Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $152,355

• 1c · Fundraising events

  $256,805

• 1f · All other contributions, gifts and grants

  $7,060,690

• 1g · Noncash contributions included above

  $492,744

• 2a · Program service revenue: TUITION

  total $52,869,080 · related or exempt $52,869,080

• 2b · Program service revenue: FEES

  total $2,607,166 · related or exempt $2,607,166

• 2c · Program service revenue: SUMMER/AFTER SCHOOL PROG

  total $1,762,601 · related or exempt $1,762,601

• 2d · Program service revenue: ATHLETICS

  total $184,796 · related or exempt $184,796

• 2f · All other program service revenue

  total $368,431 · related or exempt $368,431

• 3 · Investment income

  total $3,221,265 · unrelated business -$18,747 · excluded $3,240,012

• 6a · Gross rents

  real property $66,156

• 6b · Less rental expenses

  real property $86,962

• 6c · Rental income or loss

  real property -$20,806

• 6d · Net rental income or loss

  total -$20,806 · excluded -$20,806

• 7a · Gross sales of assets other than inventory

  securities $35,264,487

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

  securities $35,222,564

• 7c · Gain or loss

  securities $41,923

• 7d · Net gain or loss

  total $41,923 · excluded $41,923

• 8a · Fundraising events: gross income

  $225,651

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

  $256,805

• 8b · Fundraising events: direct expenses

  $172,785

• 8c · Net income from fundraising events

  total $52,866 · excluded $52,866

• 10a · Gross sales of inventory

  $2,020,521

• 10b · Cost of goods sold

  $1,964,119

• 10c · Net income from sales of inventory

  total $56,402 · related or exempt $56,402

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $4,830,670 · program services $4,830,670

• 5 · Compensation of officers, directors and key employees

  total $1,486,817 · program services $184,120 · management and general $1,302,697

• 7 · Other salaries and wages

  total $30,893,811 · program services $26,391,970 · management and general $2,719,081 · fundraising $1,782,760

• 8 · Pension plan contributions

  total $2,723,468 · program services $2,519,820 · management and general $92,129 · fundraising $111,519

• 9 · Other employee benefits

  total $4,173,960 · program services $3,716,760 · management and general $293,974 · fundraising $163,226

• 10 · Payroll taxes

  total $2,173,380 · program services $1,910,988 · management and general $178,473 · fundraising $83,919

• 11b · Fees: legal

  total $227,349 · program services $5,376 · management and general $221,973

• 11c · Fees: accounting

  total $121,571 · management and general $121,571

• 11e · Fees: professional fundraising services

  total $135,275 · fundraising $135,275

• 11f · Fees: investment management

  total $290,193 · management and general $290,193

• 11g · Fees: other

  total $2,384,234 · program services $947,006 · management and general $1,279,306 · fundraising $157,922

• 12 · Advertising and promotion

  total $201,402 · program services $52,474 · management and general $49,789 · fundraising $99,139

• 13 · Office expenses

  total $991,554 · program services $549,863 · management and general $169,612 · fundraising $272,079

• 14 · Information technology

  total $1,614,060 · program services $1,004,622 · management and general $609,438

• 16 · Occupancy

  total $2,032,170 · program services $1,783,692 · management and general $96,309 · fundraising $152,169

• 17 · Travel

  total $918,936 · program services $882,648 · management and general $24,395 · fundraising $11,893

• 19 · Conferences, conventions and meetings

  total $219,875 · program services $177,022 · management and general $25,027 · fundraising $17,826

• 20 · Interest

  total $791,024 · program services $695,432 · management and general $63,247 · fundraising $32,345

• 22 · Depreciation, depletion and amortization

  total $5,636,106 · program services $4,952,155 · management and general $450,438 · fundraising $233,513

