2024-02-15T10:06:44-06:00 2023-03-31 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2022-04-01 050252708 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRES 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 JAMES M BURRESS DIRECTOR OF FINANCE 4018471000 2024-02-13 1 JAMES BURRESS 999009999 0 PAUL BALLASY P00852868 9592007000 2024-02-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TRUDY COXE 424 BELLEVUE AVENUE NEWPORT RI 02840 33318218 0 X WWW.NEWPORTMANSIONS.ORG X 1945 RI TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES. 26 26 233 162 317199 0 10872217 13968684 10361151 13920336 5130480 1457318 1510979 1959648 27874827 31305986 0 0 0 0 7929000 9469017 0 0 984952 9873178 17468845 17802178 26937862 10072649 4368124 83597126 83287877 4608041 3842887 78989085 79444990 X THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S MISSION IS TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES IN ONE OF THE MOST HISTORICALLY INTACT CITIES IN AMERICA. WE HOLD IN PUBLIC TRUST THE NEWPORT MANSIONS, WHICH ARE AN INTEGRAL PART OF THE LIVING FABRIC OF NEWPORT, RHODE ISLAND. THESE SITES EXEMPLIFY THREE CENTURIES OF THE FINEST ACHIEVEMENTS IN AMERICAN ARCHITECTURE, DECORATIVE ARTS, AND LANDSCAPE DESIGN SPANNING THE COLONIAL ERA TO THE GILDED AGE. THROUGH OUR HISTORIC PROPERTIES, EDUCATIONAL PROGRAMS, AND RELATED ACTIVITIES WE ENGAGE THE PUBLIC IN THE STORY OF AMERICA'S VIBRANT CULTURAL HERITAGE. WE SEEK TO INSPIRE AND PROMOTE AN APPRECIATION OF THE VALUE OF PRESERVATION TO ENRICH THE LIVES OF PEOPLE EVERYWHERE. 0 0 23091740 15539527 THE PRESERVATION SOCIETY OF NEWPORT COUNTRY PRESERVES ELEVEN HISTORIC MANSIONS, INCLUDING SEVEN NATIONAL HISTORIC LANDMARKS AND EIGHTY ACRES OF PARKS, GARDENS AND GROUNDS, REPRESENTING MORE THAN 250 YEARS OF SOCIAL AND ARCHITECTURAL HISTORY. DURING THE YEAR, VISITORS TOOK REGULARLY-SCHEDULED TOURS OF THE SOCIETY'S PROPERTIES TO LEARN ABOUT THE BUILDINGS AND THE MEN AND WOMEN WHO GAVE RISE TO THESE SPECIAL PLACES. IN ADDITION TO GENERAL TOURS, THE PRESERVATION SOCIETY OFFERS MANY LEARNING OPPORTUNITIES, DESIGNED TO PRESENT ITS HOUSES AND COLLECTIONS TO A BROAD AND DIVERSE AUDIENCE IN AS MANY INTERESTING AND ENLIGHTENING WAYS AS POSSIBLE. THESE PROGRAMS INCLUDE INTERNATIONAL SYMPOSIA AND FORUMS, STUDY DAYS, LECTURES, WORKSHOPS, FILMS, TOURS, AND THE OPPORTUNITY FOR VISITORS TO EXPERIENCE THE TYPE OF GRAND ENTERTAINING FOR WHICH THEY WERE BUILT. EDUCATIONAL PROGRAMS ARE OFFERED YEAR-ROUND. 