2011-11-15T14:15:18-06:00 2010-12-31 CBIZ TOFIAS 56 EXCHANGE TERRACE PROVIDENCE RI 02903 990 2010-01-01 050470320 THE INTERNATIONAL YACHT RESTORATION SCHOOL INC INTE 4018485777 449 THAMES STREET NO 111 NEWPORT RI 02840 RHONDA LANDERS 4018485777 2011-11-10 1 JOHN T WILMOT 4016263200 2010 2016-03-07 17:11:31Z RHONDA LANDERS 449 THAMES STREET NEWPORT RI 02840 3688814 0 X WWW.IYRS.ORG X 1993 RI TO TEACH THE SKILLS, HISTORY, ART, AND SCIENCE OF RESTORING, MAINTAINING AND BUILDING BOATS AND THEIR SYSTEMS. 35 34 31 50 24763 -11737 1425662 1944899 780030 899241 1836230 110183 1713378 272880 5755300 3227203 171000 202000 0 0 1177362 1209947 0 0 398726 1271886 1480892 2620248 2892839 3135052 334364 13195325 13834567 715107 956566 12480218 12878001 X TO TEACH A DIVERSE GROUP OF STUDENTS THE SKILLS, HISTORY, SCIENCE, AND ART OF RESTORING, MAINTAINING AND BUILDING CLASSIC YACHTS. PREPARE STUDENTS FOR EMPLOYMENT IN VARIOUS PHASES OF THE MARINE INDUSTRY. PRESERVE THE KNOWLEDGE, HERITAGE, CRAFTSMANSHIP, AND AESTHETIC GENIUS INHERENT IN CLASSIC WATERCRAFT. MAINTAIN A FLEET OF RESTORED WATERCRAFT FOR THE PURPOSE OF TEACHING SEAMANSHIP, NAVIGATION AND MAINTENANCE SKILLS. PRESERVE AND PRESENT YACHTING'S CULTURE, LITERATURE, AND HERITAGE. SAVE THE IYRS SITE AND HISTORIC BUILDINGS, AN IMPORTANT PART OF AMERICA'S WORKING WATERFRONT AND SHOW THAT HONEST WORK, INTEGRITY AND THE MASTERY OF A CRAFT ARE AMONG LIFE'S GREAT ACHIEVEMENTS. 0 0 1899161 202000 1157564 THE INTERNATIONAL YACHT RESTORATION SCHOOL CONDUCTS VARIOUS EDUCATIONAL PROGRAMS, INCLDUING THE FOLLOWING:THE STUDENTS IN THE TWO YEAR YACHT RESTORATION PROGRAM RECEIVE A CERTIFICATE IN YACHT RESTORATION. THIS PROGRAM IS VERY HANDS ON. PRACTICAL EXPERIENCE RESTORING WOODEN BOATS IS SUPPLEMENTED BY CLASSROOM LECTURES, DRAWING AND DESIGN EXERCISES, CLASSES IN SURVEYING AND BUSINESS TECHNIQUES AND OFF CAMPUS EXCURSIONS. MOST STUDENTS GO ON TO WORK IN THE INDUSTRY. SIXTEEN STUDENTS RECEIVED A CERTIFICATE IN YACHT RESTORATION IN 2010.THERE IS A 10 MONTH CERTIFICATE PROGRAM IN MARINE SYSTEMS. STUDENTS LEARN HOW TO INSTALL, MAINTAIN AND REPAIR THE MAJOR SYSTEMS FOUND IN BOTH POWER AND SAIL BOATS. CLASSES INCLUDE A BALANCE OF CLASSROOM AND HANDS-ON-STUDY. FIFTEEN STUDENTS RECEIVED A CERTIFICATE IN MARINE SYSTEMS IN 2010.THERE IS A 9 MONTH CERTIFICATE PROGRAM IN COMPOSITES TECHNOLOGY. THE PROGRAM HAS AN INTENSIVE, NINE-MONTH SCHEDULE THAT GOES INTO MORE DEPTH THAN OTHER TRAINING PROGRAMS AND BLENDS THEORY WITH HANDS-ON TRAINING. IN THE PROGRAM, AFTER STUDENTS ESTABLISH A FOUNDATION IN TRADITIONAL COMPOSITES TECHNOLOGY, THEY MOVE ON TO THE LEADING-EDGE IN ADVANCED COMPOSITES. STUDENTS LEARN VACUUM INFUSION PROCESSING, ADVANCED COMPOSITES MOLDING, CAD/CAM OPERATIONS, ROBOTIC CNC PLUG BUILDING AND COMPOSITES RESTORATION PRACTICES. GRADUATES EMERGE FROM THE PROGRAM EQUIPPED TO MAKE AN IMMEDIATE CONTRIBUTION TO THE MARINE INDUSTRY OR OTHER AREAS WHERE QUALIFIED COMPOSITES PROFESSIONALS ARE IN DEMAND. EIGHT STUDENTS RECEIVED A CERTIFICATE IN COMPOSITES TECHNOLOGY IN 2010.IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS. IYRS ALSO OWNS A TEMPORARY BUILDING USED FOR THE RESORATION OF THE YACHT "CORONET", AMERICA'S MOST HISTORIC YACHT. PART OF THE STUDENTS' EDUCATION INCLUDES WORK ON THE RESTORATION OF THIS YACHT. 