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← TOWER HILL SCHOOL

Form 990 for tax year 2022

Filed by TOWER HILL SCHOOL.

Totals

Total revenue
$39,938,027
Total expenses
$29,889,324
Contributions and grants received
$5,801,269
Grants paid
$5,613,995
Program service revenue
$27,247,795
Investment income
$6,691,594
Other revenue
$197,369
Total assets, end of year
$116,101,299
Total liabilities, end of year
$16,987,665
Net assets or fund balances, end of year
$99,113,634
Program services expenses (Part IX)
$23,568,938
Management and general expenses
$5,065,383
Fundraising expenses
$1,255,003
Program service expenses (Part III)
$23,568,938

Program services were 78.9% 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

    $25,732

  • 1e · Government grants (contributions)

    $3,064,030

  • 1f · All other contributions, gifts and grants

    $2,711,507

  • 1g · Noncash contributions included above

    $357,394

  • 2a · Program service revenue: TUITION

    total $26,134,465 · related or exempt $26,134,465

  • 2b · Program service revenue: AUXILIARY REVENUE

    total $1,089,107 · related or exempt $1,089,107

  • 2c · Program service revenue: FACILITIES RENTALS

    total $24,223 · related or exempt $24,223

  • 3 · Investment income

    total $1,932,483 · excluded $1,932,483

  • 7a · Gross sales of assets other than inventory

    securities $10,960,319

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

    securities $6,201,208

  • 7c · Gain or loss

    securities $4,759,111

  • 7d · Net gain or loss

    total $4,759,111 · excluded $4,759,111

  • 8a · Fundraising events: gross income

    $32,838

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

    $25,732

  • 8b · Fundraising events: direct expenses

    $32,133

  • 8c · Net income from fundraising events

    total $705 · excluded $705

  • 11a · Other revenue: ANCILLARY INCOME

    total $196,664 · related or exempt $196,664

  • 11e · Other revenue, total

    $196,664

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $5,613,995 · program services $5,613,995

  • 5 · Compensation of officers, directors and key employees

    total $833,976 · management and general $833,976

  • 7 · Other salaries and wages

    total $12,457,388 · program services $9,621,117 · management and general $2,116,722 · fundraising $719,549

  • 8 · Pension plan contributions

    total $730,513 · program services $587,097 · management and general $103,747 · fundraising $39,669

  • 9 · Other employee benefits

    total $1,295,770 · program services $922,629 · management and general $272,510 · fundraising $100,631

  • 10 · Payroll taxes

    total $869,506 · program services $643,435 · management and general $182,596 · fundraising $43,475

  • 11b · Fees: legal

    total $68,045 · management and general $68,045

  • 11c · Fees: accounting

    total $251,968 · management and general $251,968

  • 11g · Fees: other

    total $1,747,976 · program services $1,229,269 · management and general $474,021 · fundraising $44,686

  • 12 · Advertising and promotion

    total $168,278 · program services $3,910 · management and general $15,680 · fundraising $148,688

  • 14 · Information technology

    total $365,676 · program services $351,345 · management and general $13,636 · fundraising $695

  • 16 · Occupancy

    total $1,473,727 · program services $1,415,972 · management and general $54,955 · fundraising $2,800

  • 17 · Travel

    total $386,613 · program services $314,702 · management and general $58,268 · fundraising $13,643

  • 20 · Interest

    total $253,106 · program services $236,792 · management and general $15,846 · fundraising $468

  • 22 · Depreciation, depletion and amortization

    total $1,649,986 · program services $1,585,323 · management and general $61,528 · fundraising $3,135

  • 24a · Other expenses: SUPPLIES AND MATERIALS

    total $797,221 · program services $707,104 · management and general $65,710 · fundraising $24,407

  • 24b · Other expenses: FEES AND MISCELLANEOUS

    total $720,585 · program services $255,483 · management and general $425,707 · fundraising $39,395

  • 24c · Other expenses: EVENTS

    total $204,995 · program services $80,765 · management and general $50,468 · fundraising $73,762

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,909,871 · end of year $9,467,305

