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Nonprofiteer
← WATERFORD INSTITUTE INC

Form 990 for tax year 2022

Filed by WATERFORD INSTITUTE INC.

Totals

Total revenue
$73,532,657
Total expenses
$60,437,827
Contributions and grants received
$18,360,495
Grants paid
$0
Program service revenue
$53,656,488
Investment income
$1,493,332
Other revenue
$22,342
Total assets, end of year
$72,458,924
Total liabilities, end of year
$46,222,101
Net assets or fund balances, end of year
$26,236,823
Program services expenses (Part IX)
$54,470,707
Management and general expenses
$5,489,750
Fundraising expenses
$477,370
Program service expenses (Part III)
$54,470,707

Program services were 90.1% 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

    $18,360,495

  • 2a · Program service revenue: GOVT AGENCY FEES

    total $53,656,488 · related or exempt $53,656,488

  • 3 · Investment income

    total $1,493,332 · excluded $1,493,332

  • 11a · Other revenue: OTHER INCOME

    total $22,342 · related or exempt $22,342

  • 11e · Other revenue, total

    $22,342

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $5,016,914 · program services $4,519,862 · management and general $457,288 · fundraising $39,764

  • 7 · Other salaries and wages

    total $26,855,880 · program services $24,195,127 · management and general $2,447,893 · fundraising $212,860

  • 9 · Other employee benefits

    total $5,249,833 · program services $4,729,705 · management and general $478,518 · fundraising $41,610

  • 10 · Payroll taxes

    total $2,141,283 · program services $1,929,135 · management and general $195,176 · fundraising $16,972

  • 11b · Fees: legal

    total $53,745 · program services $48,420 · management and general $4,899 · fundraising $426

  • 11c · Fees: accounting

    total $205,133 · program services $184,809 · management and general $18,698 · fundraising $1,626

  • 11d · Fees: lobbying

    total $2,886,762 · program services $2,886,762

  • 11g · Fees: other

    total $2,274,497 · program services $1,902,930 · management and general $341,842 · fundraising $29,725

  • 12 · Advertising and promotion

    total $3,468,777 · program services $3,125,107 · management and general $316,176 · fundraising $27,494

  • 14 · Information technology

    total $7,103,654 · program services $6,399,857 · management and general $647,493 · fundraising $56,304

  • 16 · Occupancy

    total $586,650 · program services $528,527 · management and general $53,473 · fundraising $4,650

  • 17 · Travel

    total $2,501,392 · program services $2,253,566 · management and general $228,000 · fundraising $19,826

  • 20 · Interest

    total $287,834 · program services $259,317 · management and general $26,236 · fundraising $2,281

  • 22 · Depreciation, depletion and amortization

    total $245,364 · program services $221,054 · management and general $22,365 · fundraising $1,945

  • 23 · Insurance

    total $154,365 · program services $139,071 · management and general $14,070 · fundraising $1,224

  • 24a · Other expenses: POSTAGE

    total $520,791 · program services $469,193 · management and general $47,470 · fundraising $4,128

  • 24b · Other expenses: PRINTING

    total $244,395 · program services $220,182 · management and general $22,276 · fundraising $1,937

  • 24c · Other expenses: CONTRACT SERVICES

    total $241,381 · program services $217,466 · management and general $22,002 · fundraising $1,913

  • 24d · Other expenses: OTHER

    total $225,981 · program services $84,580 · management and general $130,089 · fundraising $11,312

  • 24e · All other expenses

    total $173,196 · program services $156,037 · management and general $15,786 · fundraising $1,373

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $25,044,790 · end of year $33,710,918

  • 3 · Pledges and grants receivable

    beginning of year $8,193,711 · end of year $892,850

  • 4 · Accounts receivable

    beginning of year $25,682,012 · end of year $26,518,985

  • 8 · Inventories for sale or use

    beginning of year $4,102,510 · end of year $2,263,700

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,126,799 · end of year $2,163,597

