Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $112,960

• 1f · All other contributions, gifts and grants

  $4,998,487

• 1g · Noncash contributions included above

  $216,844

• 2a · Program service revenue: TUITION AND FEES

  total $89,910,284 · related or exempt $89,910,284

• 2b · Program service revenue: AUXILIARY ACTIVITIES

  total $2,217,310 · related or exempt $2,217,310

• 3 · Investment income

  total $5,792,442 · excluded $5,792,442

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

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $624,403

• 6b · Less rental expenses

  real property $518,952

• 6c · Rental income or loss

  real property $105,451 · personal property $0

• 6d · Net rental income or loss

  total $105,451 · unrelated business $26,627 · excluded $78,824

• 7a · Gross sales of assets other than inventory

  securities $185,588,429 · other assets $23,916

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

  securities $146,830,550 · other assets $69,600

• 7c · Gain or loss

  securities $38,757,879 · other assets -$45,684

• 7d · Net gain or loss

  total $38,712,195 · excluded $38,712,195

• 8a · Fundraising events: gross income

  $115,966

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

  $112,960

• 8b · Fundraising events: direct expenses

  $93,901

• 8c · Net income from fundraising events

  total $22,065 · excluded $22,065

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $1,146,653

• 10b · Cost of goods sold

  $619,414

• 10c · Net income from sales of inventory

  total $527,239 · related or exempt $527,239

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $107,960 · excluded $107,960

• 11e · Other revenue, total

  $107,960

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $12,221,480 · program services $12,221,480

• 3 · Grants to foreign organizations and individuals

  total $48,680 · program services $48,680

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $2,506,694 · management and general $1,928,537 · fundraising $578,157

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $47,764,124 · program services $42,399,592 · management and general $3,909,685 · fundraising $1,454,847

• 8 · Pension plan contributions

  total $2,143,541 · program services $1,918,581 · management and general $163,252 · fundraising $61,708

• 9 · Other employee benefits

  total $7,334,197 · program services $6,564,488 · management and general $558,572 · fundraising $211,137

• 10 · Payroll taxes

  total $3,583,916 · program services $3,207,791 · management and general $272,951 · fundraising $103,174

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $430,341 · management and general $430,341

• 11c · Fees: accounting

  total $74,225 · management and general $74,225

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $254,358 · management and general $254,358

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $931,047 · management and general $381,228 · fundraising $549,819

• 13 · Office expenses

  total $1,200,541 · program services $330,029 · management and general $870,512

• 14 · Information technology

  total $1,105,424 · program services $1,001,160 · management and general $66,350 · fundraising $37,914

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $3,643,929 · program services $3,407,199 · management and general $217,103 · fundraising $19,627

• 17 · Travel

  total $471,401 · program services $305,113 · management and general $123,992 · fundraising $42,296

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $3,230,309 · program services $3,230,309

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $5,092,689 · program services $5,026,102 · management and general $48,395 · fundraising $18,192

• 23 · Insurance

  total $1,227,024 · program services $1,120,418 · management and general $85,623 · fundraising $20,983

• 24a · Other expenses: INSTRUCTIONAL MATERIALS

  total $5,204,619 · program services $5,204,619

• 24b · Other expenses: TRANSPORTATION

  total $2,468,000 · program services $2,468,000

• 24c · Other expenses: FOOD SERVICE

  total $2,349,747 · program services $2,271,188 · management and general $137,777 · fundraising -$59,218

• 24d · Other expenses: SUMMER PROGRAM

  total $432,826 · program services $432,826

• 24e · All other expenses

  total $1,200,211 · program services $281,597 · management and general $842,111 · fundraising $76,503

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $23,087,853 · end of year $25,091,190

• 3 · Pledges and grants receivable

  beginning of year $713,283 · end of year $941,704

• 4 · Accounts receivable

  beginning of year $818,997 · end of year $520,407

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $141,717 · end of year $610,914

• 9 · Prepaid expenses and deferred charges

  beginning of year $640,279 · end of year $775,773

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

  $249,393,181

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

  $114,570,762

• 10c · Land, buildings and equipment, net

  beginning of year $135,827,228 · end of year $134,822,419

• 11 · Investments: publicly traded securities

  beginning of year $152,363,096 · end of year $152,176,027

• 12 · Investments: other securities

  beginning of year $566,692 · end of year $590,807

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $832,344 · end of year $106,011

• 17 · Accounts payable and accrued expenses

  beginning of year $11,899,907 · end of year $11,952,567

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $11,780,595 · end of year $10,843,622

• 20 · Tax-exempt bond liabilities

  beginning of year $65,729,584 · end of year $57,468,903

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $3,487,500 · end of year $3,037,500

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $855,830 · end of year $1,079,716

• 27 · Net assets without donor restrictions

  beginning of year $194,911,236 · end of year $201,829,481

• 28 · Net assets with donor restrictions

  beginning of year $26,326,837 · end of year $29,423,463

The filer's explanations (Part III)

PART I, LINE 1A

Housing Allowance: The president is paid a housing allowance each year - $72,000 for 2024 calendar year - all included in taxable compensation. One vice president lives on campus in housing provided for the benefit of Woodward Academy and as a condition of the individual's employment, and therefore treated as nontaxable. Another vice president lives off campus in housing owned by Woodward Academy and rented to the individual at a reasonable, subsidized rent, and therefore treated as nontaxable, as well. SOCIAL CLUB DUES: THE SCHOOL PAYS DUES FOR THE PRESIDENT'S MEMBERSHIP IN A LOCAL BUSINESS/SOCIAL CLUB. THE PAYMENTS OF WHICH ARE TREATED AS A NONTAXABLE BENEFIT BECAUSE THE MEMBERSHIP IS USED FOR SCHOOL BUSINESS PURPOSES ONLY.

PART I, LINE 4B

WOODWARD ACADEMY CONTRIBUTED $75,000 TO THE SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS FOR DR. F. STUART GULLEY. AMOUNTS IN THE PLAN VEST OVER TIME BASED ON THE NUMBER OF YEARS OF SERVICE.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST

  TRUST · INVESTMENT · GA · 100% owned · share of income $0 · share of assets $106,004

  Directly controlled by CIBC PRIVATE