2020-07-15T16:10:45-05:00 2019-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2018-07-01 060647018 THE HOTCHKISS SCHOOL HOTC 8604352591 11 INTERLAKEN LAKEVILLE CT 060390800 SANDRA LYNCH CHIEF FINANCIAL OFFICER 8604352591 2020-07-10 1 LORI ROTHE YOKOBOSKY CPA P01273422 9592007000 2020-07-09 209.59.242.22 2020-07-10 08:11:34 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0FC5460241256066D74A2C5C66FD8B85E1F8608D 2018 2021-01-29 14:40:06Z SANDRA LYNCH 11 INTERLAKEN LAKEVILLE CT 060390800 134422929 0 X WWW.HOTCHKISS.ORG X 1891 CT THE SCHOOL STRIVES TO DEVELOP IN STUDENTS A LIFELONG LOVE OF LEARNING, RESPONSIBLE CITIZENSHIP AND PERSONAL INTEGRITY. 23 22 505 11 -1838293 -3401288 19447553 20167297 35445420 35905278 32828563 24992040 2509951 2369221 90231487 83433836 9496043 9740710 0 0 31670217 30972292 0 0 3998720 32410957 39741113 73577217 80454115 16654270 2979721 668865917 674568297 79905160 80511844 588960757 594056453 THE HOTCHKISS SCHOOL STRIVES TO DEVELOP IN STUDENTS A LIFELONG LOVE OF LEARNING, RESPONSIBLE CITIZENSHIP, AND PERSONAL INTEGRITY. WE ARE A COMMUNITY BASED ON TRUST, MUTUAL RESPECT, AND COMPASSION, AND WE HOLD ALL MEMBERS OF THE COMMUNITY ACCOUNTABLE FOR UPHOLDING THESE VALUES. 0 0 53775093 9740710 37737163 THE SCHOOL IS COMMITTED TO MASTERY OF LEARNING SKILLS, DEVELOPMENT OF INTELLECTUAL CURIOSITY, EXCELLENCE AND CREATIVITY IN ALL DISCIPLINES, AND ENTHUSIASTIC PARTICIPATION IN ATHLETICS AND OTHER SCHOOL ACTIVITIES. WE ENCOURAGE OUR STUDENTS TO DEVELOP CLARITY OF THOUGHT, CONFIDENCE AND FACILITY IN EXPRESSING IDEAS, AND ARTISTIC AND AESTHETIC SENSITIVITY. WE EXPECT ALL MEMBERS OF THE COMMUNITY, IN AND OUT OF THE CLASSROOM, TO SUBJECT THEIR VIEWS AND ACTIONS TO CRITICAL EXAMINATION AND TO ACCEPT RESPONSIBILITY FOR THEM. WE HOPE THAT OUR GRADUATES WILL LEAVE HOTCHKISS WITH A COMMITMENT TO SERVICE TO OTHERS AND TO ENVIRONMENTAL STEWARDSHIP, AND WITH A GREATER UNDERSTANDING OF THEMSELVES AND OF THEIR RESPONSIBILITIES IN A GLOBAL SOCIETY. THE ENROLLMENT FOR THE TAX YEAR WAS APPROXIMATELY 600 STUDENTS. 53775093 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 268 0 1 505 1 1 1 1 UK CJ BD 0 0 0 0 0 0 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT NY X SANDRA LYNCH 8604353159 11 INTERLAKEN LAKEVILLE CT 060390800 CHARLES AYRES JR TRUSTEE 3.00 X 0 0 0 AUSTIN BEUTNER TRUSTEE 3.00 X 0 0 0 ROBERT CHARTENER VICE PRESIDENT 3.00 X X 0 0 0 JOHN COUMANTAROS TRUSTEE 3.00 X 0 0 0 ELIZABETH FORD TRUSTEE 3.00 X 0 0 0 ROBERT GOULD TRUSTEE 3.00 X 0 0 0 JOHN GRUBE TRUSTEE 3.00 X 0 0 0 ELIZABETH GARDNER HINES TRUSTEE 3.00 X 0 0 0 BERNICE LEUNG LIN TRUSTEE 3.00 X 0 0 0 RAYMOND MCGUIRE VICE PRESIDENT 3.00 X X 0 0 0 KENDRA S O'DONNELL TRUSTEE 3.00 X 0 0 0 CARLOS A PEREZ TRUSTEE 3.00 X 0 0 0 THOMAS S QUINN III TRUSTEE 3.00 X 0 0 0 CHRISTOPHER REDLICH TRUSTEE 3.00 X 0 0 0 JEAN WEINBERG ROSE PRESIDENT 3.00 X X 0 0 0 THOMAS SEIDENSTEIN PRESIDENT OF ALUMNI ASSOCIATION 3.00 X 0 0 0 ROGER K SMITH SECRETARY 3.00 X X 0 0 0 TIMOTHY P SULLIVAN TRUSTEE 3.00 X 0 0 0 RHONDA R TROTTER TRUSTEE 3.00 X 0 0 0 REBECCA VAN DER BOGERT TRUSTEE 3.00 X 0 0 0 GWYN WILLIAMS PRESIDENT OF THE HOTCHKISS FUND 3.00 