Totals
- Total revenue
- $34,224,651
- Total expenses
- $32,744,817
- Contributions and grants received
- $2,631,300
- Grants paid
- $3,997,409
- Program service revenue
- $26,666,361
- Investment income
- $4,741,932
- Other revenue
- $185,058
- Total assets, end of year
- $128,851,326
- Total liabilities, end of year
- $64,893,103
- Net assets or fund balances, end of year
- $63,958,223
- Program services expenses (Part IX)
- $26,865,669
- Management and general expenses
- $5,109,441
- Fundraising expenses
- $769,707
- Program service expenses (Part III)
- $26,865,669
Program services were 82.0% 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
$52,427
-
1f · All other contributions, gifts and grants
$2,578,873
-
1g · Noncash contributions included above
$167,117
-
2a · Program service revenue: TUITION AND FEES
total $25,279,034 · related or exempt $25,279,034
-
2b · Program service revenue: SUMMER PROGRAMS
total $1,116,779 · related or exempt $1,116,779
-
2c · Program service revenue: STUDENT SERVICE INCOME
total $270,548 · related or exempt $270,548
-
3 · Investment income
total $1,025,832 · unrelated business -$55 · excluded $1,025,887
-
6a · Gross rents
real property $116,468
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $116,468
-
6d · Net rental income or loss
total $116,468 · excluded $116,468
-
7a · Gross sales of assets other than inventory
securities $19,897,265
-
7b · Less cost or other basis and sales expenses
securities $16,179,483 · other assets $1,682
-
7c · Gain or loss
securities $3,717,782 · other assets -$1,682
-
7d · Net gain or loss
total $3,716,100 · unrelated business $4,443 · excluded $3,711,657
-
8a · Fundraising events: gross income
$139,825
-
8a · Fundraising events: contributions included on line 1c
$52,427
-
8b · Fundraising events: direct expenses
$116,517
-
8c · Net income from fundraising events
total $23,308 · excluded $23,308
-
10a · Gross sales of inventory
$121,339
-
10b · Cost of goods sold
$84,735
-
10c · Net income from sales of inventory
total $36,604 · related or exempt $36,604
-
11a · Other revenue: MISCELLANEOUS INCOME
total $8,678 · related or exempt $8,678
-
11e · Other revenue, total
$8,678
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $3,997,409 · program services $3,997,409
-
5 · Compensation of officers, directors and key employees
total $1,128,261 · program services $282,066 · management and general $846,195
-
7 · Other salaries and wages
total $11,525,221 · program services $9,473,297 · management and general $1,709,811 · fundraising $342,113
-
8 · Pension plan contributions
total $710,450 · program services $660,527 · management and general $20,580 · fundraising $29,343
-
9 · Other employee benefits
total $2,690,039 · program services $1,988,664 · management and general $540,659 · fundraising $160,716
-
10 · Payroll taxes
total $934,567 · program services $743,517 · management and general $164,624 · fundraising $26,426
-
11b · Fees: legal
total $60,238 · management and general $60,238
-
11c · Fees: accounting
total $49,371 · management and general $49,371
-
11f · Fees: investment management
total $131,249 · management and general $131,249
-
11g · Fees: other
total $548,854 · program services $483,810 · management and general $38,150 · fundraising $26,894
-
12 · Advertising and promotion
total $301,125 · program services $46,446 · management and general $254,679
-
13 · Office expenses
total $32,058 · program services $18,336 · management and general $554 · fundraising $13,168
-
16 · Occupancy
total $688,141 · program services $670,468 · management and general $14,570 · fundraising $3,103
-
17 · Travel
total $122,177 · program services $4,243 · management and general $54,411 · fundraising $63,523
-
20 · Interest
total $824,335 · program services $824,335
-
22 · Depreciation, depletion and amortization
total $3,034,852 · program services $2,939,035 · management and general $91,771 · fundraising $4,046
-
23 · Insurance
total $307,303 · program services $291,138 · management and general $16,024 · fundraising $141
-
24a · Other expenses: CONTRACTED SERVICES
total $2,614,587 · program services $2,583,725 · management and general $25,455 · fundraising $5,407
-
24b · Other expenses: OTHER DEPARTMENTAL EXPE
total $1,789,632 · program services $1,145,633 · management and general $564,222 · fundraising $79,777
