← CHOATE ROSEMARY HALL FOUNDATION INCORPORATED

Form 990 for tax year 2024

Filed by CHOATE ROSEMARY HALL FOUNDATION INCORPORATED.

Totals

Total revenue: $99,339,717
Total expenses: $105,213,000
Contributions and grants received: $31,207,355
Grants paid: $15,532,352
Program service revenue: $65,085,968
Investment income: $2,888,107
Other revenue: $158,287
Total assets, end of year: $925,940,039
Total liabilities, end of year: $94,304,817
Net assets or fund balances, end of year: $831,635,222
Program services expenses (Part IX): $90,799,373
Management and general expenses: $8,828,285
Fundraising expenses: $5,585,342
Program service expenses (Part III): $90,799,373

Program services were 86.3% 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

$31,207,355
1g · Noncash contributions included above

$1,122,438
2a · Program service revenue: TUITION AND FEES

total $57,890,093 · related or exempt $57,890,093
2b · Program service revenue: SUMMER PROGRAMS

total $5,710,237 · related or exempt $5,710,237
2c · Program service revenue: STUDENT ACTIVITIES

total $408,232 · related or exempt $408,232
2d · Program service revenue: APPLICATION FEES

total $336,240 · related or exempt $336,240
2e · Program service revenue: HEALTH CENTER/COUNSELING

total $12,004 · related or exempt $12,004
2f · All other program service revenue

total $729,162 · related or exempt $729,162
3 · Investment income

total $2,838,046 · unrelated business $415,513 · excluded $2,422,533
7a · Gross sales of assets other than inventory

securities $58,804,883 · other assets $60,009
7b · Less cost or other basis and sales expenses

securities $58,795,806 · other assets $19,025
7c · Gain or loss

securities $9,077 · other assets $40,984
7d · Net gain or loss

total $50,061 · excluded $50,061
10a · Gross sales of inventory

$481,448
10b · Cost of goods sold

$552,179
10c · Net income from sales of inventory

total -$70,731 · excluded -$70,731
11a · Other revenue: EVENT AND RINK RENTALS

total $229,018 · unrelated business $229,018
11e · Other revenue, total

$229,018

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $15,532,352 · program services $15,532,352
5 · Compensation of officers, directors and key employees

total $1,509,508 · program services $261,982 · management and general $723,561 · fundraising $523,965
6 · Compensation of disqualified persons

total $54,350 · management and general $27,175 · fundraising $27,175
7 · Other salaries and wages

total $28,497,014 · program services $23,320,518 · management and general $2,564,916 · fundraising $2,611,580
8 · Pension plan contributions

total $3,751,888 · program services $3,079,252 · management and general $344,977 · fundraising $327,659
9 · Other employee benefits

total $7,492,431 · program services $6,717,588 · management and general $409,485 · fundraising $365,358
10 · Payroll taxes

total $2,068,606 · program services $1,680,713 · management and general $203,772 · fundraising $184,121
11b · Fees: legal

total $135,784 · program services $122,206 · management and general $13,578
11c · Fees: accounting

total $89,838 · management and general $89,838
11f · Fees: investment management

total $2,470,729 · management and general $2,470,729
11g · Fees: other

total $11,720,347 · program services $10,662,282 · management and general $535,354 · fundraising $522,711
12 · Advertising and promotion

total $88,116 · program services $53,258 · management and general $34,752 · fundraising $106
13 · Office expenses

total $1,991,952 · program services $1,409,357 · management and general $391,386 · fundraising $191,209
14 · Information technology

total $286,599 · program services $281,789 · management and general $2,456 · fundraising $2,354
15 · Royalties

total $3,367 · program services $3,367
16 · Occupancy

total $2,163,122 · program services $2,093,353 · management and general $50,576 · fundraising $19,193
17 · Travel

total $2,191,829 · program services $1,873,439 · management and general $60,440 · fundraising $257,950
19 · Conferences, conventions and meetings

total $177,781 · program services $116,370 · management and general $26,201 · fundraising $35,210
20 · Interest

