 0 3218900 3218900 8896019 2221807 6674212 1472595 896966 575629 2045248 1675182 370066 10838807 INVESTMENTS IN SUBSIDIARIES 4663353 F 4663353 RELATED PARTY RECEIVABLES 851249 WORKS OF ART 584733 BOAT RESTORATION ASSETS 688477 RIGHT OF USE ASSETS 7442 DEVELOPER FEE RECEIVABLE 307744 OTHER ASSETS 36500 2476145 FINANCE LEASE LIABILITY 7989 7989 X 5517783 17417 1211569 1228986 4288797 1409495 1409495 5698292 5378770 1262660 1262660 4116110 1364417 1364417 5480527 PART IV, LINE 2B: THE SCHOOL HOLDS THE FUNDS FOR THE STUDENTS AND THE FUNDS ARE RETURNED ONCE THEY MOVE OUT OF THE RENTAL PROPERTY. PART V, LINE 4: THE SCHOOLS ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS ESTABLISHED TO SUPPORT SCHOLARSHIPS, INCLUDING THE ACCUMULATED APPRECIATION OF THOSE FUNDS. PART X, LINE 2: THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO JUNE 30, 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE ALLOCABLE TO CONSOLIDATED SUBSIDIARIES 1,205,024. COST OF GOODS SOLD REPORTED ON FORM 990 PART VII LINE 10B 6,545. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS EXPENSE REPORTED ON FORM 990 PART IX LINE 2 320,587. SPECIAL EVENT EXPENSE REPORTED ON FORM 990 PART IX LINE 24 14,109. ELIMINATIONS IN CONSOLIDATION 937,195. INCOME/(LOSS IN SUBSIDIARIES REPORTED ON FORM 990 PART XI LINE 9 137,604. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON FORM 990 PART VII LINE 10B 6,545. EXPENSES ALLOCABLE TO CONSOLIDATED SUBSIDIARIES 1,256,115. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS EXPENSE REPORTED ON FORM 990 PART IX LINE 2 320,587. SPECIAL EVENT EXPENSE REPORTED ON FORM 990 PART IX LINE 24 14,109. ELIMINATIONS IN CONSOLIDATION 1,029,721. IYRS SUMMER GALA 976197 751735 224462 47127 59148 149000 136952 IYRS CLASSIC YACHT REGATTA 29403 0 29403 0 8296 4000 14154 1 21265 11515 9750 3500 8256 0 4051 1026865 763250 263615 50627 75700 153000 155157 434484 -170869 30450 9885 5 1 1.00000 30450 9885 5 9890 20560 RI 1 0 0 0 1.00000 0.00000 MONIQUE COLLINS 130 EDMOND DRIVE WARWICK RI 02886 0 MONIQUE COLLINS 267 MAINTAINS THE BOOKS AND RECORDS OF THE BOAT RAFFLE X 0 1 SCHOLARSHIPS 56 320587 PART I, LINE 2: THE ORGANIZATION AWARDS SCHOLARSHIPS BASED ON BOTH FINANCIAL NEED AND MERIT. FINANCIAL NEED IS DETERMINED USING INFORMATION PROVIDED BY THE STUDENT THROUGH THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). MERIT SCHOLARSHIPS ARE AWARDED BASED ON RESPONSES TO A SCHOLARSHIP APPLICATION, WHICH ARE EVALUATED USING A STANDARDIZED RUBRIC. TO ENSURE THAT SCHOLARSHIP FUNDS ARE USED FOR THEIR INTENDED PURPOSE, ALL AWARDS ARE APPLIED DIRECTLY TO THE STUDENT'S TUITION ACCOUNT AND CANNOT BE DISBURSED AS UNRESTRICTED CASH. THE ORGANIZATION MONITORS COMPLIANCE THROUGH ITS FINANCIAL AID MANAGEMENT SYSTEM, WHICH REQUIRES STUDENTS TO MAINTAIN SATISFACTORY ACADEMIC PROGRESS (SAP) AS DEFINED IN INSTITUTIONAL POLICY. TERM-BASED AUDITS ARE CONDUCTED TO CONFIRM ENROLLMENT STATUS AND PROPER APPLICATION OF FUNDS. IF A STUDENT FAILS TO MEET ELIGIBILITY REQUIREMENTS, FUNDS MAY BE ADJUSTED OR REVOKED. APPEALS ARE REVIEWED BY THE SCHOLARSHIP COMMITTEE UNDER DOCUMENTED PROCEDURES. RECIPIENTS ARE SELECTED THROUGH A FAIR AND CONSISTENT PROCESS. FOR NEED-BASED AWARDS, FAFSA DATA IS VERIFIED DURING THE FINANCIAL AID REVIEW. FOR MERIT-BASED AWARDS, APPLICATIONS ARE SCORED USING