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Nonprofiteer
← THE PUBLIC SCHOOL OF GERMANTOWN

Form 990 for tax year 2023

Filed by THE PUBLIC SCHOOL OF GERMANTOWN.

Totals

Total revenue
$60,246,952
Total expenses
$56,932,805
Contributions and grants received
$6,746,032
Grants paid
$9,543,275
Program service revenue
$46,376,202
Investment income
$3,182,186
Other revenue
$3,942,532
Total assets, end of year
$187,490,309
Total liabilities, end of year
$46,954,012
Net assets or fund balances, end of year
$140,536,297
Program services expenses (Part IX)
$44,995,156
Management and general expenses
$9,829,738
Fundraising expenses
$2,107,911
Program service expenses (Part III)
$44,995,156

Program services were 79.0% 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.

  • 1c · Fundraising events

    $500

  • 1e · Government grants (contributions)

    $214,147

  • 1f · All other contributions, gifts and grants

    $6,531,385

  • 1g · Noncash contributions included above

    $225,032

  • 2a · Program service revenue: STUDENT TUITION FEES

    total $45,316,936 · related or exempt $45,316,936

  • 2b · Program service revenue: AUXILIARY PROGRAM REVENUE

    total $660,000 · related or exempt $660,000

  • 2c · Program service revenue: MUSIC LESSONS

    total $399,266 · related or exempt $399,266

  • 3 · Investment income

    total $2,836,236 · unrelated business $956 · excluded $2,835,280

  • 4 · Income from investment of tax-exempt bond proceeds

    total $330,886 · excluded $330,886

  • 6a · Gross rents

    real property $360,265

  • 6b · Less rental expenses

    real property $68,595

  • 6c · Rental income or loss

    real property $291,670

  • 6d · Net rental income or loss

    total $291,670 · excluded $291,670

  • 7a · Gross sales of assets other than inventory

    securities $8,206,912

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

    securities $8,191,848

  • 7c · Gain or loss

    securities $15,064

  • 7d · Net gain or loss

    total $15,064 · excluded $15,064

  • 8a · Fundraising events: gross income

    $40,446

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

    $500

  • 8b · Fundraising events: direct expenses

    $26,957

  • 8c · Net income from fundraising events

    total $13,489 · excluded $13,489

  • 10a · Gross sales of inventory

    $246,575

  • 10b · Cost of goods sold

    $203,767

  • 10c · Net income from sales of inventory

    total $42,808 · excluded $42,808

  • 11a · Other revenue: SUMMER PROGRAMS

    total $1,562,499 · excluded $1,562,499

  • 11b · Other revenue: EXTENDED DAY & CHILD CARE FEES

    total $1,229,600 · excluded $1,229,600

  • 11c · Other revenue: AQUATIC CLUB REVENUE

    total $694,948 · excluded $694,948

  • 11d · All other revenue

    total $107,518 · excluded $107,518

  • 11e · Other revenue, total

    $3,594,565

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $9,543,275 · program services $9,543,275

  • 5 · Compensation of officers, directors and key employees

    total $871,292 · program services $664,013 · management and general $166,702 · fundraising $40,577

  • 7 · Other salaries and wages

    total $23,868,756 · program services $18,091,641 · management and general $4,641,008 · fundraising $1,136,107

  • 8 · Pension plan contributions

    total $1,489,239 · program services $1,096,935 · management and general $319,391 · fundraising $72,913

  • 9 · Other employee benefits

    total $6,507,004 · program services $5,954,151 · management and general $448,227 · fundraising $104,626

  • 10 · Payroll taxes

    total $1,812,202 · program services $1,384,920 · management and general $342,413 · fundraising $84,869

  • 11b · Fees: legal

    total $164,711 · management and general $164,711

  • 11c · Fees: accounting

    total $79,705 · management and general $79,705

  • 11e · Fees: professional fundraising services

    total $6,625 · fundraising $6,625

  • 11f · Fees: investment management

    total $163,241 · management and general $163,241

  • 11g · Fees: other

    total $451,509 · program services $239,399 · management and general $208,516 · fundraising $3,594

  • 12 · Advertising and promotion

    total $112,157 · management and general $3,281 · fundraising $108,876

  • 13 · Office expenses

    total $2,258,387 · program services $1,477,346 · management and general $639,357 · fundraising $141,684

  • 14 · Information technology

    total $329,981 · management and general $329,981

  • 16 · Occupancy

    total $2,896,065 · program services $2,210,431 · management and general $560,409 · fundraising $125,225

  • 17 · Travel

    total $741,182 · program services $485,028 · management and general $234,160 · fundraising $21,994

  • 22 · Depreciation, depletion and amortization

    total $3,815,999 · program services $2,913,936 · management and general $737,309 · fundraising $164,754

