2014-05-14T10:29:03-05:00 2013-06-30 050409384 KAHN LITWIN RENZA & CO LTD 951 NORTH MAIN STREET PROVIDENCE RI 02904 990 2012-07-01 050470320 THE INTERNATIONAL YACHT RESTORATION SCHOOL INC INTE 4018485777 449 THAMES STREET NO 111 NEWPORT RI 02840 REBEKA J MAZZONE 4018485777 2014-05-13 1 DEBORAH A HOPKINS P00167843 4012742001 2012 2015-11-30 17:44:51Z TERRY NATHAN 449 THAMES STREET NO 111 NEWPORT RI 02840 4364283 0 X WWW.IYRS.EDU X 1993 RI TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF BUILDING, RESTORING AND MAINTAINING. 33 32 26 30 0 0 1442707 1757181 1075555 1515591 22706 114605 341650 -76058 2882618 3311319 209750 0 0 0 1742254 1636991 0 0 380833 1325523 1553220 3277527 3190211 -394909 121108 13591948 13679367 1388559 1315804 12203389 12363563 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 1 1955384 1325870 IN SEPTEMBER 2012, 67 STUDENTS FROM 15 STATES AND 8 COUNTRIES WERE ENROLLED IN THE THREE FULL-TIME SCHOOL PROGRAMS, AN INCREASE OF APPROXIMATELY 24% FROM THE PREVIOUS YEAR, AND THE LARGEST ENROLLMENT TO DATE. 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 (CONTINUED ON SCHEDULE O)TAKE ON THE RESTORATION OF LARGER PLANK-ON-FRAME SAILBOATS OR POWER BOATS AND LEARN MARINE BUSINESS OPERATIONS. IN FISCAL YEAR 2013, FIRST-YEAR STUDENTS COMPLETED 8 BEETLECATS AND SECOND-YEAR PROJECTS INCLUDED THE RESTORATION OF A 25' HERRESHOFF LAUNCH, A HERRESHOFF FISH CLASS SLOOP AND AN 11' HERRESHOFF FROSTBITE 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 2012, THERE WERE 22 FIRST-YEAR AND 16 SECOND-YEAR STUDENTS ENROLLED IN THE SCHOOL OF BOATBUILDING & RESTORATION; 15 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 2012, THERE WERE 18 STUDENTS ENROLLED IN THE SCHOOL OF MARINE SYSTEMS, OF WHICH 16 RECEIVED THEIR CERTIFICATE IN MARINE SYSTEMS; IN MARCH 2013, THERE WERE 10 STUDENTS ENROLLED FOR A TERM THAT WILL CONCLUDE IN FISCAL YEAR 2014.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 2012, THERE WERE 11 STUDENTS ENROLLED IN THE SCHOOL OF COMPOSITES TECHNOLOGY, ALL OF WHOM RECEIVED THEIR CERTIFICATE IN COMPOSITES TECHNOLOGY; IN MARCH 2013, THERE WERE 7 STUDENTS ENROLLED.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, 2013, 40 STUDENTS RECEIVED SCHOLARSHIPS FOR A TOTAL OF $137,128. 35894 193923 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 ORGNIZATION THE MUSEUM OF YACHTING, AND OTHER RELATED ORGANIZATIONS. 1991278 1 1 0 0 0 0 0 0 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 0 0 0 0 1 1 1 0 0 1 46 0 26 1 0 0 0 0 0 1 1 0 0 0 0 X 33 32 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 59.00 1.00 X X 198125 0 16823 JOSEPH T DOCKERY 0.50 X X 0 0 0 CHARLES H TOWNSEND 0.50 X X 0 0 0 HARRY T REIN 0.50 X X 0 0 0 RONALD P O'HANLEY 0.50 X X 0 0 0 ALFRED W BOYLAN 0.50 X 0 0 0 RICHARD BREADY 0.50 X 0 0 0 WILLIAM M BROOKS 0.50 X 0 0 0 CONNELL CHRISTOPHER CANNON 0.50 X 0 0 0 JAMES J COLEMAN JR 0.50 X 0 0 0 PEGGY