Civic Intelligence

Belmont Day School Inc.

990 • Fiscal year 2018 • EIN 04-2108347

Jul 01, 2017 to Jun 30, 2018 • Filed on Oct 23, 2018

55 Day School LaneBelmont, MA 02478

(617) 484-3078

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

60th percentile

0.36x

Higher debt load relative to assets than 60% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

79th percentile

1.10x

Higher debt load relative to revenue than 79% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

74th percentile

16%

Higher net margin than 74% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

73rd percentile

$367,267

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

75th percentile

10%

Faster asset growth than 75% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

32nd percentile

-0.3%

Faster revenue growth than 32% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Assets

Up

$43,358,142

Up $3,955,075 (+10%) from 2017

Net Assets

Up

$27,668,813

Up $2,527,973 (+10%) from 2017

Liabilities

Up

$15,689,329

Up $1,427,102 (+10%) from 2017

Revenue

Down

$14,275,355

Down $46,520 (-0.3%) from 2017

Expenses

Up

$12,010,453

Up $68,011 (+0.6%) from 2017

Net Income

Down

$2,264,902

Down $114,531 (-4.8%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2011: $32,633,727Liabilities 2011: $15,588,772Net Assets 2011: $17,044,9552011Assets 2012: $31,506,992Liabilities 2012: $14,981,098Net Assets 2012: $16,525,8942012Assets 2013: $32,469,122Liabilities 2013: $14,532,430Net Assets 2013: $17,936,6922013Assets 2014: $34,547,776Liabilities 2014: $14,788,848Net Assets 2014: $19,758,9282014Assets 2015: $35,836,357Liabilities 2015: $14,353,146Net Assets 2015: $21,483,2112015Assets 2016: $36,024,525Liabilities 2016: $14,195,934Net Assets 2016: $21,828,5912016Assets 2017: $39,403,067Liabilities 2017: $14,262,227Net Assets 2017: $25,140,8402017Assets 2018: $43,358,142Liabilities 2018: $15,689,329Net Assets 2018: $27,668,8132018Assets 2019: $48,029,365Liabilities 2019: $20,103,925Net Assets 2019: $27,925,4402019Assets 2020: $46,733,277Liabilities 2020: $18,006,493Net Assets 2020: $28,726,7842020Assets 2021: $53,894,213Liabilities 2021: $23,437,227Net Assets 2021: $30,456,9862021Assets 2022: $53,871,739Liabilities 2022: $25,212,340Net Assets 2022: $28,659,3992022Assets 2023: $55,318,139Liabilities 2023: $25,449,924Net Assets 2023: $29,868,2152023Assets 2024: $57,227,274Liabilities 2024: $25,877,712Net Assets 2024: $31,349,5622024Assets 2025: $61,918,417Liabilities 2025: $26,158,412Net Assets 2025: $35,760,0052025

Highlighted filing

2018

Assets$43,358,142
Liabilities$15,689,329
Net Assets$27,668,813

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2011: $9,747,3142011Expenses 2012: $9,827,2552012Revenue 2013: $10,344,472Expenses 2013: $10,081,033Net Income 2013: $263,4392013Revenue 2014: $10,442,675Expenses 2014: $10,293,030Net Income 2014: $149,6452014Revenue 2015: $12,613,207Expenses 2015: $10,729,900Net Income 2015: $1,883,3072015Revenue 2016: $12,474,817Expenses 2016: $11,524,483Net Income 2016: $950,3342016Revenue 2017: $14,321,875Expenses 2017: $11,942,442Net Income 2017: $2,379,4332017Revenue 2018: $14,275,355Expenses 2018: $12,010,453Net Income 2018: $2,264,9022018Revenue 2019: $13,582,439Expenses 2019: $13,815,235Net Income 2019: -$232,7962019Revenue 2020: $15,709,701Expenses 2020: $14,885,841Net Income 2020: $823,8602020Revenue 2021: $15,099,319Expenses 2021: $15,962,996Net Income 2021: -$863,6772021Revenue 2022: $17,214,948Expenses 2022: $16,639,157Net Income 2022: $575,7912022Revenue 2023: $17,961,817Expenses 2023: $18,131,431Net Income 2023: -$169,6142023Revenue 2024: $19,865,243Expenses 2024: $19,492,373Net Income 2024: $372,8702024Revenue 2025: $23,424,787Expenses 2025: $20,664,701Net Income 2025: $2,760,0862025

Highlighted filing

2018

Revenue$14,275,355
Expenses$12,010,453
Net Income$2,264,902
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Oct 23, 2018
Return Version
2017v2.3
Gross Receipts
$21,358,303
Mission and Program Overview