  • 23 · Insurance

    total $619,480 · program services $38,542 · management and general $580,938

  • 24a · Other expenses: EDUC., ATHLETICS, GEN'L

    total $615,421 · program services $615,421

  • 24b · Other expenses: OTHER MISCELLANEOUS EXP

    total $115,148 · program services $115,148

  • 24c · Other expenses: DINING ROOM

    total $111,184 · program services $111,184

  • 24d · Other expenses: ALUMNI RELATIONS EXP.

    total $96,067 · fundraising $96,067

  • 24e · All other expenses

    total $264,175 · program services $53,786 · management and general $210,389

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $329,240 · end of year $264,769

  • 2 · Savings and temporary cash investments

    beginning of year $33,180,694 · end of year $32,575,252

  • 3 · Pledges and grants receivable

    beginning of year $8,700,397 · end of year $6,272,953

  • 4 · Accounts receivable

    beginning of year $251,937 · end of year $227,044

  • 8 · Inventories for sale or use

    beginning of year $38,942 · end of year $26,589

  • 9 · Prepaid expenses and deferred charges

    beginning of year $660,931 · end of year $867,537

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

    $143,983,439

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

    $58,931,882

  • 10c · Land, buildings and equipment, net

    beginning of year $83,116,613 · end of year $85,051,557

  • 11 · Investments: publicly traded securities

    beginning of year $31,099,327 · end of year $37,125,201

  • 12 · Investments: other securities

    beginning of year $6,392,623 · end of year $6,265,995

  • 14 · Intangible assets

    beginning of year $569,436 · end of year $583,221

  • 15 · Other assets

    beginning of year $17,027,155 · end of year $18,230,191

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,884,534 · end of year $3,047,192

  • 19 · Deferred revenue

    beginning of year $11,297,936 · end of year $10,116,017

  • 20 · Tax-exempt bond liabilities

    beginning of year $33,526,864 · end of year $32,713,977

  • 25 · Other liabilities

    beginning of year $1,217,144 · end of year $1,076,826

  • 27 · Net assets without donor restrictions

    beginning of year $71,399,665 · end of year $74,464,079

  • 28 · Net assets with donor restrictions

    beginning of year $61,041,152 · end of year $66,072,218

Mission and programs · 2023

Mission

GERMANTOWN ACADEMY INSPIRES STUDENTS TO BE INDEPENDENT IN THOUGHT; CONFIDENT IN EXPRESSION; COMPASSIONATE IN SPIRIT; COLLABORATIVE IN ACTION; AND HONORABLE IN DEED. GERMANTOWN ACADEMY IS A PRIVATE SCHOOL EDUCATING STUDENTS FROM PREK THROUGH 12TH GRADE.

Activities or mission (Part I)

AN INDEPENDENT, COEDUCATIONAL COLLEGE PREP SCHOOL FOR COMMUTING STUDENTS IN GRADES PRE-K - TWELVE.

  • GERMANTOWN ACADEMY IS A NON-SECTARIAN, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL EDUCATING STUDENTS FROM PRE-K TO GRADE 12. FOUNDED IN 1759, GERMANTOWN ACADEMY HAS OVER 250 YEARS OF HISTORY, TRADITION, AND OUTSTANDING ACADEMICS. GERMANTOWN ACADEMY IS A PLACE THAT INSPIRES. STUDENTS DEVELOP A LOVE OF LEARNING BEGINNING WITH THE FIRST DAY OF PRE-K THAT CONTINUES THROUGH THE FINAL DAY OF 12TH GRADE AND BEYOND. OUR DEDICATED FACULTY AND STAFF EMBRACE STUDENTS' INNATE CURIOSITY AND ENCOURAGE THEM TO BUILD UPON THEIR NATURAL STRENGTHS WHILE CHALLENGING THEM TO EXPAND THEIR KNOWLEDGE THROUGH A MULTITUDE OF LEARNING EXPERIENCES. THIS IS OUR PROMISE TO OUR STUDENTS, AND IT BECOMES THEIR FOUNDNDATION FOR LIFE.FOR MORE THAN 250 YEARS, STUDENTS AT GERMANTOWN ACADEMY HAVE BEEN ENCOURAGED TO FOLLOW THEIR PASSIONS. THE CUMULATIVE RESULT IS AN EXCEPTIONAL ACADEMIC, ARTISTIC, ATHLETIC, AND SOCIAL EXPERIENCE THAT CREATES SUCCESSFUL, WELL-EDUCATED, ETHICAL YOUNG PEOPLE WHO BELIEVE THEY CAN MAKE A DIFFERENCE IN THE WORLD.GERMANTOWN ACADEMY IS A PLACE OF INNOVATION. WE ARE AT THE FOREFRONT OF IMPORTANT INITIATIVES SUCH AS 21ST CENTURY CURRICULUM DEVELOPMENT, LANGUAGE INSTRUCTION, AND INTERNATIONAL RELATIONSHIPS. IF A NEW PROGRAM OR IDEA PROVIDES AN OPPORTUNITY FOR OUR STUDENTS, WE WILL EXPLORE IT.WITH TALENTED AND CARING FACULTY, HONEST AND CURIOUS STUDENTS, AND A BEAUTIFUL ENVIRONMENT, GERMANTOWN ACADEMY IS WHERE YOUR CHILD CAN BECOME HIS OR HER BEST SELF. A TOTAL OF 1,214 STUDENTS WERE ENROLLED THIS FISCAL YEAR.

