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Nonprofiteer
← SHORECREST PREPARATORY SCHOOL INC

Form 990 for tax year 2023

Filed by SHORECREST PREPARATORY SCHOOL INC.

Totals

Total revenue
$37,327,170
Total expenses
$33,370,563
Contributions and grants received
$2,785,096
Grants paid
$2,322,009
Program service revenue
$33,102,650
Investment income
$1,381,115
Other revenue
$58,309
Total assets, end of year
$94,739,109
Total liabilities, end of year
$40,523,897
Net assets or fund balances, end of year
$54,215,212
Program services expenses (Part IX)
$28,734,987
Management and general expenses
$3,811,861
Fundraising expenses
$823,715
Program service expenses (Part III)
$28,734,987

Program services were 86.1% 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.

  • 1c · Fundraising events

    $688,907

  • 1f · All other contributions, gifts and grants

    $2,096,189

  • 1g · Noncash contributions included above

    $79,838

  • 2a · Program service revenue: TUITION AND FEES

    total $29,975,662 · related or exempt $29,975,662

  • 2b · Program service revenue: AFTER SCHOOL AND SUMME

    total $2,073,863 · related or exempt $2,073,863

  • 2c · Program service revenue: TUTORING AND STUDY PRO

    total $655,737 · related or exempt $655,737

  • 2d · Program service revenue: STUDENT FEES

    total $350,443 · related or exempt $350,443

  • 2e · Program service revenue: ATHLETIC PROGRAMS

    total $46,945 · related or exempt $46,945

  • 3 · Investment income

    total $1,354,350 · excluded $1,354,350

  • 6a · Gross rents

    real property $69,931

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $69,931

  • 6d · Net rental income or loss

    total $69,931 · excluded $69,931

  • 7a · Gross sales of assets other than inventory

    securities $85,890 · other assets $52,785

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

    securities $111,548 · other assets $362

  • 7c · Gain or loss

    securities -$25,658 · other assets $52,423

  • 7d · Net gain or loss

    total $26,765 · excluded $26,765

  • 8a · Fundraising events: gross income

    $256,009

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

    $688,907

  • 8b · Fundraising events: direct expenses

    $358,382

  • 8c · Net income from fundraising events

    total -$102,373 · excluded -$102,373

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $87,750 · related or exempt $87,750

  • 11b · Other revenue: FINANCE CHARGES

    total $3,001 · related or exempt $3,001

  • 11e · Other revenue, total

    $90,751

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $2,322,009 · program services $2,322,009

  • 5 · Compensation of officers, directors and key employees

    total $656,010 · management and general $528,096 · fundraising $127,914

  • 7 · Other salaries and wages

    total $13,627,744 · program services $11,885,336 · management and general $1,485,025 · fundraising $257,383

  • 8 · Pension plan contributions

    total $692,863 · program services $605,717 · management and general $70,342 · fundraising $16,804

  • 9 · Other employee benefits

    total $3,126,727 · program services $2,606,025 · management and general $423,395 · fundraising $97,307

  • 10 · Payroll taxes

    total $1,014,432 · program services $854,318 · management and general $129,673 · fundraising $30,441

  • 11b · Fees: legal

    total $37,519 · management and general $37,519

  • 11c · Fees: accounting

    total $76,360 · management and general $76,360

  • 11f · Fees: investment management

    total $23,179 · management and general $23,179

  • 11g · Fees: other

    total $2,104,836 · program services $1,484,640 · management and general $510,543 · fundraising $109,653

  • 12 · Advertising and promotion

    total $222,833 · program services $149,067 · management and general $62,696 · fundraising $11,070

  • 13 · Office expenses

    total $39,657 · program services $31,979 · management and general $3,127 · fundraising $4,551

  • 14 · Information technology

    total $263,000 · program services $175,937 · management and general $73,997 · fundraising $13,066

  • 16 · Occupancy

    total $1,677,201 · program services $1,595,651 · management and general $74,676 · fundraising $6,874

  • 17 · Travel

    total $111,915 · program services $75,911 · management and general $24,634 · fundraising $11,370

  • 19 · Conferences, conventions and meetings

    total $89,069 · program services $60,415 · management and general $19,605 · fundraising $9,049

  • 20 · Interest

    total $319,726 · program services $306,433 · management and general $10,785 · fundraising $2,508