23091740 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 73 0 1 233 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X JAMES M BURRESS 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 MR WILLIAM N WOOD PRINCE OUTGOING VICE CHAIRMAN 5.00 X X 0 0 0 MR WILLIAM F LUCEY III CHAIRMAN 15.00 X X 0 0 0 MR PETER W HARRIS TREASURER 15.00 X X 0 0 0 MS JANET L ROBINSON SECRETARY 5.00 X X 0 0 0 MS CYNTHIA STEWART REED ASST. SECRETARY 5.00 X X 0 0 0 DR HOLLY BANNISTER TRUSTEE 5.00 X 0 0 0 MS MEG BRAFF TRUSTEE 5.00 X 0 0 0 MR WILLIAM CORCORAN JR TRUSTEE 5.00 X 0 0 0 MS KIM DARDEN TRUSTEE 5.00 X 0 0 0 MR WILLIAM P EGAN II OUTGOING TRUSTEE 5.00 X 0 0 0 MR PETER C ERICHSEN TRUSTEE 5.00 X 0 0 0 MS ANNE FORD TRUSTEE 5.00 X 0 0 0 MR STEVEN GEWIRZ TRUSTEE 5.00 X 0 0 0 MS SHERRI GRACE TRUSTEE 5.00 X 0 0 0 MS BEVERLY LITTLE TRUSTEE 5.00 X 0 0 0 MR STEPHEN HUTTLER TRUSTEE 5.00 X 0 0 0 MS ANN S MENCOFF OUTGOING TRUSTEE 5.00 X 0 0 0 MR JOHN MUGGERIDGE TRUSTEE 5.00 X 0 0 0 MS NAOMI NEVILLE TRUSTEE 5.00 X 0 0 0 MR JOHN PEIXINHO OUTGOING TRUSTEE 5.00 X 0 0 0 MS SUSAN C PETROVAS TRUSTEE 5.00 X 0 0 0 MR JOHN G PICERNE OUTGOING TRUSTEE 5.00 X 0 0 0 MR EARL POWELL TRUSTEE 5.00 X 0 0 0 MR TED SANDERSON TRUSTEE 5.00 X 0 0 0 MR KEITH STOKES TRUSTEE 5.00 X 0 0 0 MS DALE VENTURINI TRUSTEE 5.00 X 0 0 0 MR DAVID BAZARSKY TRUSTEE 5.00 X 0 0 0 MR HANK BELL TRUSTEE 5.00 X 0 0 0 MR PATRICK KERINS TRUSTEE 5.00 X 0 0 0 MS EVELINA TABER TRUSTEE 5.00 X 0 0 0 MR PATRICK WOOD PRINCE TRUSTEE 5.00 X 0 0 0 MS TRUDY COXE CEO & EXEC. DIR. 65.00 X 383921 0 30444 MR JAMES BURRESS DIRECTOR OF FINANCE 50.00 X 223668 0 14812 MS SARAH IWANSKI DIR OF ADVANCEMENT 50.00 X 131683 0 9806 MS TARA FLYNN FRATES MAJOR GIFTS OFFICER 50.00 X 128894 0 31521 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 50.00 X 151171 0 9588 MR MICHAEL TABER DIRECTOR OF PROPERTIES 50.00 X 148781 0 29323 MR TERRY DICKINSON CHIEF OF STAFF 50.00 X 172832 0 10400 1340950 0 135894 14 0 1 0 GRANDE MASONRY 780 ALLENS AVENUE PROVIDENCE RI 02905 MASONRY CONTRACTOR 3664821 NEWPORT WINDOW RESTORATION 65 DR MARCUS WHEATLAND BLVD NEWPORT RI 02840 CONTRACTOR 1031520 RP MARZILLI & COMPANY INC 21 TROTTER DR MEDWAY MA 02053 LANDSCAPE CONTRACTOR 589456 PEAK EVENT SERVICES P O BOX 844655 BOSTON MA 02284 CATERER 443363 NAIL COMMUNICATIONS 63 EDDY STREET PROVIDENCE RI 02903 COMMUNICATIONS 434467 23 1630749 48212 597329 11692394 114944 13968684 ADMISSIONS 900099 13867537 13867537 ACADEMIC PROGRAMS 900099 44330 44330 REPRODUCTION INCOME 900099 8469 8469 13920336 366923 39721 327202 63000 0 63000 63000 63000 1090395 0 1090395 1090395 1090395 45000 48212 45021 -21 -21 3772617 1967211 1805406 1527928 277478 91263 91263 91263 31305986 15539527 317199 1480576 674179 512128 119121 42930 7203405 5469759 1281521 452125 327200 249752 52991 24457 676372 516277 109540 50555 587861 474457 78535 34869 55373 55373 82500 82500 40000 40000 152701 152701 817005 582273 209242 25490 489844 489844 1628646 1597980 20719 9947 26838 26838 901007 901007 66454 49129 11115 6210 37243 117 37126 25762 25762 936289 936289 1097438 1094529 2134 775 EQUIPMENT AND MAINTENAN 6989645 6620629 327616 41400 SPECIAL EVENTS & PROJEC 2256139 2186070 70069 OTHER EXPENSES 750593 643149 51742 55702 REPAIRS & MAINTENANCE 