2011-11-09T16:40:52-06:00 2011-06-30 N CHENG & CO PC 40 EXCHANGE PLACE NEW YORK NY 10005 990 2010-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 AILEEN HEFFERREN 2125791390 2011-11-09 1 NINA BAHAZHEVSKA 2127850100 2011-11-09 2010 2016-03-07 17:11:31Z AILEEN HEFFERREN 328 WEST 71ST NEW YORK NY 10023 NEW YORK NY 10023 10044446 0 X WWW.PREPFORPREP.ORG X 1968 NY A LONG-TERM INVESTMENT STRATEGY TO DEVELOP THE LEADERSHIP POTENTIAL OF ABLE YOUNG PEOPLE FROM SEGMENTS OF SOCIETY GROSSLY UNDER-REPRESENTED IN THE LEADERSHIP POOL FROM WHICH ALL OF OUR MAJOR INSTITUTIONS DRAW. BY EXPANDING THE NATIONS LEADERSHIP RESOURCES, WE AIM TO IMPACT INDIRECTLY ON A SET OF INTER-RELATED PROBLEMS THAT THREATEN TO REND OUR SOCIETY. 62 62 255 290 0 0 9604837 9609624 0 1211 316656 190328 0 0 9921493 9801163 0 0 0 0 5718691 5892586 0 0 874492 3300921 3536304 9019612 9428890 901881 372273 32216582 35568879 1874360 1902906 30342222 33665973 X PREP FOR PREP IS A LONG-TERM INVESTMENT STRATEGY TO DEVELOP THE LEADERSHIP POTENTIAL OF ABLE YOUNG PEOPLE FROM SEGMENTS OF SOCIETY GROSSLY UNDER-REPRESENTED IN THE LEADERSHIP POOL FROM WHICH ALL OF OUR MAJOR INSTITUTIONS DRAW. BY EXPANDING THE NATIONS LEADERSHIP RESOURCES, WE AIM TO IMPACT INDIRECTLY ON A SET OF INTER-RELATED PROBLEMS THAT THREATEN TO REND OUR SOCIETY. 0 0 2937582 ACADEMIC PROGRAMS - 14-MONTH "ACADEMIC BOOT CAMPS" PREPARING APPROXIMATELY 200 STUDENTS FOR 7TH GRADE PLACEMENT IN INDEPENDENT DAY SCHOOLS IN NEW YORK CITY OR 9TH GRADE PLACEMENT IN NORTHEASTERN BOARDING SCHOOLS. 1713803 COUNSELING - INDIVIDUAL COUNSELING FOR APPROXIMATELY 800 STUDENTS THROUGH THEIR YEARS IN INDEPENDENT SCHOOL TO MONITOR THEIR ACADEMIC AND SOCIAL PROGRESS AND TO PROVIDE HELP AND SUPPORT AS NEEDED. SOCIAL AND CULTURAL ACTIVITIES DURING SCHOOL HOLIDAYS AND ON WEEKENDS EASE THE SOCIAL TRANSITION AND BUILD A SENSE OF COMMUNITY. SERVICES AND SUPPORT ARE MADE AVAILABLE TO APPROXIMATELY 800 UNDERGRADUATES AS WELL. 1613720 1211 LEADERSHIP DEVELOPMENT OPPORTUNITIES FOR APPROXIMATELY 1,000 OF PREP'S HIGH SCHOOL AND COLLEGE STUDENTS: LEADERSHIP RETREATS, COLLEGE GUIDANCE, SUMMER INTERNSHIPS, TRAVEL ABROAD EXPERIENCES, AND OTHER OPPORTUNITIES THAT BROADEN STUDENTS ASPIRATIONS, INCREASE THEIR SENSE OF LIFE'S POSSIBILITIES, AND BUILD A STRONGER SENSE OF SELF; OPPORTUNITIES, EVENTS, AND NETWORKING FOR PREP'S APPROXIMATELY 3,000 UNDERGRADUATE AND COLLEGE GRADUATE ALUMNI, ENCOURAGING THEIR ON-GOING INVOLVEMENT WITH AND SUPPORT OF THE PROGRAM. 1669732 TALENT SEARCH - IDENTIFYING AND SELECTING 200 STUDENTS FOR PARTICIPATION IN THE PROGRAM - FROM AMONG 7000 NOMINATED - THROUGH AN EXTENSIVE ADMISSIONS PROCESS; SMART CONNECTIONS - SHARING PREPS MODEL AND EXPERIENCE WITH 120 ORGANIZATIONS AND SOCIAL ENTREPRENEURS, INCLUDING A PREP-HOSTED CONFERENCE. 