2020-03-31T15:08:39-05:00 2019-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2018-07-01 050470320 IYRS SCHOOL OF TECHNOLOGY & TRADES IYRS 4018485777 449 THAMES STREET NEWPORT RI 02840 JAY COOGAN PRESIDENT 4018485777 2020-03-31 1 SANDY ROSS P01399337 4012742001 71.117.160.66 2020-03-31 10:43:57 ED P 4307CEFB529B85E6F11DB4DA0F09880548EE4425 86FFA9ED4A60BA0B5BB8A432A9BC8CCC483FB36A 2018 2020-09-23 17:36:50Z JAY COOGAN 449 THAMES STREET NEWPORT RI 02840 5483000 0 X WWW.IYRS.EDU X 1993 RI TO EDUCATE AND INSPIRE THE LEADERS OF TOMORROW IN THE CRAFT OF BUILDING AND MAKING. 30 29 39 30 0 0 2713495 2148628 1965726 1620811 162799 -53759 93981 144064 4936001 3859744 0 0 0 0 2092092 2155345 34858 0 494263 2672537 2308242 4799487 4463587 136514 -603843 27496461 26607842 9169761 8834740 18326700 17773102 X IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREER AND IN LIFE. 0 0 3258975 1310468 THE BOATBUILDING & RESTORATION IS A TWO-YEAR PROGRAM ABOUT MASTERING A CRAFT BASED ON THE FUNDAMENTALS OF WOODEN BOATBUILDING. IN THE BOATBUILDING & RESTORATION PROGRAM, FIRST-YEAR STUDENTS' MAJOR PROJECT IS THE FULL RESTORATION OF BEETLECATS, SMALL PLANK-ON-FRAME BOATS, IN TEAMS OF TWO OR THREE STUDENTS. SECOND-YEAR STUDENTS TAKE ON THE RESTORATION OF LARGER PLANK-ON-FRAME SAILBOATS OR POWER BOATS AND LEARN MARINE BUSINESS OPERATIONS. (CONTINUED ON SCHEDULE O)IN FISCAL YEAR 2019, FIRST-YEAR STUDENTS COMPLETED 4 BEETLECATS AND SECOND-YEAR PROJECTS INCLUDED THE RESTORATION OF A HERRESHOFF 12 1/2 AND TWO REPLICAS, AN 1892 HERRESHOFF HALF-RATER AND A BUZZARDS BAY 14. WE CONTINUE TO MODESTLY REFINE CURRICULUM TO DELIVER A STATE-OF-THE-ART BOATBUILDING & RESTORATION PROGRAM, DEEPEN DIFFERENTIATORS AND EQUIP STUDENTS WITH SKILL SETS THAT SET THEM APART IN THE WORKPLACE SUCH AS PROJECT MANAGEMENT AND PROBLEM-SOLVING SKILLS. IN SEPTEMBER 2018, THERE WERE 17 FIRST-YEAR AND 18 SECOND-YEAR STUDENTS ENROLLED IN THE BOATBUILDING & RESTORATION PROGRAM; 17 OF THE SECOND-YEAR STUDENTS RECEIVED THEIR CERTIFICATE IN BOATBUILDING AND RESTORATION.THE MARINE SYSTEMS IS A 6-MONTH PROGRAM THAT TRAINS STUDENTS TO INSTALL, REPAIR AND MAINTAIN EVERY ESSENTIAL SYSTEM ON BOATS OF ALL SIZES: ELECTRICAL, NAVIGATION, ELECTRONICS, STEERING, DIESEL ENGINES, PLUMBING, FIREFIGHTING, HVAC, REFRIGERATION AND MORE. IT IS AN INTENSE IMMERSION INTO THE WORLD OF MODERN BOAT SYSTEMS. STUDENTS WORK IN TEAMS AND RECEIVE TOP-TIER INSTRUCTION AND GUIDANCE FROM INDUSTRY EXPERTS. ABYC AND NMEA CERTIFICATION EXAM PREP IS A CORE PART OF THE CURRICULUM, SO STUDENTS ARE READY TO TAKE THE TESTS, AND ENTER THE INDUSTRY. IN SEPTEMBER 2018, THERE WERE 18 STUDENTS ENROLLED IN THE MARINE SYSTEMS PROGRAM, OF WHICH 17 RECEIVED THEIR CERTIFICATE IN MARINE SYSTEMS; IN MARCH 2019, THERE WERE 11 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2020.THE COMPOSITES TECHNOLOGY IS A 6-MONTH PROGRAM THAT HAS FOUR CORNERSTONES: COMPOSITES FUNDAMENTALS, COMPOSITES MANUFACTURING METHODS, COMPOSITES TOOLING DEVELOPMENT, AND COMPOSITES REPAIR AND REFINISHING. STUDENTS