585933 585933 529435 115580 173363 240492 26937862 23091740 2861170 984952 8714777 10404291 1174263 1186936 1140367 823705 81919 119439 654281 949050 81120 274155 29582980 13018850 16004164 16564130 40378141 33167853 14348571 18553822 268606 1019523 975890 83597126 83287877 1376580 1062771 2211938 1535620 1019523 1244496 4608041 3842887 X 36919452 38936726 42069633 40508264 78989085 79444990 83597126 83287877 X 4368124 -3893940 -18279 X 0 1 X 1 0 X 5585013 5394788 9031444 10872217 13968684 44852146 19076885 19756944 5967465 13146537 17692953 75640784 24661898 25151732 14998909 24018754 31661637 120492930 1367921 652196 381660 416450 340340 3158567 0 1367921 652196 381660 416450 340340 3158567 117334363 627742 470602 324596 479060 429923 2331923 627742 470602 324596 479060 429923 2331923 100896 278933 379829 39500 34260 17127 91263 182150 25329140 25656594 15441528 24776747 32182823 123386832 0.95090 0.94280 0.01890 0.02130 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: FUNDRAISING - 2018 AMOUNT: $ 39,500. 2019 AMOUNT: $ 34,260. 2020 AMOUNT: $ 17,127. OTHER - 2022 AMOUNT: $ 91,263. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40000 40000 26897862 26937862 1000000 250000 0 0 1000000 898041 1000000 1000000 3898041 5847062 22500 45000 45000 40000 152500 250000 224510 250000 250000 974510 1461765 FORM 990, SCHEDULE C, PART II-A THE ORGANIZATION HIRED A LOBBYING FIRM, DOME CONSULTANTS AND PAID THE FIRM $40,000. X X 5 40.00 5 0 0 1 1 10.00 230 X X X X 0 54363550 45000 2591495 288152 152701 51376202 53235908 40000 3069830 1828895 153293 54363550 37871284 76108 17232522 1944006 53235908 42368425 150208 -2736775 1910574 37871284 42397139 180565 1920241 2129520 42368425 0.26186 0.73814 0 0 910050 910050 19082124 5979675 13102449 150931 119432 31499 7814454 5874063 1940391 1625421 1045680 579741 16564130 ALTERNATIVE INVESTMENTS 17208502 F CHARITABLE REMAINDER TRUSTS 345320 F INVESTMENT IN REAL ESTATE 1000000 F 18553822 DEFERRED COMPENSATION 975890 LEASE LIABILITY 268606 1244496 X 29331398 -3893940 78100 1993953 -1821887 31153285 152701 152701 31305986 28875493 78100 2012232 2090332 26785161 152701 152701 26937862 PART II, LINE 9: THE PRESERVATION SOCIETY OF NEWPORT COUNTY HOLDS CONSERVATION EASEMENTS ON NINE PROPERTIES, WHICH WERE FORMERLY OWNED BY THE SOCIETY. THE SOCIETY DOES NOT GENERALLY ACCEPT DONATED EASEMENTS NOR DOES IT PURCHASE EASEMENTS AS PART OF ITS PROGRAM ACTIVITIES. THERE IS NO VALUE ASSIGNED TO THE SOCIETY'S CONSERVATION EASEMENTS, AND NO FINANCIAL TRANSACTIONS ARISE FROM ITS EASEMENTS. THEREFORE, THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES OR THE STATEMENT OF FINANCIAL POSITION. PART III, LINE 1A: THE SOCIETY'S COLLECTIONS CONSIST OF HISTORIC MANSIONS AND LANDSCAPES AS WELL AS OBJECTS DISPLAYED IN THE MANSIONS, SUCH AS FINE ART, FURNISHINGS AND CLOTHING. THE HISTORICAL