Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $105,045

• 1f · All other contributions, gifts and grants

  $8,815,517

• 1g · Noncash contributions included above

  $5,140,442

• 2a · Program service revenue: STUDENT SERVICES

  total $27,109,561 · related or exempt $27,109,561

• 3 · Investment income

  total $4,692,582 · excluded $4,692,582

• 7a · Gross sales of assets other than inventory

  securities $54,016,824 · other assets $33,010

• 7b · Less cost or other basis and sales expenses

  securities $32,396,657 · other assets $34,666

• 7c · Gain or loss

  securities $21,620,167 · other assets -$1,656

• 7d · Net gain or loss

  total $21,618,511 · excluded $21,618,511

• 8a · Fundraising events: gross income

  $46,707

• 8a · Fundraising events: contributions included on line 1c

  $105,045

• 8b · Fundraising events: direct expenses

  $75,468

• 8c · Net income from fundraising events

  total -$28,761 · excluded -$28,761

• 10a · Gross sales of inventory

  $494,093

• 10b · Cost of goods sold

  $377,265

• 10c · Net income from sales of inventory

  total $116,828 · related or exempt $116,828

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $906,725 · related or exempt $595,707 · unrelated business $194,823 · excluded $116,195

• 11e · Other revenue, total

  $906,725

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $6,116,486 · program services $6,116,486

• 5 · Compensation of officers, directors and key employees

  total $2,029,980 · program services $1,021,683 · management and general $477,845 · fundraising $530,452

• 7 · Other salaries and wages

  total $11,190,630 · program services $8,453,140 · management and general $2,164,076 · fundraising $573,414

• 8 · Pension plan contributions

  total $888,402 · program services $653,849 · management and general $195,190 · fundraising $39,363

• 9 · Other employee benefits

  total $2,321,913 · program services $1,998,230 · management and general $284,118 · fundraising $39,565

• 10 · Payroll taxes

  total $903,575 · program services $696,439 · management and general $149,846 · fundraising $57,290

• 11b · Fees: legal

  total $188,425 · management and general $188,425

• 11c · Fees: accounting

  total $76,058 · management and general $76,058

• 11f · Fees: investment management

  total $524,111 · management and general $524,111

• 11g · Fees: other

  total $5,937,810 · program services $4,497,206 · management and general $1,065,115 · fundraising $375,489

• 14 · Information technology

  total $780,238 · program services $511,501 · management and general $166,840 · fundraising $101,897

• 16 · Occupancy

  total $2,047,180 · program services $1,952,221 · management and general $92,904 · fundraising $2,055

• 17 · Travel

  total $633,880 · program services $415,554 · management and general $135,543 · fundraising $82,783

• 19 · Conferences, conventions and meetings

  total $71,423 · program services $46,823 · management and general $15,272 · fundraising $9,328

• 20 · Interest

  total $1,172,976 · program services $1,113,927 · management and general $59,049

• 22 · Depreciation, depletion and amortization

  total $4,877,792 · program services $4,609,446 · management and general $268,346

• 23 · Insurance

  total $784,269 · management and general $784,269

• 24a · Other expenses: SUPPLIES AND REPAIRS

  total $1,884,411 · program services $1,551,779 · management and general $168,250 · fundraising $164,382

• 24b · Other expenses: FOOD SERVICES

  total $1,074,003 · program services $1,074,003

• 24e · All other expenses

  total $513,792 · program services $383,766 · management and general $110,337 · fundraising $19,689

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,992,961 · end of year $1,407,049

• 2 · Savings and temporary cash investments

  end of year $12,197,972

• 3 · Pledges and grants receivable

  beginning of year $14,652,781 · end of year $11,641,670

• 4 · Accounts receivable

  beginning of year $149,832 · end of year $15,828,426

• 7 · Other notes and loans receivable

  beginning of year $26,818

• 8 · Inventories for sale or use

  beginning of year $196,374 · end of year $198,029

• 9 · Prepaid expenses and deferred charges

  beginning of year $732,547 · end of year $479,755

• 10a · Land, buildings and equipment: cost or other basis

  $186,276,461

• 10b · Land, buildings and equipment: accumulated depreciation

  $79,279,333

• 10c · Land, buildings and equipment, net

  beginning of year $92,686,768 · end of year $106,997,128

• 11 · Investments: publicly traded securities

  beginning of year $214,982,609 · end of year $233,311,848

• 12 · Investments: other securities

  beginning of year $18,380,223

• 15 · Other assets

  beginning of year $314,139 · end of year $7,630,146

• 17 · Accounts payable and accrued expenses

  beginning of year $7,301,439 · end of year $5,436,921

• 19 · Deferred revenue

  beginning of year $3,740,586 · end of year $19,663,492

• 20 · Tax-exempt bond liabilities

  beginning of year $53,440,627 · end of year $52,813,574

• 25 · Other liabilities

  beginning of year $130,567 · end of year $138,516

• 27 · Net assets without donor restrictions

  beginning of year $81,761,178 · end of year $93,963,687

• 28 · Net assets with donor restrictions

  beginning of year $197,740,655 · end of year $217,675,833

The filer's explanations (Part III)

PART I, LINE 1A

AS A BOARDING HIGH SCHOOL, HOUSING IS PROVIDED TO THE FOLLOWING INDIVIDUALS LISTED ON SCHEDULE J, PART II AS A NON-TAXABLE BENEFIT, INCLUDED IN COLUMN (D), FOR THE CONVENIENCE OF THE ORGANIZATION AS WELL AS A CONDITION OF EMPLOYMENT: ALEXANDRA H. CALLEN, HEAD OF SCHOOL THROUGH JUNE 30, 2023; MICHAEL WIRTZ, HEAD OF SCHOOL AS OF JULY 1, 2023; JEDD WHITLOCK, DIRECTOR OF ADVANCEMENT; GEORGE STAPLES, DIRECTOR OF OPERATIONS; RYAN MULHERN, DIRECTOR OF ADMISSIONS; KELLY RICHARDS, DIRECTOR OF COLLEGE COUNSELING; ELIZABETH BICKFORD, ASSOCIATE HEAD OF SCHOOL FOR FACULTY AND SCHOOL AFFAIRS; MERVAN OSBORNE, ASSOCIATE HEAD OF SCHOOL FOR STUDENT LIFE; AND ALEXANDER JONES, DEAN OF STUDENTS. THE FORMER HEAD OF SCHOOL RECEIVED A TAX GROSS-UP FOR PERSONAL USE OF AUTO AND FOR CLUB DUES PAID ON HER BEHALF TO ENTERTAIN FOR SCHOOL BUSINESS. BOTH ITEMS AND THE TAX-GROSS UP WERE TREATED AS TAXABLE INCOME AND ARE INCLUDED IN COLUMN (B)(III).

PART I, LINE 7

MR. WHITLOCK, DIRECTOR OF ADVANCEMENT, RECEIVED A $15K PERFORMANCE BONUS. MS. BICKFORD, ASSOCIATE HEAD OF SCHOOL, RECEIVED A $10,000 PERFORMANCE BONUS.

PART I, LINE 8

MICHAEL WIRTZ IS IN HIS INTIAL EMPLOYMENT AGREEMENT AS HEAD OF SCHOOL EFFECTIVE 7/1/2023 FOR AN INITIAL TERM OF 3 YEARS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• SG HOLDINGS LLC

  FACULTY HOUSING · RI · income $0 · assets $1,862,181

  Directly controlled by ST GEORGE'S SCHOOL