2017-05-08T08:30:16-05:00 2016-06-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2015-07-01 060647018 THE HOTCHKISS SCHOOL HOTC 8604352591 11 INTERLAKEN LAKEVILLE CT 060390800 john p tuke cfo 8604352591 2017-04-19 1 JOHN TOSCANO P00358542 9592007000 2015 2021-01-29 14:40:06Z JOHN P TUKE 11 INTERLAKEN LAKEVILLE CT 060390800 129750659 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 23 502 11 2861375 0 18628255 13254253 30865820 32413043 14238005 13472781 2394086 2388084 66126166 61528161 8457289 8911233 0 0 28596113 30877967 0 0 3733527 27582374 27449058 64635776 67238258 1490390 -5710097 638753289 591060482 75996583 84005569 562756706 507054913 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 51288611 8911233 34104010 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. 51288611 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 285 0 1 502 1 1 1 1 UK CJ BD 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT NY X melissa woodin 8604353166 11 interlaken road LAKEVILLE CT 060390800 charles ayres jr Trustee 3.00 X 0 0 0 thomAS C BARRY trustee 3.00 X 0 0 0 robert chartener Trustee 3.00 X 0 0 0 John Coumantaros Trustee 3.00 X 0 0 0 ian r Desai trustee 3.00 X 0 0 0 william r ELFERS vice President 3.00 X X 0 0 0 elizabeth ford Trustee 3.00 X 0 0 0 SEAN M GORMAN Secretary 3.00 X X 0 0 0 Robert Gould trustee 3.00 X 0 0 0 JOHN GRUBE Trustee 3.00 X 0 0 0 Charles Gulden Pres. of HotCHKISS FUNd 3.00 X 0 0 0 Elizabeth garDNER HINES trustee 3.00 X 0 0 0 Raymond McGuire Trustee 3.00 X 0 0 0 Kendra S O'Donnell TRUstee 3.00 X 0 0 0 Thomas S Quinn trustee 3.00 X 0 0 0 Jean Weinberg Rose President 3.00 X X 0 0 0 Thomas Seidenstein President of Alumni Assoc 3.00 X 0 0 0 Roger Smith Trustee 3.00 X 0 0 0 JOHN L THORNTON trustee 3.00 X 0 0 0 WILLIAM B TYREE treasurer 3.00 X X 0 0 0 DANIEL J WILNER TRUSTee 3.00 X 0 0 0 David Wyshner trustee 3.00 X 0 0 0 peter o'neill HEAD OF SCHOOL - eff. 7/1/2015 50.00 X 199484 0 54656 JOHN P TUKE CHIEF FINANCIAL OFFICER 50.00 X 290447 0 86137 JOSEPH P FLYNN CHIEF ADVANCEMENT OFFICER 50.00 X 228097 0 86963 JARED ZELMAN PHYSICIAN 50.00 X 181561 0 50973 jane R WEIGEL dean of admissions & financial aid 50.00 X 171763 0 55985 jeffery Navin senior financial analyst 50.00 X 150169 0 43893 john bryant director of facilities 50.00 X 144629 0 44283 kevin hicks former head of school - thru 6/30/15 0.00 X 218152 0 54618 1584302 0 477508 28 1 1 0 Burlington Construction 67 Prospect Street Torrington CT 06790 contractor 6857469 sodexo pO BOX 360170 pittsburgh PA 15251 food service 2775250 United Construction and Engineering PO Box 1088 Torrington CT 06790 contractor 983943 macri associates inc 15 industrial drive avon CT 06001 mechanical contractor 551138 wiggin & dana po box 1832 new haven CT 06508 legal services 348919 26 13254253 2952070 13254253 TUITION AND FEES 611110 32413043 32413043 32413043 1179766 689302 490464 79657956 32560 67397501 0 12260455 32560 12293015 2067248 10225767 773767 824997 -51230 -51230 student fees and other 900099 1306571 1004749 301822 Student activities and 611710 737448 737448 CHILD CARE INCOME 611710 290470 290470 104825 104825 2439314 61528161 34104010 2861375 11308523 8911233 8911233 842742 48491 727868 66383 19932572 15486429 2644398 1801745 2207949 1715446 292922 199581 6376866 4233823 1650466 492577 1517838 1179270 201367 137201 177951 177951 82500 82500 1761208 1761208 4391418 3343078 854646 193694 100231 98952 1279 1455920 1023534 155889 276497 934171 747337 140126 46708 4380683 3910963 352153 117567 562270 297983 145572 118715 49491 49491 1280096 1024077 256019 6441818 5127331 1314487 676342 676342 UBIT PAID 79073 79073 instructional expenses 2628270 2628270 STUDENT ACTIVITIES & SE 859120 859120 MISCELLANEOUS 557617 203639 324455 29523 1030879 370562 456472 203845 67238258 51288611 12216120 3733527 245706 787324 11870874 10968746 412948 242263 127051 88467 437875 459291 1072984 884919 256740201 90543458 155479016 166196743 84917573 60355695 372069305 340792878 12119957 10284156 638753289 591060482 3142533 2767766 4375503 4405777 34773072 34787607 163831 12765 33541644 42031654 75996583 84005569 X 314731033 294070080 117333072 80610884 130692601 132373949 562756706 507054913 638753289 591060482 X -5710097 -39237852 -10753844 X X 0 1 X 1 0 X 15317803 25721179 14631402 18628255 13254253 87552892 15317803 25721179 14631402 18628255 13254253 87552892 17868089 69684803 2850779 3622562 3177667 1311037 490464 11452509 0 0 966535 2509867 2861375 6337777 514009 574634 918827 621714 592292 3221476 108564654 157655635 0.64190 X Schedule A, Part II, Line 10, Explanation of Other Income: other income - 2011 Amount: $ 266,936. 