  • 3 · Pledges and grants receivable

    beginning of year $2,824,055 · end of year $2,292,222

  • 4 · Accounts receivable

    beginning of year $179,294 · end of year $102,563

  • 9 · Prepaid expenses and deferred charges

    beginning of year $133,794 · end of year $130,561

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

    $77,285,745

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

    $39,504,041

  • 10c · Land, buildings and equipment, net

    beginning of year $37,600,024 · end of year $37,781,704

  • 11 · Investments: publicly traded securities

    beginning of year $31,942,930 · end of year $40,277,097

  • 12 · Investments: other securities

    beginning of year $25,656,995 · end of year $20,238,583

  • 15 · Other assets

    beginning of year $2,691,853 · end of year $5,811,264

  • 17 · Accounts payable and accrued expenses

    beginning of year $714,639 · end of year $1,532,156

  • 19 · Deferred revenue

    beginning of year $6,669,337 · end of year $7,066,267

  • 24 · Unsecured notes and loans payable

    beginning of year $8,699,878 · end of year $8,389,242

  • 27 · Net assets without donor restrictions

    beginning of year $43,185,890 · end of year $47,904,644

  • 28 · Net assets with donor restrictions

    beginning of year $47,669,072 · end of year $51,208,990

Mission and programs · 2022

Mission

TOWER HILL SCHOOL PREPARES STUDENTS FROM DIVERSE BACKGROUNDS FOR FULL AND CREATIVE ENGAGEMENT WITH A DYNAMIC WORLD. EACH STUDENT IS PROVIDED WITH AN EDUCATIONAL EXPERIENCE THAT EMPHASIZES THE DEVELOPMENT OF AN INQUISITIVE, DISCERNING AND CRITICAL MIND; THE VALUE OF BEING CREATIVE AND AESTHETICALLY SENSITIVE; THE APPRECIATION OF PHYSICAL WELL-BEING; THE ABILITY TO COLLABORATE AND FUNCTION AS PART OF A TEAM; AND THE GROWTH OF CHARACTER.

Activities or mission (Part I)

TOWER HILL SCHOOL IS A CO-EDUCATIONAL SCHOOL FOR STUDENTS 3 YEARS OLD THROUGH GRADE 12.

  • EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 849 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2022-2023 (284 LOWER SCHOOL, 235 MIDDLE SCHOOL, 330 UPPER SCHOOL). THE SCHOOL PROVIDES AN ENRICHED AND CHALLENGING COLLEGE PREPARATORY PROGRAM IN WHICH EACH STUDENT'S ABILITIES AND TALENTS ARE RECOGNIZED AND RESPECTED. THE PROGRAM OFFERS A PERSONALIZED AND INNOVATIVE APPROACH, BUILT ON A STRONG TRADITIONAL FOUNDATION WITHIN A WELCOMING AND INCLUSIVE COMMUNITY. TOWER HILL GRADUATED 81 STUDENTS IN THE CLASS OF 2023. MEMBERS OF THIS CLASS ARE ATTENDING AMHERST COLLEGE, BUCKNELL UNIVERSITY, CARLETON COLLEGE, CLEMSON UNIVERSITY, COLBY COLLEGE, CORNELL UNIVERSITY, DARTMOUTH COLLEGE, DELAWARE STATE UNIVERSITY, DICKINSON COLLEGE, DUKE UNIVERSITY, ELON UNIVERSITY, EMORY UNIVERSITY, FLORIDA STATE UNIVERSITY, GEORGETOWN UNIVERSITY, GETTYSBURG COLLEGE, HAMPTON UNIVERSITY, HARVARD COLLEGE, HAVERFORD COLLEGE, JAMES MADISON UNIVERSITY, JOHNS HOPKINS UNIVERSITY, LEHIGH UNIVERSITY, LYNN UNIVERSITY, NEW YORK UNIVERSITY, NORTHEASTERN UNIVERSITY, NORTHWESTERN UNIVERSITY, PENN STATE UNIVERSITY, RICE UNIVERSITY, ROCHESTER INSTITUTE OF TECHNOLOGY, ROWAN UNIVERSITY, SAINT JOSEPH'S UNIVERSITY, SAVANNAH COLLEGE OF ART AND DESIGN, STANFORD UNIVERSITY, SWARTHMORE COLLEGE, TEMPLE UNIVERSITY, THE COLLEGE OF WILLIAM & MARY, TRINITY COLLEGE, TUFTS UNIVERSITY, TULANE UNIVERSITY, UNITED STATES COAST GUARD ACADEMY, UNIVERSITY OF CALIFORNIA, BERKELEY, UNIVERSITY OF DELAWARE, UNIVERSITY OF MIAMI, UNIVERSITY OF MICHIGAN, UNIVERSITY OF MISSISSIPPI, UNIVERSITY OF PENNSYLVANIA, UNIVERSITY OF PITTSBURGH, UNIVERSITY OF SOUTHERN CALIFORNIA, UNIVERSITY OF TENNESSEE, UNIVERSITY OF VIRGINIA, VIRGINIA TECH, WAKE FOREST UNIVERSITY, AND WEST CHESTER UNIVERSITY.