1899161 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 109 0 1 31 1 1 1 0 0 0 0 0 0 0 0 1 0 X 35 34 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AZ KS DC CO IL KY ME MD MA MI MS NH NJ NY OK OR WI WA X RHONDA LANDERS CFO 4018485777 449 THAMES STREET NEWPORT RI 02840 TERRY L NATHAN 60.00 X X 206214 0 26932 GEORGE M ISDALE 0.50 X X 0 0 0 JOHN MECRAY 0.50 X X 0 0 0 HARRY REIN 0.50 X X 0 0 0 MARTHA FAY COOLIDGE 0.50 X X 0 0 0 J STEVEN WHITE 0.20 X 0 0 0 ALFRED W BOYLAN 0.20 X 0 0 0 TED GRAVES 0.20 X 0 0 0 PEGGY COMFORT 0.20 X 0 0 0 ERNEST K JACQUET 0.20 X 0 0 0 DAVID ELWELL JR 0.20 X 0 0 0 RICHARD BREADY 0.20 X 0 0 0 CHARLES T TOWNSEND 0.20 X 0 0 0 JAMES J COLEMAN JR 0.20 X 0 0 0 BRENDA L WILSON 0.20 X 0 0 0 GERALD P MIGLIACCIO 0.20 X 0 0 0 JOSEPH T DOCKERY 0.20 X 0 0 0 LAWRENCE GLENN 0.20 X 0 0 0 PETER GONZALEZ 0.20 X 0 0 0 EARL MCMILLEN 0.20 X 0 0 0 PETER DENTON 0.20 X 0 0 0 RON O'HANLEY 0.20 X 0 0 0 MARK WATSON 0.20 X 0 0 0 MICHAEL DOMINGUEZ 0.20 X 0 0 0 DEBORAH HADLEY 0.20 X 0 0 0 GUY HECKMAN 0.20 X 0 0 0 WILLIAM BROOKS 0.20 X 0 0 0 DARRELL CRATE 0.20 X 0 0 0 CLAYTON G DEUTSCH 0.20 X 0 0 0 RALPH ISHAM 0.20 X 0 0 0 GARY JOBSON 0.20 X 0 0 0 EDWARD KANE 0.20 X 0 0 0 TERRY MCCLINCH 0.20 X 0 0 0 JAMES O'BRIEN JR 0.20 X 0 0 0 ZBYNEK E ZAK 0.20 X 0 0 0 LYDIA BERGERON 50.00 X 100409 0 6025 306623 0 32957 2 0 1 0 FUREY ROOFING 150 CAROLINE AVENUE PROVIDENCE RI 02905 CONTRACTOR 143235 1 24223 358625 87128 1474923 200248 1944899 SCHOOL INCOME 611600 877664 877664 SYSTEMS PROGRAM MATERI 621610 14325 14325 ADVERTISING INCOME 541800 7252 7252 899241 23278 23278 277156 277156 277156 142089 12817 122250 56098 199200 57980 110413 -1882 88787 86905 86905 156257 358625 288713 -132456 -132456 9199 4505 4694 4694 INSURANCE PROCEEDS 900099 121846 121846 MISCELLANEOUS INCOME 900099 1640 1640 123486 3227203 1157564 24763 99977 120000 120000 82000 82000 304930 121972 30493 152465 716801 441056 199685 76060 39882 16121 11343 12418 61556 43183 7611 10762 86778 54012 18326 14440 1718 1718 38333 38333 185459 148160 22674 14625 398150 233265 118232 46653 158203 120872 19281 18050 307504 250101 45049 12354 38298 19239 6043 13016 14339 6492 6486 1361 7500 7500 161424 138735 20761 1928 67146 48743 18403 TOOLS & EQUIPMENTS 59657 53011 5514 1132 EVENT EXPENSE 24885 1423 23462 BAD DEBT EXPENSE 17500 17500 OTHER COSTS 776 776 0 2892839 1899161 594952 398726 73386 269477 1678064 712950 395484 476561 1826319 1787958 58307 60531 51535 37714 4465929 1159753 2889931 3306176 159773 1056348 5033393 5033393 1029133 1093459 13195325 13834567 208503 244696 431499 541870 30000 160000 45105 10000 715107 