Civic Intelligence

The Forman School Inc.

990 • Fiscal year 2014 • EIN 06-0646648

Jul 01, 2013 to Jun 30, 2014 • Filed on May 15, 2015

PO Box 80Litchfield, CT 06759

(860) 567-1806

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.41x

Higher debt load relative to assets than 62% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

73rd percentile

0.84x

Higher debt load relative to revenue than 73% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

73rd percentile

15%

Higher net margin than 73% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

71st percentile

$348,502

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

89th percentile

24%

Faster asset growth than 89% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

77th percentile

18%

Faster revenue growth than 77% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Assets

Up

$31,411,602

Up $5,996,149 (+24%) from 2013

Net Assets

Up

$18,558,148

Up $2,431,374 (+15%) from 2013

Liabilities

Up

$12,853,454

Up $3,564,775 (+38%) from 2013

Revenue

Up

$15,343,583

Up $2,314,797 (+18%) from 2013

Expenses

Up

$13,087,487

Up $488,305 (+3.9%) from 2013

Net Income

Up

$2,256,096

Up $1,826,492 (+425%) from 2013

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $17,274,172Liabilities 2010: $2,497,526Net Assets 2010: $14,776,6462010Assets 2011: $20,025,626Liabilities 2011: $4,557,739Net Assets 2011: $15,467,8872011Assets 2012: $20,732,347Liabilities 2012: $5,336,743Net Assets 2012: $15,395,6042012Assets 2013: $25,415,453Liabilities 2013: $9,288,679Net Assets 2013: $16,126,7742013Assets 2014: $31,411,602Liabilities 2014: $12,853,454Net Assets 2014: $18,558,1482014Assets 2015: $34,097,704Liabilities 2015: $12,290,909Net Assets 2015: $21,806,7952015Assets 2016: $32,893,969Liabilities 2016: $11,240,066Net Assets 2016: $21,653,9032016Assets 2017: $41,630,973Liabilities 2017: $16,585,652Net Assets 2017: $25,045,3212017Assets 2018: $44,213,750Liabilities 2018: $16,484,464Net Assets 2018: $27,729,2862018Assets 2019: $43,564,053Liabilities 2019: $14,787,145Net Assets 2019: $28,776,9082019Assets 2020: $44,383,584Liabilities 2020: $15,239,299Net Assets 2020: $29,144,2852020Assets 2021: $47,539,424Liabilities 2021: $12,564,577Net Assets 2021: $34,974,8472021Assets 2022: $45,375,797Liabilities 2022: $11,924,344Net Assets 2022: $33,451,4532022Assets 2023: $45,520,660Liabilities 2023: $11,152,644Net Assets 2023: $34,368,0162023Assets 2024: $45,293,570Liabilities 2024: $10,034,342Net Assets 2024: $35,259,2282024

Highlighted filing

2014

Assets$31,411,602
Liabilities$12,853,454
Net Assets$18,558,148

Operations Trend

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

$30M$20M$10M$0-$10MExpenses 2010: $10,848,5032010Expenses 2011: $11,130,8242011Expenses 2012: $11,384,1432012Revenue 2013: $13,028,786Expenses 2013: $12,599,182Net Income 2013: $429,6042013Revenue 2014: $15,343,583Expenses 2014: $13,087,487Net Income 2014: $2,256,0962014Revenue 2015: $18,394,029Expenses 2015: $14,961,860Net Income 2015: $3,432,1692015Revenue 2016: $16,648,077Expenses 2016: $16,460,848Net Income 2016: $187,2292016Revenue 2017: $19,790,009Expenses 2017: $17,065,258Net Income 2017: $2,724,7512017Revenue 2018: $21,017,976Expenses 2018: $18,252,750Net Income 2018: $2,765,2262018Revenue 2019: $21,214,931Expenses 2019: $20,263,915Net Income 2019: $951,0162019Revenue 2020: $20,690,597Expenses 2020: $20,069,412Net Income 2020: $621,1852020Revenue 2021: $24,660,003Expenses 2021: $20,265,361Net Income 2021: $4,394,6422021Revenue 2022: $22,916,305Expenses 2022: $22,916,498Net Income 2022: -$1932022Revenue 2023: $24,432,862Expenses 2023: $23,835,632Net Income 2023: $597,2302023Revenue 2024: $23,869,297Expenses 2024: $23,725,092Net Income 2024: $144,2052024

Highlighted filing

2014

Revenue$15,343,583
Expenses$13,087,487
Net Income$2,256,096
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 15, 2015
Return Version
2013v4.0
Gross Receipts
$19,637,653
Mission and Program Overview

Mission

The forman school is an independent, coeducational college preparatory school for boarding and day students with identified learning differences. Forman develops the whole student so that all graduates become educated, confident, self-advocates throughout life.

