Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $25,152,151

• 1g · Noncash contributions included above

  $1,844,781

• 2a · Program service revenue: STUDENT TUITION

  total $41,654,390 · related or exempt $41,654,390

• 2b · Program service revenue: PROGRAM FEES

  total $1,714,052 · related or exempt $1,714,052

• 3 · Investment income

  total $3,925,131 · unrelated business $42,511 · excluded $3,882,620

• 7a · Gross sales of assets other than inventory

  securities $724,278,074

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

  securities $674,646,000

• 7c · Gain or loss

  securities $49,632,074

• 7d · Net gain or loss

  total $49,632,074 · excluded $49,632,074

• 10a · Gross sales of inventory

  $519,245

• 10b · Cost of goods sold

  $370,662

• 10c · Net income from sales of inventory

  total $148,583 · related or exempt $148,583

• 11a · Other revenue: INSURANCE SETTLEMENT

  total $220,000 · excluded $220,000

• 11b · Other revenue: HOCKEY RINK

  total $214,953 · unrelated business $214,953

• 11c · Other revenue: AUXILIARY INCOME

  total $91,116 · related or exempt $36,947 · excluded $54,169

• 11e · Other revenue, total

  $526,069

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $11,076,555 · program services $11,076,555

• 5 · Compensation of officers, directors and key employees

  total $1,816,870 · program services $312,872 · management and general $1,053,847 · fundraising $450,151

• 7 · Other salaries and wages

  total $19,516,113 · program services $16,583,160 · management and general $1,511,556 · fundraising $1,421,397

• 8 · Pension plan contributions

  total $1,533,175 · program services $1,322,829 · management and general $124,816 · fundraising $85,530

• 9 · Other employee benefits

  total $6,008,485 · program services $4,892,298 · management and general $738,710 · fundraising $377,477

• 10 · Payroll taxes

  total $1,506,398 · program services $1,234,091 · management and general $148,857 · fundraising $123,450

• 11b · Fees: legal

  total $527,590 · management and general $527,590

• 11c · Fees: accounting

  total $91,662 · management and general $91,662

• 11e · Fees: professional fundraising services

  total $214,511 · fundraising $214,511

• 11f · Fees: investment management

  total $1,683,578 · management and general $1,683,578

• 11g · Fees: other

  total $6,597,540 · program services $5,723,744 · management and general $703,820 · fundraising $169,976

• 12 · Advertising and promotion

  total $85,723 · program services $83,466 · management and general $2,195 · fundraising $62

• 13 · Office expenses

  total $1,452,190 · program services $966,318 · management and general $205,150 · fundraising $280,722

• 14 · Information technology

  total $928,264 · program services $913,998 · management and general $7,849 · fundraising $6,417

• 15 · Royalties

  total $5,044 · program services $5,044

• 16 · Occupancy

  total $3,238,708 · program services $3,157,942 · management and general $57,869 · fundraising $22,897

• 17 · Travel

  total $693,243 · program services $472,355 · management and general $136,850 · fundraising $84,038

• 19 · Conferences, conventions and meetings

  total $325,822 · program services $224,811 · management and general $98,601 · fundraising $2,410

• 20 · Interest

  total $1,105,242 · program services $1,077,680 · management and general $19,748 · fundraising $7,814

• 22 · Depreciation, depletion and amortization

  total $6,329,504 · program services $6,171,661 · management and general $113,095 · fundraising $44,748

• 23 · Insurance

  total $797,256 · program services $777,375 · management and general $14,245 · fundraising $5,636

• 24a · Other expenses: INSTRUCTION

  total $930,617 · program services $930,617

• 24b · Other expenses: GENERAL AND INSTITUTION

  total $896,780 · program services $98,087 · management and general $798,693

• 24c · Other expenses: DEVELOPMENT

  total $695,971 · fundraising $695,971

• 24d · Other expenses: STUDENT SERVICES

  total $302,431 · program services $302,431

• 24e · All other expenses

  total $47,041 · program services $47,041

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $20,794,700 · end of year $21,297,717

• 3 · Pledges and grants receivable

  beginning of year $8,320,987 · end of year $6,345,290

• 4 · Accounts receivable

  beginning of year $8,340,483 · end of year $8,320,756

• 8 · Inventories for sale or use

  beginning of year $403,964 · end of year $485,367

• 9 · Prepaid expenses and deferred charges

  beginning of year $567,315 · end of year $938,557

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

  $242,586,105

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

  $119,120,621

• 10c · Land, buildings and equipment, net

  beginning of year $121,921,685 · end of year $123,465,484

• 11 · Investments: publicly traded securities

  beginning of year $168,418,035 · end of year $48,004,027

• 12 · Investments: other securities

  beginning of year $164,468,557 · end of year $315,069,872

• 15 · Other assets

  beginning of year $336,837 · end of year $6,702,948

• 17 · Accounts payable and accrued expenses

  beginning of year $3,046,322 · end of year $4,292,380

• 19 · Deferred revenue

  beginning of year $20,851,582 · end of year $22,513,109

• 20 · Tax-exempt bond liabilities

  beginning of year $35,708,902 · end of year $34,543,763

• 23 · Secured mortgages and notes payable

  end of year $500,000

• 25 · Other liabilities

  beginning of year $4,853,385 · end of year $4,752,843

• 27 · Net assets without donor restrictions

  beginning of year $189,484,825 · end of year $200,982,464

• 28 · Net assets with donor restrictions

  beginning of year $239,627,547 · end of year $263,045,459

The filer's explanations (Part III)

PART I, LINE 1A

THE SCHOOL OPERATES AS A BOARDING SCHOOL WITH APPROXIMATELY 490 STUDENTS RESIDING ON CAMPUS. ACCORDINGLY, CERTAIN INDIVIDUALS ARE REQUIRED TO RESIDE ON CAMPUS. THE VALUE OF SCHOOL HOUSING PROVIDED FOR THIS PURPOSE MEETS THE REQUIREMENT FOR TAX EXEMPTION UNDER IRC SECTION 119, AND ACCORDINGLY, IS INCLUDED IN NON-TAXABLE BENEFITS. THE FOLLOWING INDIVIDUALS, LISTED ON PART II, RECEIVED HOUSING: PETER BECKER, JOHN H. ODDEN, AND ALVIN I. REIFF, JR. THE HEAD OF SCHOOL IS PROVIDED A DISCRETIONARY SPENDING ACCOUNT AS PART OF THE SCHOOL'S OPERATING BUDGET. PROCESSES AND PROCEDURES ARE IN PLACE TO VERIFY THE BUSINESS NATURE OF THESE EXPENDITURES. THIS IS NOT CONSIDERED A TAXABLE BENEFIT TO THE HEAD OF SCHOOL.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (1)

  T · TRUST · CT · controlled entity

  Directly controlled by THE TAFT SCHOOL CORPORATION

• CHARITABLE REMAINDER TRUST (1)

  T · TRUST · CT