Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $8,150

• 1f · All other contributions, gifts and grants

  $960,470

• 1g · Noncash contributions included above

  $105,378

• 2a · Program service revenue: TUITION INCOME

  total $5,296,352 · related or exempt $5,296,352

• 2b · Program service revenue: SCHOOL PROGRAM INCOME

  total $345,201 · related or exempt $345,201

• 2c · Program service revenue: FEE INCOME

  total $11,250 · related or exempt $11,250

• 3 · Investment income

  total $253,609 · excluded $253,609

• 7a · Gross sales of assets other than inventory

  securities $99,069

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

  securities $100,328 · other assets $99,719

• 7c · Gain or loss

  securities -$1,259 · other assets -$99,719

• 7d · Net gain or loss

  total -$100,978 · related or exempt -$100,978

• 8a · Fundraising events: gross income

  $28,180

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

  $8,150

• 8b · Fundraising events: direct expenses

  $17,364

• 8c · Net income from fundraising events

  total $10,816 · excluded $10,816

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $106,599 · related or exempt $106,599

• 11e · Other revenue, total

  $106,599

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $676,185 · program services $676,185

• 5 · Compensation of officers, directors and key employees

  total $378,213 · program services $312,655 · management and general $50,162 · fundraising $15,396

• 7 · Other salaries and wages

  total $2,827,319 · program services $2,292,112 · management and general $409,170 · fundraising $126,037

• 8 · Pension plan contributions

  total $143,054 · program services $114,384 · management and general $21,931 · fundraising $6,739

• 9 · Other employee benefits

  total $320,506 · program services $279,027 · management and general $31,843 · fundraising $9,636

• 10 · Payroll taxes

  total $296,342 · program services $243,856 · management and general $40,106 · fundraising $12,380

• 11c · Fees: accounting

  total $23,480 · management and general $23,480

• 11g · Fees: other

  total $47,558 · management and general $47,558

• 12 · Advertising and promotion

  total $34,030 · management and general $34,030

• 13 · Office expenses

  total $94,861 · program services $7,939 · management and general $86,922

• 16 · Occupancy

  total $474,759 · program services $392,864 · management and general $54,597 · fundraising $27,298

• 22 · Depreciation, depletion and amortization

  total $381,634 · program services $315,802 · management and general $43,888 · fundraising $21,944

• 24a · Other expenses: EDUCATION EXPENSES

  total $426,576 · program services $425,415 · management and general $1,161

• 24b · Other expenses: SPECIAL EXPENSES

  total $337,685 · program services $337,685

• 24c · Other expenses: OTHER PROGRAMS

  total $233,583 · program services $233,583

• 24d · Other expenses: ADMISSIONS EXPENSE

  total $38,823 · management and general $38,823

• 24e · All other expenses

  total $56,261 · management and general $56,261

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,858 · end of year $23,474

• 2 · Savings and temporary cash investments

  beginning of year $2,023,136 · end of year $2,369,547

• 4 · Accounts receivable

  beginning of year $692,931 · end of year $727,651

• 9 · Prepaid expenses and deferred charges

  beginning of year $50,638 · end of year $33,585

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

  $16,157,737

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

  $9,047,530

• 10c · Land, buildings and equipment, net

  beginning of year $7,266,765 · end of year $7,110,207

• 11 · Investments: publicly traded securities

  beginning of year $5,911,179 · end of year $6,636,435

• 15 · Other assets

  beginning of year $203,304 · end of year $19,909

• 17 · Accounts payable and accrued expenses

  beginning of year $462,570 · end of year $554,129

• 19 · Deferred revenue

  beginning of year $2,653,897 · end of year $2,578,632

• 27 · Net assets without donor restrictions

  beginning of year $10,728,083 · end of year $11,713,965

• 28 · Net assets with donor restrictions

  beginning of year $2,315,261 · end of year $2,074,082

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1A

THE ORGANIZATION PROVIDES FOR THE PAYMENT OF SOCIAL CLUB FEES AND A RESIDENCE FOR PERSONAL USE TO THE CURRENT HEAD OF SCHOOL, MATTHEW HEARD. THE PAYMENT OF SOCIAL CLUB FEES IS TAXABLE TO THE RECIPIENT. THE PROVISION OF A RESIDENCE FOR PERSONAL USE BY THE SCHOOL IS NOT TAXABLE TO THE RECIPIENT. THE RESIDENCE PROVIDED TO THE CURRENT HEAD OF SCHOOL FOR PERSONAL USE IS LOCATED ON SCHOOL GROUNDS. THE SCHOOL HAS THE UNIMPAIRED AND CONTINUAL USE OF THE HOUSE FOR SCHOOL FUNCTIONS INCLUDING MEETINGS FOR FUNDRAISING, COMMUNITY OUTREACH, ENTERTAINMENT, EVENTS, EDUCATIONAL PROGRAMS, STUDENT AND ALUMNI AND PARENT RELATIONS, ADMINISTRATIVE SESSIONS, AND FACULTY AND STAFF DEVELOPMENT. THE ORGANIZATION IS RESPONSIBLE FOR PAYMENTS RELATING TO REPAIRS AND MAINTENANCE, LANDSCAPING, UTILITIES, AND TELEPHONE/INTERNET SERVICES.

SCHEDULE J, PAGE 1, PART I, LINE 7

THE ORGANIZATION PAID A BONUS IN THE AMOUNT OF 30,000 TO THE ORGANIZATION'S HEAD OF SCHOOL, MATTHEW HEARD, AT JUNE 30, 2024. THE BONUS WAS NOT SPECIFIED IN THE EMPLOYMENT CONTRACT OR DETERMINED BY A FIXED FORMULA. THE BONUS WAS SPECIFIED IN A MEMORANDUM AT THE ANNUAL COMPENSATION MEETING.