1669732 7934837 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 77 0 255 1 0 1 BD CJ 0 0 0 1 1 0 0 X 62 62 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 NY X JONATHAN MILLS 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 JOHN L VOGELSTEIN X X 0 0 0 MARTIN LIPTON X X 0 0 0 SCOTT BOK X X 0 0 0 LISA SMITH CASHIN X X 0 0 0 ANNIE GILCHRIST HALL X X 0 0 0 JAMES R MAHER X X 0 0 0 DAVID A NADLER X X 0 0 0 DANIEL M NEIDICH X X 0 0 0 ERIC A ROTHFELD X X 0 0 0 JOHN H HALL ESQ X X 0 0 0 JENNIFER J BURLEIGH X X 0 0 0 PASCAL DESROCHES X X 0 0 0 ARUN ALAGAPPAN X 0 0 0 HERBERT A ALLEN III X 0 0 0 JOHN ALLMAN X 0 0 0 NICOLE ARNABOLDI X 0 0 0 ORLANDO D ASHFORD X 0 0 0 LAWRENCE P BASCOM X 0 0 0 ANSON H BEARD X 0 0 0 ADELE BERGREEN X 0 0 0 LEON D BLACK X 0 0 0 RONALD E BLAYLOCK X 0 0 0 JERRY BRIGHT X 0 0 0 FRANK K BYNUM JR X 0 0 0 JORGE CALDERON X 0 0 0 VALENTINO D CARLOTTI X 0 0 0 JAMES COLE JR X 0 0 0 DANIELLE DANESE X 0 0 0 ELIZABETH B DATER X 0 0 0 STEVE DEL VILLAR X 0 0 0 CARMINE DI SIBIO X 0 0 0 ALEXANDER R EDLICH X 0 0 0 ANNE R ERNI X 0 0 0 LORI FINK X 0 0 0 UNIQUE FRASER X 0 0 0 JANE H GOLDMAN X 0 0 0 CARL D HARNICK X 0 0 0 MARIE E KELLY X 0 0 0 ROBIN J KEMPER X 0 0 0 LILIAN M KING X 0 0 0 JAY L KRIEGEL X 0 0 0 FRANCES G LASERSON X 0 0 0 LAURENCE C LEEDS JR X 0 0 0 DANIEL S LOEB X 0 0 0 FRANK J LOVERRO X 0 0 0 ERICH MAUFF X 0 0 0 ADAM E MAX X 0 0 0 HAROLD MCGRAW III X 0 0 0 JULIE MONACO X 0 0 0 JONATHAN MOSES X 0 0 0 JACK H NUSBAUM X 0 0 0 GLORIMAR O'HARA X 0 0 0 SANDY OSBORNE X 0 0 0 BARBARA PAGE X 0 0 0 LISSA PERLMAN X 0 0 0 LLOYD PLENTY X 0 0 0 RICHARD REISS JR X 0 0 0 WILLIAM A SHUTZER X 0 0 0 TAI CHANG TERRY X 0 0 0 ANDREW M WALLACH X 0 0 0 ANITA VOLZ WIEN X 0 0 0 BRIAN C WILLE X 0 0 0 PETER WORKMAN X 0 0 0 AILEEN HEFFERREN 40.00 X X 259848 0 50575 ED BOLAND 40.00 X 179693 0 21358 PETER BORDONARO 40.00 X 185567 0 42984 DOMINIC MICHEL 40.00 X 185110 0 41530 JONATHAN MILLS 40.00 X 153205 0 30918 MARIE URSINO 40.00 X 141308 0 22047 1104731 0 209412 6 0 1 0 0 3420461 6189163 1196055 9609624 1211 1211 1211 190328 190328 243283 3420461 243283 0 9801163 1211 0 190328 1173437 737399 165638 270400 3753508 3350815 153046 249647 155344 138214 6882 10248 464466 401647 22213 40606 345831 292423 20625 32783 27855 27855 125243 40706 13863 70674 440651 295910 51820 92921 281919 224449 21707 35763 682647 651981 16955 13711 90154 79929 3174 7051 78433 78038 320 75 290251 243811 17415 29025 54998 54998 STUDENT EXPENSES 341641 341641 COSTS OF COUNSELING 323351 323351 PUPIL TRANSPORTATION 304944 304944 LEADERSHIP DVT ACTIVITI 207351 207351 BRDG SCHOOL IMMERSION 107413 107413 179453 114815 43050 21588 9428890 7934837 619561 874492 2500 2500 2850384 3652685 1692572 1063156 246273 353264 6165012 3302631 3095984 2862381 7883278 13496023 16430202 14129637 15389 9233 32216582 35568879 549186 577732 1325174 1325174 1874360 1902906 X 28672300 32085944 1003191 884963 666731 695066 30342222 33665973 32216582 35568879 X 372273 2951478 X X 0 1 1 X 0 X 10828544 