2012 Amount: $ 364,218. 2013 Amount: $ 681,676. 2014 Amount: $ 367,666. 2015 Amount: $ 301,822. child care income - 2011 Amount: $ 191,523. 2012 Amount: $ 210,416. 2013 Amount: $ 237,151. 2014 Amount: $ 254,048. 2015 Amount: $ 290,470. fundraising proceeds - 2011 Amount: $ 55,550. 2012 Amount: $ 0. 2013 Amount: $ 0. 2014 Amount: $ 0. 2015 Amount: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 260.00 1 0 457315313 6608179 -27812309 6070290 25074802 404966091 443439229 14950791 22499333 6096290 17477750 457315313 391252657 8096456 65253657 5921881 13269337 1972323 443439229 357924170 13189757 44808453 5580043 17410385 1679295 391252657 377478176 11819594 -653583 5861525 23417805 1440687 357924170 0.53000 0.31400 0.15600 0 0 3011287 3011287 202297837 66738384 135559453 30306418 22782873 7523545 21124659 1022201 20102458 166196743 investments in limited partnerships 340792878 F 340792878 interest rate swap 11134447 post retirement health benefits 29135804 other 1761403 42031654 X 12363792 -39237852 -8911233 -48149085 60512877 1840281 -824997 1015284 61528161 68065585 11578841 11578841 56486744 1840281 8911233 10751514 67238258 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, 2015 AND 2016. THE SCHOOL'S FEDERAL AND STATE INCOME TAX RETURNS PRIOR TO FISCAL 2013 ARE NO LONGER SUBJECT TO AUDIT. Part XI, Line 2d - Other Adjustments: financial assistance -8,911,233. Part XI, Line 4b - Other Adjustments: cost of goods sold -824,997. Part XII, Line 2d - Other Adjustments: COST OF GOODS SOLD 824,997. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT 2,513,680. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 5,669,445. CHANGE IN VALUE OF CRUTS 2,570,719. Part XII, Line 4b - Other Adjustments: FINANCIAL ASSISTANCE 8,911,233. 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 - 0 0 INVESTMENTS 152621000 EUROPE 0 0 INVESTMENTS 33439000 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 program servcies student recruitment costs 11000 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 program services student recruitment costs 9000 North America - Canada and Mexico, but not the United States 0 0 program services student recruitment costs 1000 South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 0 0 program services student recruitment costs 4000 0 0 0 0 0 0 186085000 0 186085000 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 192 8865203 fair value financial assistance summer school scholarships 31 46030 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 0 1 0 peter o'neill HEAD OF SCHOOL - eff. 7/1/2015 199484 0 0 0 0 0 27325 0 27331 0 254140 0 0 0 JOHN P TUKE CHIEF FINANCIAL OFFICER 278447 0 0 0 12000 0 35800 0 50337 0 376584 0 0 0 JOSEPH P FLYNN CHIEF ADVANCEMENT OFFICER 216097 0 0 0 12000 0 31822 0 55141 0 315060 0 0 0 JARED ZELMAN PHYSICIAN 181561 0 0 0 0 0 27281 0 23692 0 232534 0 0 0 jane R WEIGEL dean of admissions & financial aid 171763 0 0 0 0 0 23072 0 32913 0 227748 0 0 0 jeffery Navin senior financial analyst 150169 0 0 0 0 0 21551 0 22342 0 194062 0 0 0 john bryant director of facilities 142379 0 0 0 2250 0 19475 0 24808 0 188912 0 0 0 kevin hicks former head of school - thru 6/30/15 183461 0 0 0 34691 0 26835 0 27783 0 272770 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 OUTGOING 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. X 39 2952070 fair value 0 1 1 Part I, Column (b): the amounts in part i, column (b) represent the number of contributions. 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 11 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 -2,513,680. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION -5,669,445. CHANGE IN VALUE OF CRUTS -2,570,719. form 990, part XII, line 2c: The organization did not change its oversight or selection processes during the tax year.