total $924,626 · program services $906,188 · management and general $10,162 · fundraising $8,276
22 · Depreciation, depletion and amortization

total $13,113,488 · program services $12,841,600 · management and general $154,510 · fundraising $117,378
23 · Insurance

total $2,148,631 · program services $1,589,135 · management and general $522,174 · fundraising $37,322
24a · Other expenses: MAINTENANCE & REPAIR

total $7,935,687 · program services $7,740,052 · management and general $126,419 · fundraising $69,216
24b · Other expenses: GIFTS & RECOGNITION

total $303,929 · program services $94,487 · management and general $46,500 · fundraising $162,942
24c · Other expenses: OUTSIDE RENTALS

total $245,297 · program services $133,543 · management and general $6,196 · fundraising $105,558
24d · Other expenses: MINOR EQUIP. PURCHASE

total $122,878 · program services $114,050 · management and general $6,308 · fundraising $2,520
24e · All other expenses

total $192,851 · program services $172,492 · management and general $6,820 · fundraising $13,539

Balance sheet

Part X, book values.

2 · Savings and temporary cash investments

beginning of year $54,195,897 · end of year $42,727,027
3 · Pledges and grants receivable

beginning of year $29,107,181 · end of year $26,783,000
4 · Accounts receivable

beginning of year $29,462,858 · end of year $28,806,199
9 · Prepaid expenses and deferred charges

beginning of year $2,374,373 · end of year $2,308,322
10a · Land, buildings and equipment: cost or other basis

$432,619,742
10b · Land, buildings and equipment: accumulated depreciation

$224,680,245
10c · Land, buildings and equipment, net

beginning of year $189,943,491 · end of year $207,939,497
11 · Investments: publicly traded securities

beginning of year $55,693,538 · end of year $61,550,981
12 · Investments: other securities

beginning of year $494,189,103 · end of year $548,457,193
15 · Other assets

beginning of year $7,323,572 · end of year $7,367,820
17 · Accounts payable and accrued expenses

beginning of year $11,033,875 · end of year $10,954,534
19 · Deferred revenue

beginning of year $47,103,823 · end of year $47,545,705
20 · Tax-exempt bond liabilities

beginning of year $34,513,055 · end of year $33,232,146
25 · Other liabilities

beginning of year $2,726,190 · end of year $2,572,432
27 · Net assets without donor restrictions

beginning of year $330,222,113 · end of year $343,509,393
28 · Net assets with donor restrictions

beginning of year $436,690,957 · end of year $488,125,829

Mission and programs · 2024

Mission

TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 850 STUDENTS PER YEAR.

THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 850 STUDENTS THROUGH THE EFFORTS OF DEDICATED FACULTY AND STAFF.

Expenses $35,060,053 · Revenue $65,085,968
THE SCHOOL MAINTAINS ABOUT 1.4 MILLION SQUARE FEET OF RESIDENTIAL, ACADEMIC AND ATHLETIC SPACE FOR A COMMUNITY OF OVER 1,000 MEMBERS. THE MAJORITY OF THIS EXPENSE REFLECTS THE DEPRECIATION ON THE SCHOOL PROPERTY, PLANT AND EQUIPMENT, WHICH HAS A CURRENT ACCOUNTING VALUE OF $207.9 MILLION.

Expenses $24,264,141
THE SCHOOL DISCOUNTS TUITION IN THE FORM OF FINANCIAL AID AT AN APPROXIMATE RATE OF 27.09% IN AN EFFORT TO RECRUIT AND RETAIN THE MOST TALENTED STUDENT BODY. THE SCHOOL RECOGNIZES THAT A DIVERSE STUDENT BODY BETTERS THE OVERALL EXPERIENCE FOR ALL INVOLVED, AND THAT WHILE NOT EVERYONE CAN CONTRIBUTE FINANCIALLY IN TERMS OF TUITION, EVERYONE HAS SOMETHING TO OFFER THE CHOATE ROSEMARY HALL COMMUNITY.

