2017-02-15T09:19:19-06:00 2016-06-30 061009205 BLUM SHAPIRO & COMPANY PC CPA'S 29 S MAIN STREET PO BOX 272000 WEST HARTFORD CT 061272000 990 2015-07-01 060910420 CHOATE ROSEMARY HALL FOUNDATION INCORPORATED CHOA 2036972676 333 CHRISTIAN STREET WALLINGFORD CT 064923818 RICHARD SALTZ CHIEF FINANCIAL OFFICER 2036972676 2017-02-14 1 ELIZABETH SOLECKI P00235171 8605614000 2017-02-14 2015 2021-01-29 14:40:06Z CHOATE ROSEMARY HALL ALEXANDER CURTIS 333 CHRISTIAN STREET WALLINGFORD CT 064923818 83873327 0 X WWW.CHOATE.EDU X 1974 CT TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 865 STUDENTS PER YEAR. 24 23 691 0 -434831 -434831 18189969 29619465 49586097 50453979 6460655 3166040 -73456 -78436 74163265 83161048 10922710 11161604 0 0 32524412 33428869 0 0 3431844 35180420 32601152 78627542 77191625 -4464277 5969423 559869681 562810498 69027818 72499762 490841863 490310736 X TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 865 STUDENTS PER YEAR. 0 0 26990368 50453979 THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 865 STUDENTS, GENERATING OVER $34 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND SUPPORT. 15204071 THE SCHOOL MAINTAINS ABOUT 1.3 MILLION SQUARE FEET OF RESIDENTIAL, ACADEMIC AND ATHLETIC SPACE FOR A COMMUNITY OF OVER 1,000 MEMBERS. THE MAJORITY OF THIS EXPENSE REFLECTS THE DEPRECIATION ON THE SCHOOL PROPERTY, PLANT AND EQUIPMENT, WHICH HAS A CURRENT ACCOUNTING VALUE OF $142.2 MILLION. 11161604 11161604 THE SCHOOL DISCOUNTS TUITION IN THE FORM OF FINANCIAL AID AT AN APPROXIMATE RATE OF 25% IN AN EFFORT TO RECRUIT AND RETAIN THE MOST TALENTED STUDENT BODY. THE SCHOOL RECOGNIZES THAT A DIVERSE STUDENT BODY BETTERS THE OVERALL EXPERIENCE FOR ALL INVOLVED, AND THAT WHILE NOT EVERYONE CAN CONTRIBUTE FINANCIALLY IN TERMS OF TUITION, EVERYONE HAS SOMETHING TO OFFER THE CHOATE ROSEMARY HALL COMMUNITY. 5267530 MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING EXPENSES 1683038 TRAVEL AND CONFERENCE EXPENSES 2361632 OFFICE AND INFORMATION TECHNOLOGY EXPENSES 3852437 ALL OTHER PROGRAM RELATED EXPENSES, INCLUDING ADVERTISING, ROYALTIES, INTEREST PAYMENTS, OUTSIDE RENTALS, ETC. 13164637 66520680 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 0 1 0 1 0 0 0 0 1 0 0 0 1 213 0 1 691 1 1 1 1 SP FR 0 0 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X HEATHER LAFONTAINE 2036972676 333 CHRISTIAN STREET WALLINGFORD CT 06492 ALEXANDER D CURTIS HEADMASTER 60.00 0.00 X X 518011 0 229353 SAMUEL P BARTLETT TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL J CARR TRUSTEE 2.00 0.00 X 0 0 0 GEORGE F COLONY TRUSTEE 2.00 0.00 X 0 0 0 DAVID R FOSTER TRUSTEE 2.00 0.00 X 0 0 0 ROBERT B GOERGEN JR TRUSTEE 2.00 0.00 X 0 0 0 JOHN F GREEN TRUSTEE 2.00 0.00 X 0 0 0 LINDA J HODGE TRUSTEE 2.00 0.00 X 0 0 0 BRETT M JOHNSON TRUSTEE 2.00 0.00 X 0 0 0 VANESSA KONG KERZNER TRUSTEE 2.00 0.00 X 0 0 0 CECELIA M KURZMAN TRUSTEE 2.00 0.00 X 0 0 0 EDWARD O LANPHIER TRUSTEE 2.00 0.00 X 0 0 0 GRETCHEN COOPER LEACH TRUSTEE 2.00 0.00 X 0 0 0 JAMES A LEBOVITZ TRUSTEE 2.00 0.00 X 0 0 0 KEWSONG LEE TRUSTEE 2.00 0.00 X 0 0 0 ROBERT A