Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $6,090

• 1b · Membership dues

  $20,170

• 1c · Fundraising events

  $491,171

• 1e · Government grants (contributions)

  $227,028

• 1f · All other contributions, gifts and grants

  $19,295,269

• 1g · Noncash contributions included above

  $231,856

• 2a · Program service revenue: TUITION

  total $45,237,041 · related or exempt $45,237,041

• 2b · Program service revenue: AUXILIARY ATHLETIC PROGRAMS

  total $1,725,432 · related or exempt $1,725,432

• 2c · Program service revenue: OUTSOURCED SUMMER CAMP PROGRAMS

  total $90,851 · unrelated business $90,851

• 2d · Program service revenue: DEPOSIT/APPLICATIONS

  total $25,396 · related or exempt $25,396

• 2e · Program service revenue: TUITION MANAGEMENT INCOME

  total $12,155 · related or exempt $12,155

• 3 · Investment income

  total $2,678,753 · excluded $2,678,753

• 6a · Gross rents

  real property $84,108

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $84,108

• 6d · Net rental income or loss

  total $84,108 · related or exempt $84,108

• 7a · Gross sales of assets other than inventory

  securities $3,999,830

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

  securities $3,066,566

• 7c · Gain or loss

  securities $933,264

• 7d · Net gain or loss

  total $933,264 · excluded $933,264

• 8a · Fundraising events: gross income

  $156,362

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

  $491,171

• 8b · Fundraising events: direct expenses

  $197,498

• 8c · Net income from fundraising events

  total -$41,136 · excluded -$41,136

• 10a · Gross sales of inventory

  $2,158,252

• 10b · Cost of goods sold

  $2,254,586

• 10c · Net income from sales of inventory

  total -$96,334 · excluded -$96,334

• 11a · Other revenue: LATE FEES AND OTHER

  total $4,494 · related or exempt $4,494

• 11e · Other revenue, total

  $4,494

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $8,935,384 · program services $8,935,384

• 3 · Grants to foreign organizations and individuals

  total $50,708 · program services $50,708

• 5 · Compensation of officers, directors and key employees

  total $1,142,436 · program services $802,985 · management and general $333,097 · fundraising $6,354

• 7 · Other salaries and wages

  total $25,983,269 · program services $22,548,063 · management and general $2,446,924 · fundraising $988,282

• 8 · Pension plan contributions

  total $1,551,597 · program services $1,346,463 · management and general $146,119 · fundraising $59,015

• 9 · Other employee benefits

  total $2,206,753 · program services $1,915,001 · management and general $207,817 · fundraising $83,935

• 10 · Payroll taxes

  total $2,013,804 · program services $1,754,291 · management and general $184,853 · fundraising $74,660

• 11b · Fees: legal

  total $127,797 · program services $84,688 · management and general $9,460 · fundraising $33,649

• 11c · Fees: accounting

  total $61,000 · program services $53,070 · management and general $5,490 · fundraising $2,440

• 11f · Fees: investment management

  total $46,043 · management and general $46,043

• 11g · Fees: other

  total $1,282,039 · program services $1,112,543 · management and general $120,734 · fundraising $48,762

• 12 · Advertising and promotion

  total $115,170 · program services $57,755 · management and general $5,217 · fundraising $52,198

• 13 · Office expenses

  total $1,305,566 · program services $1,265,960 · management and general $28,683 · fundraising $10,923

• 14 · Information technology

  total $663,798 · program services $608,478 · management and general $39,405 · fundraising $15,915

• 16 · Occupancy

  total $1,836,041 · program services $1,593,402 · management and general $172,834 · fundraising $69,805

• 17 · Travel

  total $1,207,541 · program services $1,169,139 · management and general $9,041 · fundraising $29,361

• 20 · Interest

  total $259,229 · program services $224,957 · management and general $24,412 · fundraising $9,860

• 22 · Depreciation, depletion and amortization

  total $5,515,179 · program services $4,786,026 · management and general $519,381 · fundraising $209,772

• 23 · Insurance

  total $296,038 · program services $256,899 · management and general $27,879 · fundraising $11,260

• 24a · Other expenses: GIVING AND SUPPORT

  total $1,218,517 · fundraising $1,218,517

• 24b · Other expenses: ATHLETICS

  total $618,082 · program services $618,082

• 24c · Other expenses: INSTRUCTIONAL

  total $390,445 · program services $353,846 · management and general $33,347 · fundraising $3,252

• 24d · Other expenses: STUDENT SERVICES

  total $137,838 · program services $137,838

• 24e · All other expenses

  total $584,692 · program services $502,195 · management and general $30,460 · fundraising $52,037

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,586 · end of year $20,686

• 2 · Savings and temporary cash investments

  beginning of year $17,264,097 · end of year $20,302,411

• 3 · Pledges and grants receivable

  beginning of year $11,649,876 · end of year $14,046,317

• 4 · Accounts receivable

  beginning of year $380,800 · end of year $327,160

• 8 · Inventories for sale or use

  beginning of year $34,273 · end of year $61,611

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,806,812 · end of year $5,915,337

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

  $228,698,249

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

  $77,254,273

• 10c · Land, buildings and equipment, net

  beginning of year $155,481,360 · end of year $151,443,976

• 11 · Investments: publicly traded securities

  beginning of year $86,697,468 · end of year $99,887,427

• 12 · Investments: other securities

  beginning of year $9,900,001 · end of year $9,900,000

• 14 · Intangible assets

  beginning of year $676,957 · end of year $649,062

• 17 · Accounts payable and accrued expenses

  beginning of year $4,675,811 · end of year $3,895,036

• 19 · Deferred revenue

  beginning of year $10,149,953 · end of year $11,549,298

• 20 · Tax-exempt bond liabilities

  beginning of year $8,575,842 · end of year $7,833,115

• 25 · Other liabilities

  beginning of year $459,405 · end of year $349,201

• 27 · Net assets without donor restrictions

  beginning of year $209,966,140 · end of year $219,796,674

• 28 · Net assets with donor restrictions

  beginning of year $52,081,079 · end of year $59,130,663

The filer's explanations (Part III)

PART I, LINE 1A

HEAD OF SCHOOL DR. THOMAS J. LOCKE HAS A RESIDENCE IN WHICH HE LIVES ON CAMPUS. THE HOUSING ALLOWANCE IS NOT INCLUDED IN HIS TAXABLE COMPENSATION SINCE IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE SCHOOL PROVIDES CLEANING AND MAINTENANCE SERVICES FOR THE HOUSE AND ITS ENVIRONS AS THE RESIDENCE IS REGULARLY USED FOR SCHOOL-RELATED EVENTS. THE SCHOOL ALSO SUPPORTS HEAD OF SCHOOL DR. THOMAS J. LOCKE'S DEVELOPMENT ACTIVITY BY PROVIDING MEMBERSHIPS TO VARIOUS LOCAL CLUBS AND ORGANIZATIONS AT WHICH VARIOUS SCHOOL-RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS ARE HELD. THE ABOVE-MENTIONED BENEFITS ARE NOT INCLUDED IN THE HEAD OF SCHOOL'S TAXABLE COMPENSATION.