  • 22 · Depreciation, depletion and amortization

    total $2,519,494 · program services $2,414,749 · management and general $84,978 · fundraising $19,767

  • 23 · Insurance

    total $834,414 · program services $800,282 · management and general $27,691 · fundraising $6,441

  • 24a · Other expenses: FOOD SUPPLIES/SERVICES

    total $1,519,526 · program services $1,484,287 · management and general $7,956 · fundraising $27,283

  • 24b · Other expenses: STUDENT ACTIVITIES

    total $896,989 · program services $896,989

  • 24c · Other expenses: OTHER EXPENSES

    total $586,733 · program services $453,572 · management and general $106,364 · fundraising $26,797

  • 24d · Other expenses: MINOR EQUIPMENT

    total $395,928 · program services $319,271 · management and general $31,220 · fundraising $45,437

  • 24e · All other expenses

    total $212,399 · program services $212,399

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,060,758 · end of year $3,609,860

  • 2 · Savings and temporary cash investments

    beginning of year $34,242,696 · end of year $34,356,072

  • 3 · Pledges and grants receivable

    beginning of year $1,153,698 · end of year $1,167,937

  • 4 · Accounts receivable

    beginning of year $103,758 · end of year $242,571

  • 5 · Loans and receivables from officers and key people

    beginning of year $159,181 · end of year $162,365

  • 8 · Inventories for sale or use

    beginning of year $19,860 · end of year $58,602

  • 9 · Prepaid expenses and deferred charges

    beginning of year $416,254 · end of year $739,119

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

    $55,546,020

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

    $23,324,667

  • 10c · Land, buildings and equipment, net

    beginning of year $30,945,597 · end of year $32,221,353

  • 11 · Investments: publicly traded securities

    beginning of year $9,293,422 · end of year $11,153,171

  • 12 · Investments: other securities

    beginning of year $208,012 · end of year $202,047

  • 15 · Other assets

    beginning of year $10,170,115 · end of year $10,826,012

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,506,613 · end of year $2,958,454

  • 19 · Deferred revenue

    beginning of year $16,167,770 · end of year $16,218,786

  • 20 · Tax-exempt bond liabilities

    beginning of year $10,875,241 · end of year $10,534,789

  • 23 · Secured mortgages and notes payable

    beginning of year $340,848 · end of year $550,919

  • 25 · Other liabilities

    beginning of year $9,513,470 · end of year $10,260,949

  • 27 · Net assets without donor restrictions

    beginning of year $45,052,034 · end of year $48,359,143

  • 28 · Net assets with donor restrictions

    beginning of year $4,317,375 · end of year $5,856,069

Mission and programs · 2023

Mission

A COLLEGE PREPARATORY SCHOOL THAT EDUCATES A DIVERSE COMMUNITY OF STUDENTS TO BECOME LIFELONG LEARNERS IN THE PURSUIT OF PERSONAL AND ACADEMIC EXCELLENCE, PHYSICAL WELL-BEING, CREATIVE ACHIEVEMENT AND THE DEVELOPMENT OF A COMMITMENT TO SOCIAL RESPONSIBILITY.

Activities or mission (Part I)

SPS IS A COLLEGE PREPARATORY SCHOOL THAT EDUCATES LIFELONG LEARNERS.

  • SHORECREST PREPARATORY SCHOOL EDUCATED A COMMUNITY OF 1,039 STUDENTS FROM 3-YEARS-OLD THROUGH 12TH GRADE THROUGHOUT THE 2023-2024 SCHOOL YEAR. 68 STUDENTS GRADUATED FROM SHORECREST IN 2024, 100% OF WHOM WERE ACCEPTED TO COLLEGES AND UNIVERSITIES OF THEIR CHOICE. THE GRADUATING CLASS OF 2024 COLLECTIVELY CONTRIBUTED 7,500 HOURS OF SERVICE TO THE GREATER COMMUNITY THROUGHOUT THEIR TIME AT SHORECREST.FALL 2023 MARKED THE FINAL STRETCH OF CENTENNIAL CELEBRATIONS WHICH INCLUDED THE SHORECREST GALA. THE EVENT CELEBRATED THE SCHOOL'S CENTENNIAL AND RAISED FUNDS TO ESTABLISH THE TEACHERS FUND, DESIGNED TO PROVIDE GRANTS TO CLASSROOM TEACHERS FOR PROFESSIONAL DEVELOPMENT AND SPECIAL PROJECTS (CONTINUED ON SCHEDULE O) IN SUPPORT OF THE STRATEGIC INITIATIVE OF ACADEMIC EXCELLENCE. AS SHORECREST EMBARKED ON ITS SECOND CENTURY, SCHOOL LEADERSHIP FOCUSED ON INTEGRATING THE RECENTLY LAUNCHED ROSS ROEDER INSTITUTE- A SCHOOLWIDE PROGRAM FOR FINANCIAL LITERACY, ECONOMICS AND ENTREPRENEURSHIP - INTO THE CURRICULUM AND COMMENCED THE EXPANSION OF THE CENTER FOR ACADEMIC EXCELLENCE - AN ACADEMIC ENRICHMENT AND SUPPORT PROGRAM THAT BENEFITS ALL STUDENTS AND TEACHERS AT THE SCHOOL.

