2026-02-16T08:38:45-06:00 2025-03-31 333709623 COHNREZNICK ADVISORY LLC 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2024-04-01 050252708 THE PRESERVATION SOCIETY OF NEWPORT COUNTY PRES 4018471000 424 BELLEVUE AVENUE NEWPORT RI 02840 CLIFFORD H RUST CHIEF FINANCIAL AND OPERATING 4018471000 2026-02-13 1 1 LORI ROTHE YOKOBOSKY P01273422 9592007000 2026-02-13 2024 2025-03-06 01:10:19Z TRUDY COXE 424 BELLEVUE AVENUE NEWPORT RI 02840 46388230 0 X CRUST@NEWPORTMANSIONS.ORG X 1945 RI TO PROTECT, PRESERVE, AND PRESENT AN EXCEPTIONAL COLLECTION OF HOUSE MUSEUMS AND LANDSCAPES. 26 26 300 658 366268 0 13185240 19086387 15356026 16776397 3116714 5810247 2071100 2325844 33729080 43998875 0 0 0 0 11116732 13422766 366456 477855 1854510 20982200 17751715 32465388 31652336 1263692 12346539 90927469 105721909 5563866 10702612 85363603 95019297 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 25986440 18761164 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. 25986440 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 1 1 0 0 1 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 90 0 1 300 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X CLIFFORD H RUST 4016080501 424 BELLEVUE AVENUE NEWPORT RI 02840 MR WILLIAM F LUCEY III CHAIRMAN 5.00 X X 0 0 0 MR PETER W HARRIS VICE CHAIRMAN 5.00 X X 0 0 0 MR PATRICK KERINS VICE CHAIRMAN 5.00 X X 0 0 0 MR DAVID BAZARSKY TREASURER 15.00 X X 0 0 0 MS EVELINA TABER SECRETARY 5.00 X X 0 0 0 MR WILLIAM CORCORAN JR ASST. TREASURER 5.00 X X 0 0 0 MR KEITH STOKES ASST. SECRETARY 5.00 X X 0 0 0 MS MEG BRAFF TRUSTEE 5.00 X 0 0 0 MR HANK BELL TRUSTEE 15.00 X 0 0 0 MS KIM DARDEN TRUSTEE 5.00 X 0 0 0 MS SHERRI GRACE TRUSTEE 5.00 X 0 0 0 MR STEVEN GEWIRZ TRUSTEE 5.00 X 0 0 0 MR ERIC HERTFELDER TRUSTEE 5.00 X 0 0 0 MR STEPHEN HUTTLER TRUSTEE 5.00 X 0 0 0 MS ALA ISHAM TRUSTEE 5.00 X 0 0 0 MS BEVERLY LEDBETTER TRUSTEE 5.00 X 0 0 0 MS BEVERLY LITTLE OUTGOING TRUSTEE 5.00 X 0 0 0 MR LARK MASON TRUSTEE 5.00 X 0 0 0 MR JACK MURPHY TRUSTEE 5.00 X 0 0 0 MS SUSAN C PETROVAS TRUSTEE 5.00 X 0 0 0 MR EARL POWELL TRUSTEE 5.00 X 0 0 0 MS CYNTHIA STEWART REED TRUSTEE 5.00 X 0 0 0 MS JANET L ROBINSON OUTGOING TRUSTEE 5.00 X 0 0 0 MR TED SANDERSON TRUSTEE 5.00 X 0 0 0 MR SNEHAL SHAH TRUSTEE 5.00 X 0 0 0 MR DONALD STEINER TRUSTEE 5.00 X 0 0 0 MR PATRICK WOOD PRINCE TRUSTEE 5.00 X 0 0 0 MS DALE VENTURINI TRUSTEE 5.00 X 0 0 0 MS TRUDY COXE CEO & EXEC. DIR. 60.00 X 555957 0 20272 MR JAMES BURRESS OUTGOING DIRECTOR OF FINANCE 50.00 X 259976 0 7807 MR CLIFFORD H RUST CHIEF FINANCIAL AND OPERATING OFFICER 50.00 X 0 0 0 MS LESLIE JONES DIR OF MUS. AFF & CHIEF CURATOR 50.00 X 165611 0 28741 MR KEVIN O'LEARY DIR OF MARKETING 50.00 X 174846 0 5245 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 50.00 X 163397 0 4907 MR MICHAEL TABER DIRECTOR OF PROPERTIES 50.00 X 174966 0 28778 MR TERRY DICKINSON CHIEF OF STAFF 50.00 X 191755 0 5764 1686508 0 101514 18 0 1 0 KIRBY CONSTRUCTION 210 OLD AIRPORT ROAD MIDDLETOWN RI 02842 CONSTRUCTION 1966303 NAIL COMMUNICATIONS 140 UNION ST PROVIDENCE RI 02903 ADVERTISING 968540 DONOVAN AND SONS 613 AQUIDNECK AVENUE MIDDLETOWN RI 02842 PLUMBING 793896 GRANDE MASONRY 1301 ATWOOD AVENUE JOHNSTON RI 02905 CONSTRUCTION 711214 NEWPORT WINDOW RESTORATION 65 DR MARCUS WHEATLAND BLVD NEWPORT RI 02840 CONSTRUCTION 583910 40 1701066 71493 17313828 178612 19086387 ADMISSIONS 900099 16680025 16680025 ACADEMIC PROGRAMS 900099 86561 86561 REPRODUCTION INCOME 900099 9811 9811 16776397 968258 968258 24000 0 24000 24000 24000 4841989 0 4841989 4841989 8769 4833220 17750 71493 58172 -40422 -40422 4673449 2331183 2342266 1984767 357499 43998875 18761164 366268 5785056 878445 678522 145161 54762 10279653 7931174 1715825 632654 446316 351275 61259 33782 1014213 798241 139205 76767 804139 658763 95398 49978 116138 116138 40000 40000 477855 477855 237625 237625 1057381 585293 454830 17258 902092 902092 2204715 2144724 13367 46624 157 157 1001771 1001771 162079 128260 16098 17721 82282 82282 1188104 1188104 1229668 1229668 EQUIPMENT AND MAINTENAN 6012119 5608795 330327 72997 SPECIAL EVENTS & PROJEC 1382697 1335517 47180 PASSPORT FEE 253682 253682 CULTIVATION 247347 247347 1633858 1404084 103009 126765 31652336 