COMFORT 0.50 X 0 0 0 DARRELL CRATE 0.50 X 0 0 0 PETER DENTON 0.50 X 0 0 0 CLAYTON G DEUTSCH 0.50 X 0 0 0 MICHAEL J DOMINGUEZ 0.50 X 0 0 0 JUERGEN FRIEDRICH 0.50 X 0 0 0 GLENN F FULLER 0.50 X 0 0 0 STEPHEN L GLASCOCK 0.50 X 0 0 0 LAWRENCE GLENN 0.50 X 0 0 0 PETER GONZALEZ 0.50 X 0 0 0 H THEODORE GRAVES 0.50 X 0 0 0 DEBORAH L HADLEY 0.50 X 0 0 0 SETH HAGEN 0.50 X 0 0 0 GEORGE M ISDALE JR 0.50 X 0 0 0 RALPH ISHAM 0.50 X 0 0 0 ERNEST K JACQUET 0.50 X 0 0 0 EARL MCMILLEN III 0.50 X 0 0 0 GERALD O MIGLIACCIO 0.50 X 0 0 0 BILL MORONG 0.50 X 0 0 0 JAMES O'BRIEN JR 0.50 X 0 0 0 MARK E WATSON 0.50 X 0 0 0 BRENDA L WILSON 0.50 X 0 0 0 ZBYNEK E ZAK 0.50 X 0 0 0 RHONDA LANDERS 59.00 1.00 X 128339 0 7700 326464 0 24523 2 0 1 0 0 12551 548983 1195647 146061 1757181 SCHOOL 611519 1270519 1270519 MARINA 713990 145772 145772 MANAGEMENT FEES 900099 99300 99300 1515591 40018 40018 614258 168416 595022 113065 19236 55351 74587 55351 19236 246439 548983 271348 -24909 -24909 8796 73529 -64733 -64733 OTHER INCOME 900099 13584 13584 13584 3311319 1519793 0 34345 373350 117810 140765 114775 1067707 697636 203842 166229 46746 38642 5282 2822 48869 28652 7338 12879 100319 58244 22033 20042 13890 13890 79534 79534 70828 57795 13033 284271 283764 388 119 256573 179065 62743 14765 55955 5319 50636 347094 220575 126381 138 38113 25518 3733 8862 15490 14892 108 490 8742 8742 200002 170002 30000 70039 37454 25882 6703 MISCELLANEOUS EXPENSES 38659 15658 5072 17929 PROGRAM EQUIPMENT 29283 29283 BAD DEBT EXPENSE 24336 24336 DUES AND FEES 16984 7894 7173 1917 3427 3075 222 130 3190211 1991278 818100 380833 15653 114768 948855 440669 355197 362995 1689883 1380157 77121 5149 104796 205866 4594786 1610171 3118685 2984615 1106236 1869504 5033393 5033393 1142129 1282251 13591948 13679367 389342 400808 523862 635860 308680 279136 166675 0 1388559 1315804 X 10976786 10786745 1021103 1333318 205500 243500 12203389 12363563 13591948 13679367 121108 39066 0 X 0 1 X 1 0 X 2497751 1425662 1944899 1990745 1757181 9616238 2497751 1425662 1944899 1990745 1757181 9616238 1043378 8572860 249112 272645 300434 404913 40018 1267122 3514 3514 1486035 123486 15312 13584 1638417 12525291 6822636 0.68440 0.71170 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: THE 2011 COLUMN INCLUDES AMOUNTS FROM THE FORM 990S FOR BOTH THE JANUARY 1, 2011 - JUNE 30, 2011 SHORT YEAR AND THE JULY 1, 2011 - JUNE 30, 2012 FISCAL YEAR. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 223672 38000 8500 270172 185135 38000 537 223672 167404 17500 231 185135 50000 100000 17404 167404 55121 5121 50000 0.90130 0.09870 0 0 1476800 1476800 1675287 518910 1156377 72765 25520 47245 1369934 1065741 304193 2984615 INVESTMENT IN SUBSIDIARY 5033393 C 5033393 BOAT RESTORATION ASSETS 416251 SHIP MODELS 791000 REFUNDABLE DEPOSIT 75000 1282251 X DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2012, JUNE 30, 2011 AND DECEMBER 31, 2010 ARE