LEARN SKILLS SUCH AS VACUUM INFUSION PROCESSING, ADVANCED MOLDING, CAD/CAM OPERATIONS, ROBOTIC CNC PLUG BUILDING, REPAIR PRACTICES, AND MORE. DURING THE 6-MONTH PROGRAM, STUDENTS PREPARE TO TAKE SEVERAL ACMA CERTIFICATION EXAMS - THE GOLD STANDARD OF COMPOSITES CREDENTIALS. IN SEPTEMBER 2018, THERE WERE 5 STUDENTS ENROLLED IN THE COMPOSITES TECHNOLOGY PROGRAM, OF WHICH 4 RECEIVED THEIR CERTIFICATE IN COMPOSITES TECHNOLOGY; IN MARCH 2019, THERE WERE 3 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2020.THE DIGITAL MODELING & FABRICATION IS A 9-MONTH PROGRAM THAT IS A TECHNICAL SKILL-BUILDING PLATFORM FOR THE MODERN MAKER OR MANUFACTURER. THE EXTRA-DISCIPLINARY CURRICULUM PROVIDES FOR THE OPPORTUNITY TO ENGAGE IN DESIGN THINKING, PROTOTYPING AND FABRICATION. IN SEPTEMBER 2018, THERE WERE 5 STUDENTS ENROLLED, OF WHICH 3 RECEIVED THEIR CERTIFICATE IN DIGITAL MODELING & FABRICATION.SCHOLARSHIPS TO STUDENTS IN THE BOATBUILDING & RESTORATION, DIGITAL MODELING & FABRICATION, MARINE SYSTEMS AND COMPOSITES TECHNOLOGY PROGRAMS ARE AWARDED FOR TUITION AND FEES BASED ON FINANCIAL NEED AS CREDITS TO THEIR ACCOUNTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2019, 48 STUDENTS RECEIVED SCHOLARSHIPS FOR A TOTAL OF $278,672. 143589 219534 IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS, AND OWNS A TEMPORARY BUILDING USED FOR THE RESTORATION OF THE YACHT "CORONET". IN ADDITION, IYRS MANAGES OTHER RELATED ORGANIZATIONS. 3402564 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 37 0 39 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 RI X MONIKA MILLER DIRECTOR OF FINANCE & ADMIN 4018485777 449 THAMES STREET NEWPORT RI 02840 TERRY L NATHAN PRESIDENT (UP TO 12/31/18) 58.00 2.00 X X 239073 0 32334 JAY COOGAN PRESIDENT (AS OF 10/01/2018) 58.00 2.00 X X 107885 0 2520 CONNELL CHRISTOPHER CANNON CHAIRMAN 0.50 X X 0 0 0 RONALD P O'HANLEY VICE-CHAIRMAN 0.50 X X 0 0 0 DARRELL CRATE TREASURER 0.50 X X 0 0 0 MICHAEL J DOMINGUEZ SECRETARY 0.50 X X 0 0 0 WILLIAM M BROOKS TRUSTEE 0.50 X 0 0 0 MALCOLM D CLARKE JR TRUSTEE 0.50 X 0 0 0 CHRISTOPHER J CULVER TRUSTEE 0.50 X 0 0 0 PETER DENTON TRUSTEE 0.50 X 0 0 0 JOSEPH T DOCKERY TRUSTEE 0.50 X 0 0 0 BILL FIRTH TRUSTEE 0.50 X 0 0 0 JUERGEN FRIEDRICH TRUSTEE 0.50 X 0 0 0 GLENN F FULLER TRUSTEE 0.50 X 0 0 0 STEPHEN L GLASCOCK TRUSTEE 0.50 X 0 0 0 LAWRENCE GLENN TRUSTEE 0.50 X 0 0 0 DEBORAH L HADLEY TRUSTEE 0.50 X 0 0 0 SETH HAGEN TRUSTEE 0.50 X 0 0 0 CLARE HARRINGTON TRUSTEE 0.50 X 0 0 0 JAMES A HILTON TRUSTEE 0.50 X 0 0 0 RALPH ISHAM TRUSTEE 0.50 X 0 0 0 WILLIAM KAHANE TRUSTEE 0.50 X 0 0 0 JOHN L KLINCK JR TRUSTEE 0.50 X 0 0 0 TERRY L LANZA TRUSTEE 0.50 X 0 0 0 BILL MORONG TRUSTEE 0.50 X 0 0 0 DOUGLAS L NEWHOUSE TRUSTEE 0.50 X 0 0 0 CAROL O'MALLEY TRUSTEE 0.50 X 0 0 0 HARRY REIN TRUSTEE 0.50 X 0 0 0 TIM RUTTER TRUSTEE 0.50 X 0 0 0 MARK E WATSON TRUSTEE 0.50 X 0 0 0 J STEVEN WHITE TRUSTEE 0.50 X 0 0 0 REBEKA J MAZZONE CPA CCEP COO/CFO (UP TO 8/18) 55.00 5.00 X 190831 0 4193 MONIKA MILLER DIR. OF FINANCE & ADMINISTRATION 60.00 X 86998 0 9034 NORA MEAH