Civic Intelligence

The Forman School Inc.

990 • Fiscal year 2015 • EIN 06-0646648

Jul 01, 2014 to Jun 30, 2015 • Filed on May 16, 2016

Organization Profilewww.formanschool.org

View Organization Page

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

58th percentile

0.36x

Higher debt load relative to assets than 58% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

69th percentile

0.67x

Higher debt load relative to revenue than 69% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

77th percentile

19%

Higher net margin than 77% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

76th percentile

$395,086

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

73rd percentile

8.6%

Faster asset growth than 73% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

79th percentile

20%

Faster revenue growth than 79% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$34,097,704

Up $2,686,102 (+8.6%) from 2014

Net Assets

Up

$21,806,795

Up $3,248,647 (+18%) from 2014

Liabilities

Down

$12,290,909

Down $562,545 (-4.4%) from 2014

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin77th percentile

Revenue

Up

$18,394,029

Up $3,050,446 (+20%) from 2014

Expenses

Up

$14,961,860

Up $1,874,373 (+14%) from 2014

Net Income

Up

$3,432,169

Up $1,176,073 (+52%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

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

2015

Assets$34,097,704
Liabilities$12,290,909
Net Assets$21,806,795
Open 2015 Filing

Operations Trend

Revenue Growth79th percentile

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

2015

Revenue$18,394,029
Expenses$14,961,860
Net Income$3,432,169
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 16, 2016
Return Version
2014v6.0
Gross Receipts
$21,016,007
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. 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$15,132,956$15,982,949▲ $849,993
Savings and Temporary Cash Investments$8,067,951$8,170,999▲ $103,048
Investments in Publicly Traded Securities$7,181,265$7,529,954▲ $348,689
Pledges and Grants Receivable$472,708$1,772,356▲ $1,299,648
Intangible Assets$237,366$224,787▼ $12,579
Prepaid Expenses and Deferred Charges$93,450$190,930▲ $97,480
Inventories for Sale or Use$154,637$114,527▼ $40,110
Accounts Receivable$67,179$107,597▲ $40,418
Cash and Non-Interest-Bearing Accounts$4,090$3,605▼ $485
Total Assets$31,411,602$34,097,704▲ $2,686,102
Liabilities
Deferred Revenue$6,120,874$5,277,409▼ $843,465
Tax Exempt Bond Liabilities$4,486,483$4,298,202▼ $188,281
Mortgage Notes Payable Secured by Investment Property$1,553,979$1,524,779▼ $29,200
Accounts Payable and Accrued Expenses$692,118$1,190,519▲ $498,401
Total Liabilities$12,853,454$12,290,909▼ $562,545
Net Assets / Fund Balance
Unrestricted Net Assets$12,321,062$14,382,909▲ $2,061,847
Permanently Rstr Net Assets$4,797,541$4,829,175▲ $31,634
Temporarily Rstr Net Assets$1,439,545$2,594,711▲ $1,155,166
Total Net Assets Fund Balance$18,558,148$21,806,795▲ $3,248,647
Total Liabilities and Net Assets / Fund Balance$31,411,602$34,097,704▲ $2,686,102

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,783,715$14,129,594$27,913,309
Equipment$464,603$3,459,340$3,923,943
Land$1,128,410-$1,128,410
Other Land Buildings$606,221-$606,221

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$7,255,442$672,684▲ $172,371$258,964$7,841,533
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
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Louise Hoppe FinnertyPresident/Trustee-$345,668$49,418$395,086
Adam K Man--$345,668$49,418$395,086
Michael CookSecretary/Trustee-$160,637$24,923$185,560
Justin Solomon--$160,637$24,923$185,560
Beatriz SanchezVice President/Trustee-$157,562$8,219$165,781
Robert Scodari--$157,562$8,219$165,781
Thomas SorellTreasurer/Trustee-$138,448$26,366$164,814
Helen Waldren--$138,448$26,366$164,814
Adam K ManHeadmaster/TrusteeFT$127,450$23,321$150,771
Edward Kowalchick--$127,450$23,321$150,771

Board Members and Trustees

NameTitle
Annette R Jenner-matthewsTrustee
Anthony EverettTrustee
Barbara ChaceTrustee
Blake MyersTrustee
David WalterTrustee
David WhiteTrustee
Elizabeth Garber DanielsTrustee
Frederick M Lione JrTrustee
Jon ZagrodskyTrustee
Kenneth I DeaneTrustee
L Laird DavisTrustee
Pamela AlexanderTrustee
Preethi KrishnaTrustee
Scott SutherlandTrustee
Edward KowalchickAssistant Head of School for Internal Affairs
Helen WaldrenAssoc Head of School
Justin SolomonAsst Head of School for Inst Advancement
Robert ScodariChief Financial Officer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexho Inc & AffiliatesDining Hall ServicesPO Box 360170, Pittsburgh, PA 15251-6170$516,415
PAC Group LLCConstruction34 Hayden Road, Harwinton, CT 06791$110,483
Revenue and Support