The Forman School is an independent, coeducational college preparatory school for boarding and day students with identified learning differences. Based on his or her unique learning profile, Forman develops the whole student so that every graduate becomes an educated, confident, self-advocate throughout life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$11,222,191$15,132,956▲ $3,910,765
Savings and Temporary Cash Investments$7,775,551$8,067,951▲ $292,400
Investments in Publicly Traded Securities$5,747,231$7,181,265▲ $1,434,034
Pledges and Grants Receivable$82,555$472,708▲ $390,153
Intangible Assets$242,088$237,366▼ $4,722
Inventories for Sale or Use$112,364$154,637▲ $42,273
Prepaid Expenses and Deferred Charges$58,661$93,450▲ $34,789
Accounts Receivable$170,502$67,179▼ $103,323
Cash and Non-Interest-Bearing Accounts$4,310$4,090▼ $220
Total Assets$25,415,453$31,411,602▲ $5,996,149
Liabilities
Deferred Revenue$3,260,936$6,120,874▲ $2,859,938
Tax Exempt Bond Liabilities$4,670,601$4,486,483▼ $184,118
Mortgage Notes Payable Secured by Investment Property$3,211$1,553,979▲ $1,550,768
Accounts Payable and Accrued Expenses$1,353,931$692,118▼ $661,813
Total Liabilities$9,288,679$12,853,454▲ $3,564,775
Net Assets / Fund Balance
Unrestricted Net Assets$10,896,869$12,321,062▲ $1,424,193
Permanently Rstr Net Assets$4,761,962$4,797,541▲ $35,579
Temporarily Rstr Net Assets$467,943$1,439,545▲ $971,602
Total Net Assets Fund Balance$16,126,774$18,558,148▲ $2,431,374
Total Liabilities and Net Assets / Fund Balance$25,415,453$31,411,602▲ $5,996,149

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,495,922$13,160,363$25,656,285
Equipment$308,735$3,349,694$3,658,429
Other Land Buildings$1,199,889-$1,199,889
Land$1,128,410-$1,128,410

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$5,943,809$1,284,979▲ $275,496$248,842$7,255,442
2012$5,454,771$72,134▲ $568,707$151,803$5,943,809
2011$5,573,345$39,686▼ $158,260-$5,454,771
2010$5,225,190$20,279▲ $336,655-$5,573,345
2009$5,041,066$83,992▲ $141,647-$5,225,190
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
David WalterTrustee$301,839$46,663$348,502
Adam K Man-$301,839$46,663$348,502
Robert D PatchTreasurer/Trustee$146,221$18,028$164,249
Justin Solomon-$146,221$18,028$164,249
Jeffrey L LiddleSecretary/Trustee$132,024$24,747$156,771
Helen Waldren-$132,024$24,747$156,771
Louise Hoppe FinnertyPresident/Trustee$80,635$140$80,775
Thomas SorellVice President/Trustee$64,189$7,248$71,437

Board Members and Trustees

NameTitle
Justin SolomonDirector of Advancement
Adam K ManHeadmaster/Trustee
Annette R Jenner-matthewsTrustee
Beatriz SanchezTrustee
Elizabeth Garber DanielsTrustee
Frederick M Lione JrTrustee
Jennifer BudlowTrustee
Kenneth I DeaneTrustee
L Laird DavisTrustee
Margaret Warner FieldTrustee
Martha SmallTrustee
Michael L CookTrustee
Nancy L SnydermanTrustee
Preethi KrishnaTrustee
Scott SutherlandTrustee
Helen WaldrenAssoc Head of School
Frederick a Colson IiiChief Financial Officer
Robert ScodariChief Financial Officer

Highest Paid Contractors

ContractorServicesLocationCompensation
PAC Group LLCConstruction-$1,420,127
Sodexho Inc & AffiliatesDining Hall Services-$745,777
Shoreline Modular HomesConstruction-$425,545
Woodmaster BuildersConstruction-$365,468
Marandola Fuel Service LLCFuel Service-$280,208
Revenue and Support

Revenue Composition

Contributions and Grants
$2,202,117
Program Service Revenue
$12,312,176
Investment Income
$745,143
Other Revenue
$84,147
All Other Contributions
$2,202,117
Change in Net Assets
$2,256,096

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded13$153,414Market Value
Total Noncash Contributions13$153,414-

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,013,783
Revenue Not Reported on Financial Statements
$1,329,800
Revenue Not Reported on Form 990
$332,558
Other Revenue Adjustments
$1,329,800
Total Revenue per Audited Statements
$14,346,341
Total Revenue per Form 990
$15,343,583
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,203,529
Other Expenses$4,789,958
Grants and Similar Amounts Paid$1,094,000
Total Fundraising Expense$928,570
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,593,454$919,597$316,996$4,830,047
Grants to Domestic Individuals$1,094,000--$1,094,000
Depreciation Depletion$681,335$226,564$84,516$992,415
Other Employee Benefits$814,248$120,357$53,615$988,220
Occupancy$483,609$183,689$59,989$727,287
Current Officers, Directors, Trustees, and Key Employees$160,198$328,600$148,625$637,423
Fees for Services Other$326,758$187,041$29,025$542,824
Payroll Taxes$306,093$89,558$36,056$431,707
Pension Plan Contributions$214,114$73,776$28,242$316,132
Office Expenses$36,153$204,976$1,252$242,381
Insurance$163,344$50,429$18,558$232,331
Other Expenses$163,365$0$0$163,365
Advertising$0$2,763$128,603$131,366
Travel$29,745$77,138$20,851$127,734
Interest$116,098$0$0$116,098
Information Technology$108,764$3,680$0$112,444
Total Functional Expenses$9,597,350$2,561,567$928,570$13,087,487