COLLECTIONS ARE NOT CAPITALIZED BY THE SOCIETY. IN ADDITION, THE SOCIETY DOES 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 NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE EXPENDITURE IS MADE AND AMOUNTED TO APPROXIMATELY $6,277,000 AND $747,000 FOR THE YEARS ENDED MARCH 31, 2023 AND 2022, RESPECTIVELY. THE SOCIETY MAINTAINS A COLLECTIONS POLICY THAT ADDRESSES COLLECTIONS UPKEEP, ACCESSION AND DEACCESSION POLICIES AND OTHER ASPECTS OF COLLECTIONS MANAGEMENT. THE SOCIETY'S POLICY REQUIRES THAT PROCEEDS FROM THE SALE OF COLLECTION ITEMS OR INSURANCE PROCEEDS BE USED SOLELY FOR THE ACQUISITION OF OTHER COLLECTION ITEMS. IN ACCORDANCE WITH THE POLICY OF NOT RECORDING COLLECTIONS IN THE FINANCIAL RECORDS, DONATED COLLECTION ITEMS RECEIVED DURING THE YEAR ARE NOT REFLECTED IN THE STATEMENTS OF ACTIVITIES. NO COLLECTION ITEMS WERE DONATED FOR THE YEARS ENDED MARCH 31, 2023 AND 2022. PART III, LINE 4: THE COLLECTIONS OF THE PRESERVATION SOCIETY OF NEWPORT COUNTY'S HOUSE MUSEUMS, COMPRISING OVER 50,000 OBJECTS, REFLECT THE ORGANIZATION'S MISSION TO PRESENT AND PRESERVE AMERICAN ARCHITECTURE AND DECORATIVE ARTS SPANNING THE COLONIAL ERA TO THE GILDED AGE. THE COLLECTIONS, OTHER THAN ARCHIVAL MATERIALS AND FRAGILE TEXTILES, ARE PERMANENTLY EXHIBITED IN THEIR ORIGINAL HISTORIC CONTEXT OF DOMESTIC INTERIORS AND REFLECT A UNIQUE SURVEY OF THE EVOLUTION OF AMERICAN DESIGN. PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING MAINTAINING THE HISTORIC HOUSES AND OTHER HISTORICAL TREASURES IN THE ORGANIZATION'S COLLECTIONS AND SUPPORTING CERTAIN ANNUAL EDUCATIONAL EVENTS. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SOCIETY AND HAS CONCLUDED THAT, AS OF MARCH 31, 2023 AND 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SOCIETY HAS NO UNRECOGNIZED TAX BENEFITS AT MARCH 31, 2023 AND 2022. THE SOCIETY'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2020 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SOCIETY HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,967,211. FUNDRAISING EXPENSES 45,021. CHANGE IN SPLIT INTEREST -18,279. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOOD SOLD 1,967,211. FUNDRAISING EXPENSES 45,021. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 4510849 0 0 0 0 0 0 4510849 0 4510849 0 0 0 0 1 0 PART III ACCOUNTING METHOD: GOLF OUTING 93212 48212 45000 3400 1428 15284 19182 5727 93212 48212 45000 3400 1428 15284 19182 5727 45021 -21 X X X X X 0 0 0 0 0 0 0 1 0 MS TRUDY COXE CEO & EXEC. DIR. 313421 0 50000 0 20500 0 18300 0 12144 0 414365 0 0 0 MR JAMES BURRESS DIRECTOR OF FINANCE 203168 0 0 0 20500 0 13435 0 1377 0 238480 0 0 0 MR TERRY DICKINSON CHIEF OF STAFF 172832 0 0 0 0 0 10400 0 0 0 183232 0 0 0 MR MICHAEL TABER DIRECTOR OF PROPERTIES 148781 0 0 0 0 0 8957 0 20366 0 178104 0 0 0 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 151171 0 0 