    Expenses $22,886,140 · Grants $5,613,995 · Revenue $26,639,730

  • AFTER SCHOOL PROGRAM - THE KALEIDOSCOPE AFTER SCHOOL PROGRAM SERVES STUDENTS AGE 3 THROUGH 6 EVERY SCHOOL DAY FROM 2:45 TO 6:00PM. THIS PROGRAM PROVIDES A CONTINUATION OF THE ATTENTION AND GUIDANCE THEY RECEIVE IN TOWER HILL'S CLASSROOMS, BUT IN A MORE HOME-LIKE SETTING. SUPERVISED HOMEWORK TIME, INSIDE PLAY, OUTDOOR SPORTS AND AGE-APPROPRIATE ACTIVITIES GIVE STUDENT THE CHANCE TO FULFILL THEIR RESPONSIBILITIES AND GIVE THEIR IMAGINATIONS A WORKOUT TOO. ENRICHMENT OFFERING INCLUDE PROGRAMS SUCH AS CHINESE, DRAMA, CHESS, SEWING, GOLF, KARATE, DANCE, SOCCER AND TENNIS, AMONG OTHERS.

    Expenses $444,001 · Revenue $433,128

  • SUMMER CAMP PROGRAM -SUMMER AT TOWER HILL PROVIDES EXCITING ACADEMIC AND ENRICHMENT ACTIVITIES, PLUS A FULL RANGE OF ATHLETIC CAMPS IN DIFFERENT AGE GROUPS. DAY CAMP PROVIDES WEEKLY THEMES WITH SPECIAL GUESTS AND/OR FIELD TRIPS, SWIMMING OR WATER PLAY. ENRICHMENT CAMPS BROADEN CHILDREN'S ARTISTIC AND ACADEMIC HORIZONS IN NEW WAYS. SPORTS CAMPS ARE RUN BY TOWER HILL COACHES AND OUTSIDE PARTNER ORGANIZATIONS FOR BUDDING ATHLETES. SUMMER AT TOWER HILL ALSO INTRODUCES PROSPECTIVE STUDENT TO TOWER HILL'S EXPANSIVE FACILITIES.

    Expenses $238,797 · Revenue $371,601

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BEN DU PONT

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JOHN M FLYNN

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • MARNA WHITTINGTON

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • SUZANNE ASHLEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KIMBERLY CASSIDY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • REGIS DE RAMEL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ROBERT V DESANTIS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • HEATHER RICHARDS EVANS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • JOHN GAVENONIS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • LAIRD HAYWARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • DR ERIC JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • HENRY MELLON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CATHERINE L MILLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • DAVID NOWLAND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • LISA A OLSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • J MATHIEU PLUMB

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KEN SIMPLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ISBELLA SPEAKMAN TIMON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • GENELLE TRADER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CARMEN WALLACE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • GINA WARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ELIZABETH SPEERS

    HEAD OF SCHOOL (THRU 6/30/23)

    Total calculated
    $541,329
    From this org
    $501,291
    From related orgs
    $0
    Other
    $40,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $492,711
    Bonus
    $0
    Other
    $8,580
    Deferred
    $26,677
    Nontaxable benefits
    $13,361
    Filer's total
    $541,329

  • ERIC NORMAN

    CFO

    Total calculated
    $263,493
    From this org
    $232,501
    From related orgs
    $0
    Other
    $30,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,411
    Bonus
    $10,000
    Other
    $2,090
    Deferred
    $15,904
    Nontaxable benefits
    $15,088
    Filer's total
    $263,493

  • ANTHONY PISAPIA

    ASSOCIATE HEAD OF SCHOOL

    Total calculated
    $253,261
    From this org
    $212,018
    From related orgs
    $0
    Other
    $41,243
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,553
    Bonus
    $5,000
    Other
    $465
    Deferred
    $15,185
    Nontaxable benefits
    $26,058
    Filer's total
    $253,261

  • KRISTIN MUMFORD

    DIRECTOR OF ADMISSIONS/ADVANCEMENT

    Total calculated
    $228,421
    From this org
    $189,332
    From related orgs
    $0
    Other
    $39,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,923
    Bonus
    $5,000
    Other
    $409
    Deferred
    $13,447
    Nontaxable benefits
    $25,642
    Filer's total
    $228,421

  • LINDSAY ACEVADO

    DIRECTOR OF COLLEGE COUNSELING

    Total calculated
    $145,945
    From this org
    $130,358
    From related orgs
    $0
    Other
    $15,587
    Hours/week
    40

  • KAREN GRAHAM

    DIR OF FINANCE AND HR

    Total calculated
    $129,519
    From this org
    $123,552
    From related orgs
    $0
    Other
    $5,967
    Hours/week
    40

  • SARAH BAKER

    HEAD OF SCHOOL (EFFECTIVE 7/1/23)

    Total calculated
    $139,529
    From this org
    $115,208
    From related orgs
    $0
    Other
    $24,321
    Hours/week
    40

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Discretionary spending account
  • 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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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

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
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202401309349303210

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