Civic Intelligence

The Rectory School Inc

990 • Fiscal year 2019 • EIN 06-0646805

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 01, 2019

528 Pomfret StreetPomfret, CT 06258

(860) 928-7759

Siviq Scores

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

Liabilities / Assets

57th percentile

0.31x

Higher debt load relative to assets than 57% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

73rd percentile

0.78x

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

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

63rd percentile

7.3%

Higher net margin than 63% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

71st percentile

$355,083

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

61st percentile

7.2%

Faster asset growth than 61% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

37th percentile

0.1%

Faster revenue growth than 37% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Assets

Up

$44,383,931

Up $2,988,559 (+7.2%) from 2018

Net Assets

Up

$30,518,535

Up $1,623,804 (+5.6%) from 2018

Liabilities

Up

$13,865,396

Up $1,364,755 (+11%) from 2018

Revenue

Up

$17,669,933

Up $8,838 (+0.1%) from 2018

Expenses

Up

$16,378,343

Up $857,806 (+5.5%) from 2018

Net Income

Down

$1,291,590

Down $848,968 (-40%) from 2018

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2010: $28,282,506Liabilities 2010: $13,241,345Net Assets 2010: $15,041,1612010Assets 2011: $30,131,179Liabilities 2011: $13,927,018Net Assets 2011: $16,204,1612011Assets 2012: $27,226,477Liabilities 2012: $10,751,307Net Assets 2012: $16,475,1702012Assets 2013: $31,010,962Liabilities 2013: $12,088,978Net Assets 2013: $18,921,9842013Assets 2014: $34,627,758Liabilities 2014: $12,056,039Net Assets 2014: $22,571,7192014Assets 2015: $37,737,637Liabilities 2015: $12,238,610Net Assets 2015: $25,499,0272015Assets 2016: $38,616,635Liabilities 2016: $12,889,020Net Assets 2016: $25,727,6152016Assets 2017: $40,104,344Liabilities 2017: $13,149,938Net Assets 2017: $26,954,4062017Assets 2018: $41,395,372Liabilities 2018: $12,500,641Net Assets 2018: $28,894,7312018Assets 2019: $44,383,931Liabilities 2019: $13,865,396Net Assets 2019: $30,518,5352019Assets 2020: $42,844,286Liabilities 2020: $12,365,240Net Assets 2020: $30,479,0462020Assets 2021: $48,042,903Liabilities 2021: $11,882,257Net Assets 2021: $36,160,6462021Assets 2022: $61,030,805Liabilities 2022: $19,108,656Net Assets 2022: $41,922,1492022Assets 2023: $65,137,323Liabilities 2023: $21,056,796Net Assets 2023: $44,080,5272023Assets 2024: $71,675,396Liabilities 2024: $24,496,655Net Assets 2024: $47,178,7412024Assets 2025: $76,067,531Liabilities 2025: $25,757,971Net Assets 2025: $50,309,5602025

Highlighted filing

2019

Assets$44,383,931
Liabilities$13,865,396
Net Assets$30,518,535

Operations Trend

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

$30M$20M$10M$0-$10MExpenses 2010: $10,181,1782010Expenses 2011: $10,962,6522011Revenue 2012: $11,613,382Expenses 2012: $10,604,405Net Income 2012: $1,008,9772012Revenue 2013: $13,821,961Expenses 2013: $12,486,514Net Income 2013: $1,335,4472013Revenue 2014: $16,361,401Expenses 2014: $12,722,276Net Income 2014: $3,639,1252014Revenue 2015: $17,311,564Expenses 2015: $13,547,691Net Income 2015: $3,763,8732015Revenue 2016: $15,073,076Expenses 2016: $13,622,988Net Income 2016: $1,450,0882016Revenue 2017: $14,762,289Expenses 2017: $14,593,400Net Income 2017: $168,8892017Revenue 2018: $17,661,095Expenses 2018: $15,520,537Net Income 2018: $2,140,5582018Revenue 2019: $17,669,933Expenses 2019: $16,378,343Net Income 2019: $1,291,5902019Revenue 2020: $16,681,683Expenses 2020: $16,995,594Net Income 2020: -$313,9112020Revenue 2021: $18,937,754Expenses 2021: $17,207,625Net Income 2021: $1,730,1292021Revenue 2022: $27,484,393Expenses 2022: $17,112,733Net Income 2022: $10,371,6602022Revenue 2023: $19,276,055Expenses 2023: $18,108,758Net Income 2023: $1,167,2972023Revenue 2024: $20,906,288Expenses 2024: $19,867,620Net Income 2024: $1,038,6682024Revenue 2025: $23,091,896Expenses 2025: $21,435,320Net Income 2025: $1,656,5762025

Highlighted filing

2019

Revenue$17,669,933
Expenses$16,378,343
Net Income$1,291,590
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 1, 2019
Return Version
2018v3.1
Gross Receipts
$20,174,412
Mission and Program Overview

Mission

To provide students, from early childhood through middle school, with an enriched and supportive academic, social and ethical community that addresses individual learning styles, aptitudes and needs while promoting personal self-worth and accountability.