MINICUCCI TRUSTEE 2.00 0.00 X 0 0 0 MARSHALL S RUBEN TRUSTEE 2.00 0.00 X 0 0 0 HENRY K SNYDER TRUSTEE 2.00 0.00 X 0 0 0 BORJE E EKHOLM TRUSTEE 2.00 0.00 X 0 0 0 PATRICK J MCCURDY TRUSTEE 2.00 0.00 X 0 0 0 PETER B ORTHWEIN TRUSTEE 2.00 0.00 X 0 0 0 KENNETH G BARTELS TRUSTEE 2.00 0.00 X 0 0 0 TAL H NAZER TRUSTEE 2.00 0.00 X 0 0 0 M ANNE SA'ADAH TRUSTEE 2.00 0.00 X 0 0 0 RICHARD SALTZ CFO 60.00 0.00 X 246589 0 76602 DANIEL COURCEY EXEC DIR OF DEVELOPMENT 60.00 0.00 X 348209 0 124351 JOHN BURDITT CIO 40.00 0.00 X 285918 0 52777 BENJAMIN GARDNER MEDICAL DIRECTOR 60.00 0.00 X 195873 0 47847 KATHLEEN WALLACE ASSOCIATE HEADMASTER 40.00 0.00 X 185151 0 27413 RAYMOND DIFFLEY ADMISSION DIRECTOR 60.00 0.00 X 151171 0 148748 ALISON CADY FACULTY 60.00 0.00 X 133400 0 64101 JEFFREY MILLER DIRECTOR OF FACILITIES 40.00 0.00 X 134089 0 32247 2198411 0 803439 24 0 1 0 SAGE DINING SERVICES 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 4704809 CENTERPLAN CONSTRUCTION LLC 10 MAIN STREET MIDDLETOWN CT 06457 CONTRACTOR 3334342 NEWFIELD CONSTRUCTION 225 NEWFIELD AVENUE HARTFORD CT 06100 CONTRACTOR 3201161 ABM JANITORIAL SERVICES PO BOX 1534 NEW YORK NY 100081534 CAMPUS JANITORIAL SERVICES 1696877 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVENUE NW WASHINGTON DC 20007 ARCHITECT 1686492 36 29619465 2267243 29619465 TUITION AND FEES 611710 49172766 49172766 STUDENT ACTIVITIES 611710 397053 397053 APPLICATION FEES 611710 220950 220950 INFIRMARY/COUNSELING 611710 202320 202320 RENTS 611710 156437 156437 304453 304453 50453979 1533250 -439117 1972367 228351 268116 -39765 -39765 -39765 1718849 0 86059 1718849 -86059 1632790 44051 1588739 319433 358104 -38671 -38671 83161048 50453979 -434831 3522435 11161604 11161604 1795463 175284 814828 805351 22404890 19402363 1691234 1311293 3014142 2609803 177228 227111 4541559 3400215 977068 164276 1672815 1402703 137554 132558 5286021 5267530 7320 11171 216657 216657 110042 110042 1791237 1791237 2191298 1911664 110863 168771 78296 27594 50517 185 2819834 2038707 596518 184609 343595 322925 20619 51 5565 5565 2006461 1906495 79899 20067 1696121 1486023 57841 152257 213951 197015 9572 7364 1434609 1380094 40312 14203 10487446 10082812 299216 105418 1173364 1128776 32972 11616 MAINTENANCE & REPAIR 2086128 2085988 140 OUTSIDE RENTALS 208637 143552 3921 61164 MINOR EQUIMENT PURCHASE 131927 117518 11057 3352 GIFTS & RECOGNITION 128336 85157 2334 40845 191627 181293 152 10182 77191625 66520680 7239101 3431844 16305684 15967306 19695324 26601886 53072 128276 144191 104191 336208 244257 2529616 2674761 266807659 124575803 137927508 142231856 103033201 105895525 279549730 268763197 295147 199243 559869681 562810498 6276710 7154526 15323325 16117789 36110000 35050000 11317783 14177447 69027818 72499762 X 226255259 219690676 139077368 139158018 125509236 131462042 490841863 490310736 559869681 562810498 X 5969423 -3296205 -3204345 X X 0 1 X 1 0 X 22200813 20945548 24299117 18189969 29619465 115254912 22200813 20945548 24299117 18189969 29619465 115254912 14225379 101029533 2495143 1546476 1706377 2156109 1972367 