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Nonprofiteer
← ST PAULS SCHOOL

Form 990 for tax year 2023

Filed by ST PAULS SCHOOL.

Totals

Total revenue
$98,877,559
Total expenses
$85,613,958
Contributions and grants received
$13,632,536
Grants paid
$11,953,651
Program service revenue
$37,937,128
Investment income
$46,997,244
Other revenue
$310,651
Total assets, end of year
$1,017,018,706
Total liabilities, end of year
$102,799,351
Net assets or fund balances, end of year
$914,219,355
Program services expenses (Part IX)
$66,660,695
Management and general expenses
$12,620,914
Fundraising expenses
$6,332,349
Program service expenses (Part III)
$66,660,695

Program services were 77.9% 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

    $13,632,536

  • 1g · Noncash contributions included above

    $1,179,222

  • 2a · Program service revenue: TUITION & FEES

    total $37,937,128 · related or exempt $37,937,128

  • 3 · Investment income

    total $11,743,847 · unrelated business $2,516,265 · excluded $9,227,582

  • 6a · Gross rents

    real property $16,200

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $16,200

  • 6d · Net rental income or loss

    total $16,200 · excluded $16,200

  • 7a · Gross sales of assets other than inventory

    securities $176,070,315 · other assets $21,750

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

    securities $140,609,032 · other assets $229,636

  • 7c · Gain or loss

    securities $35,461,283 · other assets -$207,886

  • 7d · Net gain or loss

    total $35,253,397 · unrelated business -$7,217 · excluded $35,260,614

  • 11a · Other revenue: SCHOOL STORE AND SHOP

    total $190,952 · excluded $190,952

  • 11b · Other revenue: MISCELLANEOUS REVENUE

    total $103,499 · excluded $103,499

  • 11e · Other revenue, total

    $294,451

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $11,953,651 · program services $11,953,651

  • 5 · Compensation of officers, directors and key employees

    total $1,282,687 · program services $692,026 · management and general $471,266 · fundraising $119,395

  • 7 · Other salaries and wages

    total $27,960,208 · program services $23,247,826 · management and general $2,155,130 · fundraising $2,557,252

  • 8 · Pension plan contributions

    total $2,806,583 · program services $2,259,263 · management and general $247,353 · fundraising $299,967

  • 9 · Other employee benefits

    total $4,721,619 · program services $2,788,633 · management and general $970,601 · fundraising $962,385

  • 10 · Payroll taxes

    total $1,709,732 · program services $1,060,479 · management and general $466,614 · fundraising $182,639

  • 11b · Fees: legal

    total $103,835 · program services $2,225 · management and general $101,307 · fundraising $303

  • 11c · Fees: accounting

    total $191,172 · program services $18,735 · management and general $170,143 · fundraising $2,294

  • 11f · Fees: investment management

    total $5,328,280 · management and general $5,328,280

  • 11g · Fees: other

    total $92,673 · program services $23,846 · management and general $66,045 · fundraising $2,782

  • 13 · Office expenses

    total $1,180,577 · program services $437,006 · management and general $196,429 · fundraising $547,142

  • 14 · Information technology

    total $751,582 · program services $546,990 · management and general $176,572 · fundraising $28,020

  • 16 · Occupancy

    total $7,996,656 · program services $7,243,122 · management and general $725,943 · fundraising $27,591

  • 17 · Travel

    total $774,938 · program services $561,286 · management and general $32,027 · fundraising $181,625

  • 19 · Conferences, conventions and meetings

    total $27,142 · program services $27,142

  • 20 · Interest

    total $2,768,690 · program services $2,630,255 · management and general $27,687 · fundraising $110,748

  • 22 · Depreciation, depletion and amortization

    total $9,823,746 · program services $8,713,738 · management and general $204,131 · fundraising $905,877

  • 23 · Insurance

    total $1,256,768 · program services $548,738 · management and general $661,653 · fundraising $46,377

  • 24a · Other expenses: EDUCATION SUPPORT FOR P

    total $1,762,413 · program services $1,762,309 · management and general $102 · fundraising $2