    Expenses $44,995,156 · Grants $9,541,177 · Revenue $46,376,202

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael H Jordan

    PRESIDENT/BOARD CHAIR

    Total calculated
    $0
    Hours/week
    20

  • John M Galloway

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Cheryl Ross

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Janet Haugen

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Bela D Bagga

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Laura Brewer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ira Brownstein

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • John Cannon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Amy Seyfert Connelly

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Anthony Disandro Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Mark Dooley

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ted Durkin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Judy A Felgoise

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Desrene Freeman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Judi J Goodman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Annamarie Geppert Hellebusch

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Philip Huang

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Carol Momjian

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Dr Linda White Nunes

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Salvatore J Paone Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • George M Riter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Diana Rodgers

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Andrew Sandifer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ted Swanson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Kezirah Linn Vaughters

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • William B Weihenmayer Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Richard Schellhas

    HEAD OF SCHOOL

    Total calculated
    $601,548
    From this org
    $545,464
    From related orgs
    $0
    Other
    $56,084
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $536,464
    Bonus
    $0
    Other
    $9,000
    Deferred
    $45,741
    Nontaxable benefits
    $10,343
    Filer's total
    $601,548

  • David Pannepacker

    CFO AND COO

    Total calculated
    $245,517
    From this org
    $214,290
    From related orgs
    $0
    Other
    $31,227
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $214,290
    Bonus
    $0
    Other
    $0
    Deferred
    $11,118
    Nontaxable benefits
    $20,109
    Filer's total
    $245,517

  • Brooke Crawford Record

    DIR. OF INSTITUTIONAL ADVANCEMENT

    Total calculated
    $313,625
    From this org
    $212,555
    From related orgs
    $0
    Other
    $101,070
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $212,555
    Bonus
    $0
    Other
    $0
    Deferred
    $10,751
    Nontaxable benefits
    $90,319
    Filer's total
    $313,625

  • Nidhi McVicar

    ASST. HEAD OF SCHOOL

    Total calculated
    $274,334
    From this org
    $176,295
    From related orgs
    $0
    Other
    $98,039
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $176,295
    Bonus
    $0
    Other
    $0
    Deferred
    $9,231
    Nontaxable benefits
    $88,808
    Filer's total
    $274,334

  • Molly Mackean

    HEAD OF UPPER SCHOOL

    Total calculated
    $186,222
    From this org
    $166,219
    From related orgs
    $0
    Other
    $20,003
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,219
    Bonus
    $0
    Other
    $0
    Deferred
    $11,280
    Nontaxable benefits
    $8,723
    Filer's total
    $186,222

  • Jeffrey Thompson

    DIRECTOR OF AQUATICS

    Total calculated
    $269,960
    From this org
    $160,985
    From related orgs
    $0
    Other
    $108,975
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $154,431
    Bonus
    $0
    Other
    $6,554
    Deferred
    $13,395
    Nontaxable benefits
    $95,580
    Filer's total
    $269,960

  • Jonas Jeswald

    HEAD OF MIDDLE SCHOOL

    Total calculated
    $253,920
    From this org
    $152,577
    From related orgs
    $0
    Other
    $101,343
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,577
    Bonus
    $0
    Other
    $3,000
    Deferred
    $13,439
    Nontaxable benefits
    $87,904
    Filer's total
    $253,920

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 · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AS A CONVENIENCE TO THE ORGANIZATION AND AS A CONDIITON OF HIS EMPLOYMENT. THIS HOUSING ALLOWANCE IS NOT INCLUDED IN TAXABLE INCOME AS IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE HEAD OF SCHOOL IS ALSO PROVIDED CLEANING SERVICES AS PART OF HIS EMPLOYMENT AGREEMENT AND THESE SERVICES ARE CONSIDERED TO BE A TAXABLE FRINGE BENEFIT.
PART I, LINE 4B
RICHARD SCHELLHAS, HEAD OF SCHOOL, PARTICIPATES IN A NON-QUALIFIED 457(B) RETIREMENT PLAN. THE ORGANIZATION MADE CONTRIBUTIONS IN THE AMOUNT OF $17,691 DURING CALENDAR YEAR 2023.

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 corporations and trusts

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

  • PERPETUAL TRUST (1)

    T · INVESTMENTS · PA · 59.1% owned · share of income $859,154 · share of assets $18,230,191

    Directly controlled by THE BANK OF NEW YORK MELLON CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2025
IRS schema version
2023v6.0
Source object
202501349349305955

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