    Expenses $28,734,987 · Grants $2,322,009 · Revenue $33,193,401

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

Listed in Part VII

  • William T Conroy

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Pamela H Greacen

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Matthew Frey

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Andrea Silverman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Armacost

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mohit Bansal

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Adam Befeler

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Darla Browning-Hutton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jeff Freedman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Cory G Gaffney

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Natalie Gebicke

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jason Green

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Alex Lavoie

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Isaac McKinney III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Adam Prawer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jenine Rabin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Sarah L Ribeiro

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Brent Richard

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David Vetter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Sherry Williams

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Nancy Spencer

    HEAD OF SCHOOL

    Total calculated
    $386,944
    From this org
    $345,556
    From related orgs
    $0
    Other
    $41,388
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $320,424
    Bonus
    $25,132
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $21,588
    Filer's total
    $386,944

  • Lisa Wylie

    CFO

    Total calculated
    $229,552
    From this org
    $214,861
    From related orgs
    $0
    Other
    $14,691
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,729
    Bonus
    $10,132
    Other
    $0
    Deferred
    $14,331
    Nontaxable benefits
    $360
    Filer's total
    $229,552

  • Michael Gillis

    DIRECTOR OF ADVANCEMENT

    Total calculated
    $199,136
    From this org
    $164,929
    From related orgs
    $0
    Other
    $34,207
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,787
    Bonus
    $142
    Other
    $0
    Deferred
    $12,619
    Nontaxable benefits
    $21,588
    Filer's total
    $199,136

  • Anthony McCall

    DIRECTOR OF ATHLETICS

    Total calculated
    $166,026
    From this org
    $142,576
    From related orgs
    $0
    Other
    $23,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,165
    Bonus
    $142
    Other
    $8,269
    Deferred
    $9,234
    Nontaxable benefits
    $14,216
    Filer's total
    $166,026

  • Lisa Bianco

    HEAD OF LOWER SCHOOL

    Total calculated
    $135,998
    From this org
    $125,275
    From related orgs
    $0
    Other
    $10,723
    Hours/week
    40

  • Kristine Grant

    HEAD OF MIDDLE SCHOOL

    Total calculated
    $145,545
    From this org
    $121,074
    From related orgs
    $0
    Other
    $24,471
    Hours/week
    40

  • Marcus Holmes

    DIRECTOR OF FACILITIES

    Total calculated
    $126,588
    From this org
    $118,735
    From related orgs
    $0
    Other
    $7,853
    Hours/week
    40

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 · Tax indemnification and gross-up payments
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
ALL ELIGIBLE EMPLOYEES RECEIVED HOLIDAY BONUSES THAT A GROSSED UP AMOUNT SO AS TO NET TO $100 FOR A FULL TIME EMPLOYEE AND $50 FOR A PART TIME EMPLOYEE.
PART I, LINE 7
NANCY SPENCER RECEIVED A DISCRETIONARY BONUS OF $25,132 DETERMINED BY THE BOARD OF TRUSTEES. LISA WYLIE RECEIVED A DISCRETIONARY BONUS OF $10,132 DETERMINED BY THE HEAD OF SCHOOL. ALL ELIGIBLE EMPLOYEES RECEIVED HOLIDAY BONUSES THAT A GROSSED UP AMOUNT SO AS TO NET TO $100 FOR A FULL TIME EMPLOYEE AND $50 FOR A PART-TIME EMPLOYEE.

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
2023
Filed
1 May 2025
IRS schema version
2023v6.0
Source object
202511229349300336

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