X 0 0 0 DAVID WYSHNER TREASURER 3.00 X X 0 0 0 CRAIG W BRADLEY HEAD OF SCHOOL 50.00 X X 470701 0 148457 JOHN P TUKE OUTGOING CHIEF FINANCIAL OFFICER 50.00 X 263522 0 124447 MELISSA WOODIN CONTROLLER/INTERIM CFO 50.00 X 183397 0 56637 JOSEPH P FLYNN CHIEF ADVANCEMENT OFFICER 50.00 X 249298 0 111080 JARED ZELMAN MD PHYSICIAN 50.00 X 207588 0 72759 ERBY L MITCHELL JR DEAN OF ADMISSION & FINANCIAL AID 50.00 X 177513 0 137328 MERRILEE MARDON ASSOCIATE HEAD OF SCHOOL, DEAN OF FACULTY 50.00 X 162664 0 98731 JEFFERY NAVIN SENIOR FINANCIAL ANALYST 50.00 X 160999 0 53256 1875682 0 802695 33 0 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FOOD SERVICE 2818236 BURLINGTON CONSTRUCTION CO INC 67 PROSPECT STREET TORRINGTON CT 06790 CONSTRUCTION/BLDG CONTRACTOR 1339780 ROPES & GRAY LLP PO BOX 70280 PHILADELPHIA PA 19176 LEGAL SERVICES 961758 MCPHEE ELECTRIC LTD 505 MAIN STREET FARMINGTON CT 06032 CONSTRUCTION/BLDG CONTRACTOR 803201 LOCKE LORD LLP PO BOX 301170 DALLAS TX 75303 LEGAL SERVICES 687079 38 20167297 12204018 20167297 TUITION AND FEES 611110 35905278 35905278 35905278 1569555 -1943325 3512880 73954886 45615 50578016 0 23376870 45615 23422485 23422485 414511 411077 3434 3434 STUDENT FEES AND OTHER 900099 1146427 1029365 117062 STUDENT ACTIVITIES AND 611710 799086 799086 CHILD CARE INCOME 611710 315242 315242 105032 105032 2365787 83433836 37737163 -1838293 27367669 9740710 9740710 973467 80227 786270 106970 21150480 16550332 2623635 1976513 2356576 1923142 203764 229670 4890707 3206981 1300734 382992 1601062 1252837 198606 149619 1967550 1967550 84535 84535 2790701 2790701 4740259 3608842 935200 196217 89763 87778 1985 1298499 860028 172749 265722 957042 765634 143556 47852 4213157 3674868 400363 137926 626359 308796 180548 137015 92095 92095 1396735 1117388 279347 7696245 6156996 1539249 703934 703934 SETTLEMENT EXPENSES 7455000 7455000 INSTRUCTIONAL EXPENSES 2669047 2669047 STUDENT RELATED EXPENSE 1349044 1349044 EVENTS, MEETINGS AND CO 518269 100618 329308 88343 1092879 321825 583268 187786 80454115 53775093 22680302 3998720 1436822 2291175 6588810 5970040 352448 297994 24030 29382 310374 229161 858362 1181518 278284089 112502562 165273421 165781527 50809351 48702946 433110861 439435556 10101438 10648998 668865917 674568297 3962269 3762407 4481942 4730004 34816677 34831212 36644272 37188221 79905160 80511844 X 305505446 291406935 129977165 135450269 153478146 167199249 588960757 594056453 668865917 674568297 X 2979721 1969952 146023 X X 0 1 X 1 0 X 18628255 13254253 20194961 19447553 20167297 91692319 18628255 13254253 20194961 19447553 20167297 91692319 24814002 66878317 1311037 490464 383695 1182519 3512880 6880595 2509867 2861375 1321396 0 0 6692638 621714 592292 576768 429446 432304 2652524 107918076 181700018 0.61970 0.61290 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2014 AMOUNT: $ 367,666. 2015 AMOUNT: $ 301,822. 2016 AMOUNT: $ 308,347. 2017 AMOUNT: $ 162,175. 2018 AMOUNT: $ 117,062. CHILD CARE INCOME - 2014 AMOUNT: $ 254,048. 2015 AMOUNT: $ 290,470. 2016 AMOUNT: $ 268,421. 2017 AMOUNT: $ 267,271. 2018 AMOUNT: $ 315,242. