Civic Intelligence

Salisbury School Inc.

990 • Fiscal year 2015 • EIN 06-0646888

Jul 01, 2014 to Jun 30, 2015 • Filed on Nov 13, 2015

Organization Profilewww.salisburyschool.org

View Organization Page

251 Canaan RdSalisbury, CT 06068

(860) 435-5711

Siviq Scores

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

Liabilities / Assets

65th percentile

0.48x

Higher debt load relative to assets than 65% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

88th percentile

3.11x

Higher debt load relative to revenue than 88% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Net Margin

85th percentile

27%

Higher net margin than 85% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

50th percentile

$473,965

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Asset Growth

87th percentile

15%

Faster asset growth than 87% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

83rd percentile

19%

Faster revenue growth than 83% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$230,320,318

Up $30,398,433 (+15%) from 2014

Net Assets

Up

$119,773,406

Up $5,886,656 (+5.2%) from 2014

Liabilities

Up

$110,546,912

Up $24,511,777 (+28%) from 2014

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin85th percentile

Revenue

Up

$35,569,364

Up $5,743,541 (+19%) from 2014

Expenses

Up

$25,881,905

Up $755,029 (+3.0%) from 2014

Net Income

Up

$9,687,459

Up $4,988,512 (+106%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth87th percentile

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

$300M$200M$100M$0Assets 2010: $165,972,108Liabilities 2010: $77,309,337Net Assets 2010: $88,662,7712010Assets 2011: $181,188,888Liabilities 2011: $83,125,468Net Assets 2011: $98,063,4202011Assets 2012: $176,008,374Liabilities 2012: $80,805,970Net Assets 2012: $95,202,4042012Assets 2013: $187,174,149Liabilities 2013: $82,945,176Net Assets 2013: $104,228,9732013Assets 2014: $199,921,885Liabilities 2014: $86,035,135Net Assets 2014: $113,886,7502014Assets 2015: $230,320,318Liabilities 2015: $110,546,912Net Assets 2015: $119,773,4062015Assets 2016: $207,272,388Liabilities 2016: $97,349,149Net Assets 2016: $109,923,2392016Assets 2017: $225,253,100Liabilities 2017: $105,476,644Net Assets 2017: $119,776,4562017Assets 2018: $184,619,023Liabilities 2018: $56,768,042Net Assets 2018: $127,850,9812018Assets 2019: $186,501,463Liabilities 2019: $52,911,596Net Assets 2019: $133,589,8672019Assets 2020: $183,556,815Liabilities 2020: $53,715,701Net Assets 2020: $129,841,1142020Assets 2021: $220,053,880Liabilities 2021: $54,815,181Net Assets 2021: $165,238,6992021Assets 2022: $219,008,162Liabilities 2022: $50,816,856Net Assets 2022: $168,191,3062022Assets 2023: $231,447,981Liabilities 2023: $51,698,850Net Assets 2023: $179,749,1312023Assets 2024: $251,409,345Liabilities 2024: $48,605,544Net Assets 2024: $202,803,8012024

Highlighted filing

2015

Assets$230,320,318
Liabilities$110,546,912
Net Assets$119,773,406
Open 2015 Filing

Operations Trend

Revenue Growth83rd percentile

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

$60M$40M$20M$0-$20MExpenses 2010: $20,994,8902010Expenses 2011: $22,359,3042011Expenses 2012: $23,066,6332012Revenue 2013: $30,608,611Expenses 2013: $23,559,090Net Income 2013: $7,049,5212013Revenue 2014: $29,825,823Expenses 2014: $25,126,876Net Income 2014: $4,698,9472014Revenue 2015: $35,569,364Expenses 2015: $25,881,905Net Income 2015: $9,687,4592015Revenue 2016: $24,658,065Expenses 2016: $25,718,141Net Income 2016: -$1,060,0762016Revenue 2017: $25,556,683Expenses 2017: $26,113,455Net Income 2017: -$556,7722017Revenue 2018: $31,150,360Expenses 2018: $26,609,420Net Income 2018: $4,540,9402018Revenue 2019: $32,329,690Expenses 2019: $27,441,830Net Income 2019: $4,887,8602019Revenue 2020: $27,435,789Expenses 2020: $27,065,585Net Income 2020: $370,2042020Revenue 2021: $31,894,355Expenses 2021: $26,679,025Net Income 2021: $5,215,3302021Revenue 2022: $36,789,064Expenses 2022: $28,159,648Net Income 2022: $8,629,4162022Revenue 2023: $35,562,584Expenses 2023: $30,729,008Net Income 2023: $4,833,5762023Revenue 2024: $40,029,245Expenses 2024: $33,306,223Net Income 2024: $6,723,0222024

Highlighted filing

2015

Revenue$35,569,364
Expenses$25,881,905
Net Income$9,687,459
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 13, 2015
Return Version
2014v5.0
Gross Receipts
$36,716,701
Mission and Program Overview

Mission

Education:salisbury school is an independent boy's secondary school (grades 9 through 12) for boarding and day students. The school recruits from around the world.