Expenses $15,532,352 · Grants $15,532,352
MANAGEMENT FEES FOR FOOD SERVICE AND HOUSEKEEPING EXPENSES

Expenses $15,942,827

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

ALEXANDER D CURTIS

HEAD OF SCHOOL

Total calculated

$1,078,000

From this org

$851,161

From related orgs

$0

Other

$226,839

Hours/week

60

Schedule J breakdown matched by us

Base

$678,300

Bonus

$0

Other

$172,861

Deferred

$159,203

Nontaxable benefits

$67,636

Filer's total

$1,078,000
DANYA ALSAADY

TRUSTEE

Total calculated

$0

Hours/week

2
KENNETH G BARTELS

TRUSTEE

Total calculated

$0

Hours/week

2
MARC E BROWN

TRUSTEE

Total calculated

$0

Hours/week

2
SETH J BRUFSKY

TRUSTEE

Total calculated

$0

Hours/week

2
YAHONNES S CLEARY

TRUSTEE

Total calculated

$0

Hours/week

2
ELIZABETH M FERREIRA

TRUSTEE

Total calculated

$0

Hours/week

2
KATHERINE B FORREST

TRUSTEE

Total calculated

$0

Hours/week

2
DAVID FRAZE

TRUSTEE

Total calculated

$0

Hours/week

2
KIRSTEN M GARLINGHOUSE

TRUSTEE

Total calculated

$0

Hours/week

2
GUNTHER S HAMM

TRUSTEE

Total calculated

$0

Hours/week

2
ELIZABETH A HOGAN

TRUSTEE

Total calculated

$0

Hours/week

2
JUNGWOOK RYAN HONG

TRUSTEE

Total calculated

$0

Hours/week

2
KELLY GREEN KAHN

TRUSTEE

Total calculated

$0

Hours/week

2
DANIEL G KELLY JR

TRUSTEE

Total calculated

$0

Hours/week

2
PATIENCE P MCDOWELL

TRUSTEE

Total calculated

$0

Hours/week

2
CHRISTIAN B MCGRATH

TRUSTEE

Total calculated

$0

Hours/week

2
TAKASHI MURATA

TRUSTEE

Total calculated

$0

Hours/week

2
GEORGE F PYNE IV

TRUSTEE

Total calculated

$0

Hours/week

2
M ANNE SA'ADAH

TRUSTEE

Total calculated

$0

Hours/week

2
JULIAN C SALISBURY

TRUSTEE

Total calculated

$0

Hours/week

2
PATRICK T DURBIN

CHIEF FINANCIAL OFFICER

Total calculated

$452,211

From this org

$343,794

From related orgs

$0

Other

$108,417

Hours/week

60

Schedule J breakdown matched by us

Base

$343,794

Bonus

$0

Other

$0

Deferred

$53,625

Nontaxable benefits

$54,792

Filer's total

$452,211
JENNIFER ELLIOTT

HEAD OF STUDENT AND ACADEM

Total calculated

$395,235

From this org

$294,693

From related orgs

$0

Other

$100,542

Hours/week

60

Schedule J breakdown matched by us

Base

$294,693

Bonus

$0

Other

$0

Deferred

$45,750

Nontaxable benefits

$54,792

Filer's total

$395,235
ANNE BERGEN

CHIEF DEVELOPMENT OFFICER

Total calculated

$417,130

From this org

$339,573

From related orgs

$0

Other

$77,557

Hours/week

60

Schedule J breakdown matched by us

Base

$338,000

Bonus

$0

Other

$1,573

Deferred

$50,700

Nontaxable benefits

$26,857

Filer's total

$417,130
KATHRYN LEVESQUE

DEAN OF FACULTY

Total calculated

$263,322

From this org

$206,072

From related orgs

$0

Other

$57,250

Hours/week

60

Schedule J breakdown matched by us

Base

$204,000

Bonus

$0

Other

$2,072

Deferred

$30,600

Nontaxable benefits

$26,650

Filer's total

$263,322
HEATHER CORDES

DIRECTOR OF ANNUAL GIVING

Total calculated

$270,266

From this org

$227,959

From related orgs

$0

Other

$42,307

Hours/week

40

Schedule J breakdown matched by us

Base

$144,959

