Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $6,920,310

• 1f · All other contributions, gifts and grants

  $31,722,721

• 1g · Noncash contributions included above

  $3,861,569

• 2a · Program service revenue: TUITION AND FEES

  total $56,051,170 · related or exempt $56,051,170

• 2b · Program service revenue: SUMMER PROGRAMS

  total $5,275,601 · related or exempt $5,275,601

• 2c · Program service revenue: STUDENT ACTIVITIES

  total $346,561 · related or exempt $346,561

• 2d · Program service revenue: APPLICATION FEES

  total $334,100 · related or exempt $334,100

• 2e · Program service revenue: HEALTH CENTER/COUNSELING

  total $15,940 · related or exempt $15,940

• 2f · All other program service revenue

  total $513,547 · related or exempt $513,547

• 3 · Investment income

  total $3,700,609 · unrelated business $110,340 · excluded $3,590,269

• 7a · Gross sales of assets other than inventory

  securities $18,209,185 · other assets $61,829

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

  securities $18,168,869 · other assets $29,700

• 7c · Gain or loss

  securities $40,316 · other assets $32,129

• 7d · Net gain or loss

  total $72,445 · excluded $72,445

• 10a · Gross sales of inventory

  $373,815

• 10b · Cost of goods sold

  $463,212

• 10c · Net income from sales of inventory

  total -$89,397 · excluded -$89,397

• 11a · Other revenue: EVENT AND RINK RENTALS

  total $309,533 · unrelated business $309,533

• 11e · Other revenue, total

  $309,533

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $15,162,741 · program services $15,162,741

• 5 · Compensation of officers, directors and key employees

  total $1,382,675 · program services $233,530 · management and general $682,086 · fundraising $467,059

• 6 · Compensation of disqualified persons

  total $51,762 · management and general $25,881 · fundraising $25,881

• 7 · Other salaries and wages

  total $27,473,455 · program services $22,369,920 · management and general $2,352,925 · fundraising $2,750,610

• 8 · Pension plan contributions

  total $3,526,698 · program services $2,966,632 · management and general $283,250 · fundraising $276,816

• 9 · Other employee benefits

  total $6,528,884 · program services $5,877,831 · management and general $411,681 · fundraising $239,372

• 10 · Payroll taxes

  total $1,989,733 · program services $1,605,443 · management and general $193,591 · fundraising $190,699

• 11a · Fees: management

  total $8,565,044 · program services $8,171,186 · management and general $192,049 · fundraising $201,809

• 11b · Fees: legal

  total $112,691 · program services $101,422 · management and general $11,269

• 11c · Fees: accounting

  total $420,250 · management and general $420,250

• 11f · Fees: investment management

  total $2,434,963 · management and general $2,434,963

• 11g · Fees: other

  total $2,431,554 · program services $1,831,095 · management and general $316,328 · fundraising $284,131

• 12 · Advertising and promotion

  total $133,308 · program services $42,571 · management and general $90,657 · fundraising $80

• 13 · Office expenses

  total $2,802,162 · program services $2,256,159 · management and general $391,151 · fundraising $154,852

• 14 · Information technology

  total $246,912 · program services $239,229 · management and general $3,525 · fundraising $4,158

• 15 · Royalties

  total $5,350 · program services $5,350

• 16 · Occupancy

  total $2,261,299 · program services $2,190,588 · management and general $50,575 · fundraising $20,136

• 17 · Travel

  total $2,060,433 · program services $1,786,633 · management and general $70,931 · fundraising $202,869

• 19 · Conferences, conventions and meetings

  total $318,522 · program services $289,854 · management and general $17,332 · fundraising $11,336

• 20 · Interest

  total $962,171 · program services $942,420 · management and general $11,105 · fundraising $8,646

• 22 · Depreciation, depletion and amortization

  total $12,886,957 · program services $12,618,713 · management and general $152,373 · fundraising $115,871

• 23 · Insurance

  total $1,909,694 · program services $1,377,393 · management and general $494,555 · fundraising $37,746

• 24a · Other expenses: MAINTENANCE & REPAIR

  total $5,522,733 · program services $5,413,995 · management and general $59,930 · fundraising $48,808

• 24b · Other expenses: OUTSIDE RENTALS

  total $226,692 · program services $133,443 · management and general $3,041 · fundraising $90,208

• 24c · Other expenses: MINOR EQUIP. PURCHASE

  total $160,478 · program services $147,618 · management and general $8,456 · fundraising $4,404

• 24d · Other expenses: GIFTS & RECOGNITION

  total $147,235 · program services $69,288 · management and general $34,294 · fundraising $43,653

• 24e · All other expenses

  total $213,325 · program services $191,993 · management and general $3,786 · fundraising $17,546