Mission

SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$15,235,530$22,247,475▲ $7,011,945
Investments in Publicly Traded Securities$14,729,338$14,163,677▼ $565,661
Cash and Non-Interest-Bearing Accounts$1,278,949$2,285,869▲ $1,006,920
Savings and Temporary Cash Investments$5,109,037$1,897,948▼ $3,211,089
Investments Other Securities$1,120,921$1,249,290▲ $128,369
Pledges and Grants Receivable$1,641,156$1,235,024▼ $406,132
Prepaid Expenses and Deferred Charges$273,196$229,092▼ $44,104
Accounts Receivable$14,940$49,767▲ $34,827
Total Assets$39,403,067$43,358,142▲ $3,955,075
Liabilities
Tax Exempt Bond Liabilities$8,326,997$8,888,848▲ $561,851
Deferred Revenue$4,636,913$4,057,385▼ $579,528
Other Liabilities$232,100$1,552,922▲ $1,320,822
Accounts Payable and Accrued Expenses$1,066,217$1,190,174▲ $123,957
Total Liabilities$14,262,227$15,689,329▲ $1,427,102
Net Assets / Fund Balance
Unrestricted Net Assets$16,570,046$18,592,508▲ $2,022,462
Temporarily Rstr Net Assets$4,670,285$4,957,261▲ $286,976
Permanently Rstr Net Assets$3,900,509$4,119,044▲ $218,535
Total Net Assets Fund Balance$25,140,840$27,668,813▲ $2,527,973
Total Liabilities and Net Assets / Fund Balance$39,403,067$43,358,142▲ $3,955,075

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,920,258$8,373,618$19,293,876
Other Land Buildings$9,334,721$803,558$10,138,279
Equipment$874,916$2,018,998$2,893,914
Land$1,117,580-$1,117,580

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$15,642,642$853,721▲ $826,613$2,144,532$15,178,444
2016$13,484,521$1,557,700▲ $1,196,421$596,000$15,642,642
2015$13,866,367$593,060▼ $402,736$572,170$13,484,521
2014$13,789,689$559,737▲ $34,619$517,678$13,866,367
2013$13,340,068$468,949▲ $1,929,657$1,948,985$13,789,689
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brendan LargayHead of SchoolFT$291,972$75,295$367,267
Deborah BrissendenAssistant Head of SchoolFT$131,783$8,658$140,441
Dorothy RyanDirector of TechnologyFT$106,220$12,831$119,051
Mary MerrillDirector of DevelopmentFT$107,960$7,601$115,561
Dean SpencerTeacher/trusteeFT$91,552$17,010$108,562
Carl GeneusTeacher/trusteeFT$69,784$11,721$81,505
Frederick Colson IiiDirector of FinanceFT$66,666$6,225$72,891

Board Members and Trustees

NameTitle
Brit DeweyPresident/trustee
Jill FinnertyVice President/trustee
Kevin PlanteClerk/trustee
Matthew KadnarTreasurer/trustee
Audra DainoraTrustee
Brendon ParryTrustee
Catalina GuillermetyTrustee
Charles FoleyTrustee
Danyul ChoTrustee
Desiree Humphries IveyTrustee
Elliot TargumTrustee
Jackie RobinsonTrustee
Jeff CrisanTrustee
Karen LieschingTrustee
Kim MorrisTrustee
Kirk ChisholmTrustee
Kristen LewisTrustee
Larry GriffinTrustee
Leslie JengTrustee
Margaret PotterTrustee
Margaret WadeTrustee
Sasha EbrahimiTrustee
Sean DaltonTrustee
Thomas HancockTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Utile INCArchitect115 KINGSTON STREET, Boston, MA 02111$774,550
Shawmut Design & ConstructionConstruction Of New Building560 HARRISON AVE, Boston, MA 02118$276,835
Zaurie Zimmerman Assoc INCDesign And Construction MgmtPO BOX 3027, Andover, MA 01810$115,701
Prospect Building Services CorpCleaning Services360 PEARL STREET, Malden, MA 02148$111,516
Revenue and Support

Revenue Composition

Contributions and Grants
$2,491,910
Program Service Revenue
$11,120,449
Investment Income
$580,441
Other Revenue
$82,555
All Other Contributions
$2,491,910
Change in Net Assets
$2,264,902

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded21$208,245Fair Market Value (FMV) at Donation
Books and Publications-$483Fair Market Value (FMV) at Donation
Other Non Cash Contri Table8$478Fair Market Value (FMV) at Donation
Total Noncash Contributions29$209,206-

