Form 990 for tax year 2022
Filed by IYRS SCHOOL OF TECHNOLOGY & TRADES.
Totals
- Total revenue
- $4,779,750
- Total expenses
- $5,660,729
- Contributions and grants received
- $2,013,201
- Grants paid
- $467,981
- Program service revenue
- $2,726,052
- Investment income
- -$101,624
- Other revenue
- $142,121
- Total assets, end of year
- $23,167,671
- Total liabilities, end of year
- $2,853,708
- Net assets or fund balances, end of year
- $20,313,963
- Program services expenses (Part IX)
- $4,341,732
- Management and general expenses
- $932,610
- Fundraising expenses
- $386,387
- Program service expenses (Part III)
- $4,341,732
Program services were 76.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$601,147
-
1e · Government grants (contributions)
$184,956
-
1f · All other contributions, gifts and grants
$1,227,098
-
1g · Noncash contributions included above
$153,958
-
2a · Program service revenue: SCHOOL
total $2,232,274 · related or exempt $2,232,274
-
2b · Program service revenue: MARINA
total $328,314 · related or exempt $328,314
-
2c · Program service revenue: MANAGEMENT FEES
total $165,464 · related or exempt $165,464
-
3 · Investment income
total $299,216 · excluded $299,216
-
6a · Gross rents
real property $89,260
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $89,260
-
6d · Net rental income or loss
total $89,260 · related or exempt $89,260
-
7a · Gross sales of assets other than inventory
securities $500,000 · other assets $230,231
-
7b · Less cost or other basis and sales expenses
securities $500,258 · other assets $630,813
-
7c · Gain or loss
securities -$258 · other assets -$400,582
-
7d · Net gain or loss
total -$400,840 · excluded -$400,840
-
8a · Fundraising events: gross income
$464,500
-
8a · Fundraising events: contributions included on line 1c
$601,147
-
8b · Fundraising events: direct expenses
$437,348
-
8c · Net income from fundraising events
total $27,152 · excluded $27,152
-
11a · Other revenue: OTHER INCOME
total $25,709 · related or exempt $25,709
-
11e · Other revenue, total
$25,709
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $467,981 · program services $467,981
-
5 · Compensation of officers, directors and key employees
total $482,078 · program services $81,379 · management and general $270,494 · fundraising $130,205
-
7 · Other salaries and wages
total $1,627,528 · program services $1,361,019 · management and general $106,995 · fundraising $159,514
-
8 · Pension plan contributions
total $50,633 · program services $34,154 · management and general $3,693 · fundraising $12,786
-
9 · Other employee benefits
total $119,378 · program services $100,045 · management and general $13,842 · fundraising $5,491
-
10 · Payroll taxes
total $135,653 · program services $107,998 · management and general $9,363 · fundraising $18,292
-
11b · Fees: legal
total $38,869 · program services $22,513 · management and general $16,356
-
11c · Fees: accounting
total $74,420 · management and general $74,420
-
11g · Fees: other
total $545,962 · program services $363,641 · management and general $182,106 · fundraising $215
-
12 · Advertising and promotion
total $160,799 · program services $158,486 · management and general $2,313
-
13 · Office expenses
total $453,192 · program services $370,432 · management and general $58,855 · fundraising $23,905
-
14 · Information technology
total $140,050 · program services $87,364 · management and general $31,286 · fundraising $21,400
-
16 · Occupancy
total $501,566 · program services $398,657 · management and general $97,877 · fundraising $5,032
-
17 · Travel
total $7,927 · program services $7,836 · management and general $78 · fundraising $13
-
19 · Conferences, conventions and meetings
total $1,231 · program services $600 · management and general $622 · fundraising $9
-
20 · Interest
total $87,290 · program services $86,862 · management and general $428
-
22 · Depreciation, depletion and amortization
total $427,282 · program services $405,950 · management and general $15,733 · fundraising $5,599
-
23 · Insurance
total $199,630 · program services $153,862 · management and general $43,779 · fundraising $1,989
-
24a · Other expenses: BAD DEBT EXPENSE
total $116,336 · program services $116,336
-
24b · Other expenses: DUES AND FEES
total $22,924 · program services $16,617 · management and general $4,370 · fundraising $1,937
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $790,510 · end of year $1,081,271
-
2 · Savings and temporary cash investments
beginning of year $1,487,010 · end of year $315,203
-
3 · Pledges and grants receivable
beginning of year $221,939 · end of year $192,623
-
4 · Accounts receivable
beginning of year $1,505,062 · end of year $1,611,377
-
8 · Inventories for sale or use
beginning of year $8,262 · end of year $68,281
-
9 · Prepaid expenses and deferred charges
beginning of year $405,192 · end of year $392,444
-
10a · Land, buildings and equipment: cost or other basis
$15,185,528
-
10b · Land, buildings and equipment: accumulated depreciation
$3,976,894
-
10c · Land, buildings and equipment, net
beginning of year $11,932,166 · end of year $11,208,634
-
11 · Investments: publicly traded securities
beginning of year $1,872,421 · end of year $2,215,568
-
12 · Investments: other securities
beginning of year $5,292,569 · end of year $5,292,569
-
15 · Other assets
beginning of year $880,620 · end of year $789,701
-
17 · Accounts payable and accrued expenses
beginning of year $269,944 · end of year $301,145
-
19 · Deferred revenue
beginning of year $761,157 · end of year $1,161,256
-
23 · Secured mortgages and notes payable
beginning of year $2,129,000 · end of year $1,369,000
-
25 · Other liabilities
beginning of year $8,225 · end of year $22,307
-
27 · Net assets without donor restrictions
beginning of year $19,509,591 · end of year $18,657,838
-
28 · Net assets with donor restrictions
beginning of year $1,717,834 · end of year $1,656,125
Mission and programs · 2022
Mission
IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREER AND IN LIFE.
