Totals
- Total revenue
- $74,753,498
- Total expenses
- $60,864,819
- Contributions and grants received
- $12,460,366
- Grants paid
- $9,779,333
- Program service revenue
- $49,284,833
- Investment income
- $12,732,037
- Other revenue
- $276,262
- Total assets, end of year
- $319,607,013
- Total liabilities, end of year
- $24,299,719
- Net assets or fund balances, end of year
- $295,307,294
- Program services expenses (Part IX)
- $44,707,670
- Management and general expenses
- $12,978,599
- Fundraising expenses
- $3,178,550
- Program service expenses (Part III)
- $44,707,670
Program services were 73.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$434,114
-
1e · Government grants (contributions)
$259,695
-
1f · All other contributions, gifts and grants
$11,766,557
-
1g · Noncash contributions included above
$496,357
-
2a · Program service revenue: tuition
total $47,252,450 · related or exempt $47,252,450
-
2b · Program service revenue: deposit/applications
total $33,941 · related or exempt $33,941
-
2c · Program service revenue: auxiliary athletic programs
total $1,990,709 · related or exempt $1,990,709
-
2d · Program service revenue: tuition management income
total $7,733 · related or exempt $7,733
-
3 · Investment income
total $3,444,582 · excluded $3,444,582
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $141,281
-
6c · Rental income or loss
real property $141,281 · personal property $0
-
6d · Net rental income or loss
total $141,281
-
7a · Gross sales of assets other than inventory
securities $11,041,334 · other assets $14,150
-
7b · Less cost or other basis and sales expenses
securities $1,768,029
-
7c · Gain or loss
securities $9,273,305 · other assets $14,150
-
7d · Net gain or loss
total $9,287,455
-
8a · Fundraising events: gross income
$129,560
-
8a · Fundraising events: contributions included on line 1c
$434,114
-
8b · Fundraising events: direct expenses
$152,768
-
8c · Net income from fundraising events
total -$23,208
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$2,263,121
-
10b · Cost of goods sold
$2,273,144
-
10c · Net income from sales of inventory
total -$10,023
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $168,212 · related or exempt $168,212
-
11e · Other revenue, total
$168,212
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $9,717,379 · program services $9,717,379
-
3 · Grants to foreign organizations and individuals
total $61,954 · program services $61,954
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $1,384,077 · program services $947,539 · management and general $350,310 · fundraising $86,228
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $27,666,577 · program services $18,940,539 · management and general $7,002,411 · fundraising $1,723,627
-
8 · Pension plan contributions
total $1,647,293 · program services $1,127,737 · management and general $416,930 · fundraising $102,626
-
9 · Other employee benefits
total $2,238,150 · program services $1,532,237 · management and general $566,476 · fundraising $139,437
-
10 · Payroll taxes
total $2,164,650 · program services $1,481,919 · management and general $547,873 · fundraising $134,858
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $106,353 · program services $72,809 · management and general $26,918 · fundraising $6,626
-
11c · Fees: accounting
total $25,428 · program services $17,408 · management and general $6,436 · fundraising $1,584
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $65,420 · management and general $65,420
-
11g · Fees: other
total $1,453,171 · program services $994,841 · management and general $367,798 · fundraising $90,532
-
12 · Advertising and promotion
total $136,128 · program services $93,193 · management and general $34,454 · fundraising $8,481
-
13 · Office expenses
total $1,318,920 · program services $902,933 · management and general $333,819 · fundraising $82,168
-
14 · Information technology
total $1,056,410 · program services $723,218 · management and general $267,377 · fundraising $65,815
-
15 · Royalties
total $0
-
16 · Occupancy
total $2,020,787 · program services $1,383,431 · management and general $511,461 · fundraising $125,895
-
17 · Travel
total $1,287,996 · program services $881,762 · management and general $325,992 · fundraising $80,242
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $236,203 · program services $161,705 · management and general $59,783 · fundraising $14,715
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $5,170,957 · program services $3,540,037 · management and general $1,308,769 · fundraising $322,151
-
23 · Insurance
total $330,523 · program services $226,276 · management and general $83,655 · fundraising $20,592
-
24a · Other expenses: ATHLETICS
total $614,510 · program services $420,694 · management and general $155,532 · fundraising $38,284
-
24b · Other expenses: instructional
total $412,875 · program services $282,654 · management and general $104,499 · fundraising $25,722
-
24c · Other expenses: ADVANCEMENT
total $302,301 · program services $206,955 · management and general $76,512 · fundraising $18,834
-
24d · Other expenses: student services
total $228,316 · program services $156,305 · management and general $57,787 · fundraising $14,224
-
24e · All other expenses
total $1,218,441 · program services $834,145 · management and general $308,387 · fundraising $75,909
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $20,686 · end of year $1,592
-
2 · Savings and temporary cash investments
beginning of year $20,302,411 · end of year $15,785,011
-
3 · Pledges and grants receivable
beginning of year $14,046,317 · end of year $7,857,347
-
4 · Accounts receivable
beginning of year $327,160 · end of year $380,090
-
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 $61,611 · end of year $92,732
-
9 · Prepaid expenses and deferred charges
beginning of year $5,915,337 · end of year $2,244,253
-
10a · Land, buildings and equipment: cost or other basis
$235,208,870
-
10b · Land, buildings and equipment: accumulated depreciation
$82,425,230
-
10c · Land, buildings and equipment, net
beginning of year $151,443,976 · end of year $152,783,640
-
11 · Investments: publicly traded securities
beginning of year $99,887,427 · end of year $129,117,490
-
12 · Investments: other securities
beginning of year $9,900,000 · end of year $10,700,000
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $649,062 · end of year $644,858
-
15 · Other assets
beginning of year $0 · end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $3,895,036 · end of year $4,582,102
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $11,549,298 · end of year $12,397,518
-
20 · Tax-exempt bond liabilities
beginning of year $7,833,115 · end of year $7,067,095
-
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 $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $349,201 · end of year $253,004
-
27 · Net assets without donor restrictions
beginning of year $219,796,674 · end of year $232,322,973
-
28 · Net assets with donor restrictions
beginning of year $59,130,663 · end of year $62,984,321
Mission and programs · 2023
Mission
CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY.