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 260.00 1 0 493806043 13641303 23922302 37164487 494205161 458669853 10396305 42850442 10287496 7823061 493806043 404966091 18519799 55476196 10461126 9831107 458669853 457315313 6608179 -27812309 6070290 25074802 404966091 443439229 14950791 22499333 6096290 17477750 457315313 0.42280 0.33210 0.24510 0 0 3011287 3011287 235538901 83548578 151990323 33552386 27622294 5930092 6181515 1331690 4849825 165781527 MARKETABLE HEDGE FUNDS 194265062 F MARKETABLE ALTERNATIVES 152763267 F NON-MARKETABLE ALTERNATIVE ASSETS 92407227 F 439435556 INTEREST RATE SWAP 7394524 POST RETIREMENT HEALTH BENEFITS 27407688 OTHER 2386009 37188221 X 73429405 1969952 -9594687 -7624735 81054140 2790773 -411077 2379696 83433836 68333709 411077 411077 67922632 2790773 9740710 12531483 80454115 PART II, LINE 5: THE EASEMENT IS PART OF A PARCEL OF LAND PURCHASED BY THE SCHOOL IN 2004. IT HAD BEEN CREATED IN THE 1980'S BY THE OWNER OF THE LAND AT THAT POINT IN TIME AND THE LOSS OF ECONOMIC VALUE OF THE EASEMENT HAD BEEN REFLECTED IN THE APPRAISED VALUE OF THE PARCEL. THIS APPRAISAL SERVED AS THE BASIS OF THE PURCHASE PRICE. THE LAND IS REPORTED ON THE SCHOOL'S STATEMENT OF FINANCIAL POSITION AT PURCHASED COST. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS IS DRAWN IN ACCORDANCE WITH THE SCHOOL'S SPENDING POLICY AND USED IN ACCORDANCE WITH DONOR-IMPOSED STIPULATIONS OR, IN THE ABSENCE THEREOF, TO SUPPORT THE SCHOOL'S GENERAL OPERATING EXPENSES, INCLUDING SALARIES, FINANCIAL AID AND FACILITIES MAINTENANCE. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAIN INCOME TAX PROVISIONS INCLUDED IN ACCOUNTING STANDARDS CODIFICATION ("ASC") 740. ASC 740 PRESCRIBES DETAILED GUIDANCE FOR FINANCIAL STATEMENT RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS. TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED. THERE ARE NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2019 AND 2018. THE SCHOOL'S FEDERAL AND STATE INCOME TAX RETURNS PRIOR TO FISCAL 2016 ARE NO LONGER SUBJECT TO AUDIT. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE -9,740,710. CHANGE IN VALUE OF INTEREST RATE SWAP -1,245,093. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 1,439,114. CHANGE IN VALUE OF CRUTS 412,002. IMPAIRMENT LOSS -460,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -411,077. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 411,077. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE 9,740,710. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL PUBLICIZES THE POLICY ALONG WITH OTHER AREA SCHOOLS IN THE LOCAL NEWSPAPER. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 131903000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 21612000 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 5000 SOUTH EAST ASIA 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 83000 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 4000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 14000 0 0 0 0 0 0 153621000 0 153621000 1 0 0 0 1 0 SCHEDULE F, PART I, LINE 3 (D) INVESTMENTS INCLUDED IN THIS SECTION RELATE TO INVESTMENT HOLDINGS INCLUDED IN THE SCHOOL'S ENDOWMENT PORTFOLIO. 