To provide students, from early childhood through middle school, with an enriched and supportive academic, social and ethical community that addresses individual learning styles, aptitudes and needs while promoting personal self-worth and accountability. The school community lives the rectory school creed: responsibility, respect, honesty, and compassion.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$16,553,166$19,334,704▲ $2,781,538
Land, Buildings, and Equipment, Net$18,506,971$17,881,521▼ $625,450
Cash and Non-Interest-Bearing Accounts$4,082,000$5,525,578▲ $1,443,578
Savings and Temporary Cash Investments$1,113,735$1,115,913▲ $2,178
Pledges and Grants Receivable$706,084$307,061▼ $399,023
Prepaid Expenses and Deferred Charges$83,634$103,760▲ $20,126
Accounts Receivable$286,025$103,585▼ $182,440
Inventories for Sale or Use$18,047$11,809▼ $6,238
Total Assets$41,395,372$44,383,931▲ $2,988,559
Other Assets Total$45,710$0▼ $45,710
Liabilities
Deferred Revenue$5,401,010$6,711,743▲ $1,310,733
Tax Exempt Bond Liabilities$6,291,375$6,113,384▼ $177,991
Accounts Payable and Accrued Expenses$529,675$701,471▲ $171,796
Other Liabilities$278,581$338,798▲ $60,217
Total Liabilities$12,500,641$13,865,396▲ $1,364,755
Net Assets / Fund Balance
Unrestricted Net Assets$16,417,617$15,908,282▼ $509,335
Permanently Rstr Net Assets$8,427,264$10,519,402▲ $2,092,138
Temporarily Rstr Net Assets$4,049,850$4,090,851▲ $41,001
Total Net Assets Fund Balance$28,894,731$30,518,535▲ $1,623,804
Total Liabilities and Net Assets / Fund Balance$41,395,372$44,383,931▲ $2,988,559

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,300,512$15,214,014$32,514,526
Equipment$453,031$1,760,855$2,213,886
Other Land Buildings$127,978$455,160$583,138

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$16,789,965$2,672,561▲ $364,894$500,000$19,327,420
2017$14,497,991$1,743,785▲ $1,056,189$508,000$16,789,965
2016$12,961,359$453,507▲ $1,558,125$475,000$14,497,991
2015$12,791,290$1,019,888▼ $374,819$475,000$12,961,359
2014$10,273,369$2,947,850▼ $104,929$325,000$12,791,290
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frederick W WilliamsHeadmasterFT$219,923$135,160$355,083
Lisa HartDirector of AcademicsFT$111,465$63,676$175,141
Fred NagleDirector of DevelopmentFT$127,275$34,813$162,088
Glen AmesDirector of Middle School/asst HeadmasterFT$102,618$57,200$159,818
Glen AmesDirector of Middle School/asst Headm-$102,325$57,493$159,818
Tonya RaymentChief Financial OfficerFT$124,454$26,846$151,300

Highest Paid Contractors

ContractorServicesLocationCompensation
Flik Independent School DiningDining ServicesCOMPASS GROUP USA PO BOX 417632, Boston, MA 02241-7632$869,044
E&r Laundry & Dry CleanersLaundry Services80 ROSS AVE, Manchester, NH 03103$142,713
North East Builders Roofing CoRoofing Academic Building And The Tang105 EASTFORD ROAD, Eastford, CT 06242$128,490
Town Of PomfretSanitary Sewer Project5 HAVEN ROAD, Pomfret Center, CT 06259$100,106
Revenue and Support

Revenue Composition

Contributions and Grants
$3,701,194
Program Service Revenue
$13,826,278
Investment Income
$-98,986
Other Revenue
$241,447
All Other Contributions
$3,673,711
Change in Net Assets
$1,291,590

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded2$1,777,793Fair Market Value
Total Noncash Contributions2$1,777,793-