-
24c · Other expenses: EQUIPMENT, SUPPLIES AND
total $615,751 · program services $545,599 · management and general $64,457 · fundraising $5,695
-
24d · Other expenses: DUES AND SUBSCRIPTIONS
total $485,798 · program services $68,225 · management and general $408,998 · fundraising $8,575
-
24e · All other expenses
total $153,399 · program services $99,196 · management and general $53,423 · fundraising $780
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $36,719 · end of year $52,988
-
2 · Savings and temporary cash investments
beginning of year $8,412,148 · end of year $4,616,191
-
3 · Pledges and grants receivable
beginning of year $928,712 · end of year $540,386
-
4 · Accounts receivable
beginning of year $7,370,614 · end of year $7,043,591
-
8 · Inventories for sale or use
beginning of year $147,422 · end of year $162,561
-
9 · Prepaid expenses and deferred charges
beginning of year $751,273 · end of year $1,127,646
-
10a · Land, buildings and equipment: cost or other basis
$113,872,056
-
10b · Land, buildings and equipment: accumulated depreciation
$56,842,554
-
10c · Land, buildings and equipment, net
beginning of year $54,459,511 · end of year $57,029,502
-
11 · Investments: publicly traded securities
beginning of year $41,580,784 · end of year $46,055,438
-
12 · Investments: other securities
beginning of year $14,885,438 · end of year $11,784,991
-
15 · Other assets
beginning of year $214,595 · end of year $438,032
-
17 · Accounts payable and accrued expenses
beginning of year $3,811,570 · end of year $3,557,976
-
19 · Deferred revenue
beginning of year $20,347,885 · end of year $20,345,379
-
20 · Tax-exempt bond liabilities
beginning of year $42,946,212 · end of year $40,657,875
-
25 · Other liabilities
beginning of year $78,785 · end of year $331,873
-
27 · Net assets without donor restrictions
beginning of year $33,554,542 · end of year $37,863,007
-
28 · Net assets with donor restrictions
beginning of year $28,048,222 · end of year $26,095,216
Mission and programs · 2022
Mission
TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE.
-
INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 484 STUDENTS' GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY LEARNING CENTER FROM AGES 2.9 TO 5, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN EMPHASIZED THROUGH THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS.LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AN ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS.HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUND THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY. IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD.
Expenses $26,226,541 · Grants $3,984,814 · Revenue $25,594,864
-
SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP AND A VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM, FOR CHILDREN AGES THREE THROUGH FIFTEEN. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NURTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONG CHILDREN AND ADULTS.THE VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICIENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT.
Expenses $639,128 · Grants $12,595 · Revenue $1,116,779
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
James P ShayJAMES P SHAY
PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Ann LaquerreANN LAQUERRE
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Sara R MarsSARA R MARS
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Melissa BoisMELISSA BOIS
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Peter BauerPETER BAUER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Eleanor BrownELEANOR BROWN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Alex CurtisALEX CURTIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Brendon GiblinBRENDON GIBLIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Heather R GirolamoHEATHER R GIROLAMO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
David HarrisDAVID HARRIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Jae Hoon KimJAE HOON KIM
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Warren LeeWARREN LEE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Helen LinHELEN LIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Doug LoudDOUG LOUD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Sean LuSEAN LU
