2019-04-25T11:48:14-05:00 2018-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2017-07-01 050470320 IYRS SCHOOL OF TECHNOLOGY & TRADES IYRS 4018485777 449 THAMES STREET NEWPORT RI 02840 MONIKA MILLER DIRECTOR OF FINANCE & ADMIN. 4018485777 2019-04-24 1 DEBORAH A HOPKINS P00167843 4012742001 71.117.160.66 2019-04-24 09:00:28 ED P 41114BE78F9267D8857AD0643F4D09414A798F58 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2017 2020-01-14 16:20:31Z JAY COOGAN 449 THAMES STREET NEWPORT RI 02840 6195711 0 X WWW.IYRS.EDU X 1993 RI IYRS PROVIDES AN EXPERIENTIAL EDUCATION, PREPARING STUDENTS TO ENTER A GLOBAL MANUFACTURING AND MAKING WORKFORCE. 35 34 42 30 0 0 3138970 2713495 2024400 1965726 116763 162799 141952 93981 5422085 4936001 0 0 0 0 2035750 2092092 170099 34858 718237 1682236 2672537 3888085 4799487 1534000 136514 25836812 27496461 7706911 9169761 18129901 18326700 X IYRS PROVIDES EXPERIENTIAL EDUCATION, PREPARING STUDENTS TO ENTER A GLOBAL MAKER AND MANUFACTURING WORKFORCE. IYRS TEACHES THE ART AND SCIENCE OF MAKING, BUILDING, RESTORING AND MAINTAINING, AND IN THE PROCESS, HELPS ITS GRADUATES BUILD BOTH CAREERS AND MORE MEANINGFUL LIVES - INSPIRED BY THE KNOWLEDGE THAT IN THEIR HANDS AND THROUGH THE USE OF TECHNOLOGY, THEY HAVE THE POWER TO BUILD ALMOST ANYTHING. 1 0 3657253 1563392 DURING THE FISCAL YEAR ENDING JUNE 30, 2018, THE SCHOOL ADDED A FOURTH FULL-TIME PROGRAM, DIGITAL MODELING & FABRICATION, FOR A TOTAL OF FOUR FULL-TIME PROGRAMS: 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 2018, FIRST-YEAR STUDENTS COMPLETED 5 BEETLECATS AND SECOND-YEAR PROJECTS INCLUDED THE RESTORATION OF A NEWPORT 15 AND TWO REPLICAS, AN ELECTRIC LAUNCH AND A HERRESHOFF AMPHICRAFT. 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 2017, THERE WERE 18 FIRST-YEAR AND 15 SECOND-YEAR STUDENTS ENROLLED IN THE BOATBUILDING & RESTORATION PROGRAM; 14 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 2017, THERE WERE 25 STUDENTS ENROLLED IN THE MARINE SYSTEMS PROGRAM, OF WHICH 23 RECEIVED THEIR CERTIFICATE IN MARINE SYSTEMS; IN MARCH 2018, THERE WERE 12 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2019.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 2017, THERE WERE 8 STUDENTS ENROLLED IN THE COMPOSITES TECHNOLOGY PROGRAM, OF WHICH 8 RECEIVED THEIR CERTIFICATE IN COMPOSITES TECHNOLOGY; IN MARCH 2018, THERE WERE 3 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2019.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 ITS INAUGURAL CLASS IN SEPTEMBER 2017, THERE WERE 8 STUDENTS ENROLLED, OF WHICH 6 RECEIVED THEIR CERTIFICATE IN DIGITAL MODELING & FABRICATION.SCHOLARSHIPS TO STUDENTS IN THE BOATBUILDING & RESTORATION, MARINE SYSTEMS, COMPOSITES, AND DIGITAL MODELING & FABRICATION PROGRAMS ARE AWARDED FOR TUITION AND FEES BASED ON FINANCIAL NEED AS CREDITS TO THEIR ACCOUNTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2018, 47 STUDENTS RECEIVED SCHOLARSHIPS FOR A TOTAL OF $194,350. 104136 448993 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", AMERICA'S MOST HISTORIC YACHT. IYRS OPERATES THE MUSEUM OF YACHTING WITHIN THEIR LIBRARY, NOW THAT THE ORGANIZATION HAS FORMALLY MERGED INTO IYRS. IN ADDITION, IYRS MANAGES OTHER RELATED ORGANIZATIONS. 3761389 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 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 9 0 42 1 0 0 0 0 0 1 1 0 0 0 0 X 35 34 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 58.00 2.00 X X 237094 0 39453 CHARLES H TOWNSEND 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 CONNELL CHRISTOPHER CANNON 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 ALEX EGAN 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 H THEODORE GRAVES 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 JAMES A HILTON TRUSTEE 0.50 X 0 0 0 GEORGE M ISDALE JR TRUSTEE 0.50 X 0 0 0 RALPH ISHAM TRUSTEE 0.50 X 0 0 0 JOHN L KLINCK JR TRUSTEE 0.50 X 0 0 0 TERRY LLANZA TRUSTEE 0.50 X 0 0 0 GERALD P MIGLIACCIO 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 JAMES O'BRIEN JR TRUSTEE 0.50 X 0 0 0 CAROL O'MALLEY TRUSTEE 0.50 X 0 0 0 HARRY T REIN TRUSTEE 0.50 X 0 0 0 ISABELLA DANA RIDALL TRUSTEE 0.50 X 0 0 0 TIM RUTTER TRUSTEE 0.50 X 0 0 0 TESA VAN MUNCHING 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 55.00 5.00 X 166862 0 9588 ROBERT LACOVARA DIR. OF EDUCATION/LEAD COMPOSITES INSTRUCTOR 40.00 X 107910 0 0 511866 0 49041 3 0 1 0 0 