Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $38,300

• 1f · All other contributions, gifts and grants

  $2,249,564

• 1g · Noncash contributions included above

  $84,473

• 2a · Program service revenue: TUITION AND FEES

  total $21,108,555 · related or exempt $21,108,555

• 2b · Program service revenue: SUMMER PROGRAM

  total $860,824 · related or exempt $860,824

• 2c · Program service revenue: AUXILLARY ACTIVITIES

  total $250,480 · related or exempt $250,480

• 3 · Investment income

  total $517,359 · excluded $517,359

• 6a · Gross rents

  real property $528,658

• 6b · Less rental expenses

  real property $456,792

• 6c · Rental income or loss

  real property $71,866

• 6d · Net rental income or loss

  total $71,866 · unrelated business -$57,482 · excluded $129,348

• 7a · Gross sales of assets other than inventory

  securities $202,905 · other assets $4,500

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $202,905 · other assets $4,500

• 7d · Net gain or loss

  total $207,405 · excluded $207,405

• 8a · Fundraising events: gross income

  $33,280

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

  $38,300

• 8b · Fundraising events: direct expenses

  $50,404

• 8c · Net income from fundraising events

  total -$17,124 · excluded -$17,124

• 10a · Gross sales of inventory

  $89,692

• 10b · Cost of goods sold

  $88,164

• 10c · Net income from sales of inventory

  total $1,528 · excluded $1,528

• 11a · Other revenue: EMPLOYEE RETENTION CREDIT

  total $2,185,819 · excluded $2,185,819

• 11b · Other revenue: OTHER REVENUE

  total $36,692 · related or exempt $36,692

• 11d · All other revenue

  total $1,278 · excluded $1,278

• 11e · Other revenue, total

  $2,223,789

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $4,937,140 · program services $4,937,140

• 5 · Compensation of officers, directors and key employees

  total $718,465 · program services $358,131 · management and general $206,220 · fundraising $154,114

• 7 · Other salaries and wages

  total $9,012,824 · program services $6,648,535 · management and general $1,437,539 · fundraising $926,750

• 8 · Pension plan contributions

  total $627,386 · program services $443,244 · management and general $110,002 · fundraising $74,140

• 9 · Other employee benefits

  total $2,028,934 · program services $1,353,065 · management and general $525,591 · fundraising $150,278

• 10 · Payroll taxes

  total $685,272 · program services $508,209 · management and general $106,167 · fundraising $70,896

• 11b · Fees: legal

  total $8,849 · management and general $8,849

• 11c · Fees: accounting

  total $62,287 · management and general $62,287

• 11f · Fees: investment management

  total $66,390 · management and general $66,390

• 11g · Fees: other

  total $356,487 · program services $356,487

• 12 · Advertising and promotion

  total $90,281 · management and general $90,281

• 13 · Office expenses

  total $224,264 · program services $206 · management and general $132,551 · fundraising $91,507

• 14 · Information technology

  total $240,580 · program services $175,623 · management and general $48,116 · fundraising $16,841

• 16 · Occupancy

  total $1,441,193 · program services $1,282,662 · management and general $158,531

• 17 · Travel

  total $19,052 · program services $4,829 · management and general $12,305 · fundraising $1,918

• 20 · Interest

  total $121,581 · program services $88,754 · management and general $24,316 · fundraising $8,511

• 22 · Depreciation, depletion and amortization

  total $1,620,024 · program services $1,139,358 · management and general $356,049 · fundraising $124,617

• 23 · Insurance

  total $193,709 · program services $141,407 · management and general $38,742 · fundraising $13,560

• 24a · Other expenses: INSTRUCTION

  total $1,588,952 · program services $1,456,493 · management and general $117,038 · fundraising $15,421

• 24b · Other expenses: LUNCH PROGRAM

  total $750,939 · program services $750,939

• 24c · Other expenses: BUS

  total $276,180 · program services $276,180

• 24d · Other expenses: NON-TUITION EXPENSES

  total $138,664 · program services $138,664

• 24e · All other expenses

  total $466,184 · program services $235,728 · management and general $73,973 · fundraising $156,483

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,940,348 · end of year $1,446,034