DIR. OF ADMISSIONS & MARKETING 50.00 X 102053 0 9541 726840 0 57622 4 0 1 0 ISAACSON MILLER INC 263 SUMMER STREET BOSTON MA 02210 EXECUTIVE RECRUITMENT 111434 1 367339 1781289 177770 2148628 SCHOOL 611519 1211948 1211948 MARINA 713990 219534 219534 MANAGEMENT FEES 900099 189329 189329 1620811 54755 54755 56050 0 56050 56050 18000 38050 564861 315250 512396 476229 52465 -160979 -108514 -160979 52465 667319 367339 631475 35844 35844 6681 3156 3525 3525 OTHER INCOME 900099 48645 48645 48645 3859744 1530002 0 181114 567205 246774 153347 167084 1370354 1157894 6952 205508 27411 19920 4217 3274 58208 53143 1499 3566 132167 91987 14664 25516 23750 7666 16084 49489 49489 13632 13632 249141 207318 4700 37123 281171 280617 554 204086 174979 17491 11616 66729 32636 19433 14660 420756 306457 105274 9025 25804 19976 1073 4755 915 576 35 304 230830 153360 77470 536440 511599 23418 1423 157215 122867 25756 8592 DUES AND FEES 28853 14795 12241 1817 BAD DEBT EXPENSE 19431 19431 4463587 3402564 566760 494263 802747 399245 725311 2670555 665771 380174 1980449 1883876 10346 12517 405651 241725 15624899 2961865 13148200 12663034 2766048 1779195 5292569 5292569 1699369 1284952 27496461 26607842 329017 352852 732490 768849 8008164 7607243 100090 105796 9169761 8834740 X 16185594 15200553 1618606 2025049 522500 547500 18326700 17773102 27496461 26607842 -603843 50245 0 X 0 1 X 1 0 X 2312649 3997978 3138970 2713495 2148628 14311720 2416029 2559242 2713984 2621872 2294811 12605938 4728678 6557220 5852954 5335367 4443439 26917658 1262674 891084 707199 876827 463898 4201682 0 1262674 891084 707199 876827 463898 4201682 22715976 81881 89617 63364 171090 110805 516757 81881 89617 63364 171090 110805 516757 62014 48713 100228 32722 50816 294493 4872573 6695550 6016546 5539179 4605060 27728908 0.81920 0.80800 0.01860 0.01770 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 584602 25000 36677 17100 629179 541477 30000 30625 17500 584602 496806 35000 28971 19300 541477 466503 38000 13153 20850 496806 329853 138000 14942 16292 466503 0.87020 0.12980 0 0 3828668 3828668 9424379 1469307 7955072 94536 45644 48892 2277316 1446914 830402 12663034 INVESTMENT IN SUBSIDIARY 5292569 C 5292569 DEFERRED COMPENSATION LIABILITY 105796 105796 X PART V, LINE 4: IYRS'S ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS ESTABLISHED TO SUPPORT SCHOLARSHIPS FOR THE SCHOOL, INCLUDING THE ACCUMULATED APPRECIATION OF THOSE FUNDS. PART X, LINE 2: IYRS IS EXEMPT FROM FEDERAL INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH ITS TAX-EXEMPT STATUS AT BOTH THE FEDERAL AND STATE LEVELS. IYRS ANNUALLY FILES IRS FORM 990 - RETURN OF ORGANIZATIONS EXEMPT FROM INCOME TAX, REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX-EXEMPT ENTITIES. THESE TAX RETURNS ARE SUBJECT TO REVIEW BY THE TAXING AUTHORITIES. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. GALA 940473 302711 637762 37826 68070 146716 275093 CLASSIC YACHT REGATTA 73817 45500 28317 2460 32166 2600 34334 1 20368 19128 1240 7724 16841 7645 1034658 367339 667319 48010 117077 149316 317072 631475 35844 X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TERRY L NATHAN PRESIDENT (UP TO 12/31/18) 239073 0 0 0 0 0 26473 0 5861 0 271407 0 0 0 REBEKA J MAZZONE CPA CCEP COO/CFO (UP TO 8/18) 190831 0 0 0 0 0 4193 0 0 0 195024 0 0 0 PART I, LINE 1A IYRS PAYS FOR THE PRESIDENT'S MEMBERSHIP IN THE NEW YORK YACHT CLUB, A MEMBERSHIP DIRECTLY RELATED TO HIS PROGRAMMATIC AND FUNDRAISING WORK. PART I, LINE 1B THE EXPENSE FOR THE MEMBERSHIP IS PART OF THE COMPENSATION CONTRACT AND IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. A RHODE ISLAND COMMERCE CORPORATION SERIES 2016A 050356994 2016-10-28 6000000 REFINANCE/FINANCE CONSTRUCTION OF NEW BUILDING 0 0 0 B RHODE ISLAND COMMERCE CORPORATION SERIES 2016B 050356994 2016-10-28 2100000 REFINANCE/FINANCE CONSTRUCTION OF NEW BUILDING 0 0 0 A 6000000 6000000 2017 0 0 0 0 B 2100000 2100000 2017 0 0 0 0 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 X 4 116489 STOCK EXCHANGE VALUE X AUCTION ITEMS 83 56781 DONOR STATED VALUE X EQUIPMENT 1 4500 DONOR STATED VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE SENIOR STAFF ACCOUNTANT AND DIRECTOR OF FINANCE AND ADMINISTRATION BOTH REVIEW THE 990 PRIOR TO FILING AND WORK CLOSELY WITH THE EXTERNAL TAX TEAM. ONCE THEY ARE SATISFIED WITH THE FORM, IT IS SHARED WITH THE FINANCE COMMITTEE ELECTRONICALLY, AND THEN WITH THE BOARD OF TRUSTEES. THE COMMITTEE AND BOARD ARE ASKED IF THEY HAVE ANY QUESTIONS OR COMMENTS, WHICH ARE REVIEWED ELECTRONICALLY. ONCE THERE ARE NO FURTHER CHANGES, 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 15A ANNUALLY, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A PERFORMANCE REVIEW AND EVALUATION OF THE PRESIDENT, ESTABLISHING THE PRESIDENT'S COMPENSATION BASED ON THE EVALUATION OF THE PRESIDENT AND CONSIDERATION OF A SALARY SURVEY OF COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS. THE NEW PRESIDENT WAS HIRED AS OF OCTOBER 1, 2018 WITH A 5 YEAR CONTRACT THROUGH DECEMBER, 2023. THE PAY FOR ALL OTHER EMPLOYEES, INCLUDING THE CHIEF OPERATIONS & FINANCIAL OFFICER, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES, IS DETERMINED BY THE PRESIDENT. HOWEVER, THE BOARD OF TRUSTEES APPROVES THE 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 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES UPON REQUEST OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CHARGES FOR THE COPIES IN ACCORDANCE WITH IRS REGULATIONS. MILL RESTORATION LLC 449 THAMES ST NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC EXCLUDED 3723 78156 1 0 0.01000 RESTORATION LEASING LLC 449 THAMES ST NEWPORT RI 02840 261134383 REAL ESTATE RI EXCLUDED 656663 1815722 1 1 0.99900 RESTORATION MANAGEMENT INC 449 THAMES ST NEWPORT RI 02840 261126450 REAL ESTATE RI C 40000 3904319 1.00000 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 RESTORATION LEASING LLC K 407274 ACTUAL CASH PAID RESTORATION LEASING LLC L 34591 ACTUAL CASH RECEIVED RESTORATION LEASING LLC J 139858 ACTUAL CASH RECEIVED RESTORATION MANAGEMENT INC L 40000 ACTUAL CASH RECEIVED