  • 24b · Other expenses: ENTERTAINMENT / SPECIAL

    total $1,473,380 · program services $616,165 · management and general $519,014 · fundraising $338,201

  • 24c · Other expenses: SUPPLIES FOR PROGRAMS

    total $1,406,730 · program services $1,318,683 · management and general $82,812 · fundraising $5,235

  • 24d · Other expenses: DUES AND MEMBERSHIPS

    total $240,896 · program services $208,577 · management and general $17,805 · fundraising $14,514

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,367,837 · end of year $8,801,201

  • 2 · Savings and temporary cash investments

    beginning of year $8,550,226 · end of year $2,820,830

  • 3 · Pledges and grants receivable

    beginning of year $3,499,465 · end of year $3,493,478

  • 4 · Accounts receivable

    beginning of year $387,063 · end of year $382,012

  • 8 · Inventories for sale or use

    beginning of year $168,532 · end of year $174,329

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,667,635 · end of year $1,876,717

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

    $346,326,120

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

    $133,310,614

  • 10c · Land, buildings and equipment, net

    beginning of year $199,738,700 · end of year $213,015,506

  • 11 · Investments: publicly traded securities

    beginning of year $141,883,001 · end of year $146,742,568

  • 12 · Investments: other securities

    beginning of year $582,526,392 · end of year $630,210,888

  • 15 · Other assets

    beginning of year $8,965,556 · end of year $9,501,177

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,164,556 · end of year $11,820,212

  • 20 · Tax-exempt bond liabilities

    beginning of year $81,436,622 · end of year $81,460,142

  • 25 · Other liabilities

    beginning of year $9,638,339 · end of year $9,518,997

  • 27 · Net assets without donor restrictions

    beginning of year $308,469,884 · end of year $321,441,768

  • 28 · Net assets with donor restrictions

    beginning of year $546,045,006 · end of year $592,777,587

Mission and programs · 2023

Mission

ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF (SEE SCHEDULE O) EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME.

Activities or mission (Part I)

ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. (SEE SCHEDULE O) IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME.

  • ST. PAUL'S SCHOOL'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADE 9 THROUGH 12, IN A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL ENVIRONMENT. THE SCHOOL STRIVES TO BE AN INCLUSIVE, EQUITABLE, AND RICHLY DIVERSE COMMUNITY, ONE THAT IS COMMITTED TO ENSURING EQUAL ACCESS TO OPPORTUNITIES, AS WELL AS PROMOTING INDIVIDUAL GROWTH THROUGH LEARNING ABOUT THE SELF AND THE PERSPECTIVES AND EXPERIENCE OF OTHERS. THE CONCENTRATED ACADEMIC WORK DONE IN COLLABORATION BY THE STUDENTS AND FACULTY AT ST. PAUL'S SCHOOL IS THE HALLMARK OF OUR ACADEMIC PROGRAM. THROUGH THE SCHOOL'S RIGOROUS ACADEMIC STANDARDS, WE ENCOURAGE OUR MOTIVATED STUDENTS TO ATTAIN THE HIGHEST LEVELS OF SCHOLARSHIP AND INTELLECTUAL GROWTH AND DEVELOPMENT.