A RUBRIC THAT MEASURES ACADEMIC ACHIEVEMENT, LEADERSHIP, AND ALIGNMENT WITH PROGRAM VALUES. X X X 0 0 0 0 0 0 0 1 0 KERN MAASS PRESIDENT/CEO 260356 0 32000 0 0 0 15243 0 31616 0 339215 0 0 0 MONIQUE COLLINS CFO & DIRECTOR OF OPERATIONS 138698 0 0 0 0 0 9070 0 28559 0 176327 0 0 0 PART I, LINE 7 INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED A DISCRETIONARY BONUS DURING CALENDAR YEAR 2024, WHICH WAS INCLUDED IN COLUMN B(II) HEREIN AND IN THEIR 2024 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. X 13 440175 SALE OF COMPARABLES X 8 116362 AVG. SELLING PRICE X 1 10000 SALE OF COMPARABLES 0 0 1 0 PART I, COLUMN (B): THE SCHOOL IS REPORTING THE NUMBER OF CONTRIBUTIONS FOR BOATS AND PLANES AND COLLECTIBLES, AND REPORTING THE NUMBER OF CONTRIBUTORS FOR PUBLICLY TRADED SECURITIES. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. AFTER THE FORM 990 HAS BEEN PREPARED, THE CEO AND CFO REVIEW THE FORM PRIOR TO FILING AND WORK CLOSELY WITH THE EXTERNAL TAX TEAM THROUGHOUT THE PROCESS. ONCE THEY ARE SATISFIED WITH THE FORM, IT IS SHARED ELECTRONICALLY WITH THE FINANCE COMMITTEE AND THEN WITH THE BOARD OF TRUSTEES. BOTH THE COMMITTEE AND THE BOARD ARE ASKED TO SUBMIT ANY QUESTIONS OR COMMENTS ELECTRONICALLY. AFTER ALL FEEDBACK HAS BEEN REVIEWED AND NO FURTHER CHANGES ARE NEEDED, THE FORM IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PROVIDED TO ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES. ANNUALLY, THESE INDIVIDUALS ARE ASKED TO REVIEW THE POLICY AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND THE POLICY, 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 CHAIR OF THE BOARD OF TRUSTEES 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 15 THE PRESIDENT'S EVALUATION INCLUDES REVIEWING A SALARY SURVEY OF COMPARABLE POSITIONS BASED ON FORMS 990 FROM SIMILAR ORGANIZATIONS. THE CURRENT PRESIDENT WAS HIRED ON JULY 15, 2023, UNDER A THREE-YEAR CONTRACT THAT RUNS THROUGH JULY 1, 2026. COMPENSATION FOR ALL OTHER EMPLOYEES INCLUDING THE CHIEF FINANCIAL OFFICER, KEY EMPLOYEES, AND THE HIGHEST-COMPENSATED STAFF IS DETERMINED BY THE PRESIDENT. HOWEVER, THE BOARD OF TRUSTEES APPROVES THE OVERALL BUDGET, WHICH INCLUDES EMPLOYEE SALARIES, AND A SALARY WORKSHEET IS AVAILABLE TO ALL EXECUTIVE COMMITTEE MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY. FORM 990, PART XI, LINE 9: INCOME LOSS IN SUBSIDIARIES -137,604. FORM 990, PART XII, LINE 2C: THE SCHOOL'S FISCAL COMMITTEE IS COMPRISED OF MULTIPLE TRUSTEES AND HEADED BY THE TREASURER OF THE BOARD. THEY ARE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT, REVIEW, OR COMPILATION OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. MILL RESTORATION LLC 449 THAMES STREET NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC EXCLUDED 661 2624814 0 0 1.00000 RESTORATION LEASING LLC 449 THAMES STREET NEWPORT RI 02840 261134383 REAL ESTATE RI IYRS SCHOOL OF TECNOLOGY & TRADES UNRELATED -191672 1374376 0 0 0.99990 RESTORATION MANAGEMENT INC 449 THAMES STREET NEWPORT RI 02840 261126450 REAL ESTATE RI IYRS SCHOOL OF TECNOLOGY & TRADES C 117771 5494689 1.00000 1 1 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 1 0 0 MILL RESTORATION LLC A 50615 COST RESTORATION LEASING LLC K 140952 COST RESTORATION LEASING LLC L 155924 COST MILL RESTORATION LLC Q 82156 COST