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Nonprofiteer
← THE PUBLIC SCHOOL OF GERMANTOWN

Form 990 for tax year 2022

Filed by THE PUBLIC SCHOOL OF GERMANTOWN.

Totals

Total revenue
$61,670,113
Total expenses
$52,839,761
Contributions and grants received
$10,953,146
Grants paid
$8,687,563
Program service revenue
$44,141,204
Investment income
$2,786,781
Other revenue
$3,788,982
Total assets, end of year
$181,367,295
Total liabilities, end of year
$48,926,478
Net assets or fund balances, end of year
$132,440,817
Program services expenses (Part IX)
$42,161,816
Management and general expenses
$8,908,389
Fundraising expenses
$1,769,556
Program service expenses (Part III)
$42,161,816

Program services were 79.8% 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

    $46,315

  • 1e · Government grants (contributions)

    $1,266,393

  • 1f · All other contributions, gifts and grants

    $9,640,438

  • 1g · Noncash contributions included above

    $362,111

  • 2a · Program service revenue: STUDENT TUITION FEES

    total $43,139,248 · related or exempt $43,139,248

  • 2b · Program service revenue: AUXILIARY PROGRAM REVENUE

    total $694,000 · related or exempt $694,000

  • 2c · Program service revenue: MUSIC LESSONS

    total $307,956 · related or exempt $307,956

  • 3 · Investment income

    total $2,162,986 · unrelated business $23,170 · excluded $2,139,816

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

    total $350,002 · excluded $350,002

  • 6a · Gross rents

    real property $339,491

  • 6b · Less rental expenses

    real property $157,307

  • 6c · Rental income or loss

    real property $182,184

  • 6d · Net rental income or loss

    total $182,184 · excluded $182,184

  • 7a · Gross sales of assets other than inventory

    securities $10,766,771

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

    securities $9,737,127 · other assets $755,851

  • 7c · Gain or loss

    securities $1,029,644 · other assets -$755,851

  • 7d · Net gain or loss

    total $273,793 · excluded $273,793

  • 8a · Fundraising events: gross income

    $239,223

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

    $46,315

  • 8b · Fundraising events: direct expenses

    $89,371

  • 8c · Net income from fundraising events

    total $149,852 · excluded $149,852

  • 10a · Gross sales of inventory

    $330,552

  • 10b · Cost of goods sold

    $259,882

  • 10c · Net income from sales of inventory

    total $70,670 · excluded $70,670

  • 11a · Other revenue: SUMMER PROGRAMS

    total $1,496,168 · excluded $1,496,168

  • 11b · Other revenue: EXTENDED DAY & CHILD CARE FEES

    total $1,035,334 · excluded $1,035,334

  • 11c · Other revenue: AQUATIC CLUB REVENUE

    total $670,982 · excluded $670,982

  • 11d · All other revenue

    total $183,792 · excluded $183,792

  • 11e · Other revenue, total

    $3,386,276

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $8,687,563 · program services $8,687,563

  • 5 · Compensation of officers, directors and key employees

    total $827,224 · program services $632,763 · management and general $158,393 · fundraising $36,068

  • 7 · Other salaries and wages

    total $22,444,503 · program services $17,079,115 · management and general $4,372,963 · fundraising $992,425

  • 8 · Pension plan contributions

    total $1,397,680 · program services $1,028,338 · management and general $298,740 · fundraising $70,602

  • 9 · Other employee benefits

    total $6,076,700 · program services $5,616,512 · management and general $373,351 · fundraising $86,837

  • 10 · Payroll taxes

    total $1,704,710 · program services $1,309,143 · management and general $318,583 · fundraising $76,984

  • 11b · Fees: legal

    total $80,082 · management and general $80,082

  • 11c · Fees: accounting

    total $75,469 · management and general $75,469

  • 11f · Fees: investment management

    total $138,363 · management and general $138,363

  • 11g · Fees: other

    total $459,158 · program services $235,545 · management and general $209,759 · fundraising $13,854

  • 12 · Advertising and promotion

    total $87,713 · management and general $3,674 · fundraising $84,039

  • 13 · Office expenses

    total $2,073,987 · program services $1,471,030 · management and general $554,294 · fundraising $48,663

  • 14 · Information technology

    total $305,937 · management and general $305,937

  • 16 · Occupancy

    total $2,842,753 · program services $2,170,756 · management and general $549,263 · fundraising $122,734

  • 17 · Travel

    total $697,925 · program services $446,456 · management and general $238,122 · fundraising $13,347

  • 22 · Depreciation, depletion and amortization

    total $3,463,701 · program services $2,644,918 · management and general $669,240 · fundraising $149,543

