Form 990 for tax year 2022

Filed by ST JOHNSBURY ACADEMY.

Totals

Total revenue: $35,040,897
Total expenses: $34,824,326
Contributions and grants received: $1,977,508
Grants paid: $3,053,327
Program service revenue: $30,655,485
Investment income: $2,074,571
Other revenue: $333,333
Total assets, end of year: $73,844,060
Total liabilities, end of year: $13,693,132
Net assets or fund balances, end of year: $60,150,928
Program services expenses (Part IX): $30,333,790
Management and general expenses: $3,822,668
Fundraising expenses: $667,868
Program service expenses (Part III): $30,333,790

Program services were 87.1% 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.

1f · All other contributions, gifts and grants

$1,977,508
1g · Noncash contributions included above

$63,809
2a · Program service revenue: Day School Tuition

total $19,666,281 · related or exempt $19,666,281
2b · Program service revenue: Res School Tuition

total $8,421,374 · related or exempt $8,421,374
2c · Program service revenue: Other Educ. Prog.

total $1,486,845 · related or exempt $1,486,845
2d · Program service revenue: Miscellaneous Income

total $577,275 · related or exempt $577,275
2e · Program service revenue: Field House & recreation Activity

total $503,710 · related or exempt $503,710
3 · Investment income

total $1,458,517 · unrelated business $83,277 · excluded $1,375,240
5 · Royalties

total $333,333 · excluded $333,333
7a · Gross sales of assets other than inventory

securities $13,011,580 · other assets $589,011
7b · Less cost or other basis and sales expenses

securities $12,690,458 · other assets $294,079
7c · Gain or loss

securities $321,122 · other assets $294,932
7d · Net gain or loss

total $616,054 · excluded $616,054

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $3,053,327 · program services $3,053,327
5 · Compensation of officers, directors and key employees

total $644,230 · management and general $548,458 · fundraising $95,772
7 · Other salaries and wages

total $14,474,411 · program services $13,079,791 · management and general $1,088,048 · fundraising $306,572
8 · Pension plan contributions

total $649,121 · program services $608,347 · management and general $25,722 · fundraising $15,052
9 · Other employee benefits

total $3,407,578 · program services $2,857,726 · management and general $486,372 · fundraising $63,480
10 · Payroll taxes

total $1,086,568 · program services $1,025,374 · management and general $38,409 · fundraising $22,785
11b · Fees: legal

total $78,158 · program services $6,678 · management and general $71,480
11c · Fees: accounting

total $102,764 · management and general $102,764
11d · Fees: lobbying

total $80,648 · management and general $80,648
11f · Fees: investment management

total $99,474 · management and general $99,474
11g · Fees: other

total $1,076,860 · program services $316,290 · management and general $731,856 · fundraising $28,714
12 · Advertising and promotion

total $130,996 · program services $62,023 · management and general $63,438 · fundraising $5,535
13 · Office expenses

total $306,190 · program services $132,114 · management and general $116,043 · fundraising $58,033
16 · Occupancy

total $2,726,592 · program services $2,645,018 · management and general $73,098 · fundraising $8,476
17 · Travel

total $405,570 · program services $299,627 · management and general $85,437 · fundraising $20,506
20 · Interest

total $223,319 · program services $223,319
22 · Depreciation, depletion and amortization

total $2,101,356 · program services $2,101,356
23 · Insurance

total $374,205 · program services $374,205
24a · Other expenses: Food Services

total $2,489,381 · program services $2,471,226 · fundraising $18,155
24b · Other expenses: Student Activities and

total $1,038,396 · program services $1,010,175 · management and general $4,401 · fundraising $23,820
24c · Other expenses: Miscellaneous

total $230,698 · program services $67,194 · management and general $162,536 · fundraising $968
24d · Other expenses: Professional Developmen

total $44,484 · management and general $44,484

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $339,885 · end of year $369,300
2 · Savings and temporary cash investments

beginning of year $5,111,108 · end of year $3,977,256
3 · Pledges and grants receivable

end of year $88,632
4 · Accounts receivable

beginning of year $874,641 · end of year $1,497,383
7 · Other notes and loans receivable

beginning of year $1,030,000 · end of year $1,019,629
8 · Inventories for sale or use

beginning of year $61,070 · end of year $58,977
9 · Prepaid expenses and deferred charges

beginning of year $188,579 · end of year $581,204
10a · Land, buildings and equipment: cost or other basis