• 23 · Insurance

  total $903,590 · program services $794,500 · management and general $109,090

• 24a · Other expenses: STUDENT ACTIVITIES & TR

  total $1,419,668 · program services $1,419,668

• 24b · Other expenses: SUPPLIES - INSTRUCTIONA

  total $858,762 · program services $858,762

• 24c · Other expenses: MEALS AND ENTERTAINMENT

  total $203,694 · fundraising $203,694

• 24d · Other expenses: DUES MEMBERSHIPS

  total $28,165 · fundraising $28,165

• 24e · All other expenses

  total $3,021,125 · program services $1,412,339 · management and general $1,603,695 · fundraising $5,091

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,340 · end of year $1,340

• 2 · Savings and temporary cash investments

  beginning of year $32,210,612 · end of year $28,924,869

• 3 · Pledges and grants receivable

  beginning of year $1,424,178 · end of year $1,599,697

• 4 · Accounts receivable

  beginning of year $249,902 · end of year $183,139

• 8 · Inventories for sale or use

  beginning of year $129,059 · end of year $129,059

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,415,982 · end of year $1,379,725

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

  $183,467,137

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

  $108,617,188

• 10c · Land, buildings and equipment, net

  beginning of year $77,565,921 · end of year $74,849,949

• 11 · Investments: publicly traded securities

  beginning of year $107,871,634 · end of year $134,534,794

• 12 · Investments: other securities

  beginning of year $17,166,489 · end of year $6,399,291

• 15 · Other assets

  beginning of year $1,102,930 · end of year $2,192,207

• 17 · Accounts payable and accrued expenses

  beginning of year $5,310,436 · end of year $4,383,939

• 19 · Deferred revenue

  beginning of year $10,064,723 · end of year $11,127,887

• 23 · Secured mortgages and notes payable

  beginning of year $24,729,214 · end of year $24,089,040

• 25 · Other liabilities

  beginning of year $2,523,585 · end of year $2,435,499

• 27 · Net assets without donor restrictions

  beginning of year $119,134,649 · end of year $123,582,424

• 28 · Net assets with donor restrictions

  beginning of year $77,375,440 · end of year $84,575,281

The filer's explanations (Part III)

PART I, LINE 1A

MEREDYTH M. COLE WAS PROVIDED THE FOLLOWING BENEFITS: RESIDENCE FOR PERSONAL USE, HOUSEKEEPING SERVICES, TAX INDEMNIFICATION, AND GROSS UP PAYMENTS FOR LONG-TERM DISABILITY, AS PROVIDED IN HER EMPLOYMENT AGREEMENT. STEVEN ALLEN RECEIVED TAX INDEMNIFICATION AND GROSS UP PAYMENTS FOR LONG-TERM DISABILITY.

PART I, LINE 1B

THE CEO/HEAD OF SCHOOL HAS AN EMPLOYMENT AGREEMENT THAT REQUIRES HER TO USE THE RESIDENCE AT THE SCHOOL DURING THE TERM OF THE EMPLOYMENT AGREEMENT AND LOVETT IS OBLIGATED UNDER SUCH EMPLOYMENT AGREEMENT, TO PAY ALL COSTS AND EXPENSES FOR OPERATION OF THE HEAD OF SCHOOL'S RESIDENCE LOCATED ON LOVETT'S MAIN CAMPUS; ALL COSTS AND EXPENSES FOR THE NECESSARY AND REASONABLE MAINTENANCE AND REPAIR OF THE HEAD OF SCHOOL RESIDENCE AND ASSOCIATED GROUNDS; AND ALL OTHER COSTS AND EXPENSES REASONABLY RELATED TO USE AND/OR OPERATION OF THE HEAD OF SCHOOL RESIDENCE AND ASSOCIATED GROUNDS.

