2015-03-24T16:55:47-05:00 2014-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2013-07-01 050470320 THE INTERNATIONAL YACHT RESTORATION SCHOOL INC INTE 4018485777 449 THAMES STREET NO 111 NEWPORT RI 02840 REBEKA J MAZZONE CFO 4018485777 2015-03-18 1 DEBORAH A HOPKINS P00167843 4012742001 2013 2016-03-07 17:11:31Z TERRY NATHAN 449 THAMES STREET NO 111 NEWPORT RI 02840 7291186 0 X WWW.IYRS.EDU X 1993 RI TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF BUILDING, RESTORING AND MAINTAINING. 36 35 33 55 0 0 1757181 2264184 1515591 1703029 114605 177926 -76058 24748 3311319 4169887 0 0 0 0 1636991 1814114 0 0 432762 1553220 1536450 3190211 3350564 121108 819323 13679367 15034912 1315804 1806750 12363563 13228162 X TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF BUILDING, RESTORING AND MAINTAINING; TO PRESERVE THE KNOWLEDGE AND HISTORY OF CRAFTSMANSHIP IN AMERICA'S RICH HERITAGE OF MAKING; AND TO SHOW THAT HONEST WORK, INTEGRITY, AND MASTERY OF CRAFT - WHETHER HANDS-ON OR THROUGH TECHNOLOGY - ARE AMONG LIFE'S GREAT ACHIEVEMENTS. 0 0 1877974 1479909 THE SCHOOL HAS THREE FULL-TIME PROGRAMS: BOATBUILDING & RESTORATION, MARINE SYSTEMS AND COMPOSITES TECHNOLOGY, AS WELL AS CONTINUING EDUCATION AND OTHER CONTRACTED EDUCATION PROGRAMS.THE SCHOOL OF BOATBUILDING & RESTORATION IS A TWO YEAR PROGRAM ABOUT MASTERING A CRAFT BASED ON THE FUNDAMENTALS OF WOODEN BOATBUILDING. IN THE SCHOOL OF BOATBUILDING & RESTORATION, FIRST-YEAR STUDENTS' MAJOR PROJECT IS THE FULL RESTORATION OF BEETLECATS, SMALL PLANK-ON-FRAME BOATS, IN TEAMS OF TWO OR THREE STUDENTS. THE CURRICULUM HAS ADDED ADDITIONAL FIELD TRIPS AND AN IN-DEPTH INSTRUCTION TO PROJECT MANAGEMENT WHICH IS EXPECTED TO PROVIDE A MORE REWARDING AND DEEPER EXPERIENCE FOR STUDENTS. SECOND-YEAR STUDENTS TAKE ON THE RESTORATION OF LARGER PLANK-ON-FRAME SAILBOATS OR POWER (CONTINUED ON SCHEDULE O)BOATS AND LEARN MARINE BUSINESS OPERATIONS. IN FISCAL YEAR 2014, FIRST-YEAR STUDENTS COMPLETED 8 BEETLECATS AND SECOND-YEAR PROJECTS INCLUDED THE RESTORATION OF A 17' QUINCY ADAMS, A HERRESHOFF S BOAT AND A REPLICA OF AN 1885 HERRESHOFF ROWING DINGY. 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 2013, THERE WERE 21 FIRST-YEAR AND 19 SECOND-YEAR STUDENTS ENROLLED IN THE SCHOOL OF BOATBUILDING & RESTORATION; ALL 19 OF THE SECOND-YEAR STUDENTS RECEIVED THEIR CERTIFICATE IN BOATBUILDING AND RESTORATION.THE SCHOOL OF 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 2013, THERE WERE 14 STUDENTS ENROLLED IN THE SCHOOL OF MARINE SYSTEMS, OF WHICH 11 RECEIVED THEIR CERTIFICATE IN MARINE SYSTEMS; IN MARCH 2014, THERE WERE 14 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2015.THE SCHOOL OF COMPOSITES TECHNOLOGY 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 2013, THERE WERE 17 STUDENTS ENROLLED IN THE SCHOOL OF COMPOSITES TECHNOLOGY, OF WHICH 14 RECEIVED THEIR CERTIFICATE IN COMPOSITES TECHNOLOGY; IN MARCH 2014, THERE WERE 6 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2015.SCHOLARSHIPS TO STUDENTS IN THE BOATBUILDING & RESTORATION, MARINE SYSTEMS AND COMPOSITES SCHOOL PROGRAMS ARE AWARDED FOR TUITION AND FEES BASED ON FINANCIAL NEED AS CREDITS TO THEIR ACCOUNTS. FOR THE FISCAL YEAR ENDED JUNE 30, 2014, 33 STUDENTS RECEIVED SCHOLARSHIPS FOR A TOTAL OF $179,160. 