Revenue Composition

Contributions and Grants
$3,513,969
Program Service Revenue
$14,482,690
Investment Income
$361,744
Other Revenue
$35,626
All Other Contributions
$3,513,969
Change in Net Assets
$3,432,169

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 Traded8$80,615Market Value
Total Noncash Contributions8$80,615-

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,840,517
Revenue Not Reported on Financial Statements
$1,553,512
Revenue Not Reported on Form 990
$52,887
Other Revenue Adjustments
$1,553,512
Total Revenue per Audited Statements
$16,893,404
Total Revenue per Form 990
$18,394,029
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,249,747
Other Expenses$5,158,601
Grants and Similar Amounts Paid$1,553,512
Total Fundraising Expense$1,152,357
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,304,323$1,088,361$335,426$5,728,110
Grants to Domestic Individuals$1,553,512--$1,553,512
Depreciation Depletion$740,474$259,869$91,598$1,091,941
Occupancy$687,079$265,131$84,993$1,037,203
Current Officers, Directors, Trustees, and Key Employees$175,074$483,682$218,683$877,439
Other Employee Benefits$600,935$96,800$59,620$757,355
Payroll Taxes$354,012$101,857$41,531$497,400
Fees for Services Other$235,871$161,175$86,975$484,021
Pension Plan Contributions$260,199$92,810$36,434$389,443
Office Expenses$46,961$226,891$67,136$340,988
Insurance$193,654$64,796$22,134$280,584
Travel$83,569$98,504$20,990$203,063
Interest$184,782$0$0$184,782
Other Expenses$175,609$0$0$175,609
Advertising$0$16,042$84,796$100,838
Information Technology$75,518$0$0$75,518
Total Functional Expenses$10,759,869$3,049,634$1,152,357$14,961,860

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$14,961,860
Total Expenses per Audited Statements$13,644,757
Expenses per Audited Statements$13,408,348
Expenses Not Reported on Financial Statements$1,553,512
Other Expense Adjustments$1,553,512
Expenses Not Reported on Form 990$236,409
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
Beth ManFamily member of headmasterEmploymentNo$27,897
Scott Sutherland the Mckellan GroupTrusteeBrokerage firm for employee insuranceNo$9,000
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
AChefa2013-03-28$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

Filer Name
Forman School Inc
EIN
06-0646648
Phone
8605671806
Address
PO Box 80, Litchfield, CT 06759

Signing Officer

Name
Robert Scodari
Title
Chief Financial Officer
Phone
8605671806
Signed
2016-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Adam Man
Formed
1930
Legal Domicile
Ct
Voting Board Members
19
Independent Board Members
18
Employees
138
Volunteers
97

Preparer

Firm
O'CONNELL PACE & COMPANY PC
Address
609 FARMINGTON AVE STE 201, HARTFORD, CT 06105
Preparer
Mario Pace
Phone
8602473917
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The Form 990 is reviewed by Management of the School prior to its submission to the IRS.”

Pt VI, Line 12C

“The School has a formal written conflict of interest policy and each Board Member is required to submit a signed conflict of interest disclosure statement annually. The copies of the signed statements are maintained by the assistant to the Head of School.”

Pt VI, Line 15A

“The Compensation Committee of the School uses school comparability statistics and National Association of Independant Schools benchmark studies to determine compensation of the Head of School.”

Pt VI, Line 15B

“The Head of School uses school comparability statistics and National Association of Independant Schools benchmark studies to determine compensation of all other key employees and other officers of the School.”

Pt VI, Line 19

“The School has made the Form 990, governing documents, conflict of interest policy, and financial statements available in a file maintained in the administrative office of the School available 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 utiliaed in accordance with donor stipulations, if any, and support of the School's exempt activites. The appreciation is utilized in accordance with the School's spending policy.”

Pt XI, Line 2D

“$236,274 Cost of Goods Sold on School store sales and $135 Tuition Refunds.”

Pt XI, Line 4B

“Financial Aid to Students.”

Pt XII, Line 2D

“$236,274 Cost of Goods Sold on School store sales and $135 Tuition Refunds.”

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, 2015. The Federal Form 990 and 990-T are subject to examination by the IRS, generally for three years after they were filed. The School's Federal and State tax filings prior to the year ended June 30, 2012 are closed.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt17Treasurer/Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Headmaster/Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Chief Financial Officer
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$34,097,704
Liabilities
$12,290,909
Net assets
$21,806,795
Revenue
$18,394,029
Expenses
$14,961,860
Net income
$3,432,169
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