Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,815,601

• 1f · All other contributions, gifts and grants

  $2,426,894

• 2a · Program service revenue: TUITION/FEES

  total $25,332,957 · related or exempt $25,332,957

• 3 · Investment income

  total $526,616 · excluded $526,616

• 6a · Gross rents

  real property $171,826

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $171,826

• 6d · Net rental income or loss

  total $171,826 · excluded $171,826

• 7a · Gross sales of assets other than inventory

  securities $5,737,687

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

  securities $5,800,340 · other assets $42,315

• 7c · Gain or loss

  securities -$62,653 · other assets -$42,315

• 7d · Net gain or loss

  total -$104,968 · excluded -$104,968

• 8a · Fundraising events: gross income

  $331,176

• 8b · Fundraising events: direct expenses

  $140,883

• 8c · Net income from fundraising events

  total $190,293 · excluded $190,293

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $9,024 · excluded $9,024

• 11e · Other revenue, total

  $9,024

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $3,103,914 · program services $3,103,914

• 5 · Compensation of officers, directors and key employees

  total $706,676 · management and general $706,676

• 7 · Other salaries and wages

  total $12,237,477 · program services $10,339,051 · management and general $1,309,117 · fundraising $589,309

• 8 · Pension plan contributions

  total $912,824 · program services $762,511 · management and general $106,852 · fundraising $43,461

• 9 · Other employee benefits

  total $2,044,268 · program services $1,712,215 · management and general $222,198 · fundraising $109,855

• 10 · Payroll taxes

  total $900,540 · program services $722,450 · management and general $134,291 · fundraising $43,799

• 11b · Fees: legal

  total $51,269 · management and general $51,269

• 11c · Fees: accounting

  total $57,960 · management and general $57,960

• 11g · Fees: other

  total $281,410 · program services $167,691 · management and general $113,719

• 12 · Advertising and promotion

  total $387,404 · program services $387,404

• 13 · Office expenses

  total $1,213,305 · program services $1,090,240 · management and general $112,050 · fundraising $11,015

• 17 · Travel

  total $241,587 · program services $219,189 · management and general $12,764 · fundraising $9,634

• 19 · Conferences, conventions and meetings

  total $674,706 · program services $421,197 · management and general $41,360 · fundraising $212,149

• 20 · Interest

  total $244,019 · program services $222,057 · management and general $19,522 · fundraising $2,440

• 22 · Depreciation, depletion and amortization

  total $1,789,773 · program services $1,628,693 · management and general $143,182 · fundraising $17,898

• 23 · Insurance

  total $127,317 · program services $117,247 · management and general $8,951 · fundraising $1,119

• 24a · Other expenses: REPAIRS AND MAINTENANCE

  total $1,046,924 · program services $971,159 · management and general $68,904 · fundraising $6,861

• 24b · Other expenses: UTILITIES

  total $947,244 · program services $811,983 · management and general $126,338 · fundraising $8,923

• 24c · Other expenses: MISCELLANEOUS

  total $241,021 · program services $158,534 · management and general $73,616 · fundraising $8,871

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,593,747 · end of year $1,399,010

• 2 · Savings and temporary cash investments

  beginning of year $6,811,414 · end of year $11,680,920

• 3 · Pledges and grants receivable

  beginning of year $246,875 · end of year $617,443

• 4 · Accounts receivable

  beginning of year $161,718 · end of year $305,938

• 8 · Inventories for sale or use

  beginning of year $6,803 · end of year $6,803

• 9 · Prepaid expenses and deferred charges

  beginning of year $325,059 · end of year $162,213

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

  $64,652,471

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

  $24,478,782

• 10c · Land, buildings and equipment, net

  beginning of year $41,402,032 · end of year $40,173,689

• 11 · Investments: publicly traded securities

  beginning of year $17,637,234 · end of year $19,769,578

• 12 · Investments: other securities

  beginning of year $800,289 · end of year $591,454

• 15 · Other assets

  beginning of year $15,398 · end of year $53,566

• 17 · Accounts payable and accrued expenses

  beginning of year $1,401,094 · end of year $1,577,129

• 19 · Deferred revenue

  beginning of year $2,891,684 · end of year $3,056,268

• 20 · Tax-exempt bond liabilities

  beginning of year $9,351,543 · end of year $8,798,022

• 25 · Other liabilities

  beginning of year $37,615 · end of year $119,564

• 27 · Net assets without donor restrictions

  beginning of year $42,758,655 · end of year $45,417,850

• 28 · Net assets with donor restrictions

  beginning of year $13,559,978 · end of year $15,791,781

The filer's explanations (Part III)

PART I, LINE 1A

AS IS NORMAL AND CUSTOMARY WITH SCHOOLS, THE HEAD OF SCHOOL OF SEVERN SCHOOL (DOUGLAS LAGARDE) IS PROVIDED WITH HOUSING FOR THE CONVENIENCE OF THE SCHOOL AND IS A CONDITION OF EMPLOYMENT (PER EMPLOYMENT CONTRACT) THAT THE HEAD OF SCHOOL RESIDE IN THE HOUSE PROVIDED. THE HEAD OF SCHOOL'S HOME IS USED FOR MANY SCHOOL ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECIEVED BY THE HEAD OF SCHOOL FOR THE PERSONAL USE OF THE HOUSING AMOUNTED TO APPROXIMATELY $60,000.