2013-02-14T13:24:15-06:00 2012-06-30 061009205 BLUM SHAPIRO & COMPANY PC CPA'S 29 S MAIN STREET PO BOX 272000 WEST HARTFORD CT 061272000 990 2011-07-01 060910420 CHOATE ROSEMARY HALL FOUNDATION INCORPORATED CHOA 2036972225 333 CHRISTIAN STREET WALLINGFORD CT 064923818 RICHARD SALTZ 2036972225 2013-02-14 1 ELIZABETH SOLECKI P00235171 8605614000 2011 2016-03-07 17:11:31Z CHOATE ROSEMARY HALL ALEXANDER CURTIS 333 CHRISTIAN STREET WALLINGFORD CT 064923818 71677041 0 X WWW.CHOATE.EDU X 1974 CT TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 860 STUDENTS PER YEAR. 26 25 662 500 29429 0 29270350 22200813 42451209 43605198 6973978 5471233 -31416 -66174 78664121 71211070 8779712 9331961 0 0 25717030 27172560 0 0 3782876 26853594 28134896 61350336 64639417 17313785 6571653 464327636 470641964 62217508 68457704 402110128 402184260 X TO PROVIDE A QUALITY, COMPREHENSIVE, SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 860 STUDENTS PER YEAR. 0 0 19734778 0 43605198 THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 860 STUDENTS, GENERATING OVER $28.8 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND SUPPORT. 10736086 THE SCHOOL MAINTAINS OVER 1.2 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 $123 MILLION. 9331961 9331961 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. 4326073 MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING 1403590 TRAVEL AND CONFERENCE EXPENSES 1845160 OFFICE AND INFORMATION TECHNOLOGY EXPENSES 2490174 ALL OTHER PROGRAM RELATED EXPENSES, INCLUDING ADVERTISING, ROYALTIES, INTEREST PAYMENTS, OUTSIDE RENTALS, ETC. 10064997 49867822 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 0 1 184 0 1 662 1 1 1 1 SP FR 0 0 0 0 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X EDWARD T GRIFFIN CONTROLLER 2036972225 333 CHRISTIAN STREET WALLINGFORD CT 06492 ALEXANDER CURTIS 60.00 X X 234376 0 57652 EDWARD SHANAHAN 60.00 X X 514713 0 56933 LUIS H BALL 2.00 X 0 0 0 SUSAN M BARCLAY 2.00 X 0 0 0 SAMUEL P BARTLETT 2.00 X 0 0 0 MICHAEL J CARR 2.00 X 0 0 0 RICHARD ELMAN 2.00 X 0 0 0 ROBERT B GOERGEN JR 2.00 X 0 0 0 JOHN F GREEN 2.00 X 0 0 0 DAVID R FOSTER 2.00 X 0 0 0 BRETT M JOHNSON 2.00 X 0 0 0 WARREN B KANDERS 2.00 X 0 0 0 HERBERT V KOHLER JR 2.00 X 0 0 0 LINDA J HODGE 2.00 X 0 0 0 EDWARD O LANPHIER 2.00 X 0 0 0 GRETCHEN COOPER LEACH 2.00 X 0 0 0 WILLIAM LAVERACK JR 2.00 X 0 0 0 ROBERT A MINICUCCI 2.00 X 0 0 0 LINDA H RIEFLER 2.00 X 0 0 0 MARSHALL S RUBEN 2.00 X 0 0 0 HENRY K SNYDER 2.00 X 0 0 0 M WINDOW SNYDER 2.00 X 0 0 0 JEANETTE SUBLETT 2.00 X 0 0 0 THOMAS M VIERTEL 2.00 X 0 0 0 BENJAMIN S WALTON 2.00 X 0 0 0 KEWSONG LEE 2.00 X 0 0 0 JAMES A LEBOVITZ 2.00 X 0 0 0 RICHARD SALTZ 60.00 X 192237 0 64492 JOHN BURDITT 40.00 X 238895 0 45332 DANIEL COURCEY 60.00 X 333907 0 92306 BENJAMIN GARDNER 60.00 X 165065 0 55494 STEPHEN FARRELL 60.00 X 138983 0 133210 KATHLEEN WALLACE 40.00 X 152217 0 22007 EDWARD GRIFFIN 40.00 X 126314 0 31336 RAYMOND DIFFLEY 40.00 X 133198 0 58456 2229905 0 617218 18 0 1 0 SHAWMUT DESIGN AND CONSTRUCTION 116 WASHINGTON AVENUE NORTH HAVEN CT 06473 CONSTRUCTION 4652955 ARAMARK CAMPUS SERVICES PO BOX 198532 ATLANTA GA 303848532 FOOD SERVICE 3310434 ABM JANITORIAL SERVICES PO BOX 1534 NEW YORK NY 100081534 JANITORIAL SERVICES 1231854 PETRA CONSTRUCTION CORPORATION 98 REBESCHI DRIVE NORTH HAVEN CT 06473 CONSTRUCTION 904488 ROBISON INC 60 CHURCH STREET YALESVILLE CT 06492 CONSTRUCTION 728107 28 22200813 1274913 22200813 TUITION AND FEES 611710 42308649 42308649 STUDENT ACTIVITIES 611710 365142 365142 INFIRMARY/COUNSELING 611710 195379 195379 RENTS 611710 194429 194429 APPLICATION FEES 611710 151875 151875 389724 389724 43605198 2498363 3220 2495143 263740 311110 -47370 -47370 -47370 2972870 0 2972870 2972870 73579 2899291 136057 154861 -18804 -18804 71211070 43605198 29429 