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

    $1,995,841

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

    $637,996

  • 10c · Land, buildings and equipment, net

    beginning of year $146,590 · end of year $1,357,845

  • 14 · Intangible assets

    beginning of year $3,438,355 · end of year $5,551,029

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,463,936 · end of year $6,728,120

  • 19 · Deferred revenue

    beginning of year $42,469,464 · end of year $33,908,572

  • 23 · Secured mortgages and notes payable

    beginning of year $7,725,077 · end of year $5,585,409

  • 27 · Net assets without donor restrictions

    beginning of year $4,882,579 · end of year $21,007,181

  • 28 · Net assets with donor restrictions

    beginning of year $8,193,711 · end of year $5,229,642

Mission and programs · 2022

Mission

PROVIDING ACADEMIC EQUITY FOR ALL LEARNERS THROUGH COMMUNITY, SCHOOL, AND HOME PROGRAMS.

  • WATERFORD.ORG SEEKS TO BLEND THE BEST ASPECTS OF LEARNING SCIENCE, MENTORING RELATIONSHIPS, AND INNOVATIVE TECHNOLOGIES TO FORM COMMUNITY, SCHOOL, AND HOME PROGRAMS THAT DELIVER EXCELLENCE AND EQUITY FOR ALL LEARNERS. OUR COLLABORATIVE MODEL OF CHILD, FAMILY, AND EDUCATOR ENGAGEMENT DELIVERS SIGNIFICANT AND LASTING GAINS IN ACADEMIC ACHIEVEMENT. SCHOOL, LEGISLATIVE AND PHILANTHROPIC SPONSORS ENABLE WATERFORD UPSTART, OUR AT-HOME, KINDERGARTEN READINESS PROGRAM, TO PREPARE FOUR- AND FIVE-YEAR OLD CHILDREN FOR SCHOOL. SPONSORS CUSTOMIZE WATERFORD UPSTART BASED ON LOCAL NEEDS, CHOOSING FROM OUR ARRAY OF CAPABILITIES IN CURRICULUM & INSTRUCTION, EDUCATOR SERVICES, FAMILY SERVICES, ACCESSIBILITY, AND PROGRAM MANAGEMENT. THE INSTRUCTIONAL SOFTWARE AND OTHER DIGITAL COMPONENTS OF WATERFORD UPSTART CONTINUE INTO KINDERGARTEN AND GO THROUGH THIRD GRADE, AND THESE ARE AVAILABLE FOR SCHOOL PURCHASE AS WATERFORD READING ACADEMY - A COMPREHENSIVE, INDIVIDUALIZED AND ADAPTIVE PLATFORM THAT GUIDES STUDENTS WHILE "LEARNING TO READ AND "READING TO LEARN."

    Expenses $54,470,707 · Revenue $53,678,830

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DAVID ANDREW MYERS

    CEO CHIEF EXECUTIVE OFFICER

    Total calculated
    $460,184
    From this org
    $414,107
    From related orgs
    $0
    Other
    $46,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $376,542
    Bonus
    $37,565
    Other
    $0
    Deferred
    $27,000
    Nontaxable benefits
    $19,077
    Filer's total
    $460,184

  • EDWARD BENJAMIN HEUSTON

    EXECUTIVE DIRECTOR

    Total calculated
    $374,233
    From this org
    $337,721
    From related orgs
    $0
    Other
    $36,512
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $337,572
    Bonus
    $149
    Other
    $0
    Deferred
    $17,435
    Nontaxable benefits
    $19,077
    Filer's total
    $374,233

  • WINDY ROSEMEYER

    DIRECTOR SCHOOL RELATIONS

    Total calculated
    $374,746
    From this org
    $335,168
    From related orgs
    $0
    Other
    $39,578
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,007
    Bonus
    $27,161
    Other
    $0
    Deferred
    $20,500
    Nontaxable benefits
    $19,078
    Filer's total
    $374,746

