International Yacht Restoration School Inc in Newport, Rhode Island (RI)

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International Yacht Restoration School Inc
Employer Identification Number (EIN)050470320
Name of OrganizationInternational Yacht Restoration School Inc
Address449 Thames St Unit 111, Newport, RI 02840-6750
ActivitiesOther cultural or historical activities
SubsectionEducational Organization
Ruling Date08/1993
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$15,034,912
Amount of Income$7,291,186
Form 990 Revenue Amount$4,169,887
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Historical Societies, Related Historical Activities


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Amount of income in 2014: $7,291,186 (it was $3,311,319 in 2013)
This organization: 

 $7,291,186
Other organizations performing similar types of work: 

 $53,995

Assets in 2014: $15,034,912 (it was $13,679,367 in 2013)
International Yacht Restoration School Inc: 

 $15,034,912
Other organizations performing similar types of work: 

 $153,432

Expenses in 2013: $3,190,211
This organization: 

 $3,190,211
Other organizations performing similar types of work: 

 $45,737

Income to expenses ratio in 2013: 2.3
This organization: 

 2.3
Other organizations performing similar types of work: 

 1.0

Employees paid over $100,000 in 2013: 7.7%
International Yacht Restoration School Inc: 

 7.7%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 53.1%
International Yacht Restoration School Inc: 

 53.1%
Other organizations performing similar types of work: 

