2024-11-14T09:47:27-06:00 2024-03-31 060312590 Cummings & Lockwood LLC PO Box 120 Stamford CT 069040120 990 2023-04-01 066377136 CLEMENTINE LOCKWOOD PETERSON FOUNDATION c/o Cummings & Lockwood (HST III) CLEM 2033514308 PO Box 120 Stamford CT 069040120 Howard S Tuthill III Trustee 2033514308 2024-11-14 1 0 Albert C Rua P00465056 2033514308 2023 2024-10-15 13:58:12Z Howard S Tuthill III PO Box 120 Stamford CT 069040120 1214834 0 X N/A X 1992 PA Support of the Greenwich Library Wing, the construction of which was funded by the Trust. 3 1 0 0 -2654 0 0 0 0 0 -49163 1221155 115707 -6321 66544 1214834 1218952 1256341 0 0 199734 163227 0 0 0 161841 138292 1580527 1557860 -1513983 -343026 29669051 31879585 0 0 29669051 31879585 To support the Greenwich Library of Greenwich, Connecticut, giving preference to the Business Section and the Recorded Music Department of the Library. 0 0 1378020 1229416 Clementine Lockwood Peterson Foundation (the trust) funded the purchase of land and the construction of a new wing of The Greenwich Library in the 1990's to house the Library's Business Section and Recorded Music Department. During the fiscal year ending 3/31/24, the trust funded all of the Wing's maintenance and operating expenses, as well as capital repairs to the facility, as reviewed and approved by the Trustees and the Library's Board. 1378020 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 X Cummings & Lockwood (HST III) 2033514308 Six Landmark Square Stamford CT 06901 X F Michael Donohue IV Trustee 10.00 X 54410 0 0 D Mark Gaston Trustee 10.00 X 54409 0 0 Howard S Tuthill III Trustee 10.00 X 0 0 0 108819 0 0 0 0 0 0 Design Wealth AdvisorsLPL Financial 4250 Executive Square Suite 800 La Jolla CA 92037 Investment Services 112569 1 587552 587552 633603 0 633603 633603 633603 Partnerships, per Sch. K-1s 523000 -6321 -2654 -3667 -6321 1214834 0 -2654 1217488 1256341 1256341 163227 108818 54409 25723 12861 12862 112569 112569 1557860 1378020 179840 0 28199760 30410294 1469291 1469291 29669051 31879585 0 0 X 27445053 27445053 0 0 2223998 4434532 29669051 31879585 29669051 31879585 X -343026 2553560 X 0 0 0 X X 1 Greenwich Library 066002281 7 1 1229416 0 1 1229416 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 633603 0 0 668852 587552 668852 1221155 0 0 213039 179840 0 0 455813 1041315 29444897 29977598 0 0 0 0 29444897 29977598 0 0 0 29444897 29977598 441673 449664 29003224 29527934 1015113 1033478 0 0 1015113 1033478 455813 387441 1015113 1015113 0 1015113 1229416 0 0 0 0 0 1229416 1229416 1015113 100.000000000000 1015113 0 0 0 256860 1200695 1218952 2676507 0 1015113 0 1661394 1229416 0 1229416 0 0 2890810 0 0 442442 1218952 1229416 Part IV, Sec. D, Lines 2 & 3, and Part V, Sec. D, Line 8: Clementine Lockwood Peterson Foundation (the Trust) satisfies the Responsiveness Test, including both the "relationship" test and the "significant voice" test under Treas. Reg. section 1.509(a)-4(i)(3)(ii) and (iii). The Trustees maintain a close and continuous working relationship with the Trustees of the Greenwich Library, and by reason of this relationship, the Library has a significant voice in the Trust's investment policies, the timing of grants, the manner of making grants and the use of its income and assets. The Trust was established under Article EIGHTH of the Will of Clementine Lockwood Peterson for the benefit of The Greenwich Library, and requires the Trustees to distribute all or any part of the net income and principal at such time and in such manner as the Trustees in their sole discretion determine will best promote and advance the general uses and purposes of the Library, taking note of the testatrix's preference that trust distributions be used for the Business Section and the Recorded Music Department to the extent that the Library has a reasonable use for funds for these purposes. Working with the Library, the Trustees adopted as the Trust's mission the creation and support of a new wing of the Greenwich Library to house the Library's Business Section and Recorded Music Department. The Trust funded the purchase of land and the construction of a new wing of the Library in the 1990's to house the Library's Business Section and Recorded Music Department. The Trustees make annual distributions that fund all of the wing's maintenance and operating expenses. Traditionally, the Trustees have made annual distributions in an amount equal to 4.5% of the average annual fair market value of the Trust's assets for its three immediately preceding tax years. At the Library's request, the Trustees established a sinking fund within the Trust to fund capital repairs to the wing. The sinking fund (approximately 14% of the Trust's assets) is excluded in calculating the annual distribution amount. Also at the request of the Library, which operates on a June 30 fiscal year, the distribution was changed to a June 30 annual distribution, and the average annual value of the assets is determined using June 30 fiscal year values. The Trustees send monthly investment statements to the Library for review and communicate with Library officials in person or by telephone as needs arise for a distribution from the sinking fund and whenever representatives of the Library wish to speak with a representative of the Trust. Each year, the Trustees provide the Library with a copy of the trust's annual return, an annual accounting, and a letter showing the calculation of the support to be provided for the coming year -- as well as the required annual notification (describing the type and amount of