Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $14,705,046

• 1g · Noncash contributions included above

  $213,112

• 2a · Program service revenue: TUITION

  total $35,849,194 · related or exempt $35,849,194

• 2b · Program service revenue: STUDENT AND SUMMER PROGRAMS

  total $647,299 · related or exempt $647,299

• 2c · Program service revenue: AUXILIARY ACTIVITIES

  total $303,948 · related or exempt $303,948

• 3 · Investment income

  total $1,253,050 · unrelated business -$47,873 · excluded $1,300,923

• 7a · Gross sales of assets other than inventory

  securities $6,369,374

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

  securities $6,303,643 · other assets $45,155

• 7c · Gain or loss

  securities $65,731 · other assets -$45,155

• 7d · Net gain or loss

  total $20,576 · unrelated business $17,186 · excluded $3,390

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $8,884,050 · program services $8,884,050

• 5 · Compensation of officers, directors and key employees

  total $873,619 · program services $141,874 · management and general $533,122 · fundraising $198,623

• 6 · Compensation of disqualified persons

  total $14,700 · fundraising $14,700

• 7 · Other salaries and wages

  total $14,134,933 · program services $10,730,164 · management and general $2,067,261 · fundraising $1,337,508

• 8 · Pension plan contributions

  total $1,291,265 · program services $969,451 · management and general $195,119 · fundraising $126,695

• 9 · Other employee benefits

  total $5,547,519 · program services $4,083,981 · management and general $917,373 · fundraising $546,165

• 10 · Payroll taxes

  total $280,312 · program services $204,067 · management and general $47,653 · fundraising $28,592

• 11b · Fees: legal

  total $508,403 · management and general $508,403

• 11c · Fees: accounting

  total $103,829 · management and general $103,829

• 11e · Fees: professional fundraising services

  total $33,918 · fundraising $33,918

• 11f · Fees: investment management

  total $407,241 · management and general $407,241

• 11g · Fees: other

  total $1,420,019 · program services $1,191,900 · management and general $217,345 · fundraising $10,774

• 13 · Office expenses

  total $813,713 · program services $602,414 · management and general $154,673 · fundraising $56,626

• 14 · Information technology

  total $457,894 · program services $425,932 · management and general $27,503 · fundraising $4,459

• 16 · Occupancy

  total $2,662,186 · program services $2,484,818 · management and general $152,798 · fundraising $24,570

• 17 · Travel

  total $475,280 · program services $336,244 · management and general $81,058 · fundraising $57,978

• 19 · Conferences, conventions and meetings

  total $662,546 · program services $340,335 · management and general $60,385 · fundraising $261,826

• 20 · Interest

  total $606,695 · program services $564,347 · management and general $36,440 · fundraising $5,908

• 22 · Depreciation, depletion and amortization

  total $2,953,863 · program services $2,747,681 · management and general $177,420 · fundraising $28,762

• 23 · Insurance

  total $749,370 · program services $672,476 · management and general $62,300 · fundraising $14,594

• 24a · Other expenses: FOOD SERVICES

  total $2,706,903 · program services $2,520,995 · management and general $159,974 · fundraising $25,934

• 24b · Other expenses: ADMINISTRATIVE

  total $1,917,215 · program services $731,392 · management and general $1,096,095 · fundraising $89,728

• 24c · Other expenses: STUDENT SUPPORT

  total $380,424 · program services $380,424

• 24d · Other expenses: INSTRUCTIONAL PROGRAMMI

  total $278,732 · program services $278,732

• 24e · All other expenses

  total $306,041 · program services $206,806 · management and general $99,235

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,167,271 · end of year $2,663,489

• 2 · Savings and temporary cash investments

  beginning of year $47,347 · end of year $811,805

• 3 · Pledges and grants receivable

  beginning of year $3,744,070 · end of year $6,195,872

• 4 · Accounts receivable

  beginning of year $403,862 · end of year $181,147

• 9 · Prepaid expenses and deferred charges

  beginning of year $901,066 · end of year $490,408

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

  $112,191,531

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

  $51,231,519

• 10c · Land, buildings and equipment, net

  beginning of year $51,705,402 · end of year $60,960,012

• 11 · Investments: publicly traded securities

  beginning of year $17,732,859 · end of year $19,418,152

• 12 · Investments: other securities

  beginning of year $32,064,637 · end of year $30,318,680

• 15 · Other assets

  beginning of year $18,868,782 · end of year $19,524,446

• 17 · Accounts payable and accrued expenses

  beginning of year $5,458,941 · end of year $5,917,146

• 19 · Deferred revenue

  beginning of year $8,631,706 · end of year $8,173,479

• 20 · Tax-exempt bond liabilities

  beginning of year $24,268,243 · end of year $27,069,909

• 23 · Secured mortgages and notes payable

  end of year $1,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $21,231 · end of year $15,926