9876472 29429 29429 125160813 237296124 0.80720 0.69190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 353608160 7520998 -120848 15372945 2533947 343101418 356726590 4860464 9114022 14164319 2928597 353608160 317866454 7947370 48057826 13240358 3904702 356726590 284784784 7309320 41718690 12096396 3849944 317866454 286521297 9378558 3064867 11094464 3085474 284784784 0.34000 0.38000 0.28000 0 0 2622278 2622278 215317666 98501563 116816103 23679437 18865943 4813494 25188278 7208297 17979981 142231856 ALTERNATIVE INVESTMENTS 259622078 F SPLIT INTEREST AGREEMENTS 9141119 F 268763197 LIABILITY UNDER SPLIT-INTEREST AGREEMENTS 3797210 AGENCY FUNDS 364827 INTEREST RATE SWAP VALUATION 10015410 14177447 66308767 -3296205 -14139141 -17435346 83744113 -583065 -583065 83161048 64129798 583065 583065 63546733 13644892 13644892 77191625 PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO SUPPORT THE ORGANIZATION'S MISSION OF PROVIDING A QUALITY EDUCATION TO STUDENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS -11,161,604. INVESTMENT MANAGEMENT FEE RECLASS -2,533,947. CHANGE IN VALUE OF SPLIT INTEREST OBLIGATIONS 50,659. BENEFITS PAID ON ANNUITY OBLIGATIONS -494,249. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASS -268,116. COST OF GOODS SOLD RECLASS -358,104. RECLASS POSTAGE RECHARGES 43,155. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS 358,104. RENTAL EXPENSES RECLASS 268,116. RECLASS POSTAGE RECHARGES -43,155. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS 11,161,604. INVESTMENT MANAGEMENT FEES RECLASS 2,533,947. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -50,659. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF CHOATE'S NON-DISCRIMINATION POLICY IS INCLUDED IN ALL BROCHURES AND CATALOGS PERTAINING TO APPLICATIONS, FINANCIAL AID AND ENROLLMENT MATERIALS UTILIZED DURING STUDENT RECRUITMENT, MATRICULATION AND RE-ENROLLMENT, IS POSTED IN MULTIPLE LOCATIONS ON OUR WEB SITE, AND IS STATED IN ALUMNI PUBLICATIONS. EUROPE 2 2 PROGRAM SERVICES STUDY ABROAD PROGRAM 465000 EAST ASIA AND THE PACIFIC 0 1 PROGRAM SERVICES STUDY ABROAD PROGRAM 140000 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 137000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 54201000 EUROPE 0 0 INVESTMENTS 3282000 2 3 0 0 2 3 58225000 0 58225000 1 0 1 1 1 0 1 FINANCIAL AID 276 11161604 OTHER FINANCIAL AID-REDUCTION IN TUITION PART I, LINE 2: FINANCIAL AID IS PROVIDED VIA A REDUCTION IN TUITION. X X X 0 1 X X X X X 1 1 0 0 0 0 0 0 0 ALEXANDER D CURTIS HEADMASTER 396986 0 0 0 121025 0 114750 0 114603 0 747364 0 0 0 RICHARD SALTZ CFO 245216 0 0 0 1373 0 37575 0 39027 0 323191 0 0 0 DANIEL COURCEY EXEC DIR OF DEVELOPMENT 317000 0 0 0 31209 0 39750 0 84601 0 472560 0 0 0 JOHN BURDITT CIO 277580 0 0 0 8338 0 39750 0 13027 0 338695 0 0 0 BENJAMIN GARDNER MEDICAL DIRECTOR 108483 0 0 0 87390 0 17362 0 30485 0 243720 0 0 0 KATHLEEN WALLACE ASSOCIATE HEADMASTER 182750 0 0 0 2401 0 27413 0 0 0 212564 0 0 0 RAYMOND DIFFLEY ADMISSION DIRECTOR 150613 0 0 0 558 0 23438 0 125310 0 299919 0 0 0 ALISON CADY FACULTY 131446 0 0 0 1954 0 20700 0 43401 0 197501 0 0 0 JEFFREY MILLER DIRECTOR OF FACILITIES 132987 0 0 0 1102 0 19220 0 13027 0 166336 0 0 0 PART I, LINE 1B THE SCHOOL REQUIRES THAT ITS SENIOR LEADERSHIP RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT. ALL FACULTY WHO RESIDE IN SCHOOL HOUSING ARE REQUESTED TO SUBSTANTIATE THEIR "BUSINESS USE" OF THE FACILITY ONCE A YEAR. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING AND PERSONAL SERVICES. PART I, LINES 4A-B AN AGREED UPON PAYMENT OF $86,243 WAS MADE TO BENJAMIN GARDNER. ALEXANDER CURTIS PARTICPATES IN A 457(F) PLAN. A CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 20774YUT2 2015-03-27 36110000 SERIES E BONDS WERE ISSUED TO REFINANCE SERIES D BONDS 0 0 0 A 36110000 36110000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BARCLAY'S 22.000000000000 1 0 0 0 1 A 0 ALEXANDER CURTIS HEAD OF SCHOOL LOAN TO FACILITATE MOVE TO CT X 113000 38000 0 1 1 DANIEL COURCEY EXECUTIVE DIRECTOR OF DEVELOPMENT HOME REFINANCE X 81191 66191 0 1 1 104191 VARIOUS CHILDREN OF FACULTY 17250 $750 COLLEGE AID GRANT COLLEGE GRANT THERESE BURDITT SPOUSE OF KEY EMPLOYEE 22549 EMPLOYMENT 0 ELIZABETH FECKO-CURTIS SPOUSE OF HEADMASTER 40600 EMPLOYMENT 0 X 57 2267243 FMV 0 1 1 PART I, LINE 32B: THE SCHOOL UTILIZES THE SERVICES OF STOCK BROKER FIRMS TO SELL DONATED SECURITIES. CASH IS THEN TRANSFERRED TO THE SCHOOL'S BANK ACCOUNT. FORM 990, PART VI, SECTION B, LINE 11 THE MANAGEMENT OF THE SCHOOL DISTRIBUTES THE DRAFT COPY OF THE FORM 990 TO THE ENTIRE BOARD OF TRUSTEES. MANAGEMENT IS AVAILABLE FOR ANY QUESTIONS BOARD MEMBERS MAY HAVE. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL'S AUDIT COMMITTEE DOES AN INVENTORY OF EACH RESPONDENT'S CONFLICT OF INTEREST QUESTIONNAIRE BEFORE EACH APRIL MEETING. THE AUDIT COMMITTEE ENSURES THERE IS A 100% RESPONSE RATE. THE TRUSTEESHIP COMMITTEE FOLLOWS UP ON CONFLICTS THAT ARE DISCLOSED, IF ANY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS ONCE A YEAR TO DISCUSS AND REVIEW THE HEADMASTER'S AND SENIOR ADMINISTRATORS' COMPENSATION. THE CFO PROVIDES SALARY HISTORY AND COMPARISONS FROM ABOPS AND/OR NACUBO OR OTHER THIRD PARTY SOURCES TO THE COMMITTEE FOR THE HEADMASTER AND SENIOR ADMINISTRATORS AND MAKES A RECOMMENDATION OF INCREASES BASED ON FACULTY COMPENSATION POOL (PERCENT OF INCREASE). FROM TIME-TO-TIME, A PRIVATE CONSULTANT IS CONTRACTED TO PERFORM INDEPENDENT ANALYSIS OF COMPENSATION PACKAGES AND ENSURE COMPLIANCE WITH IRS REGULATIONS OF THE INTERMEDIATE SANCTIONS ACT AND REBUTTABLE PRESUMPTION OF REASONABLENESS TESTS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS 990 AND AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. THE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: BENEFITS PAID ON ANNUITY OBLIGATIONS -494,249. UNREALIZED LOSS ON INTEREST RATE SWAP -2,710,096. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS AN AUDIT COMMITTEE WHICH OVERSEES THE WORK OF ITS INDEPENDENT ACCOUNTANTS, AND IS RESPONSIBLE FOR THEIR SELECTION. CHARITABLE REMAINDER TRUST (1) CHARITABLE TRUST CT T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0