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Jessica MoorajJESSICA MOORAJ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
William PicardiWILLIAM PICARDI
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
John SimonJOHN SIMON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Arthur TingARTHUR TING
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Laurie VanceLAURIE VANCE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Faith Wallace-GadsdenFAITH WALLACE-GADSDEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Robert J GustavsonROBERT J GUSTAVSON
HEAD OF SCHOOL
- Total calculated
- $740,690
- From this org
- $583,685
- From related orgs
- $0
- Other
- $157,005
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $540,855
- Bonus
- $0
- Other
- $42,830
- Deferred
- $102,893
- Nontaxable benefits
- $54,112
- Filer's total
- $740,690
-
Diane ByrneDIANE BYRNE
ASST. HEAD OF SCHOOL FOR FINANCE & OPERATIONS
- Total calculated
- $376,010
- From this org
- $320,572
- From related orgs
- $0
- Other
- $55,438
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $292,798
- Bonus
- $0
- Other
- $27,774
- Deferred
- $22,740
- Nontaxable benefits
- $32,698
- Filer's total
- $376,010
-
Elizabeth WhitneyELIZABETH WHITNEY
ASSOCIATE HEAD OF SCHOOL
- Total calculated
- $332,166
- From this org
- $238,475
- From related orgs
- $0
- Other
- $93,691
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $217,705
- Bonus
- $0
- Other
- $20,770
- Deferred
- $17,962
- Nontaxable benefits
- $75,729
- Filer's total
- $332,166
-
Robert CrawfordROBERT CRAWFORD
DIRECTOR OF ADVANCEMENT
- Total calculated
- $333,929
- From this org
- $231,694
- From related orgs
- $0
- Other
- $102,235
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $208,772
- Bonus
- $0
- Other
- $22,922
- Deferred
- $16,892
- Nontaxable benefits
- $85,343
- Filer's total
- $333,929
-
Katharine KnuppelKATHARINE KNUPPEL
HEAD OF PRIMARY SCHOOL & DIRECTOR OF THE EARLY LEA
- Total calculated
- $194,037
- From this org
- $153,255
- From related orgs
- $0
- Other
- $40,782
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $138,278
- Bonus
- $0
- Other
- $14,977
- Deferred
- $10,934
- Nontaxable benefits
- $29,848
- Filer's total
- $194,037
-
Jillian AnthonyJILLIAN ANTHONY
DIRECTOR OF EQUITY AND INCLUSION
- Total calculated
- $179,444
- From this org
- $156,520
- From related orgs
- $0
- Other
- $22,924
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $141,789
- Bonus
- $0
- Other
- $14,731
- Deferred
- $10,995
- Nontaxable benefits
- $11,929
- Filer's total
- $179,444
-
Kaitlyn CroninKAITLYN CRONIN
HEAD OF LOWER SCHOOL
- Total calculated
- $172,352
- From this org
- $161,357
- From related orgs
- $0
- Other
- $10,995
- Hours/week
- 37.5
Schedule J breakdown matched by us
- Base
- $146,500
- Bonus
- $0
- Other
- $14,857
- Deferred
- $10,995
- Nontaxable benefits
- $0
- Filer's total
- $172,352
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 · Travel for companions
- 1a · Tax indemnification and gross-up payments
- 1a · Discretionary spending account
- 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 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 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
- ON OCCASION, THE SPOUSE OF THE HEAD OF SCHOOL MAY TRAVEL TO EVENTS REPRESENTING THE SCHOOL. ADDITIONALLY, THERE MAY BE CERTAIN SERVICES PAID FOR ON BEHALF OF THE HEAD OF SCHOOL. THESE ITEMS ARE GROSSED-UP AND REPORTED AS TAXABLE COMPENSATION TO THE HEAD OF SCHOOL
- PART I, LINE 1B
- THE HEAD OF SCHOOL HAS A DISCRETIONARY SPENDING ALLOWANCE TO BE USED FOR SCHOOL EXPENSES NOT INDENTIFIED IN THE BUDGET PROCESS.
- PART I, LINE 3
- AS A CONDITION OF EMPLOYMENT AND IN ORDER TO PERFORM HIS DUTIES THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS IN A SCHOOL OWNED PROPERTY. THIS BUILDING IS CLEANED AND MAINTAINED BY SCHOOL PERSONNEL AND OUTSIDE CONTRACTORS. INCLUDED IN ROBERT GUSTAVSON'S COLUMN D IS AN AMOUNT FOR 5% OF THE VALUE OF THE PROPERTY INCLUDING UTILITIES TOTALING $54,112.
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.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 6 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202401289349302130
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