5375630 9331961 9331961 1514128 187272 618405 708451 18354270 14058399 2619012 1676859 2721083 1929072 546723 245288 3151392 2518109 616828 16455 1431687 1041926 274285 115476 4333636 4326073 7563 87919 87919 77503 77503 2440929 678 2440251 2459275 731458 1386276 341541 67816 52268 15548 2267727 1206540 773354 287833 365795 315284 50471 40 5387 5387 2146966 1921134 203393 22439 1544553 1268201 100680 175672 154109 135389 12910 5810 1461400 1400021 45450 15929 8107332 7759082 257871 90379 715928 71367 634571 9990 MAINTENANCE & REPAIR 984503 984503 EQUIPMENT PURCHASE 365570 323336 40272 1962 OUTSIDE RENTALS 116274 56382 21356 38536 UNIFORMS 102511 102511 329763 141469 158078 30216 64639417 49867822 10988719 3782876 12216793 13762769 27869474 25236895 76434 38568 412967 404295 2431897 2404439 216623821 93286951 111046916 123336870 140188871 98412109 168464846 206679642 1619438 366377 464327636 470641964 4993806 6335635 10177659 11265300 39015000 38095000 8031043 12761769 62217508 68457704 X 166154201 177465676 125860930 113210427 110094997 111508157 402110128 402184260 464327636 470641964 X 6571653 -6497521 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 286521297 9378558 3064867 11094464 3085474 284784784 237129117 16723637 49439024 14259927 2510554 286521297 215360644 8791990 24430184 9198280 2255421 237129117 262771094 7740267 -42218364 11363000 1569353 215360644 0.36000 0.37000 0.27000 0 0 2622278 2622278 159821488 71779825 88041663 20746714 15810848 4935866 33433341 5696278 27737063 123336870 LIMITED PARTNERSHIPS 199570440 F SPLIT INTEREST AGREEMENTS 7109202 F 206679642 LIABILITY UNDER SPLIT-INTEREST AGREEMENTS 2599858 AMOUNTS HELD ON BEHALF OF OTHERS 142943 INTEREST RATE SWAP VALUATION 10018968 12761769 71211070 64639417 6571653 -1234077 -5263444 -6497521 74132 57683508 -1234077 -12706555 -13940632 71624140 -413070 -413070 71211070 52760449 413018 413018 52347431 12291986 12291986 64639417 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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 8 - OTHER ADJUSTMENTS: BENEFITS PAID ON ANNUITY OBLIGATIONS -414,569. MISCELLANEOUS 52. UNREALIZED LOSS ON INTEREST RATE SWAP -4,848,927. TOTAL TO SCHEDULE D, PART XI, LINE 8: -5,263,444. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS -9,331,961. INVESTMENT MANAGEMENT FEE RECLASS -3,085,474. CHANGE IN VALUE OF SPLIT INTEREST OBLIGATIONS 125,449. BENEFITS PAID ON ANNUITY OBLIGATIONS -414,569. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASS -311,110. COST OF GOODS SOLD RECLASS -154,861. RECLASS POSTAGE RECHARGES 52,906. MISCELLANEOUS -5. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASS 154,861. RENTAL EXPENSES RECLASS 311,110. RECLASS POSTAGE RECHARGES -52,906. MISCELLANEOUS EXPENSES -47. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASS 9,331,961. INVESTMENT MANAGEMENT FEES RECLASS 3,085,474. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -125,449. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 A STATEMENT OF CHOATE'S NON-DISCRIMINATORY 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 (INCLUDING ICELAND & GREENLAND) 1 3 PROGRAM SERVICES STUDY ABROAD PROGRAMS 574021 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 229496 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 4261290 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 44615433 1 3 0 0 1 3 49680240 0 49680240 1 0 1 1 1 0 1 FINANCIAL AID 289 9331961 OTHER FINANCIAL AID-REDUCTION IN TUITION PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL AID IS PROVIDED VIA A REDUCTION IN TUITION. X X 0 1 X X X X X 0 1 0 0 0 0 0 1 1 1 ALEXANDER CURTIS 165000 0 0 0 69376 0 24750 0 32902 0 292028 0 0 0 EDWARD SHANAHAN 161905 0 350555 0 2253 0 24285 0 32648 0 571646 0 0 0 RICHARD SALTZ 192237 0 0 0 0 0 29164 0 35328 0 256729 0 0 0 