$66,056,287
10b · Land, buildings and equipment: accumulated depreciation

$31,853,305
10c · Land, buildings and equipment, net

beginning of year $34,762,071 · end of year $34,202,982
11 · Investments: publicly traded securities

beginning of year $25,770,408 · end of year $28,840,974
12 · Investments: other securities

beginning of year $2,576,202 · end of year $2,821,061
15 · Other assets

beginning of year $90,594 · end of year $386,662
17 · Accounts payable and accrued expenses

beginning of year $1,158,304 · end of year $1,010,304
19 · Deferred revenue

beginning of year $1,869,651 · end of year $2,754,609
20 · Tax-exempt bond liabilities

beginning of year $8,023,064 · end of year $7,806,704
25 · Other liabilities

beginning of year $1,629,663 · end of year $2,121,515
27 · Net assets without donor restrictions

beginning of year $45,125,633 · end of year $45,782,948
28 · Net assets with donor restrictions

beginning of year $12,998,243 · end of year $14,367,980

Mission and programs · 2022

Mission

This is the mission of St. Johnsbury Academy, a diverse, comprehensive, and independent educational community grounded by our traditions, our deep optimism regarding young people, and our commitment to academic excellence: to teach good character by modeling and fostering compassion, respect, responsibility, and integrity. To foster a love for learning by challenging individuals to pursue knowledge, creativity, and intellectual self-reliance. To encourage each individual to understand his or her relationships, rights, and responsibilities within a community that is itself part of the larger world.

Activities or mission (Part I)

Founded in 1842, St. Johnsbury Academy is a comprehensive independent private high school widely recognized as an institution that fosters character, academic excellence, and civic responsibility in its students.

St. Johnsbury Academy offers a comprehensive high school program serving students in grades 9-12 and a postgraduate year. St. Johnsbury Academy offers a rigorous, wide-ranging, standards-based curriculum designed to meet the needs and interests of a wide range of abilities, career goals, and interests. St. Johnsbury Academy served 950 students (including boarders) in the day school program which includes standard high school curriculum, special education, fine arts, technical education and athletic programs. The school day consists of a five block daily schedule with 70 minute courses. Scholarships are provided to students from around the world including throughout the United States and North America, Central America and the Caribbean, Russia and the Newly Independent States, East Asia, Europe, and South America. St. Johnsbury Academy offers a boarding program on our campus to 190 students from across the country and the world, creating a global community. The Academy has ten dormitories on the campus, six for boys and four for girls. Different in size and personality, each dorm houses faculty advisors, their families, and students. The Academy has a comprehensive resident life curriculum that complements our day school programs. Students are able to take advantage of weekend campus activities as well as travel opportunities throughout the semester. Our boarding program also includes an English as a second language program for students who require additional instruction as well as learning support programs for resident students. Expenses presented on this schedule do not reflect an inclusion of general and administrative expenses that are necessary for the school's day to day operations.

Expenses $29,667,936 · Grants $3,053,327 · Revenue $30,214,959
St. Johnsbury Academy offers a summer advanced placement institute for secondary teachers. The course covers the AP exam including test development reading, new directions within the AP curriculum, developing successful AP assignments and collaborative teaching approaches as well as workshops for experienced AP teachers. St. Johnsbury Academy served over 400 teachers during the past year. Expenses presented on this schedule do not reflect an inclusion of general and administrative expenses that are necessary for the school's day to day operations.