 48.4%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?YesNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?YesYes
Did the organization report an amount for other liabilities?YesNo
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?NoNo
Was the organization included in consolidated, independent audited financial statements for the tax year?YesYes
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?YesNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?YesYes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?YesYes
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 109611546
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesNo
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return3726
Did the organization file all required federal employment tax returns?NoYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesNo
Has it filed a Form 990-T for this year?YesNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?NoYes
Did the organization notify the donor of the value of the goods or services provided?NoYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$309,332$326,464
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$21,180$24,523
Total number of individuals who received more than $100,000 of reportable compensation from the organization22
Total number of independent contractors who received more than $100,000 of compensation from the organization00
Statement of Revenue
201120122013
Total revenue$1,233,389$2,882,618$3,311,319
Contributions, Gifts, Grants and Other Similar Amounts$563,748$1,442,707$1,757,181
Program Service Revenue$538,709$1,075,555$1,515,591
Other Technical and Trade Schools $945,880$1,270,519
All Other Amusement and Recreation Industries $120,300$145,772
900099$9,375$99,300
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$16,127$29,842$40,018
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental income$98,383$262,927$0
Net gain/loss from sales of assets other than inventory$6,970$-7,136$74,587
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $23,500$0 / $208,079$614,258 / $168,416
Less: cost or other basis and sales expenses (Securities / Other)$0 / $16,530$0 / $215,215$595,022 / $113,065
Gain or (loss) (Securities / Other)$0 / $6,970$0 / $-7,136$19,236 / $55,351
Net income/loss from fundraising events$2,236$68,061$-24,909
Gross income from fundraising events$9,683$321,868$246,439
Less: direct expenses$7,447$253,807$271,348
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$2,296$270$-64,733
Gross sales of inventory, less returns and allowances$5,939$8,944$8,796
Less: cost of goods sold$3,643$8,674$73,529
Miscellaneous Revenue$4,920$10,392$13,584
900099$10,392$13,584
All other revenue$0$0
Statement of Functional Expenses
201120122013
Total functional expenses$1,525,103$3,277,527$3,190,211
Grants and other assistance to domestic organizations and domestic governments$138,000$0
Grants and other assistance to domestic individuals$71,750$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$175,436$360,055$373,350
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$483,163$1,171,314$1,067,707
Pension plan accruals and contributions$46,291$46,746
Other employee benefits$43,787$48,869
Payroll taxes$79,474$120,807$100,319
Fees for services (non-employees)
Management$0$0
Legal$2,994$13,890
Accounting$91,988$79,534
Lobbying$0$0
Professional fundraising services$0$0$0
Investment management fees$0$0
Other$150,173$70,828
Advertising and promotion$31,180$284,271
Office expenses$251,515$256,573
Information technology$0$55,955
Royalties$0$0
Occupancy$302,581$347,094
Travel$70,821$38,113
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$41,031$15,490
Interest$7,727$8,742
Payments to affiliates$0$0
Depreciation, depletion, and amortization$181,776$200,002
Insurance$67,294$70,039
Other expenses$52,502$38,659
Other expenses$30,820$29,283
Other expenses$24,858$24,336
Other expenses$7,032$16,984
Other expenses$11,231$3,427
Balance Sheet
201120122013
Total assets$13,689,552$13,591,948$13,679,367
Cash - non-interest-bearing$15,653$114,768
Savings and temporary cash investments$948,855$440,669
Pledges and grants receivable, net$355,197$362,995
Accounts receivable, net$1,689,883$1,380,157
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$77,121$5,149
Prepaid expenses and deferred charges$104,796$205,866
Land, buildings, and equipment: cost or other basis$3,118,685$2,984,615
Investments - publicly traded securities$1,106,236$1,869,504
Investments - other securities$5,033,393$5,033,393
Investments - program-related$0$0
Intangible assets$0$0
Other assets$1,142,129$1,282,251
Total liabilities$1,073,770$1,388,559$1,315,804
Accounts payable and accrued expenses$389,342$400,808
Grants payable$0$0
Deferred revenue$523,862$635,860
Tax-exempt bond liabilities$0$0$0
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$194,000$308,680$279,136
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$166,675$0
Total net assets or fund balances$12,615,782$12,203,389$12,363,563
Unrestricted net assets$10,976,786$10,786,745
Temporarily restricted net assets$1,021,103$1,333,318
Permanently restricted net assets$205,500$243,500
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$8,572,860
Subtotal Support$9,616,238
Gifts, grants, contributions, and membership fees received$9,616,238
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$1,043,378
Total Support$12,525,291
Public Support$9,616,238
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$1,267,122
Net income from unrelated business activities, whether or not the business is regularly carried on$3,514
Other income. Do not include gain or loss from the sale of capital assets$1,638,417
Gross receipts from related activities, etc.$6,822,636
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$205,191$0$20,519
Gross receipts or sales less returns and allowances$9,047$0$0
Cost of goods sold$4,532$0$0
Gross profit$4,515$0$4,515
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$160,041$0$16,004
Deductions Not Taken Elsewhere (for 2008)
Total deductions$16,005
Compensation of officers, directors, and trustees$0
Salaries and wages$10,670
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$500
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$4,835
Unrelated business taxable income$3,514
Unrelated business taxable income before net operating loss deduction$4,514
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$4,514
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1International Yacht Restoration School Inc449 Thames St Unit 111, Newport, RI 02840-6750RI1993-08$7,291,186
2San Antonio Conservation Society Foundation107 King William, San Antonio, TX 78204-1312TX1970-07$3,809,389
3Society Of Colonial Wars20 West 44th Street, New York, NY 10036-6603NY1942-10$508,828
4The Uncommon Friends Foundation IncPO BOX 811, Fort Myers, FL 33902-0811FL1994-10$334,103
5Coastside State Parks AssociationNew Years Creek Road, Pescadero, CA 94060CA1991-02$318,776
6The Korners Folly Foundation413 S Main St, Kernersville, NC 27284-2737NC1997-02$317,394
7Stearns County Pioneer ClubPO BOX 482, Albany, MN 56307-0482MN1991-05$270,975
8St Pauls Cathedral Tr In America Inc20 W 44th St Ste 508, New York, NY 10036-6603NY1996-03$243,202
9Windsor Restoration And Historical Association IncPO BOX 452, Del Norte, CO 81132-0452CO1996-06$235,159
10Trail Of Tears Association623 Spring Creek Street, Lowell, AR 72745AR1994-08$221,998
11Wayne County Historical SocietyPO BOX 104, Corydon, IA 50060-0104IA1964-10$209,937
12Wayne County Sheriffs Youth Education Fund1231 Saint Antoine St, Detroit, MI 48226-2300MI1991-09$171,537
13Rices Hotel-Hughletts Tavern Foundation IncPO BOX 579, Heathsville, VA 22473-0579VA1994-01$134,688
14Rich Mountain Battlefield Foundation IncPO BOX 227, Beverly, WV 26253-0227WV1992-05$127,223
15Westerly Armory Restoration, Friends Of The ArmoryPO BOX 614, Westerly, RI 02891-0614RI1993-06$124,877
16Russell County Historical CommissionPO BOX 3411, Phenix City, AL 36868-3411AL1994-03$118,905
17Mercer County Historical Society IncP O Box 5012, Princeton, WV 24740WV1992-09$115,518
18Rancho De Guadalupe Historical SocietyPo Box 233, Guadalupe, CA 93434CA1995-06$105,132
19Bristol State House Foundation240 High St, Bristol, RI 02809-2211RI1997-07$2
20Burrillville Historical & Preservation Society16 Laurel Hill Avenue - Po Box 93, Pascoag, RI 02859RI1997-12$0
Number of organizations performing similar types of work
Alaska1
Alabama7
Arkansas6
Arizona5
California17
Colorado5
Connecticut5
District of Columbia3
Delaware2
Florida12
Georgia9
Iowa10
Idaho2
Illinois19
Indiana11
Kansas8
Kentucky2
Louisiana6
Massachusetts15
Maryland6
Maine8
Michigan22
Minnesota13
Missouri6
Mississippi1
Montana3
North Carolina9
North Dakota2
Nebraska8
New Hampshire4
New Jersey13
New Mexico1
Nevada2
New York32
Ohio25
Oklahoma8
Oregon6
Pennsylvania25
Rhode Island4
South Carolina4
South Dakota1
Tennessee5
Texas26
Utah1
Virginia14
Vermont3
Washington3
Wisconsin11
West Virginia12
Wyoming1
Total424

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