    Expenses $65,325,992 · Grants $11,709,651 · Revenue $37,131,128

  • ST. PAUL'S SCHOOL FOUNDED THE ADVANCED STUDIES PROGRAM (ASP) IN 1958 TO PROVIDE TALENTED NEW HAMPSHIRE PUBLIC AND PAROCHIAL HIGH SCHOOL RISKING SENIORS WITH CHALLENGING EDUCATIONAL OPPORTUNITIES OTHERWISE UNAVAILABLE TO THEM. EACH SUMMER, YOUNG MEN AND WOMEN LIVE ON THE ST. PAUL'S SCHOOL'S CAMPUS FOR FIVE AND A HALF WEEKS. STUDENTS ARE IMMERSED IN A COLLEGE-LEVEL CURRICULUM AND CHALLENGED TO DISCOVER NEW WAYS OF LEARNING. ASP OFFERS A WIDE VARIETY OF COURSES FROM SHAKESPEARE TO ASTRONOMY, WHICH THOROUGHLY EXPLORE TOPICS IN SEVERAL DISCIPLINES. IN THEIR TIME AT ASP, STUDENTS BECOME IMMERSED IN THEIR SUBJECT OF CHOICE, SETTING THEM UP FOR A LIFELONG UNDERSTANDING OF THE MATERIAL. (SEE SCHEDULE O FOR CONTINUATION)ADDITIONALLY, ALL ASP STUDENTS HAVE AN OPPORTUNITY TO ENHANCE THEIR WRITING SKILLS THROUGH COMPULSORY INTERACTIVE WRITING WORKSHOPS.

    Expenses $1,334,703 · Grants $244,000 · Revenue $806,000

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

Listed in Part VII

  • Kathy Giles

    RECTOR

    Total calculated
    $1,021,302
    From this org
    $922,163
    From related orgs
    $0
    Other
    $99,139
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $706,709
    Bonus
    $93,387
    Other
    $122,067
    Deferred
    $39,600
    Nontaxable benefits
    $59,539
    Filer's total
    $1,021,302

  • Mr Matthew Baird II

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mrs Candice Bednar

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Julian Cl Cheng

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr William F Doyle

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Susan M Fales-Hill

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr David A Fleischner

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Tully M Friedman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Henry C-T Ho

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Elizabeth Henriques Hughes

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Raymond Joseph Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Noelle Kwok

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mrs Caroline Gilman La Voie

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Ben A Loehnen

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Edward K-J Park

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Elizabeth Overton Robbins

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Chase F Robinson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Page Montelle Sargisson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mr Timothy A Steinert

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Mrs Lauren E McKenna Surzyn

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • Ms Nancy Walker

    TREASURER (FROM 6/28/24)

    Total calculated
    $0
    Hours/week
    3

  • Mr David Scully

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Mr John D Avery

    TREASURER (UNTIL 6/27/24)

    Total calculated
    $0
    Hours/week
    3

  • Mr Amachie K Ackah

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Dr Caroline Brooks Seay

    CFO & CAO (AS OF 12/11/23)

    Total calculated
    $17,261
    From this org
    $13,269
    From related orgs
    $0
    Other
    $3,992
    Hours/week
    50

  • Scott P Bohan

    CHIEF ADVANCEMENT OFFICER

    Total calculated
    $321,970
    From this org
    $228,223
    From related orgs
    $0
    Other
    $93,747
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $228,133
    Bonus
    $0
    Other
    $90
    Deferred
    $28,555
    Nontaxable benefits
    $65,192
    Filer's total
    $321,970

  • Dr John C Bassi

    MEDICAL DIRECTOR

    Total calculated
    $310,373
    From this org
    $249,319
    From related orgs
    $0
    Other
    $61,054
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $249,049
    Bonus
    $0
    Other
    $270
    Deferred
    $30,016
    Nontaxable benefits
    $31,038
    Filer's total
    $310,373

  • Dr Theresa Ferns

    VICE RECTOR OF SCHOOL LIFE

    Total calculated
    $296,311
    From this org
    $202,244
    From related orgs
    $0
    Other
    $94,067
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $201,975
    Bonus
    $0
    Other
    $269
    Deferred
    $26,026
    Nontaxable benefits
    $68,041
    Filer's total
    $296,311

  • James Kolker Senior Dir

    OF FACILITIES (UNTIL 1/18/24)

    Total calculated
    $272,072
    From this org
    $225,467
    From related orgs
    $0
    Other
    $46,605
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $225,086
    Bonus
    $0
    Other
    $381
    Deferred
    $27,979
    Nontaxable benefits
    $18,626
    Filer's total
    $272,072