Bonus

$83,000

Other

$0

Deferred

$23,126

Nontaxable benefits

$19,181

Filer's total

$270,266
JEFFREY BEATON

CHIEF ENROLLMENT OFFICER

Total calculated

$257,924

From this org

$188,303

From related orgs

$0

Other

$69,621

Hours/week

60

Schedule J breakdown matched by us

Base

$188,303

Bonus

$0

Other

$0

Deferred

$26,875

Nontaxable benefits

$42,746

Filer's total

$257,924

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 · First-class or charter travel
1a · Tax indemnification and gross-up payments
1a · Housing allowance or residence for personal use
1a · Personal services (maid, chauffeur, chef)
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments

Answered no

1b · Written policy on the line-1a expenses
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
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A: THE HEAD OF SCHOOL IS ALLOWED FIRST CLASS TRAVEL UNDER LIMITED CIRCUMSTANCES CONNECTED TO SCHEDULE AND DISTANCE TRAVELED. THIS IS NOT TREATED AS TAXABLE. THE FACULTY RECEIVE HOUSING IN ACCORDANCE WITH THE SCHOOL'S HOUSING POLICY. THE SCHOOL'S SENIOR LEADERSHIP AND FACULTY RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. AS A CONDITION OF EMPLOYMENT, THE SCHOOL REQUIRES SENIOR LEADERSHIP TO RESIDE ON CAMPUS AND CONSIDER THEIR HOME AS AN INTEGRAL PART OF THE CAMPUS ENVIRONMENT; TO OPEN THEIR HOME FOR STUDENTS AND ADVISEES; AND TO ASSUME DORMITORY OR OTHER RESIDENTIAL LIFE SUPERVISORY RESPONSIBILITIES AS ASSIGNED. SENIOR LEADERSHIP IS ON CALL 24/7. THE VALUE OF HOUSING IS REPORTED IN SCHEDULE J, PART II, COLUMN (D) AND IS TREATED AS NON-TAXABLE. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING. THE HEAD OF SCHOOL MAY SEEK REIMBURSEMENT FOR CERTAIN PERSONAL PROFESSIONAL SERVICES SUCH AS FINANCIAL PLANNING AND TAX COUNSELING WHICH ARE TREATED AS NON-TAXABLE. THE HEAD OF SCHOOL RESIDENCE RECEIVES HOUSEKEEPING SERVICES IN CONNECTION WITH ITS REGULAR USE FOR SCHOOL EVENTS, AND AS SUCH, IT IS NOT TAXABLE.
PART I, LINE 1B: THE SCHOOL REQUIRES THAT ITS SENIOR LEADERSHIP RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING AND PERSONAL SERVICES. FACULTY RECEIVE HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER AND IN ACCORDANCE WITH THE SCHOOL'S FACULTY HOUSING POLICY.
PART I, LINE 4B: LINE 4A: THE HEAD OF SCHOOL, THE CHIEF FINANCIAL OFFICER, AND THE CHIEF ENROLLMENT MANAGER PARTICIPATE IN A SECTION PARTICIPATES IN A SECTION 457(F) PLAN THAT HAS A SUBSTANTIAL RISK OF FORFEITURE.
PART I, LINE 7: HEATHER CORDES RECEIVED A BONUS WHICH WAS PAID OUT TO DEVELOPMENT STAFF FOR CAPITAL CAMPAIGN WORK.

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

CRH INVESTMENTS HOLDINGS LP

EXCLUDED · INVESTING · DE · 100% owned · share of income $28,768,107 · share of assets $490,919,967

Directly controlled by GEM LP

Related corporations and trusts

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

CHARITABLE REMAINDER TRUST (1)

T · CHARITABLE TRUST · CT

Provenance

Return type: form_990
Tax year: 2024
Filed: 15 May 2026
IRS schema version: 2024v5.5
Source object: 202601359349309410

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.