25986440 3811386 1854510 8173550 13428937 882697 365668 4546431 8659552 273863 123734 1160015 1220666 196612 419986 35721712 15281886 17642301 20439826 40843319 42144101 15804855 12589385 141495 4954096 1262331 1375958 90927469 105721909 1758124 2401527 2417023 2439653 1388719 5861432 5563866 10702612 X 38267597 43469302 47096006 51549995 85363603 95019297 90927469 105721909 X 12346539 -2690637 -208 X 0 1 X 1 0 X 9031444 10872217 13968684 13185240 19086387 66143972 5967465 13146537 17692953 19437029 20829100 77073084 14998909 24018754 31661637 32622269 39915487 143217056 381660 416450 340340 215935 352694 1707079 0 381660 416450 340340 215935 352694 1707079 141509977 324596 479060 429923 1010461 992258 3236298 324596 479060 429923 1010461 992258 3236298 100896 278933 620746 1000575 17127 91263 108390 15441528 24776747 32182823 33632730 41528491 147562319 0.95900 0.96020 0.02190 0.02060 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: FUNDRAISING - 2020 AMOUNT: $ 17,127. OTHER - 2022 AMOUNT: $ 91,263. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 40000 0 0 40000 0 FORM 990, SCHEDULE C, PART II-A WE PAID A LOBBYIST $40,000 IN FY25 TO MONITOR LEGISLATION ON OUR BEHALF AND WHEN APPROPRIATE LOBBY. THE NAME OF THE ORGANIZATION IS DOME CONSULTANTS. X X 1 1 X X X X 0 56262124 75000 2468855 4220709 237625 54347645 51376202 90000 7113098 2126459 190717 56262124 54363550 45000 2591495 288152 152701 51376202 53235908 40000 3069830 1828895 153293 54363550 37871284 76108 17232522 1944006 53235908 0.26892 0.73108 0 0 910050 910050 19712430 7283251 12429179 150931 131445 19486 11431150 6795939 4635211 3517151 1071251 2445900 20439826 ALTERNATIVE INVESTMENTS 11292910 F CHARITABLE REMAINDER TRUSTS 385099 F INVESTMENT IN REAL ESTATE 911376 F 12589385 DEFERRED COMPENSATION 1360851 LEASE LIABILITY 4500581 5861432 X 43482668 -2690637 81080 2330975 -278582 43761250 237625 237625 43998875 33826974 81080 2331183 2412263 31414711 237625 237625 31652336 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 $3,649,000 AND $7,570,000 FOR THE YEARS ENDED MARCH 31, 2025 AND 2024, 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 OR FOR THE CARE OF COLLECTIONS. 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, 2025 AND 2024. 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, 2025 AND 2024, 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, 2025 AND 2024. THE SOCIETY'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2022 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 2,331,183. CHANGE IN SPLIT INTEREST -208. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOOD SOLD 2,331,183. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 2871441 0 0 0 0 0 0 2871441 0 2871441 1 0 0 1 1 0 X X X X X X 1 COMMUNITY COUSELING SERVICE CO LLC 155 FEDERAL STREET SUITE 306 BOSTON MA 02110 FUNDRAISING SUPPORT 0 7250482 477855 6772627 7250482 477855 6772627 RI GOLF OUTING 89243 71493 17750 8498 25017 20475 4182 89243 71493 17750 8498 25017 20475 4182 58172 -40422 X X X X X 0 0 0 0 0 0 0 1 0 MS TRUDY COXE CEO & EXEC. DIR. 457957 0 75000 0 23000 0 10350 0 9922 0 576229 0 0 0 MR JAMES BURRESS OUTGOING DIRECTOR OF FINANCE 236976 0 0 0 23000 0 7807 0 0 0 267783 0 0 0 MR MICHAEL TABER DIRECTOR OF PROPERTIES 174966 0 0 0 0 0 5263 0 23515 0 203744 0 0 0 MR TERRY DICKINSON CHIEF OF STAFF 191755 0 0 0 0 0 5764 0 0 0 197519 0 0 0 MS LESLIE JONES DIR OF MUS. AFF & CHIEF CURATOR 165611 0 0 0 0 0 5226 0 23515 0 194352 0 0 0 MR KEVIN O'LEARY DIR OF MARKETING 174846 0 0 0 0 0 5245 0 0 0 180091 0 0 0 MR PHILIP PELLETIER DIR. OF SPECIAL EVENTS 163397 0 0 0 0 0 4907 0 0 0 168304 0 0 0 PART I, LINE 7 THE CEO RECEIVED A BOARD APPROVED BONUS WHICH WAS INCLUDED IN HER 2024 W2. FORM 990 SCHEDULE J COLUMN BIII AN AMOUNT OF $23,000 IS INCLUDED IN SCHEDULE J, PART III COLUMN B (III) WHICH IS A VOLUNTARY 457(B) PAYROLL DEDUCTION CONTRIBUTION MADE BY THE PARTICIPANT WHICH IS FULLY VESTED. X 13 140518 FMV X 8 15000 FMV X MISCELLANEOUS 1 23094 FMV 0 1 0 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. 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 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 -208. 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