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $54,708,384 · end of year $54,195,897

• 3 · Pledges and grants receivable

  beginning of year $29,238,136 · end of year $29,107,181

• 4 · Accounts receivable

  beginning of year $27,436,638 · end of year $29,462,858

• 7 · Other notes and loans receivable

  beginning of year $6,537 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,476,157 · end of year $2,374,373

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

  $404,420,214

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

  $214,476,723

• 10c · Land, buildings and equipment, net

  beginning of year $182,167,991 · end of year $189,943,491

• 11 · Investments: publicly traded securities

  beginning of year $50,685,146 · end of year $55,693,538

• 12 · Investments: other securities

  beginning of year $453,136,875 · end of year $494,189,103

• 15 · Other assets

  beginning of year $775,946 · end of year $7,323,572

• 17 · Accounts payable and accrued expenses

  beginning of year $6,188,873 · end of year $11,033,875

• 19 · Deferred revenue

  beginning of year $45,437,603 · end of year $47,103,823

• 20 · Tax-exempt bond liabilities

  beginning of year $35,747,839 · end of year $34,513,055

• 25 · Other liabilities

  beginning of year $2,589,209 · end of year $2,726,190

• 27 · Net assets without donor restrictions

  beginning of year $309,089,507 · end of year $330,222,113

• 28 · Net assets with donor restrictions

  beginning of year $401,578,779 · end of year $436,690,957

The filer's explanations (Part III)

PART I, LINE 1A

THE HEAD OF SCHOOL IS ALLOWED FIRST CLASS TRAVEL UNDER LIMITED CIRCUMSTANCES CONNECTED TO SCHEDULE AND DISTANCE TRAVELED. THIS IS NOT TREATED AS TAXABLE. THE FACULTY RECEIVE HOUSING IN ACCORDANCE WITH THE SCHOOL'S HOUSING POLICY. THE SCHOOL'S SENIOR LEADERSHIP AND FACULTY RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. AS A CONDITION OF EMPLOYMENT, THE SCHOOL REQUIRES SENIOR LEADERSHIP TO RESIDE ON CAMPUS AND CONSIDER THEIR HOME AS AN INTEGRAL PART OF THE CAMPUS ENVIRONMENT; TO OPEN THEIR HOME FOR STUDENTS AND ADVISEES; AND TO ASSUME DORMITORY OR OTHER RESIDENTIAL LIFE SUPERVISORY RESPONSIBILITIES AS ASSIGNED. SENIOR LEADERSHIP IS ON CALL 24/7. THE VALUE OF HOUSING IS REPORTED IN SCHEDULE J, PART II, COLUMN (D) AND IS TREATED AS NON-TAXABLE. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING. THE HEAD OF SCHOOL MAY SEEK REIMBURSEMENT FOR CERTAIN PERSONAL PROFESSIONAL SERVICES SUCH AS FINANCIAL PLANNING AND TAX COUNSELING WHICH ARE TREATED AS NON-TAXABLE. THE HEAD OF SCHOOL RESIDENCE RECEIVES HOUSEKEEPING SERVICES IN CONNECTION WITH ITS REGULAR USE FOR SCHOOL EVENTS, AND AS SUCH, IT IS NOT TAXABLE.

PART I, LINE 1B

THE SCHOOL REQUIRES THAT ITS SENIOR LEADERSHIP RESIDE ON CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER. ALL FACULTY ARE REQUIRED TO PROVIDE SERVICES TOWARD THE RESIDENTIAL LIFE PROGRAM AT CHOATE ROSEMARY HALL. THE SCHOOL DOES NOT REIMBURSE EXPENSES FOR HOUSING AND PERSONAL SERVICES. FACULTY RECEIVE HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE EMPLOYER AND IN ACCORDANCE WITH THE SCHOOL'S FACULTY HOUSING POLICY.

PART I, LINES 4A-B

LINE 4A: THE HEAD OF SCHOOL AND THE CHIEF FINANCIAL OFFICER PARTICIPATE IN A SECTION PARTICIPATES IN A SECTION 457(F) PLAN THAT HAS A SUBSTANTIAL RISK OF FORFEITURE. LINE 4B: MARI JONES HAS A SEPARATION AGREEMENT FOR $96,424, AS REPORTED IN PART II, COLUMN (B)(III).

PART I, LINE 7

MARI JONES RECEIVED A BONUS WHICH WAS PAID OUT TO DEVELOPMENT STAFF FOR CAPITAL CAMPAIGN WORK.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• CRH INVESTMENTS HOLDINGS LP

  EXCLUDED · INVESTING · DE · 100% owned · share of income $8,476,129 · share of assets $473,673,340

  Directly controlled by GEM LP

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (1)

  T · CHARITABLE TRUST · CT