283405 2430090 418201 2713495 SCHOOL 611519 1568786 1568786 MARINA 713990 207611 207611 MANAGEMENT FEES 900099 189329 189329 1965726 135622 135622 35468 0 35468 35468 18000 17468 286282 370250 253711 375644 32571 -5394 27177 -5394 32571 650021 283405 625561 24460 24460 6125 4794 1331 1331 OTHER INCOME 900099 32722 32722 32722 4936001 2012385 0 210121 445286 106943 205131 133212 1410535 957636 303706 149193 19986 10127 9859 73585 50432 23153 142700 83295 37985 21420 27919 413 27506 49187 49187 34858 34858 16240 16240 408456 345766 33396 29294 146844 135168 7196 4480 236138 199047 28944 8147 44399 10342 34057 521696 336797 184426 473 49782 11635 8792 29355 5406 85 5296 25 235803 1645 234158 476016 446504 28018 1494 138341 27279 111062 MISCELLANEOUS EXPENSES 206720 24246 179764 2710 BAD DEBT EXPENSE 41506 23506 18000 EVENT EXPENSES 29554 29554 DUES AND FEES 17258 5497 9837 1924 21272 985026 -1235852 272098 4799487 3761389 319861 718237 639210 802747 990151 725311 753206 665771 2187395 1980449 7321 10346 275854 405651 15600861 2452661 11115167 13148200 2582121 2766048 5292569 5292569 1993818 1699369 25836812 27496461 858567 329017 697159 732490 6073329 8008164 77856 100090 7706911 9169761 X 12046930 16185594 5590471 1618606 492500 522500 18129901 18326700 25836812 27496461 136514 60285 0 X 0 1 X 1 0 X 1746958 2312649 3997978 3138970 2713495 13910050 2200244 2416029 2559242 2713984 2621872 12511371 3947202 4728678 6557220 5852954 5335367 26421421 739411 1262674 891084 707199 876827 4477195 0 739411 1262674 891084 707199 876827 4477195 21944226 74665 81881 89617 63364 171090 480617 74665 81881 89617 63364 171090 480617 12650 62014 48713 100228 32722 256327 4034517 4872573 6695550 6016546 5539179 27158365 0.80800 0.83470 0.01770 0.01380 X 541477 30000 30625 17500 584602 496806 35000 28971 19300 541477 466503 38000 13153 20850 496806 329853 138000 14942 16292 466503 270172 38000 21681 329853 0.89380 0.10620 0 0 3828668 3828668 9400868 1194497 8206371 94536 37028 57508 2273631 1221136 1052495 3158 3158 13148200 INVESTMENT IN SUBSIDIARY 5292569 C 5292569 BOAT RESTORATION ASSETS 391958 WORKS OF ART 1307411 1699369 DEFERRED COMPENSATION LIABILITY 100090 100090 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. X X X X X X 1 ODELL SIMMS & LYNCH INC 1593 SPRING HILL ROAD SUITE 450 TYSONS CORNER VA 22182 CAPITAL CAMPAIGN CONSULTATION 0 0 34858 0 34858 CA CT FL LA ME MA MD NH NJ NY NC OH PA RI SC TX VA GALA 850527 233079 617448 36235 72549 151608 280826 CLASSIC YACHT REGATTA 66063 34500 31563 2460 30375 2400 22288 2 16836 15826 1010 6607 15612 4601 933426 283405 650021 45302 118536 154008 307715 625561 24460 SCHEDULE G, PART I, LINE 2B, COLUMN (V) DURING FY2018, THE ORGANIZATION PAID ODELL SIMMS & LYNCH, INC. $34,858 FOR SERVICES IN SUPPORT OF THE CAPITAL CAMPAIGN, INCLUDING: CREATING MARKETING MATERIALS, PROPOSALS, AND PROSPECT RESEARCH. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TERRY L NATHAN PRESIDENT 237094 0 0 0 0 0 30710 0 8743 0 276547 0 0 0 REBEKA J MAZZONE CPA CCEP COO/CFO 166862 0 0 0 0 0 9588 0 0 0 176450 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 1 1 B 2100000 2100000 0 0 1 1 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 5 230376 STOCK EXCHANGE VALUE X DONATED AUCTION ITEMS 97 133823 DONOR STATED VALUE X COLLECTION PIECES 2 48650 DONOR STATED VALUE X EQUIP. & TOOLS 1 2897 DONOR STATED VALUE X DONATED EVENT ITEMS 1 2455 DONOR STATED VALUE 0 0 1 0 FORM 990, PART III, LINE 2 DIGITAL MODELING & FABRICATION: 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. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE CONTROLLER AND CHIEF OPERATIONS & FINANCIAL OFFICER 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. THE ORGANIZATION HAS A 5 YEAR EMPLOYMENT CONTRACT EXPIRING 12/31/2017 AND EXTENDED THROUGH 12/31/2018, 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 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 3633 60681 1 0 0.01000 RESTORATION LEASING LLC 449 THAMES ST NEWPORT RI 02840 261134383 REAL ESTATE RI EXCLUDED 647286 1221692 1 1 0.99900 RESTORATION MANAGEMENT INC 449 THAMES ST NEWPORT RI 02840 261126450 REAL ESTATE RI C 40000 3901372 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 398300 ACTUAL CASH PAID RESTORATION LEASING LLC L 34591 ACTUAL CASH RECEIVED RESTORATION LEASING LLC J 184401 ACTUAL CASH RECEIVED RESTORATION MANAGEMENT INC L 40000 ACTUAL CASH RECEIVED