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,659,866
Revenue Not Reported on Financial Statements
$10,067
Revenue Not Reported on Form 990
$-1,976,997
Other Revenue Adjustments
$-48,602
Total Revenue per Audited Statements
$15,682,869
Total Revenue per Form 990
$17,669,933
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,661,940
Other Expenses$5,407,192
Grants and Similar Amounts Paid$2,309,211
Total Fundraising Expense$781,650
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,671,389$818,977$306,323$5,796,689
Grants to Domestic Individuals$2,309,211--$2,309,211
Other Employee Benefits$1,343,172$257,948$30,997$1,632,117
Depreciation Depletion$924,916$102,768-$1,027,684
Occupancy$851,940$100,228$50,114$1,002,282
All Other Expenses$257,597$210,054$136,695$604,346
Payroll Taxes$339,473$89,567$22,750$451,790
Current Officers, Directors, Trustees, and Key Employees$28,902$288,471$115,605$432,978
Pension Plan Contributions$210,945$40,712$13,556$265,213
Fees for Services Other$165,162$77,054-$242,216
Interest$213,687$23,743-$237,430
Office Expenses$1,164$171,903$48,437$221,504
Information Technology$151,460$30,292$20,195$201,947
Other Expenses$181,763--$181,763
Payment Travel Entrtnmnt Publicly Ofcl$42,757$41,926$32,820$117,503
Insurance-$112,833-$112,833
Comp Disqual Persons$66,522$12,473$4,158$83,153
Advertising$1,048$61,143-$62,191
Fees for Services Accounting-$59,187-$59,187
Fees for Service Investment Mgmnt Fees-$58,669-$58,669
Fees for Services Legal-$33,512-$33,512
Conferences and Meetings-$4,230-$4,230
Total Functional Expenses$13,001,003$2,595,690$781,650$16,378,343

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$16,378,343
Total Expenses per Audited Statements$14,059,065
Expenses per Audited Statements$14,010,463
Expenses Not Reported on Financial Statements$2,367,880
Other Expense Adjustments$2,309,211
Expenses Not Reported on Form 990$48,602
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,884
Fundraising Gross Income$4,615
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$32,098$4,615$3,090$1,525
Total Events$32,098$4,615$12,884$-8,269
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
Marcia WilliamsSPOUSE OF THE SCHOOL'S HEADMASTERCompensation for Database Administrative ServicesNo$76,871
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Custodial Liabilities$264,512
Interest Rate Swap Agreement$74,286

Bond Issues

BondIssuerIssuedIssue PricePurpose
AState of Connecticut Health and Educational Facilities Authority2012-01-05$7,500,000Refunding of series a bonds issued nov 2000 and for buildings and structure

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$7,500,000$7,350,000$1,220,960$150,000

Bond Financing Compliance

No rebate due
No
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
No
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
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
No
Management duties delegated
No

Governance Explanations

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

The form 990 is reviewed and approved by the finance committee prior to being presented to the full board for its review and approval. The appropriate officer of the school is informed of the approval and the form is filed electronically.

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

The identification and successful resolution of conflicts and potential conflicts depends on complete and timely disclosure. Disclosure will occur through an annual written statement and the notification to the board chair of other actual or potential conflicts, as they arise. All financial and material facts relating to potential conflict of interests shall be disclosed. Annually, each board and committee member shall sign and file a disclosure statement that shall be kept with the records of the board. Prior to appointment, all future board and committee members shall do likewise. Signing of a disclosure statement acknowledges that a person has received, read and understands, and complies with the policy as it relates to membership on and actions of the board and committees. Disclosure statements shall be reviewed by the executive committee which shall recommend action by the board, if necessary. Whenever a potential conflict arises that has not been identified on a disclosure form, it shall be disclosed to the chair of to the executive committee in a timely fashion, and made a part of the record of the board. Whenever necessary, the board shall take appropriate action with respect to persons who are in violation of this policy. If the board has reasonable cause to believe that a member of the board or a committee has failed to disclose actual or potential conflicts, either in writing or, at a later date, to the chair, it shall inform the person of its belief and afford the person an opportunity to provide an explanation. If, after hearing the explanation of the person and making further investigation deemed necessary under the circumstances, it is decided that the person failed to disclose in a proper fashion the actual or potential conflict, the board shall take appropriate corrective or disciplinary action. The board, through its executive committee, shall undertake periodic reviews to determine compliance with this policy. It shall report its findings to the full board and include recommendations for revision, where necessary.