  • Erin Nechipurenko

    SENIOR DIRECTOR OF HR

    Total calculated
    $239,271
    From this org
    $181,746
    From related orgs
    $0
    Other
    $57,525
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $181,613
    Bonus
    $0
    Other
    $133
    Deferred
    $23,104
    Nontaxable benefits
    $34,421
    Filer's total
    $239,271

  • Mr Stephen Hietsch

    CFO (UNTIL 6/30/2023)

    Total calculated
    $502,298
    From this org
    $458,169
    From related orgs
    $0
    Other
    $44,129
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $139,310
    Bonus
    $0
    Other
    $318,859
    Deferred
    $17,250
    Nontaxable benefits
    $26,879
    Filer's total
    $502,298

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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
HOUSING ALLOWANCE - ST. PAUL'S SCHOOL IS A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL. AS A REQUIREMENT OF EMPLOYMENT, ALL FACULTY MEMBERS MUST LIVE ON CAMPUS AND ARE PROVIDED NONTAXABLE HOUSING BY THE SCHOOL. LISTED EMPLOYEES WHO RECEIVED SCHOOL HOUSING ARE AS FOLLOWS: - MS. KATHY GILES - $28,800 - DR. CAROLINE BROOKS SEAY - $2,400 - DR. JOHN C. BASSI - $28,800 - MR. SCOTT BOHAN - $28,800 - DR. THERESA FERNS - $28,800 - MR. STEPHEN HIETSCH - $14,400
PART I, LINES 4A-B
MS. KATHLEEN GILES PARTICIPATES IN THE SCHOOL'S SECTION 457(B) NONQUALIFIED RETIREMENT PLANS AND ACCRUED BENEFITS OF $22,500 FOR FISCAL YEAR 2023 WHICH WAS PROCESSED THROUGH PAYROLL IN OCTOBER 2023. THE BENEFIT WILL NOT BE PAID UNTIL OCTOBER FOLLOWING THE END OF HER TERM. THE SCHOOL ALSO ACCRUED ANOTHER $23,000 AT THE END OF FISCAL YEAR 2024 FOR MS. KATHLEEN GILES. SHE ALSO PARTICIPATES IN THE SCHOOL'S SECTION 457(F) PLAN AND $86,667 PLUS EARNINGS OF $2,600.01 AND $10,000 PLUS EARNINGS OF $300 WERE VESTED IN CALENDAR YEAR 2023. THESE AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). IN 2023, $22,500 FROM SECTION 457(B) PLAN AND $99,567 FROM SECTION 457(F) PLAN WERE VESTED AND TAXABLE FOR MS. KATHLEEN GILES AND THEY ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). DURING THE FISCAL YEAR 2024, THE SCHOOL ACCRUED $100,000 PLUS $3,000 EARNINGS UNDER THE SECTION 457(F) PLAN FOR MS. KATHLEEN GILES. MR. STEPHEN HIETSCH WAS NO LONGER AN EMPLOYEE AS OF JUNE 30, 2023. A PAYMENT OF $293,750 IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III).
PART I, LINE 7
THE RECTOR RECEIVED A BONUS THAT WAS BASED ON PERFORMANCES AND WAS DETERMINED AT THE DISCRETION OF THE COMPENSATION COMMITTEE.

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.

Disregarded entities

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

  • ST PAUL'S SCHOOL - E BURKE ROSS JR NEW JERSEY FINANCIAL AID FUND LLC

    FINANCIAL AID FUND · NJ · income $432,585 · assets $6,139,142

    Directly controlled by ST PAUL'S SCHOOL

Related corporations and trusts

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

  • CHARITABLE REMAINDER TRUST (5)

    CHARITABLE TRUST · NH · controlled entity

    Directly controlled by ST PAUL'S SCHOOL

  • POOLED INCOME FUND (1)

    CHARITABLE TRUST · NH · controlled entity

    Directly controlled by ST PAUL'S SCHOOL

  • PERPETUAL TRUST (1)

    CHARITABLE TRUST · PA · controlled entity

    Directly controlled by ST PAUL'S SCHOOL

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443209349320144

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