Activities or mission (Part I)
A CO-EDUCATIONAL INDEPENDENT DAY SCHOOL FOR GRADES PRE-K THROUGH TWELVE.
-
THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,282 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $9.2 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN TO ATTEND THE SCHOOL. APPROXIMATELY 23% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 86% OF THE AVERAGE TUITION
Expenses $44,707,670 · Grants $9,779,333 · Revenue $49,453,045
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Dr Thomas J LockeDR THOMAS J LOCKE
HEAD OF SCHOOL
- Total calculated
- $961,451
- From this org
- $663,878
- From related orgs
- $0
- Other
- $297,573
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $663,878
- Bonus
- $0
- Other
- $0
- Deferred
- $131,232
- Nontaxable benefits
- $166,341
- Filer's total
- $961,451
-
lawrence capuzzi
chief financial officer
- Total calculated
- $359,889
- From this org
- $319,233
- From related orgs
- $0
- Other
- $40,656
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $319,233
- Bonus
- $0
- Other
- $0
- Deferred
- $23,090
- Nontaxable benefits
- $17,566
- Filer's total
- $359,889
-
christopher torino
assistant head of school
- Total calculated
- $336,388
- From this org
- $307,424
- From related orgs
- $0
- Other
- $28,964
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $307,424
- Bonus
- $0
- Other
- $0
- Deferred
- $18,554
- Nontaxable benefits
- $10,410
- Filer's total
- $336,388
-
jennifer fifer
director of institutional adva
- Total calculated
- $296,509
- From this org
- $265,911
- From related orgs
- $0
- Other
- $30,598
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $265,911
- Bonus
- $0
- Other
- $0
- Deferred
- $17,799
- Nontaxable benefits
- $12,799
- Filer's total
- $296,509
-
mark notaro
chief operating officer
- Total calculated
- $262,850
- From this org
- $201,275
- From related orgs
- $0
- Other
- $61,575
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $201,275
- Bonus
- $0
- Other
- $0
- Deferred
- $14,825
- Nontaxable benefits
- $46,750
- Filer's total
- $262,850
-
terrence malone
head of lower school
- Total calculated
- $236,790
- From this org
- $209,305
- From related orgs
- $0
- Other
- $27,485
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $209,305
- Bonus
- $0
- Other
- $0
- Deferred
- $15,438
- Nontaxable benefits
- $12,047
- Filer's total
- $236,790
-
michael letts
head of upper school
- Total calculated
- $229,919
- From this org
- $205,102
- From related orgs
- $0
- Other
- $24,817
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,102
- Bonus
- $0
- Other
- $0
- Deferred
- $14,447
- Nontaxable benefits
- $10,370
- Filer's total
- $229,919
-
elizabeth A Corrigan
Chair
- Total calculated
- $0
- Hours/week
- 3
-
Robert R Corrato
Vice Chair
- Total calculated
- $0
- Hours/week
- 3
-
ann t Semmer
vice Chair
- Total calculated
- $0
- Hours/week
- 3
-
j Richard Leaman III
treasurer
- Total calculated
- $0
- Hours/week
- 3
-
amachie Ackah
secretary
- Total calculated
- $0
- Hours/week
- 3
-
sandra baldino
trustee
- Total calculated
- $0
- Hours/week
- 3
-
Alexa R Buckley
trustee
- Total calculated
- $0
- Hours/week
- 3
-
John S Buckley Jr
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
Warren I Claytor
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
david r Dugery
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
danielle Gureghian
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
rev canon daniel gp gutierrez
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
noushin heidary
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
joanne f hopkins
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
William L Lo
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
christopher k mchugh
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
robert s mcmenamin
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
adam j murray
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
ryan l newman
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
david j reape
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
karin a risi
Trustee
- Total calculated
- $0
- Hours/week
- 3
-
laura m rooklin
trustee
- Total calculated
- $0
- Hours/week
- 3
-
calvin w schmidt
trustee
- Total calculated
- $0
- Hours/week
- 3
-
julieann g shanahan
trustee
- Total calculated
- $0
- Hours/week
- 3
-
mohammed a toure
trustee
- Total calculated
- $0
- Hours/week
- 3
-
robert c wright jr
trustee
- Total calculated
- $0
- Hours/week
- 3
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Housing allowance or residence for personal use
- 1a · Health or social club dues or initiation fees
- 1a · Personal services (maid, chauffeur, chef)
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
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.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 15 April 2025
- IRS schema version
- 2023v6.0
- Source object
- 202511049349300511
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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