Education: Salisbury School is an independent boy's secondary school (grades 9 thru 12) for boarding and day students. The school recruits students from around the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$68,540,154$68,249,297▼ $290,857
Investments Other Securities$54,826,446$54,226,208▼ $600,238
Savings and Temporary Cash Investments$17,856,892$17,034,460▼ $822,432
Pledges and Grants Receivable$3,978,594$3,558,927▼ $419,667
Prepaid Expenses and Deferred Charges$708,150$709,009▲ $859
Cash and Non-Interest-Bearing Accounts$878,981$300,636▼ $578,345
Accounts Receivable$255,338$265,377▲ $10,039
Inventories for Sale or Use$237,171$234,475▼ $2,696
Total Assets$199,921,885$230,320,318▲ $30,398,433
Other Assets Total$52,640,159$85,741,929▲ $33,101,770
Liabilities
Other Liabilities$27,282,176$51,869,834▲ $24,587,658
Tax Exempt Bond Liabilities$48,160,000$47,070,000▼ $1,090,000
Deferred Revenue$7,582,699$8,543,529▲ $960,830
Accounts Payable and Accrued Expenses$3,010,260$3,063,549▲ $53,289
Total Liabilities$86,035,135$110,546,912▲ $24,511,777
Net Assets / Fund Balance
Temporarily Rstr Net Assets$39,693,744$46,609,072▲ $6,915,328
Unrestricted Net Assets$47,647,885$46,211,041▼ $1,436,844
Permanently Rstr Net Assets$26,545,121$26,953,293▲ $408,172
Total Net Assets Fund Balance$113,886,750$119,773,406▲ $5,886,656
Total Liabilities and Net Assets / Fund Balance$199,921,885$230,320,318▲ $30,398,433

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$66,074,391$29,741,665$95,816,056
Equipment$868,406$2,672,017$3,540,423
Land$1,306,500-$1,306,500
Other Assets Org$29,258--
Other Securities$3,855,328--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$85,114,115$8,995,430▲ $131,286$2,228,816$91,675,718
2013$76,832,690$3,296,357▲ $7,407,150$2,077,149$85,114,115
2012$67,793,894$6,269,159▲ $4,954,341$1,871,713$76,832,690
2011$69,570,134$1,039,264▼ $761,258$1,752,113$67,793,894
2010$58,456,610$6,931,440▲ $6,324,789$1,848,500$69,570,134
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chisholm ChandlerHeadmasterFT$329,275$144,690$473,965
Chisholm Chandler--$328,075$145,890$473,965
John MagieraBusiness ManagerFT$207,718$43,682$251,400
John Magiera--$220,000$31,400$251,400
Dirck BarhydtDirector of DevelopmentFT$199,156$37,716$236,872
Dirck Barhydt--$205,500$31,372$236,872
Robert WynneDirector of College AdvFT$128,350$53,291$181,641
Robert Wynne--$137,800$43,841$181,641
Peter GilbertDirector of AdmissionsFT$107,150$47,240$154,390
Peter Gilbert--$113,000$41,390$154,390
Andrew GrahamDirector of Leadership GivingFT$109,113$19,130$128,243
Josephine LearyControllerFT$115,500$10,131$125,631

Board Members and Trustees

NameTitle
See Attached Listof unpaid trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Segalla's Turnkey HousingConstructionRte 7, Canaan, CT 06018$928,875
Lindell Fuels IncFuelPO Box 609, Canaan, CT 06018$575,927
United Construction and EngineeringConstructionPO Box 1008, Torrington, CT 06790$394,346
Perotti William and Sons IncMechanical contractorPO Box 248, East Canaan, CT 06024$374,091
Town and Aurell IncConstructionPO Box 397, Bantam, CT 06750$265,496
Revenue and Support