  • JODI SOHRT

    DIRECTOR SCHOOL RELATIONS

    Total calculated
    $357,339
    From this org
    $317,761
    From related orgs
    $0
    Other
    $39,578
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,420
    Bonus
    $94,341
    Other
    $0
    Deferred
    $20,500
    Nontaxable benefits
    $19,078
    Filer's total
    $357,339

  • SHERI BLACK

    VP OF SCHOOL RELATIONS

    Total calculated
    $349,290
    From this org
    $314,886
    From related orgs
    $0
    Other
    $34,404
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,820
    Bonus
    $75,066
    Other
    $0
    Deferred
    $20,500
    Nontaxable benefits
    $13,904
    Filer's total
    $349,290

  • CLAUDIA MINER

    EXECUTIVE DIRECTOR & CO-FOUNDER OF UPSTART

    Total calculated
    $292,157
    From this org
    $271,313
    From related orgs
    $0
    Other
    $20,844
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,171
    Bonus
    $142
    Other
    $0
    Deferred
    $14,377
    Nontaxable benefits
    $6,467
    Filer's total
    $292,157

  • CHRISTOPHER STEVENSON

    EXECUTIVE VICE PRESIDENT OF SCHOOL RELATIONS

    Total calculated
    $306,792
    From this org
    $260,714
    From related orgs
    $0
    Other
    $46,078
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,553
    Bonus
    $61,161
    Other
    $0
    Deferred
    $27,000
    Nontaxable benefits
    $19,078
    Filer's total
    $306,792

  • DANIEL NEWBOLD

    SENIOR DIRECTOR OF SCHOOL RELATIONS

    Total calculated
    $291,543
    From this org
    $260,299
    From related orgs
    $0
    Other
    $31,244
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,626
    Bonus
    $64,673
    Other
    $0
    Deferred
    $12,166
    Nontaxable benefits
    $19,078
    Filer's total
    $291,543

  • THOMAS NESS

    CHIEF FINANCIAL OFFICER

    Total calculated
    $297,342
    From this org
    $258,325
    From related orgs
    $0
    Other
    $39,017
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,176
    Bonus
    $149
    Other
    $0
    Deferred
    $19,940
    Nontaxable benefits
    $19,077
    Filer's total
    $297,342

  • CLARK H BEAL

    INTERIM SVP SCHOOL RELATIONS

    Total calculated
    $261,659
    From this org
    $226,484
    From related orgs
    $0
    Other
    $35,175
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,012
    Bonus
    $99,472
    Other
    $0
    Deferred
    $20,500
    Nontaxable benefits
    $14,675
    Filer's total
    $261,659

  • RICHARD STOMBRES

    SENIOR VICE PRESIDENT- GOVERNMENT RELATIONS

    Total calculated
    $247,614
    From this org
    $217,674
    From related orgs
    $0
    Other
    $29,940
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,523
    Bonus
    $151
    Other
    $0
    Deferred
    $10,862
    Nontaxable benefits
    $19,078
    Filer's total
    $247,614

  • DONIQUE CHANEL NOBLES MUHAMMAD

    SENIOR VICE PRESIDENT OF OUTREACH

    Total calculated
    $227,215
    From this org
    $216,427
    From related orgs
    $0
    Other
    $10,788
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,357
    Bonus
    $70
    Other
    $0
    Deferred
    $10,788
    Nontaxable benefits
    $0
    Filer's total
    $227,215

  • KATHY LANDON

    CHIEF OPERATING OFFICER

    Total calculated
    $232,839
    From this org
    $212,930
    From related orgs
    $0
    Other
    $19,909
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,777
    Bonus
    $153
    Other
    $0
    Deferred
    $19,909
    Nontaxable benefits
    $0
    Filer's total
    $232,839