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,802,684
Revenue Not Reported on Financial Statements
$1,472,671
Revenue Not Reported on Form 990
$263,071
Other Revenue Adjustments
$1,472,651
Total Revenue per Audited Statements
$13,065,755
Total Revenue per Form 990
$14,275,355
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,458,430
Other Expenses$3,101,851
Grants and Similar Amounts Paid$1,450,172
Total Fundraising Expense$393,728
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,714,143$557,830$237,950$5,509,923
Grants to Domestic Individuals$1,450,172--$1,450,172
Depreciation Depletion$760,640$3,979$1,067$765,686
Current Officers, Directors, Trustees, and Key Employees$197,249$446,246$51,785$695,280
Other Employee Benefits$511,190$42,192$14,242$567,624
Office Expenses$442,062$42,673$21,722$506,457
Occupancy$462,842$2,362$633$465,837
Payroll Taxes$356,147$67,937$21,624$445,708
Interest$246,666$1,290$346$248,302
Pension Plan Contributions$202,732$30,136$7,027$239,895
Advertising$31,199$151,139$10,438$192,776
Insurance$3,237$118,002-$121,239
Conferences and Meetings$97,246$10,754-$108,000
Information Technology$102,550-$4,415$106,965
Travel$54,780--$54,780
Other Expenses$47,028$54,062-$47,028
Fees for Services Accounting-$37,660-$37,660
All Other Expenses--$22,479$22,479
Fees for Services Legal-$21,570-$21,570
Fees for Services Other$5,150$2,150-$7,300
Fees for Service Investment Mgmnt Fees-$20-$20
Total Functional Expenses$9,918,670$1,698,055$393,728$12,010,453

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$12,010,453
Expenses per Audited Statements$10,537,782
Total Expenses per Audited Statements$10,537,782
Expenses Not Reported on Financial Statements$1,472,671
Other Expense Adjustments$1,472,651
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Construction Payable$1,552,922

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMassachusetts Development Finance Agency2017-04-13$15,500,000To pay off 2012 bonds and help fund construction of new school building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$15,500,000$8,449,959--

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The school's members consist of parents, step-parents and legally appointed guardians of students at the school, elected trustees who are not otherwise members and certain other persons as defined in the school's by-laws.

Form 990, Part VI, Section A, Line 7A

The members (see schedule o response to form 990, part vi, section a, line 6) can elect, remove and suspend trustees.

Form 990, Part VI, Section A, Line 7B

The members must approve any changes that are made to the organization's by-laws.

Form 990, Part VI, Section B, Line 11B

The form 990 and all required schedules were reviewed completely by the audit committee of the board, the director of finance, and the head of school prior to its filing. The final form 990 was filed in the office of the director of finance subsequent to its filing with the irs and is available for all members of the board of trustees to review.

Form 990, Part VI, Section B, Line 12C

The school's conflict of interest policy specifically covers all members of the board of trustees. The board also requires the director of finance to be covered by the policy. On an annual basis these individuals must review the policy and disclose any potential conflicts. In addition, the executive committee of the board of trustees, the committee on trustees, the finance committee, and the board of trustees as a whole review every substantive transaction that might give rise to a real or perceived conflict in accordance with the conflict of interest policy. If a conflict is determined to exist, at any board meeting in which a proposed transaction or decision involving a conflict is considered, the individual with a personal interest shall make a full statement of facts regarding the matter and the scope of his or her interest, which disclosure shall be made in the minutes of the meeting. The individual shall then recuse himself or herself from the board's deliberations and voting on the proposed transaction or decision.

Form 990, Part VI, Section B, Line 15

To determine compensation for the head of school, assistant head of school, and director of finance, the school follows the guidelines for the rebuttable presumption of reasonableness as set forth in the general instructions of the 990. These guidelines were most recently followed to establish the compensation for the head of school, assistant head of school and the director of finance for fiscal 2018.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy, and our audited financial statements are available in the office of the director of finance.