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$13,087,487
Total Expenses per Audited Statements$11,914,959
Expenses per Audited Statements$11,757,687
Expenses Not Reported on Financial Statements$1,329,800
Other Expense Adjustments$1,329,800
Expenses Not Reported on Form 990$157,272
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Scott Sutherland the Mckellan GroupTrusteeBrokerage firm for employee insuranceNo$26,155
Beth ManFamily member of headmasterEmploymentNo$23,524
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
A06-08061862013-03-28$4,700,000Capital Projects

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$4,700,000--$255,199

Bond Financing Compliance

Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
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
Yes
Business relationship with organization members
Yes
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
No
Management duties delegated
No
Filing and Contact Details

Filer

EIN
06-0646648
Phone
8605671806

Signing Officer

Name
Robert Scodari
Title
Chief Financial Officer
Phone
8605671806
Signed
2015-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Adam Man
Formed
1930
Legal Domicile
Ct
Voting Board Members
18
Independent Board Members
17
Employees
139
Volunteers
103

Preparer

Preparer
Mario Pace
Phone
8602473917
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

The Form 990 is reviewed by Management of the School

Pt VI, Line 11B

prior to its submission to the IRS.

Pt VI, Line 12C

The School has a formal written conflict of interest

Pt VI, Line 12C

policy and the board members sign it annually. The copies

Pt VI, Line 12C

of the signed conflict of interest policy are maintained by

Pt VI, Line 12C

the assistant to the Head of the School.

Pt VI, Line 15A

The Compensation Committee of the School uses school comparability

Pt VI, Line 15A

and National Association of Independent Schools bench mark studies to

Pt VI, Line 15A

determine the compensation of the Head of School.

Pt VI, Line 15B

The Head of School with uses school comparability studies and

Pt VI, Line 15B

National Association of Independent Schools bench mark studies

Pt VI, Line 15B

to determine the compensation of all other key employees and other

Pt VI, Line 15B

officers who work for the School.

Pt VI, Line 19

The School has made Form 990, governing documents, conflict of

Pt VI, Line 19

interest policy, and financial statements available in a file

Pt VI, Line 19

maintained in the administrative office upon request.

Financial Statement Notes

Pt V Line 4

The School invests its endowment funds to generate income and long-term growth. The income of which is utilized in accordance with donor stipulations, if any, and support of the School's exempt activities. The appreciation is utilized in accordance with the School's spending policy.

Pt XI Line 2D

$150,269 Cost Of Goods Sold On School store Sales $7,002 Refunds $9 Rounding

Pt XI Line 4B

Financial Aid To Students

Pt XII Line 2D

$150,269 Cost Of Goods Sold On School store Sales $7,002 Refunds $1 Rounding

Pt XII Line 4B

Financial Aid To Students

Pt X Line 2

Management believes the School has no uncertain tax positions as of June 30, 2014. The Federal Form 990 and 990-T are subject to examination by the IRS, generally for three years after they were filed. The Federal tax filings prior to the year ended June 30, 2011 are closed.

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IRS990/Form990PartVIISectionAGrp/TitleTxt17Secretary/Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Treasurer/Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Headmaster/Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt21Chief Financial Officer
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IRS990/Form990PartVIISectionAGrp/TitleTxt23Director of Advancement
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$45.3$10.0$35.3$23.9$23.7$0.14
2023Detailed filing. Detailed filing data is available for this year.$45.5$11.2$34.4$24.4$23.8$0.60
2022Detailed filing. Detailed filing data is available for this year.$45.4$11.9$33.5$22.9$22.9$0.00
2021Detailed filing. Detailed filing data is available for this year.$47.5$12.6$35.0$24.7$20.3$4.39
2020Detailed filing. Detailed filing data is available for this year.$44.4$15.2$29.1$20.7$20.1$0.62
2019Detailed filing. Detailed filing data is available for this year.$43.6$14.8$28.8$21.2$20.3$0.95
2018Detailed filing. Detailed filing data is available for this year.$44.2$16.5$27.7$21.0$18.3$2.77
2017Detailed filing. Detailed filing data is available for this year.$41.6$16.6$25.0$19.8$17.1$2.72
2016Detailed filing. Detailed filing data is available for this year.$32.9$11.2$21.7$16.6$16.5$0.19
2015Detailed filing. Detailed filing data is available for this year.$34.1$12.3$21.8$18.4$15.0$3.43
2014Detailed filing. Detailed filing data is available for this year.$31.4$12.9$18.6$15.3$13.1$2.26
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.4$9.29$16.1$13.0$12.6$0.43
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$5.34$15.4$11.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.0$4.56$15.5$11.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.3$2.50$14.8$10.8