  • MICHAEL HIGHT

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $239,607
    From this org
    $209,775
    From related orgs
    $0
    Other
    $29,832
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,626
    Bonus
    $149
    Other
    $0
    Deferred
    $10,754
    Nontaxable benefits
    $19,078
    Filer's total
    $239,607

  • LORI PUGH

    CHIEF PEOPLE OFFICER

    Total calculated
    $227,380
    From this org
    $205,163
    From related orgs
    $0
    Other
    $22,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,021
    Bonus
    $142
    Other
    $0
    Deferred
    $15,750
    Nontaxable benefits
    $6,467
    Filer's total
    $227,380

  • BRECK NIELSEN

    DIRECTOR SCHOOL RELATIONS

    Total calculated
    $231,289
    From this org
    $204,543
    From related orgs
    $0
    Other
    $26,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,248
    Bonus
    $34,295
    Other
    $0
    Deferred
    $8,864
    Nontaxable benefits
    $17,882
    Filer's total
    $231,289

  • LEAH DOZIER WALKER

    EVP, EQUITY AND INCLUSION

    Total calculated
    $227,343
    From this org
    $197,978
    From related orgs
    $0
    Other
    $29,365
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,904
    Bonus
    $74
    Other
    $0
    Deferred
    $10,287
    Nontaxable benefits
    $19,078
    Filer's total
    $227,343

  • BRANDON SMITH

    DIRECTOR SCHOOL RELATIONS

    Total calculated
    $217,799
    From this org
    $192,993
    From related orgs
    $0
    Other
    $24,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,804
    Bonus
    $58,189
    Other
    $0
    Deferred
    $9,703
    Nontaxable benefits
    $15,103
    Filer's total
    $217,799

  • SCOTT WOOD

    SVP OF TECHNOLOGY

    Total calculated
    $217,633
    From this org
    $186,976
    From related orgs
    $0
    Other
    $30,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,827
    Bonus
    $149
    Other
    $0
    Deferred
    $11,579
    Nontaxable benefits
    $19,078
    Filer's total
    $217,633

  • ROB HAWKS

    DIRECTOR SCHOOL RELATIONS

    Total calculated
    $207,695
    From this org
    $175,677
    From related orgs
    $0
    Other
    $32,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,990
    Bonus
    $33,687
    Other
    $0
    Deferred
    $18,114
    Nontaxable benefits
    $13,904
    Filer's total
    $207,695

  • ALLISON GUSHEE MOLKENTHIN

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    5

  • JAMES HOLBROOK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • TODD CRANNEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • WAYNE YSAGUIRRE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ANN CHRISTENSEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STEPHANIE MONROE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ERNEST BLACKWELL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • MATT GRIMES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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 5
WATERFORD PROVIDES A VARIABLE COMPENSATION PROGRAM TO CERTAIN EMPLOYEES IN SCHOOL RELATIONS WHICH PROVIDES INCENTIVE COMMISSION PAYMENTS BASED ON SALES MADE TO SCHOOL DISTRICTS. WATERFORD PROVIDES A BONUS TO ALL EMPLOYEES THAT ARE NOT ELIGIBLE FOR A VARIABLE COMPENSATION PROGRAM. THIS BONUS IS PAID IF THE ORGANIZATION MEETS TOTAL ORGANIZATION GOALS.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • WATERFORD RESEARCH INSTITUTE LLC

    SOFTWARE DEVELOPMENT · UT · income -$16,858,725 · assets $74,563,359

    Directly controlled by WATERFORD INSTITUTE INC

  • WATERFORD RESEARCH SRL

    SOFTWARE DEVELOPMENT · RO · income -$231,770 · assets $947,698

    Directly controlled by WATERFORD INSTITUTE INC

  • WATERFORD HOLDINGS LLC

    HOLDING COMPANY · UT · income $0 · assets $0

    Directly controlled by WATERFORD INSTITUTE INC

Provenance

Return type
form_990
Tax year
2022
Filed
15 July 2024
IRS schema version
2022v5.0
Source object
202411979349302666

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