  • 23 · Insurance

    total $462,532 · management and general $462,532

  • 24a · Other expenses: EDUC., ATHLETICS, GEN'L

    total $510,037 · program services $510,037

  • 24b · Other expenses: DINING ROOM

    total $113,951 · program services $113,951

  • 24c · Other expenses: OTHER MISCELLANEOUS EXP

    total $106,837 · program services $106,147 · fundraising $690

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $79,282 · program services $33,071 · management and general $46,211

  • 24e · All other expenses

    total $203,654 · program services $76,471 · management and general $53,413 · fundraising $73,770

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $378,242 · end of year $329,240

  • 2 · Savings and temporary cash investments

    beginning of year $38,906,718 · end of year $33,180,694

  • 3 · Pledges and grants receivable

    beginning of year $6,600,740 · end of year $8,700,397

  • 4 · Accounts receivable

    beginning of year $92,834 · end of year $251,937

  • 8 · Inventories for sale or use

    beginning of year $31,242 · end of year $38,942

  • 9 · Prepaid expenses and deferred charges

    beginning of year $588,606 · end of year $660,931

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

    $138,497,673

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

    $55,381,060

  • 10c · Land, buildings and equipment, net

    beginning of year $78,934,426 · end of year $83,116,613

  • 11 · Investments: publicly traded securities

    beginning of year $27,813,789 · end of year $31,099,327

  • 12 · Investments: other securities

    beginning of year $6,636,888 · end of year $6,392,623

  • 14 · Intangible assets

    beginning of year $350,279 · end of year $569,436

  • 15 · Other assets

    beginning of year $15,355,516 · end of year $17,027,155

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,856,902 · end of year $2,884,534

  • 19 · Deferred revenue

    beginning of year $12,148,963 · end of year $11,297,936

  • 20 · Tax-exempt bond liabilities

    beginning of year $32,886,507 · end of year $33,526,864

  • 23 · Secured mortgages and notes payable

    beginning of year $5,700,000

  • 25 · Other liabilities

    beginning of year $723,228 · end of year $1,217,144

  • 27 · Net assets without donor restrictions

    beginning of year $68,081,279 · end of year $71,399,665

  • 28 · Net assets with donor restrictions

    beginning of year $53,292,401 · end of year $61,041,152

Mission and programs · 2022

Mission

GERMANTOWN ACADEMY INSPIRES STUDENTS TO BE INDEPENDENT IN THOUGHT; CONFIDENT IN EXPRESSION; COMPASSIONATE IN SPIRIT; COLLABORATIVE IN ACTION; AND HONORABLE IN DEED.

Activities or mission (Part I)

AN INDEPENDENT, COEDUCATIONAL COLLEGE PREP SCHOOL FOR COMMUTING STUDENTS IN GRADES PRE-K - TWELVE.

  • GERMANTOWN ACADEMY IS A NON-SECTARIAN, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL EDUCATING STUDENTS FROM PRE-K TO GRADE 12. FOUNDED IN 1759, GERMANTOWN ACADEMY HAS OVER 250 YEARS OF HISTORY, TRADITION, AND OUTSTANDING ACADEMICS. GERMANTOWN ACADEMY IS A PLACE THAT INSPIRES. STUDENTS DEVELOP A LOVE OF LEARNING BEGINNING WITH THE FIRST DAY OF PRE-K THAT CONTINUES THROUGH THE FINAL DAY OF 12TH GRADE AND BEYOND. OUR DEDICATED FACULTY AND STAFF EMBRACE STUDENTS' INNATE CURIOSITY AND ENCOURAGE THEM TO BUILD UPON THEIR NATURAL STRENGTHS WHILE CHALLENGING THEM TO EXPAND THEIR KNOWLEDGE THROUGH A MULTITUDE OF LEARNING EXPERIENCES. THIS IS OUR PROMISE TO OUR STUDENTS, AND IT BECOMES THEIR FOUNDATION FOR LIFE.FOR MORE THAN 250 YEARS, STUDENTS AT GERMANTOWN ACADEMY HAVE BEEN ENCOURAGED TO FOLLOW THEIR PASSIONS. THE CUMULATIVE RESULT IS AN EXCEPTIONAL ACADEMIC, ARTISTIC, ATHLETIC, AND SOCIAL EXPERIENCE THAT CREATES SUCCESSFUL, WELL-EDUCATED, ETHICAL YOUNG PEOPLE WHO BELIEVE THEY CAN MAKE A DIFFERENCE IN THE WORLD.GERMANTOWN ACADEMY IS A PLACE OF INNOVATION. WE ARE AT THE FOREFRONT OF IMPORTANT INITIATIVES SUCH AS 21ST CENTURY CURRICULUM DEVELOPMENT, LANGUAGE INSTRUCTION, AND INTERNATIONAL RELATIONSHIPS. IF A NEW PROGRAM OR IDEA PROVIDES AN OPPORTUNITY FOR OUR STUDENTS, WE WILL EXPLORE IT.WITH TALENTED AND CARING FACULTY, HONEST AND CURIOUS STUDENTS, AND A BEAUTIFUL ENVIRONMENT, GERMANTOWN ACADEMY IS WHERE YOUR CHILD CAN BECOME HIS OR HER BEST SELF. A TOTAL OF 1,209 STUDENTS WERE ENROLLED THIS FISCAL YEAR.