Revenue Composition

Contributions and Grants
$12,599,247
Program Service Revenue
$18,612,339
Investment Income
$3,936,660
Other Revenue
$421,118
All Other Contributions
$12,599,247
Change in Net Assets
$9,687,459

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 Amount
Securities Publicly Traded33$1,151,035
Total Noncash Contributions33$1,151,035

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,569,364
Revenue Not Reported on Form 990
$3,800,803
Total Revenue per Audited Statements
$39,370,167
Total Revenue per Form 990
$35,569,364
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,543,729
Salaries, Compensation, and Employee Benefits$10,319,742
Grants and Similar Amounts Paid$4,018,434
Total Fundraising Expense$1,375,928
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,015,766$1,655,499$565,620$7,236,885
Grants to Domestic Individuals$2,823,689--$2,823,689
Depreciation Depletion$2,650,830$0$0$2,650,830
Interest$2,243,775$0$0$2,243,775
Occupancy$1,587,412$163,338$22,585$1,773,335
Foreign Grants$1,194,745--$1,194,745
Other Employee Benefits$738,640$282,399$121,250$1,142,289
Fees for Services Other$641,516$229,171$18,502$889,189
Current Officers, Directors, Trustees, and Key Employees$378,965$251,400$218,872$849,237
Payroll Taxes$391,126$115,767$52,797$559,690
Pension Plan Contributions$398,878$94,065$38,698$531,641
Office Expenses$97,008$211,547$165,262$473,817
Other Expenses$334,939$3,234$0$338,173
Fees for Service Investment Mgmnt Fees$0$336,297$0$336,297
Travel$71,775$116,112$51,965$239,852
Information Technology$70,798$100,393$51,691$222,882
Insurance$0$217,905$0$217,905
Advertising$47,688$17,040$2,789$67,517
Total Functional Expenses$20,580,016$3,925,961$1,375,928$25,881,905

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$25,881,905
Total Expenses per Audited Statements$25,881,905
Total Expenses per Form 990$25,881,905
International Activity

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
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
Liability under trust agreemenets$51,869,834

Bond Issues

BondIssuerIssuedIssue PricePurpose
AChefa2008-05-22$48,160,000Capital projects

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$48,160,000--$331,484

Bond Financing Compliance

No rebate due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
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
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
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Salisbury School Inc
EIN
06-0646888
Phone
8604355711
Address
251 CANAAN RD, SALISBURY, CT 06068

Signing Officer

Name
Mark Schmidt
Title
Business Manager
Phone
8604355711
Signed
2015-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Schmidt
Formed
1901
Legal Domicile
Ct
Voting Board Members
28
Independent Board Members
28
Employees
229
Volunteers
80

Preparer

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

Additional Explanations

Pt VI, Line 11B

“The audit committee then makes any needed changes and approves the Form 990”

Pt VI, Line 12C

“The School annually certifies that there are no conflicts”

Pt VI, Line 15A

“The Compensation Committee reviews key employee compensation annually and presents a recommendation at the spring meeting. ABOPS compensation data is used for comparability studies.”

Pt VI, Line 19

“All documents are available upon request and are on file in the business office of the School.”

Pt VI, Line 15B

“The Compensation Committee reviews key employee compensation annually and presents a recommendation at the spring meeting. ABOPS compensation data is used for comparability studies.”

Financial Statement Notes

Pt V, Line 4

“Scholarship and other program related expenses”

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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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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0709009
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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
$230,320,318
Liabilities
$110,546,912
Net assets
$119,773,406
Revenue
$35,569,364
Expenses
$25,881,905
Net income
$9,687,459
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$251$48.6$203$40.0$33.3$6.72
2023Detailed filing. Detailed filing data is available for this year.$231$51.7$180$35.6$30.7$4.83
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$219$50.8$168$36.8$28.2$8.63
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$220$54.8$165$31.9$26.7$5.22
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$184$53.7$130$27.4$27.1$0.37
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$187$52.9$134$32.3$27.4$4.89
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$185$56.8$128$31.2$26.6$4.54
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$225$105$120$25.6$26.1$0.56
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$207$97.3$110$24.7$25.7$1.06
2015Detailed filing. Detailed filing data is available for this year.$230$111$120$35.6$25.9$9.69
2014Detailed filing. Detailed filing data is available for this year.$200$86.0$114$29.8$25.1$4.70
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$187$82.9$104$30.6$23.6$7.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$80.8$95.2$23.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$181$83.1$98.1$22.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$166$77.3$88.7$21.0