JOHN BURDITT 238895 0 0 0 0 0 36823 0 8509 0 284227 0 0 0 DANIEL COURCEY 233907 0 100000 0 0 0 35964 0 56342 0 426213 0 0 0 BENJAMIN GARDNER 162778 0 0 0 2287 0 24417 0 31077 0 220559 0 0 0 STEPHEN FARRELL 134415 0 0 0 4568 0 20365 0 112845 0 272193 0 0 0 KATHLEEN WALLACE 146712 0 4250 0 1255 0 22007 0 0 0 174224 0 0 0 EDWARD GRIFFIN 126314 0 0 0 0 0 19959 0 11377 0 157650 0 0 0 RAYMOND DIFFLEY 133198 0 0 0 0 0 20267 0 38189 0 191654 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, LINE 4B DANIEL COURCEY PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION PLAN. DURING 2011, HE WAS PAID $100,000 FROM THIS PLAN. PART I, LINE 8 A NEW HEADMASTER BEGAN AT THE SCHOOL IN JULY 2011. A NEW THREE YEAR CONTRACT WAS NEGOTIATED AT THE TIME. HUGH MALLON OF EXECUTIVE COMPENSATION CONCEPTS LTD. WAS RETAINED TO PROVIDE ANALYTICAL DATA TO ENSURE THE SCHOOL WAS COMPENSATING THE NEW HEADMASTER APPROPRIATELY. COMPARISON COMPENSATION DATA WAS ALSO DEVELOPED FROM ANNUAL ABOPS SURVEYS. THIS INFORMATION WAS GIVEN TO THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AS THE CONTRACT WAS NEGOTIATED. CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 20774UUD5 2008-04-02 42415000 SERIES D BONDS WERE ISSUED TO REFINANCE SERIES C BONDS ISSUES THROUGH CHEFA 0 0 0 42415000 42098000 315814 1186 2008 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 BARCLAY'S 28.420000000000 1 0 0 0 0 SCHEDULE K, PART V: THE SCHOOL IS IN THE PROCESS OF DOCUMENTING ITS PROCEDURES TO CONFIRM THAT VIOLATIONS, IF ANY, OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. ALEXANDER CURTIS LOAN TO FACILITATE MOVE TO CT X 113000 113000 0 1 1 113000 VARIOUS CHILDREN OF FACULTY COLLEGE GRANTS SANDRA PODESTA SHANAHAN SPOUSE OF KEY OFFICER/TREASURER 16931 EMPLOYMENT 0 THERESE BURDITT SPOUSE OF KEY EMPLOYEE 29367 EMPLOYMENT 0 X 77 1274913 VALUE ON DATE RECEIVED 0 1 1 THIRD PARTY USE: PART I, LINE 32B: OPPENHEIMER IS A FULL SERVICE BROKER THAT IS THE SCHOOL'S DEDICTATED SECURITIES BROKER. 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. THE AUDIT COMMITTEE CALLS A MEEETING FOR ALL TRUSTEES IN WHICH MANAGEMENT GOES THROUGH THE FORM 990, THE FORM 990-T AND THE FORM CT-990T IN DETAIL. AFTER REVIEW AND APPROVAL, THE FORM IS SUBMITTED TO THE PROPER AUTHORITIES. 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 A NEW HEADMASTER BEGAN AT THE SCHOOL IN JULY 2011. A NEW THREE YEAR CONTRACT WAS NEGOTIATED AT THE TIME. HUGH MALLON OF EXECUTIVE COMPENSATION CONCEPTS LTD. WAS RETAINED TO PROVIDE ANALYTICAL DATA TO ENSURE THE SCHOOL WAS COMPENSATING THE NEW HEADMASTER APPROPRIATELY. COMPARISON COMPENSATION DATA WAS ALSO DEVELOPED FROM ANNUAL ABOPS SURVEYS. THIS INFORMATION WAS GIVEN TO THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AS THE CONTRACT WAS NEGOTIATED. 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. THE COMPENSATION COMMITTEE ALSO OVERSEES CONTRACT/SALARY NEGOTIATIONS WITH THE FORMER HEADMASTER'S SPOUSE. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL ANNUALLY POSTS ITS AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE, WWW.CHOATE.EDU. THE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS OR ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,234,077. BENEFITS PAID ON ANNUITY OBLIGATIONS -414,569. MISCELLANEOUS 52. UNREALIZED LOSS ON INTEREST RATE SWAP -4,848,927. TOTAL TO FORM 990, PART XI, LINE 5: -6,497,521. OVERSIGHT OF INDEPENDENT ACCOUNTANTS FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE WHICH OVERSEES THE WORK OF ITS INDEPENDENT ACCOUNTANTS, AND IS RESPONSIBLE FOR THEIR SELECTION. FOUNDATION FOR A GREATER OPPORTUNITY 767 FIFTH AVENUE NEW YORK NY 10153 133913393 FUNDING SCHOLARSHIPS NY 501(C)(3) 509(A)(3) N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FOUNDATION FOR A GREATER OPPORTUNITY C 220976 CASH PAYMENT