    Expenses $42,161,816 · Grants $8,687,563 · Revenue $44,141,204

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Lori R Griswold

    PRESIDENT/BOARD CHAIR

    Total calculated
    $0
    Hours/week
    20

  • Michael H Jordan

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • John M Galloway

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Janet Haugen

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Larry Altman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Bela D Bagga

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Laura Brewer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ira Brownstein

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Amy Seyfert Connelly

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Anthony Disandro Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Mark Dooley

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ted Durkin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Judy A Felgoise

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Desrene Freeman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Judi J Goodman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Annamarie Geppert Hellebusch

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Philip Huang

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Jennifer Leming

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Carol Momjian

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Dr Linda White Nunes

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Salvatore J Paone Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • George M Riter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Cheryl Ross

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Andrew Sandifer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Ted Swanson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Kezirah Linn Vaughters

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Richard Schellhas

    HEAD OF SCHOOL

    Total calculated
    $575,267
    From this org
    $523,000
    From related orgs
    $0
    Other
    $52,267
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $512,500
    Bonus
    $0
    Other
    $10,500
    Deferred
    $43,563
    Nontaxable benefits
    $8,704
    Filer's total
    $575,267

  • David Pannepacker

    CFO AND COO

    Total calculated
    $234,195
    From this org
    $214,000
    From related orgs
    $0
    Other
    $20,195
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $214,000
    Bonus
    $0
    Other
    $0
    Deferred
    $10,700
    Nontaxable benefits
    $9,495
    Filer's total
    $234,195

  • Nidhi McVicar

    ASST. HEAD OF SCHOOL

    Total calculated
    $199,795
    From this org
    $178,000
    From related orgs
    $0
    Other
    $21,795
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,000
    Bonus
    $0
    Other
    $0
    Deferred
    $8,900
    Nontaxable benefits
    $12,895
    Filer's total
    $199,795

  • Jeffrey Thompson

    DIRECTOR OF AQUATICS

    Total calculated
    $257,113
    From this org
    $160,631
    From related orgs
    $0
    Other
    $96,482
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,631
    Bonus
    $0
    Other
    $0
    Deferred
    $12,938
    Nontaxable benefits
    $83,544
    Filer's total
    $257,113

  • Molly Mackean

    HEAD OF UPPER SCHOOL

    Total calculated
    $176,723
    From this org
    $160,550
    From related orgs
    $0
    Other
    $16,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,550
    Bonus
    $0
    Other
    $0
    Deferred
    $8,028
    Nontaxable benefits
    $8,145
    Filer's total
    $176,723

  • Susan Szczepkowski

    HEAD OF LOWER SCHOOL

    Total calculated
    $219,550
    From this org
    $152,500
    From related orgs
    $0
    Other
    $67,050
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,500
    Bonus
    $0
    Other
    $0
    Deferred
    $12,963
    Nontaxable benefits
    $54,087
    Filer's total
    $219,550

  • Jonas Jeswald

    HEAD OF MIDDLE SCHOOL

    Total calculated
    $225,773
    From this org
    $152,500
    From related orgs
    $0
    Other
    $73,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,500
    Bonus
    $0
    Other
    $0
    Deferred
    $12,963
    Nontaxable benefits
    $60,310
    Filer's total
    $225,773

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 · Housing allowance or residence for personal use
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 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

Answered no

  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AS A CONVENIENCE TO THE ORGANIZATION AND AS A CONDIITON OF HIS EMPLOYMENT. THIS HOUSING ALLOWANCE IS NOT INCLUDED IN TAXABLE INCOME AS IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE HEAD OF SCHOOL IS ALSO PROVIDED CLEANING SERVICES AS PART OF HIS EMPLOYMENT AGREEMENT AND THESE SERVICES ARE ALSO CONSIDERED TO BE A NONTAXABLE FRINGE BENEFIT DUE TO THE NUMBER OF BUSINESS ACTIVITIES THAT OCCUR AT THE RESIDENCE.
PART I, LINE 4B
RICHARD SCHELLHAS, HEAD OF SCHOOL, PARTICIPATES IN A NON-QUALIFIED 457(B) RETIREMENT PLAN. THE ORGANIZATION MADE CONTRIBUTIONS IN THE AMOUNT OF $17,638 DURING CALENDAR YEAR 2022.

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 corporations and trusts

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

  • PERPETUAL TRUST (1)

    T · INVESTMENTS · PA · 59.1% owned · share of income $950,040 · share of assets $17,027,155

    Directly controlled by MELLON BANK

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202431359349305303

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