Form 990, Part VI, Section B, Line 15

The school's executive committee reviews the salary and benefits of the headmaster in comparison to the salaries of the heads of schools of similar size. The headmaster's contract is presented to the board for overall approval. The headmaster and the executive committee review the salary of the director of finance in comparison to the salaries of individuals in similar positions at peer schools.

Form 990, Part VI, Section C, Line 19

The school's governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
The Rectory School Inc
EIN
06-0646805
Phone
8609287759
Address
528 POMFRET STREET, POMFRET, CT 06258

Signing Officer

Name
Tonya Rayment
Title
Chief Financial Officer
Phone
8609287759
Signed
2019-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tonya Rayment
Formed
1935
Legal Domicile
Ct
Voting Board Members
23
Independent Board Members
22
Employees
180
Volunteers
20

Preparer

Firm
Cohnreznick Llp
Address
350 CHURCH STREET 12TH FLOOR, HARTFORD, CT 06103
Preparer
John Toscano
Phone
9592007000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of interest rate swap agreement -119,997. Provision for uncollectible pledges -74,000.

FORM 990 PART XII LINE 2C:

There have been no changes made to the organization's oversight or selection process during the tax year.

Financial Statement Notes

PART V, LINE 4:

Earnings from the school's endowment funds are utilized to satisfy donor restrictions on the use of the earnings, if any, and to support the school's operations.

PART X, LINE 2:

The school is a tax-exempt organization described under section 501(c)(3) of the internal revenue code (the "irc") and, as such, is not subject to federal or state corporation income taxes. The school had no uncertain tax positions at june 30, 2019 or 2018. The school's federal information returns prior to fiscal year 2016 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. If the school had unrelated business income taxes, it would recognize interest and penalties associated with any tax matters as part of the income tax provision and include accrued interest and penalties with the related tax liability in the statements of financial position.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of swap agreement -119,997. Financial aid -2,309,211. Provision for uncollectible pledges -74,000.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising expenses -12,884. Cost of goods sold -35,718.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 35,718. Special events expense 12,884.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 2,309,211.

Raw XML AppendixShowing 400 of 906 raw XML fields

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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IRS990/Desc0PROVIDE CO-EDUCATIONAL SERVICES AND SUPPORT TO APPROXIMATELY 247 STUDENTS IN GRADES 5 THROUGH 9 IN AN INDEPENDENT BOARDING AND DAY SCHOOL SETTING.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHAIRMAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19OUTGOING TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24HEADMASTER
IRS990/Form990PartVIISectionAGrp/TitleTxt25CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF MIDDLE SCHOOL/ASST HEADMASTER
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR OF ACADEMICS
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR OF DEVELOPMENT
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE STUDENTS, FROM EARLY CHILDHOOD THROUGH MIDDLE SCHOOL, WITH AN ENRICHED AND SUPPORTIVE ACADEMIC, SOCIAL AND ETHICAL COMMUNITY THAT ADDRESSES INDIVIDUAL LEARNING STYLES, APTITUDES AND NEEDS WHILE PROMOTING PERSONAL SELF-WORTH AND ACCOUNTABILITY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt028894731

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.1$25.8$50.3$23.1$21.4$1.66
2024Detailed filing. Detailed filing data is available for this year.$71.7$24.5$47.2$20.9$19.9$1.04
2023Detailed filing. Detailed filing data is available for this year.$65.1$21.1$44.1$19.3$18.1$1.17
2022Detailed filing. Detailed filing data is available for this year.$61.0$19.1$41.9$27.5$17.1$10.4
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.0$11.9$36.2$18.9$17.2$1.73
2020Detailed filing. Detailed filing data is available for this year.$42.8$12.4$30.5$16.7$17.0$0.31
2019Detailed filing. Detailed filing data is available for this year.$44.4$13.9$30.5$17.7$16.4$1.29
2018Detailed filing. Detailed filing data is available for this year.$41.4$12.5$28.9$17.7$15.5$2.14
2017Detailed filing. Detailed filing data is available for this year.$40.1$13.1$27.0$14.8$14.6$0.17
2016Detailed filing. Detailed filing data is available for this year.$38.6$12.9$25.7$15.1$13.6$1.45
2015Detailed filing. Detailed filing data is available for this year.$37.7$12.2$25.5$17.3$13.5$3.76
2014Detailed filing. Detailed filing data is available for this year.$34.6$12.1$22.6$16.4$12.7$3.64
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.0$12.1$18.9$13.8$12.5$1.34
2012Summary only. Only limited summary data is available for this year.$27.2$10.8$16.5$11.6$10.6$1.01
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.1$13.9$16.2$11.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.3$13.2$15.0$10.2