11382771 8300878 9604837 9604624 49721654 10828544 11382771 8300878 9604837 9604624 49721654 5638808 44082846 378053 451784 579336 316656 190328 1916157 51637811 1162717 0.85370 0.85330 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23636611 528335 3272632 -26614 -134377 27276587 21201142 25486 2485395 -75412 23636611 25123194 -2965283 -850000 -106769 21201142 0.97000 0.03000 0 0 492750 492750 3609361 1505997 2103364 2062901 1796634 266267 2862381 ALTERNATIVE INVESTMENTS 14129637 F 14129637 9801163 9428890 372273 2951478 2951478 3323751 13676891 2951478 924250 3875728 9801163 0 9801163 10353140 924250 924250 9428890 0 9428890 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: BOARD DESIGNATED FUNDS SERVE AS A BUFFER IN TIMES OF GENERAL ECONOMIC DOWNTURN. THE MEMORIAL ENDOWMENT FUND HONORS STUDENT AND ALUMNI MEMBERS OF THE PREP COMMUNITY WHO HAVE DIED. PERMANENTLY RESTRICTED FUNDS ARE SUBJECT TO RESTRICTIONS BY DONORS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ORGANIZATION APPLIES THE PROVISION OF FASB ASC 740, INCOME TAXES. MANAGEMENT HAS CONSIDERED POSSIBLE AREAS OF UNCERTAIN TAX POSITIONS AND POSSIBLE AREAS OF RISK TO ITS TAX-EXEMPT STATUS. MANAGEMENT HAS CONCLUDED THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS AND THAT ITS TAX EXEMPT STATUS WOULD SUSTAIN EXAMINATION. TAX YEARS OF 2008, 2009, AND 2010 REMAIN OPEN AND ARE SUBJECT TO EXAMINATION BY IRS. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS IN REGION 11928064 0 0 0 11928064 0 11928064 0 0 0 0 0 0 LILAC BALL 3663744 3420461 243283 6750 216292 17489 2752 3663744 3420461 243283 6750 216292 17489 2752 243283 0 X X X X X 0 0 0 0 0 0 0 0 0 AILEEN HEFFERREN 259608 0 0 0 240 0 24500 0 26075 0 310423 0 304914 0 ED BOLAND 179393 0 0 0 300 0 13022 0 8336 0 201051 0 196744 0 PETER BORDONARO 182519 0 0 0 3048 0 19929 0 23055 0 228551 0 226194 0 DOMINIC MICHEL 183946 0 0 0 1164 0 19929 0 21601 0 226640 0 221047 0 JONATHAN MILLS 151039 0 0 0 2166 0 17854 0 13064 0 184123 0 176237 0 MARIE URSINO 140397 0 0 0 911 0 13667 0 8380 0 163355 0 159078 0 KATHRYN BORDONARO SPOUSE OF KEY EMPLOYEE 92856 EMPLOYMENT 0 SAMUEL J ZALUTSKY SPOUSE OF KEY EMPLOYEE 10000 INDEPENDENT CONTRACTOR ARRANGEMENT 0 X 27 1196055 FMV 0 0 1 THIRD PARTY USE: PART I, LINE 32B: PREP RECEIVES NONCASH GIFTS OF STOCK AND HAS MERRILL LYNCH SELL THEM FORM 990, PART VI, SECTION A, LINE 2 TWO PAIRS OF TRUSTEES ARE FAMILY RELATED. KATHRYN BORDONARO IS A SPOUSE OF KEY EMPLOYEE. FOUR TRUSTEES HAVE A SHARED OWNERSHIP INTEREST. 