Iyrs School Of Technology & Trades
- Assets
- $24.4m
- Revenue
- $5.2m
- Investments
- $5.3m
- Employees
- 37
- Location
- Newport, RI
- Founding
- 08/1993
- Data as of
- 06/2022
- EIN
- 05-0470320
Organization Overview
Iyrs School Of Technology & Trades is located in Newport, RI. The organization was established in 1993. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Iyrs School Of Technology & Trades employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iyrs School Of Technology & Trades is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Iyrs School Of Technology & Trades generated $5.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $4.6m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
IYRS EMPOWERS STUDENTS THROUGH IMMERSIVE, HANDS-ON LEARNING TO REALIZE THEIR FULL POTENTIAL IN CAREERS AND IN LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
IYRS ALSO OWNS AND OPERATES A MARINA TO SHOWCASE CLASSIC AND OTHER BOATS WHICH PROVIDE STUDENTS OPPORTUNITIES FOR HANDS-ON WORK, AND OWNS A TEMPORARY BUILDING USED FOR THE RESTORATION OF THE YACHT "CORONET". IN ADDITION, IYRS MANGES OTHER RELATED ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Coogan President/ceo | OfficerTrustee | 50 | $257,184 |
Monika Miller Director Of Finance (to 11/2021) | Officer | 50 | $84,180 |
Monique Collins CFO (from 12/2021) | Officer | 50 | $5,385 |
Connell Christopher Cannon Chairman | OfficerTrustee | 0.5 | $0 |
Ronald P O'hanley Vice-Chairman | OfficerTrustee | 0.5 | $0 |
Darrell Crate Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $383,351 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,912,095 |
| Noncash contributions included in lines 1a–1f | $118,995 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,295,446 |
| Total Program Service Revenue | $2,215,875 |
| Investment income | $107,044 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $72,806 |
| Net Gain/Loss on Asset Sales | -$12,509 |
| Net Income from Fundraising Events | $151,948 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,182,625 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $314,378 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $431,200 |
| Compensation of current officers, directors, key employees. | $219,973 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,425,136 |
| Pension plan accruals and contributions | $40,948 |
| Other employee benefits | $55,180 |
| Payroll taxes | $131,598 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $62,251 |
| Fees for services: Accounting | $48,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $134,480 |
| Advertising and promotion | $191,780 |
| Office expenses | $265,265 |
| Information technology | $102,814 |
| Royalties | $0 |
| Occupancy | $533,632 |
| Travel | $5,935 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,114 |
| Interest | $68,202 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $503,984 |
| Insurance | $187,647 |
| All other expenses | $0 |
| Total functional expenses | $4,570,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $790,510 |
| Savings and temporary cash investments | $1,487,010 |
| Pledges and grants receivable | $221,939 |
| Accounts receivable, net | $1,505,062 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,262 |
| Prepaid expenses and deferred charges | $405,192 |
| Net Land, buildings, and equipment | $11,932,166 |
| Investments—publicly traded securities | $1,872,421 |
| Investments—other securities | $5,292,569 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $880,620 |
| Total assets | $24,395,751 |
| Accounts payable and accrued expenses | $269,944 |
| Grants payable | $0 |
| Deferred revenue | $761,157 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,129,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,225 |
| Total liabilities | $3,168,326 |
| Net assets without donor restrictions | $19,509,591 |
| Net assets with donor restrictions | $1,717,834 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $24,395,751 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Iyrs School Of Technology & Trades has recieved totaling $316,447.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: GENERAL SUPPORT | | $127,132 |
Kane Wallace Foundation Concord, MA PURPOSE: UNRESTRICTED | $100,000 |
George F Baker Uw Palm Beach Gardens, FL PURPOSE: SUPPORT OF EDUCATION | $25,000 |
Community Foundation Of Broward Inc Fort Lauderdale, FL PURPOSE: EDUCATION/ACADEMIC | $20,000 |
The Bessemer Giving Fund Woodbridge, NJ PURPOSE: GENERAL SUPPORT | $20,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: EDUCATION | $15,000 |
Endowment Analysis
| Beg. Balance | $591,738 |
| Earnings | -$35,414 |
| Ending Balance | $556,324 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Preservation Society Of Newport County Newport, RI | $83,597,126 | $27,874,827 |
New England Historic Genealogical Society Inc Boston, MA | $58,526,477 | $13,569,592 |
Connecticut Trust For Historic Preservation Hamden, CT | $2,880,357 | $12,511,714 |
The Josef And Anni Albers Foundation Inc Bethany, CT | $32,115,057 | $7,525,828 |
Massachusetts Historical Society Boston, MA | $153,195,244 | $13,508,822 |
Edward M Kennedy Institute For The United States Senate Inc Boston, MA | $123,530,650 | $3,733,081 |
Nantucket Historical Association Nantucket, MA | $54,222,410 | $8,695,480 |
Old Dartmouth Historical Society New Bedford, MA | $34,006,057 | $4,398,959 |
Longyear Foundation Chestnut Hill, MA | $89,717,861 | $3,937,071 |
Iyrs School Of Technology & Trades Newport, RI | $24,395,751 | $5,182,625 |
Connecticut Historical Society Hartford, CT | $72,727,103 | $6,569,476 |
Preserve Rhode Island Providence, RI | $13,128,578 | $4,482,092 |