Expenses $665,854 · Revenue $440,526

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Cathy Judd-Stein

President

Total calculated

$0

Hours/week

5
Robert M Fairbanks Esq

Vice President

Total calculated

$0

Hours/week

2
Peter Crosby

Treasurer

Total calculated

$0

Hours/week

2
Peter Hammer

Secretary

Total calculated

$0

Hours/week

2
Noble Allen

Trustee

Total calculated

$0

Hours/week

1
Bruce E Buxton

Trustee

Total calculated

$0

Hours/week

1
Martha Cavanaugh

Trustee

Total calculated

$0

Hours/week

1
Tim Clouatre

Trustee

Total calculated

$0

Hours/week

1
Craig S Douglas

Trustee

Total calculated

$0

Hours/week

1
Jenis Ellingwood

Trustee

Total calculated

$0

Hours/week

1
Frank Empsall

Trustee

Total calculated

$0

Hours/week

1
Jesse Laflamme

Trustee

Total calculated

$0

Hours/week

1
Erin Mayo

Trustee

Total calculated

$0

Hours/week

1
Jamie Murphy

Trustee

Total calculated

$0

Hours/week

1
Kathy A Silloway

Trustee

Total calculated

$0

Hours/week

1
Paul Simpson

Trustee

Total calculated

$0

Hours/week

1
Edward R Zuccaro Esq

Trustee

Total calculated

$0

Hours/week

1
Nancy Usher Goodrich

Trustee

Total calculated

$0

Hours/week

1
John S Hall

Past Trustee

Total calculated

$0

Hours/week

1
Sharon L Howell

Headmaster

Total calculated

$458,710

From this org

$382,490

From related orgs

$0

Other

$76,220

Hours/week

80

Schedule J breakdown matched by us

Base

$269,750

Bonus

$83,300

Other

$29,440

Deferred

$14,019

Nontaxable benefits

$62,201

Filer's total

$458,710
Carol L Lyon

Chief Financial Officer

Total calculated

$185,518

From this org

$157,505

From related orgs

$0

Other

$28,013

Hours/week

70

Schedule J breakdown matched by us

Base

$145,454

Bonus

$10,000

Other

$2,051

Deferred

$7,452

Nontaxable benefits

$20,561

Filer's total

$185,518
Tammi S Cady

Assistant Head for Advancement

Total calculated

$154,692

From this org

$133,061

From related orgs

$0

Other

$21,631

Hours/week

70

Schedule J breakdown matched by us

Base

$124,170

Bonus

$8,000

Other

$891

Deferred

$6,209

Nontaxable benefits

$15,422

Filer's total

$154,692
John Lenzini

Assoc Headmaster

Total calculated

$146,954

From this org

$106,861

From related orgs

$0

Other

$40,093

Hours/week

70
James T Ryan

Dean of Resident Life

Total calculated

$161,590

From this org

$113,340

From related orgs

$0

Other

$48,250

Hours/week

70

Schedule J breakdown matched by us

Base

$108,609

Bonus

$4,000

Other

$731

Deferred

$5,243

Nontaxable benefits

$43,007

Filer's total

$161,590
Patrick Guckin

CTE Director

Total calculated

$146,002

From this org

$105,976

From related orgs

$0

Other

$40,026

Hours/week

70
Beth A Choiniere

Past Assistant Head for Campus Life

Total calculated

$216,314

From this org

$204,920

From related orgs

$0

Other

$11,394

Hours/week

70

Schedule J breakdown matched by us

Base

$68,330

Bonus

$0

Other

$136,590

Deferred

$3,011

Nontaxable benefits

$8,383

Filer's total

$216,314

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 · Housing allowance or residence for personal use
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 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments

Answered no

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
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 1a: As a condition of employment, the headmaster and assistant headmaster reside on campus.
Part I, Lines 4a-b: Line 4a: Severance in the amount of $120,455.00 was paid to Beth Choiniere during the year. Line 4b: Sharon Howell, Headmaster, and Thomas Lovett, former Headmaster, both participate in a Section 457(f) plan. St. Johnsbury Academy
Part I, Line 7: Sharon Howell's bonus was awarded by the compensation committee of the board of trustees. Beth Choiniere, Carol Lyon, Tammi Cady, John Cummings, and James Ryan and were awarded bonuses based on Sharon's discretion.

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.

New Depot Square Commercial Properties LLC

Real Estate · VT

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Kingdom Development Company Inc

C · Online education and economic development · VT · 71.79% owned · share of income $358,899 · share of assets $1,275,278 · controlled entity

Directly controlled by St Johnsbury Academy
Prescott W Stearns FBO St Johnsbury Academy Trust

T · Beneficial Interest in Trust · NJ · 100% owned · share of income $41,394 · share of assets $2,348,498 · controlled entity

Directly controlled by St Johnsbury Academy
Dussault Family Legacy Trust

T · Beneficial Interest in Trust · VT · 100% owned · share of assets $385,791 · controlled entity

Directly controlled by St Johnsbury Academy

Provenance

Return type: form_990
Tax year: 2022
Filed: 23 February 2024
IRS schema version: 2022v5.0
Source object: 202440579349300869

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