support provided during the prior year). Each year, the Trustees meet in person with the Library's Board of Trustees, officers and the wing librarians to review the Trust's administration, investment performance and distributions, and the Library's needs. The Business and Music Services librarians report on their programs and program needs. The Trustees report on the amount available for distribution from the Trust for the wing's maintenance and operations, as determined using an endowment-type formula designed to provide for the short- and long-term needs of the Business and Music wing. The Trustees report on the Trust's investment policy and performance, and the Trust's investment managers make presentations and respond to questions from the Library's Board of Trustee regarding asset allocation strategy and investments. The Library's director presents the Town's budget for the Library and the budget proposed for the wing, and the Trustees vote on the wing's budget. Minutes are kept of the annual meetings. The Greenwich Library is the supported organization listed in Part I, Line 12g, column (i), to which the Trust is responsive and which is attentive to the Trust. All of the Trusts's distributions are made to the Library for its Business and Music Wing. As described above, the Trust's relationship with the Library and the Library's significant voice in the Trust's operations satisfy the "responsiveness test." The Trust's distributions to the Library are more than sufficient to ensure its continuing attentiveness. When the Trust was created, the Trustees adopted the Library's Business Section and Recorded Music Section as the Trusts's mission. The Trustees expended approximately two-thirds of the original assets of the Trust to fund the Library's purchase of land and construction of a new Business and Music Wing to house those operations. The Trust's annual distributions fund all of the Business and Music Wing's maintenance and operating expenses, as well as capital repairs to the Wing, and the Trust's distributions are a major factor in determining the Library's budget for the Wing. Historically, the amount distributed by the Trust has represented from 25% to 80% of the Library's total annual support. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, Investments 111930 0 0 0 0 0 0 111930 0 111930 0 0 0 0 1 0 1 The Greenwich Library 101 West Putnam Ave Greenwich CT 06830 066002281 501(c)(3)/509(a)(1) 1229416 0 Support of the Greenwich Library Wing Support of the Greenwich Library Wing 1 Schedule I, Line 2 See Schedule A, Part VI Form 990, Part VI, Section A, line 7a If Howard S. Tuthill, III or any successor to him ceases to act as a Trustee, the law firm of Cummings & Lockwood, LLC may appoint a sucessor Trustee. Form 990, Part VI, Section B, line 11b The return was prepared under the supervision and direction of Howard S. Tuthill, III, the Trustee who reviewed the return in detail before signing and filing it. No review of the return by the Trustees, as a group, is planned. Howard S. Tuthill, III addresses the questions regarding the return when they are raised by the other Trustees. A copy is provided to each Trustee before filing. Form 990, Part VI, Section B, line 12c All of the Trustees are covered by the Conflicts Policy. The disclosure statement covers not only the relationships that might give rise to a conflict of interest with respect to the Trust, but also with respect to its supported organization, the Greenwich Library. None of the Trustees is related to any other Trustee by business, employment, or family relationships. Trust investments are managed, subject to the Trustees' supervision, by unrelated investment managers. The Greenwich Library does not employ or otherwise pay compensation to any of the Trustees, their family members, or related entities. If an investment or proposed investment would confer or could or might provide a financial benefit, directly or indirectly, on or to a Trustee, that Trustee would be prohibited from participating in decisions regarding that investment, and the Trustees not having a potential conflict of interest would review the proposed investment and any action to be taken in connection with such an existing investment to confirm that it was reasonable and fair to the Trust and in its best interest and would not constitute an excess benefit transaction. Form 990, Part VI, Section C, line 19 The Trust's governing document is available to the public as part of its Form 1023 exemption application package, and is also a matter of public record in the Commonwealth of Pennsylvania, County of Chester Orphan's Court Division of the Court of Common Pleas. The other documents listed are not available to the general public. Form 990, Part VII, Line 1a(B) The Trust supports The Greenwich Library, which is a related organization to the Trust. Some of the time spent by the Trustees in administering the Trust benefits the Library, but none of the Trustees devotes any time to the Library, except as it is benefited as the named beneficiary of the Trust, by their services to the Trust (e.g., holding meetings with the Library's Board to review the Trust's investment performance, income, expenses and distributions to the Library and the Library's budgeted needs--see Schedule A, Part VI). Form 990, Part XI, line 9: Unrealized gains/losses on assets marked to market 2,553,560. The Greenwich Library 101 West Putnam Ave Greenwich CT 06830 066002281 Public Library CT 501(c)(3) Line 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0