PART I, LINE 3

UNDER THE CORPORATE BYLAWS OF THE LOVETT SCHOOL, INC., THE COMPENSATION, BENEFITS AND OTHER TERMS AND CONDITIONS FOR THE EMPLOYMENT BY LOVETT OF ITS CEO AND HEAD OF SCHOOL ARE REQUIRED (1) TO BE NEGOTIATED WITH THE CEO/HEAD OF SCHOOL BY THE COMPENSATION COMMITTEE OF THE LOVETT BOARD, ACTING THROUGH THE BOARD CHAIR, WITH THE GOAL OF ESTABLISHING, AND PROVIDING A COMPENSATION AND BENEFITS PACKAGE DURING THE TERM OF EMPLOYMENT "FAIR AND REASONABLE" (BUT NOT EXCESSIVE); AND (2) TO MEMORIALIZE SUCH COMPENSATION, BENEFITS AND OTHER TERMS AND CONDITIONS OF EMPLOYMENT IN A WRITTEN EMPLOYMENT AGREEMENT BETWEEN LOVETT AND THE CEO/HEAD OF SCHOOL, PROVIDED THAT SUCH WRITTEN EMPLOYMENT AGREEMENT MUST BE REVIEWED AND APPROVED BY THE MAJORITY VOTE OF THE ACTIVE TRUSTEES SERVING ON THE EXECUTIVE COMMITTEE OF THE BOARD. THE COMPENSATION COMMITTEE AND THE EXECUTIVE COMMITTEE OF THE BOARD ANNUALLY REVIEW AND CONSIDER PRIOR TO SUCH COMMITTEES MAKING THEIR RESPECTIVE DECISIONS: (A) INFORMATION ON FORMS 990 FILED BY COMPARABLE EDUCATIONAL ORGANIZATIONS REGARDING COMPENSATION AND BENEFITS PROVIDED BY SUCH COMPARABLE EDUCATIONAL ORGANIZATIONS TO THEIR RESPECTIVE CEOS AND HEADS OF SCHOOL AND/OR (B) INFORMATION IN COMPENSATION AND BENEFITS PROVIDED BY COMPARABLE EDUCATIONAL ORGANIZATIONS WHICH ARE ALSO MEMBERS OF SUCH ORGANIZATIONS TO THEIR RESPECTIVE CEOS AND HEADS OF SCHOOL, AS APPLICABLE FROM YEAR TO YEAR.

PART I, LINE 4B

AS OF JULY 1, 2018, THE SCHOOL ESTABLISHED A NONQUALIFIED 457(F) DEFERRED COMPENSATION PLAN FOR MEREDYTH M. COLE. THE TERMS OF THE PLAN PROVIDE THAT THE SCHOOL MAY MAKE A DISCRETIONARY CONTRIBUTION TO THE PLAN EACH YEAR. DURING THE FISCAL YEAR ENDING JUNE 30, 2023, THE SCHOOL MADE A CONTRIBUTION OF $75,000 TO THE PLAN. ADDITIONAL CONTRIBUTIONS CAN BE MADE TO THE PLAN IN FUTURE YEARS, WITH VESTING OF THOSE AMOUNTS CONTINGENT UPON HER CONTINUED EMPLOYMENT FOR THE REMAINDER OF HER EMPLOYMENT AGREEMENT WHICH RUNS THROUGH JUNE 30, 2024. CASH DISTRIBUTIONS TO MS. COLE FROM THE PLAN ARE TO BE PAID 60 DAYS AFTER THE EARLIEST OF THE FOLLOWING EVENTS: VESTING, DEATH, DISABILITY, OR CERTAIN SEPARATIONS FROM SERVICE.

PART I, LINE 7

MEREDYTH M. COLE, RECEIVED INCENTIVE COMPENSATION CONTINGENT ON ACHIEVING CERTAIN NON-FINANCIAL GOALS RELATING TO SUCH MATTERS AS THE SCHOOL'S EDUCATION ENVIRONMENT AND/OR THE SCHOOL'S DIVERSITY, AS WELL AS CERTAIN FINANCIAL GOALS SUCH AS OPERATING THE SCHOOL IN ACCORDANCE WITH THE SCHOOL'S APPROVED ANNUAL OPERATING BUDGET AND/OR CAPITAL FUNDRAISING.