0 0 0 9081 0 507 0 160759 0 0 0 MS TARA FLYNN FRATES MAJOR GIFTS OFFICER 128894 0 0 0 0 0 6052 0 25469 0 160415 0 0 0 PART I, LINE 7 THE CEO RECEIVED A BOARD APPROVED BONUS WHICH WAS INCLUDED IN HER 2022 W2. FORM 990 SCHEDULE J COLUMN BIII AN AMOUNT OF $20,500 IS INCLUDED IN SCHEDULE J, PART II COLUMN B (III) WHICH IS A VOLUNTARY 457(B) PAYROLL DEDUCTION CONTRIBUTION MADE BY THE PARTICIPANT WHICH IS FULLY VESTED. X 7 124844 FMV X 28 43200 FMV X FLOWER SHOW MATERIALS 1 25000 0 1 0 PART I, LINE 32B: FOR CONTRIBUTIONS OF ITEMS WHICH ARE ACCESSIONED, THE ORGANIZATION IDENTIFIES EACH GIFT RECEIVED AND REPORTS THE TOTAL NUMBER OF GIFTS (SOME GIFTS CONTAIN MULTIPLE ITEMS). FOR OTHER TYPES OF NON-CASH CONTRIBUTIONS, THE ORGANIZATION IDENTIFIES EACH DONOR BY PURPOSE, SUCH AS A SPECIFIC EVENT. THE ORGANIZATION REPORTS THE SUM OF THE TOTAL NUMBER OF CONTRIBUTORS FOR EACH PURPOSE. SOME CONTRIBUTORS ARE INCLUDED MULTIPLE TIMES, FOR EACH DISCRETE INSTANCE OF PROVIDING A NON-CASH CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS WILLIAM AND PATRICK WOOD PRINCE SHARE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 HAS BEEN PREPARED BY THE SOCIETY'S EXTERNAL AUDITORS AND REVIEWED IN DRAFT WITH THE CHIEF EXECUTIVE OFFICER, DIRECTOR OF FINANCE AND THE AUDIT COMMITTEE. CORRECTIONS AND CHANGES WERE MADE AS NECESSARY. THE BOARD HAS DELEGATED THE PROCESS OF REVIEWING THE 990 TO THE DIRECTOR OF FINANCE, THE CHIEF EXECUTIVE OFFICER, AND THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION'S CODE OF ETHICS IS PROVIDED TO ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES. THESE PEOPLE ARE ASKED TO REVIEW THE CODE AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND IT, 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 BOARD 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 THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTED A PERFORMANCE REVIEW AND EVALUATION OF THE CEO IN 2023 AND MADE AN ADJUSTMENT IN PAY. THE COMMITTEE REVIEWED COMPARABILITY DATA USING COMPENSATION FOR COMPARABLE POSITIONS OBTAINED FROM THE FORMS 990 OF SIMILAR ORGANIZATIONS AS COMPILED BY AN INDEPENDENT EXPERT. THE PAY FOR ALL OTHER EMPLOYEES IS ESTABLISHED BY THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS (ARTICLES OF INCORPORATION AND BY-LAWS), ITS CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND PUBLIC TAX RETURNS AVAILABLE UPON REQUEST. THE ORGANIZATION WILL MAIL COPIES OR PROVIDE COPIES TO THOSE WHO COME TO THE ADMINISTRATIVE OFFICE DURING NORMAL BUSINESS HOURS. THE ORGANIZATION CURRENTLY DOES NOT CHARGE FOR THE COPIES. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENT -18,279. PSNC HOLDINGS INC 424 BELLEVUE AVE NEWPORT RI 02840 050479546 HOLDS TITLE TO WAREHOUSE HOUSING PSNC INVENTORY RI 501(C)(2) THE PRESERVATION SOCIETY OF NEWPORT COUNTY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0