Filing and Contact Details

Filer

Filer Name
Belmont Day School Inc
EIN
04-2108347
Phone
6174843078
Address
55 DAY SCHOOL LANE, BELMONT, MA 02478

Signing Officer

Name
Brendan Largay
Title
Head of School
Phone
6174843078
Signed
2018-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brendan Largay
Formed
1927
Legal Domicile
Ma
Voting Board Members
27
Independent Board Members
24
Employees
248
Volunteers
75

Preparer

Firm
Blum Shapiro & Company Pc
Address
4 BATTERYMARCH PARK SUITE 100, QUINCY, MA 02169-7431
Preparer
Michelle Y Hatch
Phone
7819821001
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1:

Belmont day school was founded in 1927 by a group of parents committed to providing children with a strong academic foundation and many opportunities for creative expression. Today, as then, the school's program guides and challenges the intellectual, social, emotional, moral, artistic, and physical growth of each child. Belmont day school strives to be a diverse community dedicated to academic excellence and intellectual discipline where students feel secure, experience the joys of learning, and know their accomplishments are valued. At belmont day school we view education as a process by which children become self-motivated, life-long learners who take responsibility for themselves, each other and the world around them. The curriculum is dynamic and rigorous and reflects an understanding of the many ways children develop and learn. In every grade, new concepts are introduced, reinforced and mastered through a range of concrete experiences and opportunities that develop abstract reasoning. Teachers guide and instruct students individually and in small groups while providing time for students to learn from one another. The faculty pursues ongoing professional development, and regularly evaluates curriculum in light of the best educational theory and practice. The school and all its members commit to and practice six core values: respect, honesty, responsibility, caring, joy and excellence. Faculty, students, parents and administrators integrate these values into curricular choices, working relationships, community service and all other aspects of school life. It is this vision of education that guides the school now and has characterized the school since its founding.

FORM 990, PART III, LINE 1:

Belmont day school was founded in 1927 by a group of parents committed to providing children with a strong academic foundation and many opportunities for creative expression. Today, as then, the school's program guides and challenges the intellectual, social, emotional, moral, artistic, and physical growth of each child. Belmont day school strives to be a diverse community dedicated to academic excellence and intellectual discipline where students feel secure, experience the joys of learning, and know their accomplishments are valued. At belmont day school we view education as a process by which children become self-motivated, life-long learners who take responsibility for themselves, each other and the world around them. The curriculum is dynamic and rigorous and reflects an understanding of the many ways children develop and learn. In every grade, new concepts are introduced, reinforced and mastered through a range of concrete experiences and opportunities that develop abstract reasoning. Teachers guide and instruct students individually and in small groups while providing time for students to learn from one another. The faculty pursues ongoing professional development, and regularly evaluates curriculum in light of the best educational theory and practice. The school and all its members commit to and practice six core values: respect, honesty, responsibility, caring, joy and excellence. Faculty, students, parents and administrators integrate these values into curricular choices, working relationships, community service and all other aspects of school life. It is this vision of education that guides the school now and has characterized the school since its founding.

Financial Statement Notes

PART II, LINE 9:

The school purchased clafin field on march 28, 2001, which is subject to a conservation restriction requiring that it be preserved. This parcel is included in property and equipment on the statement of financial position and the school's management and buildings and grounds staff is aware of the preservation requirement and ensures it is followed. The land is adjacent to the school grounds and has been used as a playing field for physical education and athletic programs.

PART V, LINE 4:

The school's endowment includes both donor and board-restricted funds. These amounts are held in various investment vehicles so that the related income can be used to provide financial aid to families and to fund various programs.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 1,450,172. Capital campaign expenses 22,479.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 1,450,172. Capital campaign expenses 22,479.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$61.9$26.2$35.8$23.4$20.7$2.76
2024Detailed filing. Detailed filing data is available for this year.$57.2$25.9$31.3$19.9$19.5$0.37
2023Detailed filing. Detailed filing data is available for this year.$55.3$25.4$29.9$18.0$18.1$0.17
2022Detailed filing. Detailed filing data is available for this year.$53.9$25.2$28.7$17.2$16.6$0.58
2021Detailed filing. Detailed filing data is available for this year.$53.9$23.4$30.5$15.1$16.0$0.86
2020Detailed filing. Detailed filing data is available for this year.$46.7$18.0$28.7$15.7$14.9$0.82
2019Detailed filing. Detailed filing data is available for this year.$48.0$20.1$27.9$13.6$13.8$0.23
2018Detailed filing. Detailed filing data is available for this year.$43.4$15.7$27.7$14.3$12.0$2.26
2017Detailed filing. Detailed filing data is available for this year.$39.4$14.3$25.1$14.3$11.9$2.38
2016Detailed filing. Detailed filing data is available for this year.$36.0$14.2$21.8$12.5$11.5$0.95
2015Detailed filing. Detailed filing data is available for this year.$35.8$14.4$21.5$12.6$10.7$1.88
2014Detailed filing. Detailed filing data is available for this year.$34.5$14.8$19.8$10.4$10.3$0.15
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.5$14.5$17.9$10.3$10.1$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.5$15.0$16.5$9.83
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.6$15.6$17.0$9.75