• 2 · Savings and temporary cash investments

  beginning of year $2,498,971 · end of year $2,080,178

• 3 · Pledges and grants receivable

  beginning of year $1,275,454 · end of year $828,588

• 4 · Accounts receivable

  beginning of year $44,108 · end of year $62,992

• 8 · Inventories for sale or use

  beginning of year $62,037 · end of year $53,582

• 9 · Prepaid expenses and deferred charges

  beginning of year $518,300 · end of year $530,594

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

  $52,950,217

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

  $22,716,471

• 10c · Land, buildings and equipment, net

  beginning of year $29,830,064 · end of year $30,233,746

• 11 · Investments: publicly traded securities

  beginning of year $17,577,832 · end of year $21,897,360

• 12 · Investments: other securities

  beginning of year $45,792 · end of year $35,068

• 15 · Other assets

  beginning of year $76,599 · end of year $414,365

• 17 · Accounts payable and accrued expenses

  beginning of year $1,457,426 · end of year $648,529

• 19 · Deferred revenue

  beginning of year $2,380,117 · end of year $2,713,356

• 20 · Tax-exempt bond liabilities

  beginning of year $5,295,175 · end of year $5,025,731

• 25 · Other liabilities

  beginning of year $0 · end of year $354,697

• 27 · Net assets without donor restrictions

  beginning of year $34,748,066 · end of year $37,188,366

• 28 · Net assets with donor restrictions

  beginning of year $10,988,721 · end of year $11,651,828

The filer's explanations (Part III)

PART I, LINE 1A

THE PINGREE SCHOOL PROVIDES HOUSING FOR A LIMITED NUMBER OF EMPLOYEES. SOME LIVE IN SCHOOL HOUSING AS A CONDITION OF EMPLOYMENT, SUCH AS THE HEAD OF SCHOOL. THE ESTIMATED VALUE OF THIS NONTAXABLE BENEFIT IS $18,000 FOR THE HEAD OF SCHOOL. THESE ESTIMATED VALUES ARE BASED ON MARKET RENT IN THE NORTH SHORE AREA OF MASSACHUSETTS, AND HIS POSITION AND JOB DUTIES, INVOLVING BEING ON CAMPUS AND ENTERTAINMENT OBLIGATIONS.

PART I, LINE 1B:

IT IS THE POLICY OF THE PINGREE SCHOOL TO REIMBURSE ALL EMPLOYEES FOR EXPENSES INCURRED DURING THE CONDUCT OF SCHOOL BUSINESS. THIS ALSO INCLUDES EXPENSES INCURRED AT THE HEAD OF SCHOOL'S DISCRETION. THESE EXPENSES ARE REVIEWED BY THE BUSINESS OFFICE AND SUBSTANTIATED BEFORE BEING REIMBURSED OR PAID DIRECTLY TO AN APPROVED VENDOR. IN ADDITION, THE PRESIDENT OF THE BOARD OF TRUSTEES REVIEWS A SUMMARY OF THESE EXPENSES ON A SEMI ANNUAL BASIS. THE SCHOOL'S PRACTICE IS FOR THE PRESIDENT OF THE BOARD OF TRUSTEES TO REVIEW DISCRETIONARY EXPENSES APPROVED BY THE HEAD OF SCHOOL.

PART I, LINE 1A:

PINGREE WILL PAY THE COST OF ATTENDING UP TO TWO CONFERENCES PER YEAR FOR THE HEAD OF SCHOOL'S SPOUSE TO ATTEND WITH THE HEAD OF SCHOOL. THESE ARE TO BE DETERMINED AND AGREED UPON IN ADVANCE BY THE BOARD CHAIR AND HEAD OF SCHOOL.

SCHEDULE J, PART II, COLUMN (D):

AMOUNTS INCLUDED IN SCHEDULE J, PART II, COLUMN (D), NONTAXABLE BENEFITS, ARE NONTAXABLE TUITION REMISSION AMOUNTS, IF APPLICABLE. ALL FULL TIME EMPLOYEES ARE ELIGIBLE FOR TUITION REMISSION. TIMOTHY JOHNSON AND KRISTIN BROWN ARE EACH DISCLOSING $48,420 OF TUITION REMISSION FOR THE 2022 CALENDAR YEAR.