113702 272967 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. IN ADDITION, IYRS MANAGES THE PROGRAMMATICALLY AND FORMALLY RELATED ORGANIZATION THE MUSEUM OF YACHTING, AND OTHER RELATED ORGANIZATIONS. AS OF JUNE 30, 2014, THE MUSEUM OF YACHTING MERGED INTO IYRS. 1991676 1 1 0 0 0 0 0 1 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 1 45 0 33 1 0 0 0 0 0 0 0 0 0 0 X 36 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 RI X REBEKA MAZZONE CFO 4018485777 449 THAMES STREET NEWPORT RI 02840 TERRY NATHAN PRESIDENT 59.00 1.00 X X 212058 0 25559 JOSEPH T DOCKERY CHAIRMAN 0.50 X X 0 0 0 CHARLES H TOWNSEND VICE-CHAIRMAN 0.50 X X 0 0 0 HARRY T REIN TREASURER 0.50 X X 0 0 0 RONALD P O'HANLEY SECRETARY 0.50 X X 0 0 0 RICHARD BREADY TRUSTEE 0.50 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 JAMES J COLEMAN JR TRUSTEE 0.50 X 0 0 0 DARRELL CRATE TRUSTEE 0.50 X 0 0 0 PETER DENTON TRUSTEE 0.50 X 0 0 0 CLAYTON G DEUTSCH TRUSTEE 0.50 X 0 0 0 MICHAEL J DOMINGUEZ 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 PETER GONZALEZ 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 ERNEST K JACQUET TRUSTEE 0.50 X 0 0 0 JOHN L KLINCK JR TRUSTEE 0.50 X 0 0 0 EARL MCMILLEN III TRUSTEE 0.50 X 0 0 0 GERALD O 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 TESA VAN MUNCHING TRUSTEE 0.50 X 0 0 0 MARK E WATSON TRUSTEE 0.50 X 0 0 0 ZBYNEK E ZAK TRUSTEE 0.50 X 0 0 0 BRENDA L WILSON TRUSTEE 0.50 X 0 0 0 RHONDA LANDERS COO/CFO (TILL 3/2014) 59.00 1.00 X 137831 0 8270 REBEKA J MAZZONE CPA CCEP CFO (AS OF 3/2014) 59.00 1.00 X 0 0 0 349889 0 33829 2 0 1 0 0 7210 517226 1739748 643271 2264184 SCHOOL 611519 1466509 1466509 MARINA 713990 136019 136019 MANAGEMENT FEES 900099 100501 100501 1703029 49660 49660 20001 5004 0 0 20001 5004 25005 20001 5004 2611229 152060 2496363 138660 114866 13400 128266 13400 114866 464953 517226 481656 -16703 -16703 8416 4620 3796 3796 OTHER INCOME 900099 12650 12650 12650 4169887 1752876 0 152827 388780 118718 155287 114775 1200727 751078 298935 150714 40693 31337 8298 1058 57211 36158 8290 12763 126703 68999 39702 18002 26802 25674 1128 48733 48733 95285 45007 32173 18105 137767 137767 282800 196160 78502 8138 30251 27748 2503 345480 227805 117675 39263 24223 9373 5667 13398 546 12215 637 4042 4042 160093 160093 91137 91137 BAD DEBT EXPENSE 124146 95884 28262 MISCELLANEOUS EXPENSES 55957 9185 40729 6043 LOSS ON DISPOSAL OF EQU 27070 27070 PROGRAM EQUIPMENT 26680 26680 27546 222129 -287812 93229 3350564 1991676 926126 432762 114768 519813 440669 229901 362995 455808 1380157 1030016 5149 6265 205866 229954 4719226 1770264 2984615 2948962 1869504 2624500 5033393 5292569 1282251 1697124 13679367 15034912 400808 527485 635860 1229265 279136 50000 1315804 1806750 X 10786745 11415624 1333318 1531038 243500 281500 12363563 13228162 13679367 15034912 819323 45276 0 X 0 1 X 1 0 X 1425662 1944899 1990745 1757181 1746958 8865445 