SUBJECT TO EXAMINATION BY THE IRS. THE ORGANIZATION CURRENTLY HAS NO TAX EXAMINATIONS IN PROGRESS. GALA 775202 541483 233719 7012 32777 36885 8400 168373 RESTORATION SOCIETY 20220 7500 12720 451 15630 1820 795422 548983 246439 7012 33228 52515 8400 170193 271348 -24909 X 0 1 X X X X 0 0 0 0 0 0 0 0 0 TERRY NATHAN 198125 0 0 0 0 0 12593 0 4230 0 214948 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 APPROVED BY THE CHAIRMAN OF THE BOARD OF TRUSTEES. X 19 55660 FMV ON DATE OF GIFT X 4685 FMV ON DATE OF GIFT X 10 63500 FMV ON DATE OF GIFT X 7 198964 FMV ON DATE OF GIFT X 9 5544 FMV ON DATE OF GIFT X EQUIP. & TOOLS 9 3900 FMV ON DATE OF GIFT X JEWELRY 4 2545 FMV ON DATE OF GIFT X MISC. AUCTION ITEMS 17 10227 FMV ON DATE OF GIFT 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS IS BASED ON THE ACTUAL NUMBER OF DONORS WHO GAVE NON-CASH GIFTS TO IYRS, INCLUDING FOR THE AUCTION. CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 EFFECTIVE SEPTEMBER 2012, THE MARINE SYSTEMS AND COMPOSITES TECHNOLOGY PROGRAMS WERE REVISED FROM 1,225 HOURS TO 920 HOURS - NINE MONTHS TO APPROXIMATELY SIX MONTHS. THE CURRENT HIGH QUALITY OUTCOMES OF THE STUDENTS WILL BE MAINTAINED BUT WITH AN ACCELERATED TRACK TO THE WORKFORCE, THUS REDUCING THE OVERALL TIME COMMITMENT AND FINANCIAL INVESTMENT. BOTH PROGRAMS WILL RUN YEAR-ROUND AND THE EXPECTATION IS THAT ENROLLMENT WILL INCREASE. APPROVALS FOR THESE CHANGES WERE RECEIVED FROM THE NECESSARY AGENCIES, E.G., THE U.S. DEPARTMENT OF EDUCATION, THE RHODE ISLAND GOVERNOR'S BOARD OF HIGHER EDUCATION AND THE ACCSC, OUR ACCREDITING AGENCY. THE IYRS PROGRAM ADVISORY COMMITTEE ALSO APPROVED THE REVISION OF THESE PROGRAMS AND PROVIDED GUIDANCE AND FEEDBACK TO THE REVISIONS IN THE OVERALL CURRICULUM. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE EXTERNAL AUDITORS. THE DIRECTOR OF FINANCE 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 REVIEW ALSO ESTABLISHES THE PRESIDENT'S COMPENSATION FOR THE FOLLOWING YEAR. THIS PROCESS INVOLVES THE EVALUATION OF THE PRESIDENT AND CONSIDERATION OF A SALARY SURVEY OF COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS. NEGOTIATIONS ARE THEN CONFIRMED IN A EMPLOYMENT CONTRACT. 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 TRUSTEES. 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 INFORMAL WHISTLEBLOWER AND DOCUMENT RETENTION POLICIES, AND WILL FORMALIZE WITH APPROVAL BY THE BOARD OF TRUSTEES DURING FISCAL YEAR 2014. THE MUSEUM OF YACHTING INC 449 THAMES ST NEWPORT RI 02840 050387774 TO PROMOTE THE HISTORY OF YACHTING RI 501(C)(3) LINE 7 0 MILL RESTORATION LLC 449 THAMES ST NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC EXCLUDED 13530 89998 1 0 0.01000 RESTORATION MANAGEMENT INC 449 THAMES ST NEWPORT RI 02840 261126450 REAL ESTATE RI C 12000 3888293 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 THE MUSEUM OF YACHTING INC Q 59554 ACTUAL CASH RECEIVED