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← NANTUCKET EDUCATION TRUST INC

Form 990 for tax year 2024

Filed by NANTUCKET EDUCATION TRUST INC.

What the amendment changed

Compared with the return it replaced , filed 3 April 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$344,695
Total expenses
$237,331
Contributions and grants received
$449
Grants paid
$9,113
Program service revenue
$319,925
Investment income
$24,321
Other revenue
$0
Total assets, end of year
$2,739,939
Total liabilities, end of year
$1,668,287
Net assets or fund balances, end of year
$1,071,652
Program services expenses (Part IX)
$206,164
Management and general expenses
$31,167
Fundraising expenses
$0
Program service expenses (Part III)
$206,164

Program services were 86.9% 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

    $449

  • 2a · Program service revenue: RENTAL INCOME

    total $319,925 · related or exempt $319,925

  • 3 · Investment income

    total $16,571 · excluded $16,571

  • 7a · Gross sales of assets other than inventory

    securities $50,000

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

    securities $42,250

  • 7c · Gain or loss

    securities $7,750

  • 7d · Net gain or loss

    total $7,750 · excluded $7,750

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,113 · program services $9,113

  • 5 · Compensation of officers, directors and key employees

    total $4,800 · management and general $4,800

  • 11c · Fees: accounting

    total $8,800 · management and general $8,800

  • 11f · Fees: investment management

    total $2,003 · management and general $2,003

  • 11g · Fees: other

    total $10,215 · program services $8,250 · management and general $1,965

  • 13 · Office expenses

    total $3,537 · program services $630 · management and general $2,907

  • 16 · Occupancy

    total $20,327 · program services $20,327

  • 20 · Interest

    total $58,092 · program services $58,092

  • 22 · Depreciation, depletion and amortization

    total $83,888 · program services $83,888

  • 23 · Insurance

    total $16,737 · program services $6,045 · management and general $10,692

  • 24a · Other expenses: PROGRAM EXPENSES

    total $19,819 · program services $19,819

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,252 · end of year $30,374

  • 2 · Savings and temporary cash investments

    beginning of year $176,011 · end of year $227,803

  • 4 · Accounts receivable

    beginning of year $120,000

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

    $3,444,554

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

    $1,546,121

  • 10c · Land, buildings and equipment, net

    beginning of year $1,738,252 · end of year $1,898,433

  • 11 · Investments: publicly traded securities

    beginning of year $558,035 · end of year $558,416

  • 15 · Other assets

    beginning of year $22,512 · end of year $24,913

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,777

  • 19 · Deferred revenue

    beginning of year $2,400 · end of year $2,400

  • 21 · Escrow or custodial account liability

    beginning of year $22,512 · end of year $24,913

  • 24 · Unsecured notes and loans payable

    beginning of year $1,668,941 · end of year $1,640,974

  • 27 · Net assets without donor restrictions

    beginning of year $820,168 · end of year $974,028

  • 28 · Net assets with donor restrictions

    beginning of year $115,264 · end of year $97,624

Mission and programs · 2024

Mission

NANTUCKET EDUCATION TRUST (NET) IS AN AUTONOMOUS ORGANIZATION WITH ITS OWN BY-LAWS AND BOARD OF DIRECTORS. ROOTED IN A COMMUNITY DISTINGUISHED BY ITS UNIQUE HISTORY AND SETTING, NET'S MISSION IS: TO ENHANCE EDUCATIONAL OPPORTUNITIES ON THE TOWN OF NANTUCKET BY MOBILIZING PRIVATE SECTOR RESOURCES AND EXPERTISE; TO FOSTER ALLIANCES AMONG BUSINESS, COMMUNITY AND SCHOOL INTERESTS, AND TO SERVE AS A CATALYST FOR PUBLIC AND PRIVATE PARTNERSHIPS THAT BENEFIT EDUCATION; TO PROMOTE THE EXCHANGE OF IDEAS AMONG ISLAND SCHOOLS AS WELL AS THOSE FROM OTHER COMMUNITIES; TO SUPPORT PROGRAMS THAT HONOR EXCELLENCE IN TEACHING AND LEARNING. NET CONTINUOUSLY SEEKS NEW WAYS TO SUPPORT EXISTING INITIATIVES AS WELL AS EXPLORE STRATEGIES FOR PROMOTING LASTING, SYSTEM-WIDE IMPROVEMENTS. IT IS THE ORGANIZATION'S GOAL TO TAP NEW SOURCES THAT CAN ASSIST TEACHERS AND STUDENTS, WHILE CONCURRENTLY IMPLEMENTING MORE EFFECTIVE SCHOOL PROGRAMS.

  • CONSTRUCT, MANAGE, MAINTAIN, AND CURATE 12 AFFORDABLE HOUSING UNITS FOR THE BENEFIT OF NANTUCKET PUBLIC SCHOOL TEACHERS, ADMINISTRATORS, AND STAFF.

    Expenses $177,232 · Revenue $319,925

  • PROVIDE EDUCATIONAL PROGRAMS IN THE NANTUCKET PUBLIC SCHOOL SYSTEM INCLUDING THE PURCHASE OF EQUIPMENT AND THE ISSUANCE OF GRANTS TO TEACHERS AND/OR STUDENTS, SPONSORSHIP OF LECTURES, SEMINARS, AND WORKSHOPS AND PARTICIPATION IN SATELLITE PROGRAMS COORDINATED BY THE SYSTEM, BUT OUTSIDE THE SCOOP OF ITS BUDGET PARAMETERS.

    Expenses $28,932 · Grants $9,113

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

Listed in Part VII

  • Martin Anguelov

    DIRECTOR/BOOKKEEPER

    Total calculated
    $4,800
    From this org
    $4,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Hadley Dutra

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Hallett

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • John Riccio

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Alicia Graziadei

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Marie Lemberg

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Meg Browers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shantaw Bloise-Myrphy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Laura Gallagher-Byrne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

Provenance

Return type
form_990
Tax year
2024
Filed
1 December 2025
IRS schema version
2024v5.2
Source object
202523359349300207

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