• 25 · Other liabilities

  beginning of year $375,925 · end of year $445,197

• 27 · Net assets without donor restrictions

  beginning of year $9,824,662 · end of year $12,418,122

• 28 · Net assets with donor restrictions

  beginning of year $81,054,588 · end of year $85,524,232

The filer's explanations (Part III)

PART I, LINE 1A

FIRST CLASS TRAVEL AND INTERNATIONAL AIR TRAVEL - THE HEAD OF SCHOOL (HOS) AND DIRECTOR OF ADVANCEMENT MAY TRAVEL VIA FIRST CLASS ON OVERSEAS TRIPS (MORE THAN 7 HOURS) BUT ONLY IF TRAVEL REWARD PROGRAMS CAN BE USED THEREFORE LOWERING COST. TRAVEL BY TRAIN - THE HOS AND DIRECTOR OF ADVANCEMENT ON OCCASION USE AMTRAK FIRST CLASS TRAVEL TO NYC FOR BOARD AND ADVANCEMENT MEETINGS. USE OF TRAIN FIRST CLASS SIGNIFICANTLY IMPROVES WORK PRODUCTIVITY AND THE COST DIFFERENCE IS MINIMAL. THESE ARE NOT CONSIDERED TAXABLE TO THE HEAD OF SCHOOL AND DIRECTOR OF ADVANCEMENT. HOUSING AND PERSONAL SERVICES - CONSISTENT WITH THE ACADEMY'S UNIQUE BOARDING SCHOOL ENVIRONMENT, THE ACADEMY PROVIDES A RESIDENCE FOR PERSONAL USE FOR MULTIPLE PERSONNEL. PURSUANT TO HIS EMPLOYMENT CONTRACT, THE HEAD OF SCHOOL IS REQUIRED TO LIVE IN CLOSE PROXIMITY TO CAMPUS TO SERVE HIS DUTIES AND RESPONSIBILITIES TO THE ACADEMY, INCLUDING ENTERTAINING STUDENTS, FACULTY, AND OTHER CONSTITUENTS, AND TO PROVIDE GUIDANCE AND A SAFE, WELCOMING LEARNING ENVIRONMENT FOR STUDENTS. THE RESIDENCE IS FURNISHED FOR THE CONVENIENCE OF THE ACADEMY AND IS REPORTED AS NON-TAXABLE COMPENSATION ON SCHEDULE J PART II, COLUMN D. IN ADDITION, THE ACADEMY PROVIDES HOUSING FOR THE DIRECTOR OF ADMISSIONS AND THE BENEFIT IS REPORTED AS NON-TAXABLE COMPENSATION ON SCHEDULE J PART II, COLUMN D. THE ACADEMY IS RESPONSIBLE FOR MAINTAINING THE RESIDENCE FOR THE HEAD OF SCHOOL. THIS MAINTENANCE IS PROVIDED FOR THE BENEFIT OF THE ACADEMY AND IS NOT CONSIDERED TAXABLE INCOME TO THE HEAD OF SCHOOL.

PART I, LINE 4A

THE AMOUNTS REPORTED AS OTHER REPORTABLE COMPENSATION IN PART II, COLUMN (B)(III) FOR ROBERT HURD AND WILLIAM HRASKY REPRESENT SEVERANCE PAYMENTS MADE TO EACH INDIVIDUAL DURING THE TAX YEAR.

PART I, LINE 2

THE ACADEMY REIMBURSES ALL EMPLOYEES, INCLUDING OFFICERS AND HIGHEST COMPENSATED EMPLOYEES, FOR EXPENSES INCURRED WHILE CONDUCTING BUSINESS OF THE ACADEMY. ALL EXPENSES WERE REVIEWED BY THE CHIEF FINANCIAL OFFICER PRIOR TO REIMBURSEMENT.