1 SCHOLARSHIPS 172 9612535 FAIR VALUE FINANCIAL ASSISTANCE SUMMER SCHOOL SCHOLARSHIPS 42 128175 FAIR VALUE FINANCIAL ASSISTANCE PART I, LINE 2: THE HOTCHKISS SCHOOL HAS DEDICATED AN INDIVIDUAL IN THE ADMISSIONS OFFICE TO WORK SOLELY WITH FINANCIAL AID. FINANCIAL AID AWARDS ARE ALSO TRACKED ON AN INDIVIDUAL BASIS IN THE BUSINESS OFFICE FOR BILLING PURPOSES. X X X 1 1 X X X X 0 0 0 0 0 0 0 1 1 0 CRAIG W BRADLEY HEAD OF SCHOOL 420268 0 38000 0 12433 0 49303 0 99154 0 619158 0 0 0 JOHN P TUKE OUTGOING CHIEF FINANCIAL OFFICER 263522 0 0 0 0 0 47590 0 76857 0 387969 0 0 0 MELISSA WOODIN CONTROLLER/INTERIM CFO 183397 0 0 0 0 0 22364 0 34273 0 240034 0 0 0 JOSEPH P FLYNN CHIEF ADVANCEMENT OFFICER 249298 0 0 0 0 0 46807 0 64273 0 360378 0 0 0 JARED ZELMAN MD PHYSICIAN 207588 0 0 0 0 0 41671 0 31088 0 280347 0 0 0 ERBY L MITCHELL JR DEAN OF ADMISSION & FINANCIAL AID 177513 0 0 0 0 0 25395 0 111933 0 314841 0 0 0 MERRILEE MARDON ASSOCIATE HEAD OF SCHOOL, DEAN OF FA 162664 0 0 0 0 0 24205 0 74526 0 261395 0 0 0 JEFFERY NAVIN SENIOR FINANCIAL ANALYST 160999 0 0 0 0 0 23168 0 30088 0 214255 0 0 0 PART I, LINE 1A FOR THE BENEFIT AND CONVENIENCE OF THE SCHOOL AND AS A CONDITION OF THEIR EMPLOYMENT, CERTAIN EMPLOYEES ARE PROVIDED WITH ON-CAMPUS RESIDENCES AT THE SCHOOL'S EXPENSE. FOR THE CONVENIENCE OF THE SCHOOL, THESE RESIDENCES ARE READILY AVAILABLE AND USED FOR SCHOOL-RELATED ORDINARY AND NECESSARY BUSINESS FUNCTIONS ON A REGULAR AND CONTINUING BASIS. NONTAXABLE BENEFITS ALSO INCLUDE CERTAIN TUITION REMISSION AMOUNTS, IN ACCORDANCE WITH INTERNAL REVENUE CODE SECTION 117(D). AS STIPULATED IN THE HEAD OF SCHOOL'S EMPLOYMENT CONTRACT, CERTAIN TRAVEL AND ADVISORY EXPENSES ARE BORNE BY THE SCHOOL AND APPROPRIATELY REPORTED AS TAXABLE COMPENSATION TO THE INDIVIDUAL. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BOARD APPROVED BONUS OF $38,000 FOR THE CALENDAR YEAR 2018 WHICH WAS REPORTED IN HIS 2018 W2. X 110 12204018 FAIR VALUE 0 1 1 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: THE SCHOOL MAINTAINS AN ACCOUNT WITH A FINANCIAL INSTITUTION THROUGH WHICH GIFTS OF APPRECIATED SECURITIES ARE RECEIVED AND LIQUIDATED. FORM 990, PART VI, SECTION B, LINE 11B AUTHORITY TO APPROVE THE 990 IS DELEGATED TO THE AUDIT AND RISK COMMITTEE BY THE BOARD. THE AUDIT AND RISK COMMITTEE REVIEWS IN DETAIL WITH SCHOOL MANAGEMENT AND ITS AUDITORS. COPIES OF THE 990 ARE THEN MADE AVAILABLE TO ALL TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CFO COLLECTS AND REVIEWS ALL COMPLETED FORMS, AND THEN PASSES THEM ON TO THE PRESIDENT AND SECRETARY OF THE BOARD AND TO THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION B, LINE 15 THE HEAD OF SCHOOL AND PERIODICALLY THE BOARD'S COMMITTEE FOR ORGANIZATIONAL REVIEW AND NOMINATING REVIEW MARKET DATA FROM COMPARABLE INSTITUTIONS FOR THE TOP 20 OR SO PAID EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST AT ITS ADMINISTRATIVE OFFICES IN LAKEVILLE, CT. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT -1,245,093. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 1,439,114. CHANGE IN VALUE OF CRUTS 412,002. IMPAIRMENT LOSS -460,000. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.