956566 X 11695742 11677349 734476 1050652 50000 150000 12480218 12878001 13195325 13834567 X 334364 63419 X X 0 1 1 X 0 X 2569831 2433571 2497751 1425662 1944899 10871714 2569831 2433571 2497751 1425662 1944899 10871714 1016199 9855515 194295 235551 249112 272645 300434 1252037 9033 8972 3514 21519 194 1486035 123486 1609715 13754985 3144379 0.71650 0.82950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 791000 X X X 1 50000 100000 17404 167404 55121 50000 53083 2038 55121 0.00000 0.89600 0.10400 0 0 1312145 1312145 1675286 368345 1306941 72765 10554 62211 1244851 663673 581178 160882 117181 43701 3306176 INVESTMENT IN SUBSIDIARY 5033393 C 5033393 ASSETS HELD FOR RESTORATION PURPOSES 298959 COLLECTIONS 791000 INTEREST RECEIVABLE 3500 1093459 DUE TO RHODE ISLAND MARINE TRADES ASSOCIATION 10000 10000 3227203 2892839 334364 63419 63419 397783 3590704 63419 6864 293218 363501 3227203 0 3227203 3192921 6864 293218 300082 2892839 0 2892839 PART III, LINE 4: THE ORGANIZATION HAS A COLLECTION OF SCALE YACHT MODELS TO BE DISPLAYED FOR OUR STUDENTS AND THE PUBLIC. THE MODELS FURTHER THE ORGANIZATION'S EXEMPT PURPOSE BY PROVIDING OUR STUDENTS THE OPPORTUNITY TO SEE MODELS OF HISTORICAL YACHTS SOME OF WHICH ARE NO LONGER IN EXISTENCE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS FROM ENDOWMENT FUNDS ARE INTENDED TO BE USED FOR SCHOLARSHIPS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. IYRS HAS IDENTIFIED ITS TAX STATUS AND THAT OF MOY AS TAX EXEMPT ENTITIES AS TAX POSITIONS. IN ADDITION, MILL RESTORATION AND RESTORATION LEASING'S ELECTIONS TO BE TAXED AS PARTNERSHIPS HAVE ALSO BEEN IDENTIFIED AS TAX POSITIONS. THE SCHOOL HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SCHOOL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE SCHOOL'S FEDERAL INCOME TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR 3 YEARS FOLLOWING THE DATE FILED. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 4,505. SUMMER FUNDRAISER SHOWN NET 288,713. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 4,505. SUMMER FUNDRAISER SHOWN NET 288,713. GALA 514882 358625 156257 288713 514882 358625 156257 288713 288713 -132456 1 CORONET RESTORATION PARTNERS 261754168 120000 FMV USE OF FACILITIES RESTORATION OF YACHT CORONET SCHOLARSHIPS ARE AWARDED TO STUDENTS FOR TUITION AND FEES BASED UPON FINANCIAL NEED. 37 82000 COST THE SCHOLARSHIP FUNDS ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS. PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE GRANTS ARE POSTED TO THE RECIPIENTS' ACCOUNTS. THE AMOUNT IS VERIFIED WITH THE ORIGINAL AMOUNT AWARDED THROUGH THE RECONCILIATION OF THE SCHOLARSHIP ACCOUNT BY THE ACCOUNTING DEPARTMENT. X 0 0 X X 0 0 0 0 0 0 0 1 0 TERRY L NATHAN 206214 0 0 0 0 0 12496 0 14436 0 233146 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID $3,094 FOR THE PRESIDENT'S MEMBERSHIP IN THE NEW YORK YACHT CLUB. PART I, LINE 1B THE EXPENSE WAS APPROVED BY THE CHAIRMAN OF THE BOARD. X 27 21625 APPRAISAL/SALE PRICE X 14480 FMV X 1 7000 FMV X 4 43009 FMV X 7 17625 FMV X 1 599 COST X TRIPS 13 66900 SALES PRICE X MISCELLANEOUS 27 29010 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP CONFERS NO GOVERNANCE RIGHTS, MEMBERS RECEIVE LISTED BENEFITS AS OUTLINED IN THE WEBSITE MEMBERSHIP SECTION. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND SENT TO THE AUDIT COMMITTEE FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS THE TRUSTEES SIGN A CONFLICT OF INTEREST DOCUMENT ANNUALLY AT THE LAST BOARD MEETING OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15A A SALARY SURVEY IS CONSIDERED BY THE CHAIRMAN OF THE BOARD AS PART OF THE NEGOTIATION AND APPROVAL OF THE PRESIDENT'S YEARLY PACKAGE. THE BOARD OF DIRECTORS APPROVE THE BUDGET WHICH INCLUDES EMPLOYEE SALARIES. THE SALARY WORKSHEET IS AVAILABLE TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE DOCUMENTS ARE GIVEN TO THE REQUESTER WITHIN A FEW DAYS. FORM 990, PART IX, LINE 12: ADVERTISING AND PROMOTION EXPENSES INCLUDE INTERNAL PERSONNEL COSTS, OUTSIDE LABOR, ADVERTISING AND OTHER COSTS ALLOCABLE TO MARKETING ACTIVITIES. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 63,419. FORM 990, PART XII, LINE 2B THE INTERNATIONAL YACHT RESTORATION SCHOOL, INC. ("IYRS") PREPARES CONSOLIDATED FINANCIAL STATEMENTS WHICH INCLUDE THE ACCOUNTS OF IYRS'S AFFILIATES MILL RESTORATION, LLC, RESTORATION MANAGEMENT, INC., RESTORATION LEASING, LLC, AND THE MUSEUM OF YACHTING. THE CONSOLIDATED FINANCIAL STATEMENTS FOR IYRS AND ITS AFFILIATES ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. STAND-ALONE FINANCIAL STATEMENTS FOR IYRS ARE NOT AUDITED. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S PROCESS FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. THE ORGANIZATION'S AUDIT COMMITTEE MEETS WITH THE AUDIT FIRM, BOTH PRIOR TO AND UPON COMPLETION OF THE AUDIT, TO REVIEW THE FINANCIAL STATEMENTS AND DISCUSS ANY INTERNAL CONTROL OR OTHER RECOMMENDATIONS NOTED BY THE AUDIT FIRM. THE AUDIT FIRM IS THE LOCAL OFFICE OF A NATIONAL ACCOUNTING FIRM THAT IS SUBJECT TO REVIEW BY THE PCAOB AS WELL AS A TRIENNIAL PEER REVIEW OF ITS AUDIT PRACTICE BY ANOTHER SIMILARLY QUALIFIED ACCOUNTING FIRM. THE MUSEUM OF YACHTING INC FT ADAMS STATE PARK NEWPORT RI 02840 050387774 MUSEUM RI 501(C)(3) 7 N/A 0 MILL RESTORATION LLC 449 THAMES STREET NEWPORT RI 02840 261134582 REAL ESTATE RI RESTORATION MANAGEMENT INC UNRELATED 13653 97478 0 0 0.01000 RESTORATION LEASING LLC 449 THAMES STREET NEWPORT RI 02840 261134383 REAL ESTATE RI N/A RESTORATION MANAGEMENT INC 449 THAMES STREET NEWPORT RI 02840 261126450 REAL ESTATE RI N/A C -27036 4521654 1.00000 AVOCET INDUSTRIES INC C/O MUSEUM OF YACHTING FORT ADAMS NEWPORT RI 02840 223450395 HOLDS TITLE TO A BOAT DE N/A C 0 0 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 0 RESTORATION LEASING LLC J 188403 AT COST RESTORATION LEASING LLC N 92622 AT COST THE MUSEUM OF YACHTING INC N 117779 AT COST