Activities or mission (Part I)
IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREERS AND IN LIFE.
-
IYRS OFFERS FIVE, ACCSC-ACCREDITED PROGRAMS THAT RANGE IN DURATION FROM 6 TO 20 MONTHS. THE BOATBUILDING & RESTORATION IS A TWO-YEAR PROGRAM ABOUT MASTERING A CRAFT BASED ON THE FUNDAMENTALS OF WOODENN BOATBUILDING. THE MARINE STYSTEMS IS A 6-MONTH PROGRAM THAT TRAINS STUDENTS TO INSTALL, REPAIR AND MAINTAIN EVERY ESSENTIAL SYSTEM ON BOATS OF ALL SIZES: ELECTRICAL, NAVIGAION, ELECTRONICS, STEERING, DIESEL ENGINES, PLUMBING, FIREFIGHTING, HVAC, REFRIGERATION AND MORE. THE COMPOSITES TECHNOLOGY IS A 6 MONTH PROGRAM THAT HAS FOUR CORNERSTONES: COMPOSITES FUNDAMENTALS, COMPOSITES MANUFACTURING METHODS, COMPOSITES TOOLING DEVELOPMENT, AND COMPOSITES REPAIR AND REFINISHING. THE COMBINED PROGRAM IN COMPOSITES TECHNOLOGY AND MARINE SYSTEMS PROGRAM IS 11 MONTHS, WHERE STUDENTS ATTEND BOTH PROGRAMS AND COMPLETE THE PROGRAM WITH ONE EXTERNSHIP. THE DIGITAL MODELING & FABRICATION IS A 9 MONTH PROGRAM THAT IS A TECHNICAL SKILL BUILDING PLATFORM FOR THE MODERN MAKER OR MANUFACTURER.
Expenses $3,777,374 · Grants $467,981 · Revenue $2,257,983
-
IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS WHICH PROVIDE STUDENTS OPPORTUNITIES FOR HANDS-ON WORK. IN ADDITION, IYRS MANAGES OTHER RELATED ORGANIZATIONS.
Expenses $564,358 · Revenue $583,038
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Jay CooganJAY COOGAN
PRESIDENT/CEO
- Total calculated
- $310,858
- From this org
- $280,226
- From related orgs
- $0
- Other
- $30,632
- Hours/week
- 50 + 2 related
Schedule J breakdown matched by us
- Base
- $262,434
- Bonus
- $10,000
- Other
- $7,792
- Deferred
- $13,993
- Nontaxable benefits
- $16,639
- Filer's total
- $310,858
-
Connell Christopher CannonCONNELL CHRISTOPHER CANNON
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 0.5
-
Ronald P O'HanleyRONALD P O'HANLEY
VICE-CHAIRMAN
- Total calculated
- $0
- Hours/week
- 0.5
-
William KahaneWILLIAM KAHANE
DIRECTOR (FROM 7/2022)
- Total calculated
- $0
- Hours/week
- 0.5
-
Michael J DominguezMICHAEL J DOMINGUEZ
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.5
-
George BakerGEORGE BAKER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Susan BallochSUSAN BALLOCH
TRUSTEE (FROM 7/2022)
- Total calculated
- $0
- Hours/week
- 0.5
-
Lisa Hintz CheekLISA HINTZ CHEEK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Malcolm D Clarke JrMALCOLM D CLARKE JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Darrell CrateDARRELL CRATE
TRUSTEE (FROM 7/2022)
- Total calculated
- $0
- Hours/week
- 0.5
-
Peter DentonPETER DENTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Daisy D'IserniaDAISY D'ISERNIA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Ronald DunbarRONALD DUNBAR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Thomas FarrellTHOMAS FARRELL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Bill FirthBILL FIRTH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Robert FlaxmanROBERT FLAXMAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Stephen GlascockSTEPHEN GLASCOCK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Lawrence GlennLAWRENCE GLENN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Deborah HadleyDEBORAH HADLEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Ralph IshamRALPH ISHAM
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
John Klinck JrJOHN KLINCK JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Martin KeenMARTIN KEEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Terry LanzaTERRY LANZA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Lisa LefortLISA LEFORT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Bill MorongBILL MORONG
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Douglas L NewhouseDOUGLAS L NEWHOUSE
TREASURER
- Total calculated
- $0
- Hours/week
- 0.5
-
Sean NewthSEAN NEWTH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Daniel OgdenDANIEL OGDEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Ron O'Hanley Vice ChairmanRON O'HANLEY VICE CHAIRMAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Rives PottsRIVES POTTS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Carter RichardsonCARTER RICHARDSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Hannah SwettHANNAH SWETT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Alex ValcicALEX VALCIC
TRUSTEE (FROM 7/2022)
- Total calculated
- $0
- Hours/week
- 0.5
-
J Steve WhiteJ STEVE WHITE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.5
-
Monique CollinsMONIQUE COLLINS
CFO
- Total calculated
- $146,274
- From this org
- $134,537
- From related orgs
- $0
- Other
- $11,737
- Hours/week
- 50 + 2 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
MILL RESTORATION LLC
EXCLUDED · REAL ESTATE · RI · 100% owned
Directly controlled by RESTORATION MANAGEMENT INC
-
RESTORATION LEASING LLC
EXCLUDED · REAL ESTATE · RI · 100% owned · general or managing partner
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
RESTORATION MANAGEMENT INC
C · REAL ESTATE · RI · 100% owned
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 10 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202431319349301733
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.