Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $105,360

• 1f · All other contributions, gifts and grants

  $2,156,112

• 1g · Noncash contributions included above

  $114,189

• 2a · Program service revenue: TUITION AND FEES

  total $84,566,850 · related or exempt $84,566,850

• 2b · Program service revenue: AUXILIARY ACTIVITIES

  total $2,122,632 · related or exempt $2,122,632

• 3 · Investment income

  total $4,489,255 · excluded $4,489,255

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $592,001

• 6b · Less rental expenses

  real property $483,545

• 6c · Rental income or loss

  real property $108,456 · personal property $0

• 6d · Net rental income or loss

  total $108,456 · unrelated business $10,167 · excluded $98,289

• 7a · Gross sales of assets other than inventory

  securities $70,636,238 · other assets $54,056

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

  securities $65,705,829 · other assets $24,349

• 7c · Gain or loss

  securities $4,930,409 · other assets $29,707

• 7d · Net gain or loss

  total $4,960,116 · excluded $4,960,116

• 8a · Fundraising events: gross income

  $139,273

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

  $105,360

• 8b · Fundraising events: direct expenses

  $79,544

• 8c · Net income from fundraising events

  total $59,729 · excluded $59,729

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $1,051,972

• 10b · Cost of goods sold

  $570,175

• 10c · Net income from sales of inventory

  total $481,797 · related or exempt $481,797

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $78,637 · excluded $78,637

• 11e · Other revenue, total

  $78,637

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $10,207,408 · program services $10,207,408

• 3 · Grants to foreign organizations and individuals

  total $36,383 · program services $36,383

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $2,314,300 · management and general $1,780,518 · fundraising $533,782

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $44,406,749 · program services $39,556,857 · management and general $3,632,898 · fundraising $1,216,994

• 8 · Pension plan contributions

  total $2,001,976 · program services $1,814,836 · management and general $134,369 · fundraising $52,771

• 9 · Other employee benefits

  total $8,741,066 · program services $7,923,971 · management and general $586,684 · fundraising $230,411

• 10 · Payroll taxes

  total $3,392,534 · program services $3,075,408 · management and general $227,700 · fundraising $89,426

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $87,890 · management and general $87,890

• 11c · Fees: accounting

  total $22,695 · management and general $22,695

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $296,190 · management and general $296,190

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $906,687 · management and general $442,724 · fundraising $463,963

• 13 · Office expenses

  total $1,917,298 · program services $447,646 · management and general $1,435,159 · fundraising $34,493

• 14 · Information technology

  total $1,153,256 · program services $1,045,800 · management and general $68,381 · fundraising $39,075

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $3,513,506 · program services $3,403,244 · management and general $85,525 · fundraising $24,737

• 17 · Travel

  total $445,005 · program services $348,926 · management and general $77,959 · fundraising $18,120

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $3,791,105 · program services $3,791,105

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $5,278,619 · program services $5,202,184 · management and general $56,272 · fundraising $20,163

• 23 · Insurance

  total $1,124,483 · program services $1,008,599 · management and general $94,137 · fundraising $21,747

• 24a · Other expenses: INSTRUCTIONAL MATERIALS

  total $4,956,185 · program services $4,956,185

• 24b · Other expenses: FOOD SERVICE

  total $2,566,249 · program services $2,375,955 · management and general $141,499 · fundraising $48,795

• 24c · Other expenses: TRANSPORTATION

  total $2,240,412 · program services $2,240,412

• 24d · Other expenses: SUMMER PROGRAM

  total $457,389 · program services $457,389

• 24e · All other expenses

  total $148,405 · program services $36,998 · management and general $81,270 · fundraising $30,137

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $21,781,733 · end of year $23,087,853

• 3 · Pledges and grants receivable

  beginning of year $1,176,511 · end of year $713,283

• 4 · Accounts receivable

  beginning of year $287,766 · end of year $818,997

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $173,062 · end of year $141,717

• 9 · Prepaid expenses and deferred charges

  beginning of year $676,819 · end of year $640,279

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

  $245,977,465

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

  $110,150,237

• 10c · Land, buildings and equipment, net

  beginning of year $136,042,836 · end of year $135,827,228

• 11 · Investments: publicly traded securities

  beginning of year $142,464,174 · end of year $152,363,096

• 12 · Investments: other securities

  beginning of year $542,642 · end of year $566,692

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $544,258 · end of year $832,344

• 17 · Accounts payable and accrued expenses

  beginning of year $10,823,754 · end of year $11,899,907

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $11,317,265 · end of year $11,780,595

• 20 · Tax-exempt bond liabilities

  beginning of year $70,790,264 · end of year $65,729,584

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $3,937,500 · end of year $3,487,500

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,219,844 · end of year $855,830

• 27 · Net assets without donor restrictions

  beginning of year $181,397,505 · end of year $194,911,236

• 28 · Net assets with donor restrictions

  beginning of year $24,203,669 · end of year $26,326,837

The filer's explanations (Part III)

PART I, LINE 1A

Housing Allowance: The president is paid a housing allowance of $48,000 per year, all included in taxable compensation. One vice president lives on campus in housing provided for the benefit of Woodward Academy and as a condition of the individual's employment, and therefore treated as nontaxable. Another vice president lives off campus in housing owned by Woodward Academy and rented to the individual at a reasonable, subsidized rent, and therefore treated as nontaxable, as well. SOCIAL CLUB DUES: THE SCHOOL PAYS DUES FOR THE PRESIDENT'S MEMBERSHIP IN A LOCAL BUSINESS/SOCIAL CLUB. THE PAYMENTS OF WHICH ARE TREATED AS A NONTAXABLE BENEFIT BECAUSE THE MEMBERSHIP IS USED FOR SCHOOL BUSINESS PURPOSES ONLY.

PART I, LINE 4B

WOODWARD ACADEMY CONTRIBUTED $75,000 TO THE SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS FOR DR. F. STUART GULLEY. AMOUNTS IN THE PLAN VEST OVER TIME BASED ON THE NUMBER OF YEARS OF SERVICE.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST

  TRUST · INVESTMENT · GA · 100% owned · share of income $0 · share of assets $105,599

  Directly controlled by CIBC PRIVATE