995551 1048246 1931140 1907954 2200244 8083135 2421213 2993145 3921885 3665135 3947202 16948580 739411 739411 0 739411 739411 16209169 272645 300434 404913 40018 74665 1092675 272645 300434 404913 40018 74665 1092675 1486035 123486 15312 13584 12650 1651067 4179893 3417065 4342110 3718737 4034517 19692322 0.82310 0.05550 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 270172 38000 21681 329853 223672 38000 8500 270172 185135 38000 537 223672 167404 17500 231 185135 50000 100000 17404 167404 0.85340 0.14660 0 0 1476800 1476800 1675287 714212 961075 72765 31192 41573 1494374 1024860 469514 2948962 INVESTMENT IN SUBSIDIARY 5292569 C 5292569 BOAT RESTORATION ASSETS 404440 WORKS OF ART 1292684 1697124 X PART III, LINE 1A: THE COLLECTIONS ARE NOT CAPITALIZED BY THE ORGANIZATIONS. IN ADDITION, THE ORGANIZATIONS DO NOT CAPITALIZE REPAIRS OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS. ALL PURCHASES OF COLLECTION ITEMS AND RESTORATION OR IMPROVEMENTS TO INEXHAUSTIBLE COLLECTIONS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE EXPENDITURE IS MADE. PART III, LINE 4: THE ORGANIZATIONS' COLLECTIONS CONSIST OF ARTWORK AND HISTORICAL ITEMS RELATING TO THE CULTURE AND HERITAGE OF YACHTING. THE ORGANIZATIONS MAINTAIN A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION AND DEACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. 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: THE ORGANIZATION 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. THE ORGANIZATION 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, GENERALLY FOR A PERIOD OF THREE YEARS AFTER THEY WERE FILED. THE TAX RETURNS FOR THE FISCAL YEARS ENDED JUNE 30, 2013, 2012 AND 2011 ARE SUBJECT TO EXAMINATION BY THE IRS. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. GALA 927363 493380 433983 7300 26649 61974 176934 156871 RESTORATION SOCIETY 54816 23846 30970 38703 11518 1707 982179 517226 464953 7300 65352 73492 176934 158578 481656 -16703 X 0 1 X X X X 0 0 0 0 0 0 0 0 0 TERRY NATHAN PRESIDENT 212058 0 0 0 0 0 13450 0 12109 0 237617 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. X 1 614500 FMV ON DATE OF GIFT X 1 5000 FMV ON DATE OF GIFT X 3 99166 FMV ON DATE OF GIFT X EQUIP. & TOOL 10 23771 FMV ON DATE OF GIFT 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS IS BASED ON THE ACTUAL NUMBER OF DONORS WHO GAVE NON-CASH GIFTS TO IYRS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE ASSISTANT CONTROLLER AND CHIEF 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 ORGANIZAZTION HAS A 5 YEAR EMPLOYMENT CONTRACT EXPIRING 12/31/2017 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 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. FORM 990, PART VI, SECTION B, LINES 13 AND 14 THE ORGANIZATION IS IN THE PROCESS OF REVIEWING FORMAL WHISTLEBLOWER AND DOCUMENT RETENTION POLICIES, AND WILL FORMALIZE WITH APPROVAL BY THE BOARD OF TRUSTEES DURING FISCAL YEAR 2015. FORM 990, PART IX, LINE 24E THE NEGATIVE AMOUNT IN COLUMN C RESULTS FROM AN OVERHEAD ALLOCATION TO COLUMNS B AND D. 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