4 PAIRS OF TRUSTEES AND 3 OTHER TRUSTEES ARE EMPLOYED BY THE SAME ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 4 THE BY-LAWS WERE AMENDED TO REFLECT CONTEMPORARY CIRCUMSTANCES AND REQUIREMENTS. FORM 990, PART VI, SECTION B, LINE 11 BEFORE FILING, THE 990 IS REVIEWED BY THE TREASURER OF PREP FOR PREP AND IS DISTRIBUTED TO ALL MEMBERS OF THE EXECUTIVE COMMITTEE AND THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C IN DISCHARGING ITS OVERSIGHT RESPONSIBILITIES, THE FINANCE COMMITTEE IS EMPOWERED TO INVESTIGATE ANY MATTER BROUGHT TO ITS ATTENTION WITH FULL ACCESS TO ALL BOOKS, RECORDS, FACILITIES AND PERSONNEL OF PREP. IN KEEPING WITH ITS CHARTER, THE FINANCE COMMITTEE ANNUALLY REVIEWS AND DISCUSSES WITH MANAGEMENT AND THE INDEPENDENT AUDITORS THE ADEQUACY AND EFFECTIVENESS OF PREP'S LEGAL, REGULATORY AND ETHICS COMPLIANCE PROGRAMS, INCLUDING PREP'S CODE OF BUSINESS CONDUCT FORM 990, PART VI, SECTION B, LINE 15 THE STAFF RECRUITMENT AND COMPENSATION COMMITTEE OF THE BOARD ASSISTS THE EXECUTIVE COMMITTEE OF THE BOARD IN FULFILLING ITS RESPONSIBILITY FOR DETERMINING COMPENSATION OF SENIOR MANAGEMENT. COMMITTEE MEMBERS ARE INDEPENDENT AND RECEIVE NO COMPENSATION FOR THEIR SERVICE ON THE COMMITTEE. THE COMMITTEE REVIEWS THE COMPENSATION OF THE CHIEF EXECUTIVE AND EXECUTIVE STAFF EACH YEAR AND RECOMMENDS CHANGES OR ADJUSTMENTS TO THE EXECUTIVE COMMITTEE. REVIEW INCLUDES PERIODIC USE OF COMPARABILITY DATA AND RETENTION OF OUTSIDE EXPERTS AND OTHER ADVISORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL REPORTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 2,951,478. FORM 990, PART XII, LINE 2C NO CHANGES FROM PRIOR YEAR FORM 990, PART I, LINE 5 PREP STUDENTS AND ALUMNI VOLUNTEER IN THE PREP ADMISSIONS OFFICE, WORKING WITH PROSPECTIVE APPLICANTS AND THEIR PARENTS DURING THE RECRUITMENT AND APPLICATION PROCESS. PREP GRADS, OR STUDENTS WHO HAVE COMPLETED 8TH GRADE IN THEIR INDEPENDENT SCHOOLS, SERVE AS VOLUNTEERS DURING THE PREPARATORY COMPONENT SUMMER SESSION BY ASSISTING WITH ATTENDANCE, TELEPHONE CALLS, AND THE COLLECTION AND DISTRIBUTION OF LUNCHES, MAILINGS, BOOKS, AND NOTICES. (APPROXIMATE TOTAL NUMBER OF VOLUNTEERS FOR ADMISSIONS AND PREPARATORY COMPONENT: 90.) PREP FOR PREP ALSO USES VOLUNTEERS IN ORDER TO FACILITATE ITS PROFESSIONAL ADVANCEMENT INITIATIVES, WHICH EXPOSE PREP HIGH SCHOOL STUDENTS AND UNDERGRADUATES TO A RANGE OF CAREER OPTIONS THEY MIGHT NOT OTHERWISE HAVE CONSIDERED. THESE INITIATIVES INCLUDE CAREER PATHS PLUS, SUMMER JOBS BANK, AND THE PREP FOR PREP/GOLDMAN SACHS FOUNDATION INSTITUTE FOR ENTREPRENEURSHIP. VOLUNTEERS HELP PREPARE STUDENTS FOR SUMMER INTERNSHIPS BY CONDUCTING MOCK INTERVIEWS FOR HIGH SCHOOL STUDENTS. THROUGH THE INSTITUTE FOR ENTREPRENEURSHIP, VOLUNTEERS SERVE AS BUSINESS PLAN ADVISORS AND FINAL COMPETITION JUDGES. PREP ALSO USES VOLUNTEERS TO SERVE AS CAREER SEMINAR SERIES PANELISTS. (APPROXIMATE TOTAL NUMBER OF VOLUNTEERS FOR PROFESSIONAL ADVANCEMENT: 100.) BOARD AND ASSOCIATES COUNCIL MEMBERS VOLUNTEER THEIR TIME AND PROFESSIONAL EXPERIENCE TO ATTEND PANELS AND LEVERAGE THEIR CONTACTS. (TOTAL NUMBER OF BOARD AND ASSOCIATES COUNCIL MEMBERS: 75.) IN ADDITION, APPROXIMATELY 25 PREP ALUMNI VOLUNTEER THEIR TIME TO HELP RUN PREP'S ANNUAL GIVING CAMPAIGN.