Civic Intelligence

Salisbury School Inc.

990 • Fiscal year 2016 • EIN 06-0646888

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 10, 2016

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

64th percentile

0.47x

Higher debt load relative to assets than 64% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Liabilities / Revenue

89th percentile

3.95x

Higher debt load relative to revenue than 89% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Net Margin

22nd percentile

-4.3%

Higher net margin than 22% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Top Officer Pay

51st percentile

$481,400

Higher top officer pay than 51% of similar nonprofits.

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

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Asset Growth

7th percentile

-10%

Faster asset growth than 7% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Revenue Growth

9th percentile

-31%

Faster revenue growth than 9% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$207,272,388

Down $23,047,930 (-10%) from 2015

Net Assets

Down

$109,923,239

Down $9,850,167 (-8.2%) from 2015

Liabilities

Down

$97,349,149

Down $13,197,763 (-12%) from 2015

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin22nd percentile

Revenue

Down

$24,658,065

Down $10,911,299 (-31%) from 2015

Expenses

Down

$25,718,141

Down $163,764 (-0.6%) from 2015

Net Income

Down

-$1,060,076

Down $10,747,535 (-111%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth7th 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

2016

Assets$207,272,388
Liabilities$97,349,149
Net Assets$109,923,239
Open 2016 Filing

Operations Trend

Revenue Growth9th 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

2016

Revenue$24,658,065
Expenses$25,718,141
Net Income-$1,060,076
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 10, 2016
Return Version
2015v2.1
Gross Receipts
$25,324,638
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$68,249,297$67,439,380▼ $809,917
Investments Other Securities$54,226,208$50,786,478▼ $3,439,730
Savings and Temporary Cash Investments$17,034,460$12,627,506▼ $4,406,954
Pledges and Grants Receivable$3,558,927$3,068,087▼ $490,840
Cash and Non-Interest-Bearing Accounts$300,636$1,474,747▲ $1,174,111
Prepaid Expenses and Deferred Charges$709,009$654,777▼ $54,232
Inventories for Sale or Use$234,475$192,149▼ $42,326
Accounts Receivable$265,377$158,402▼ $106,975
Total Assets$230,320,318$207,272,388▼ $23,047,930
Other Assets Total$85,741,929$70,870,862▼ $14,871,067
Liabilities
Tax Exempt Bond Liabilities$47,070,000$48,036,000▲ $966,000
Other Liabilities$51,869,834$38,866,518▼ $13,003,316
Deferred Revenue$8,543,529$8,089,947▼ $453,582
Accounts Payable and Accrued Expenses$3,063,549$2,356,684▼ $706,865
Total Liabilities$110,546,912$97,349,149▼ $13,197,763
Net Assets / Fund Balance
Unrestricted Net Assets$46,211,041$44,745,321▼ $1,465,720
Temporarily Rstr Net Assets$46,609,072$37,507,660▼ $9,101,412
Permanently Rstr Net Assets$26,953,293$27,670,258▲ $716,965
Total Net Assets Fund Balance$119,773,406$109,923,239▼ $9,850,167
Total Liabilities and Net Assets / Fund Balance$230,320,318$207,272,388▼ $23,047,930

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$65,319,813$32,133,892$97,453,705
Equipment$813,067$2,885,938$3,699,005
Land$1,306,500-$1,306,500
Other Assets Org$4,100,630--
Other Securities$32,638--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$91,675,718$-6,238,580▼ $2,157,052$2,405,172$80,530,800
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
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chisholm ChandlerHeadmasterFT$346,363$135,037$481,400
Chisholm Chandler--$333,563$147,836$481,399
Dirck BarhydtDirector of DevelopmentFT$178,565$46,265$224,830
Dirck Barhydt--$178,566$46,264$224,830
John MagieraBusiness ManagerFT$167,256$42,933$210,189
John Magiera--$167,256$42,933$210,189
Robert WynneDirector of College AdvFT$132,980$56,637$189,617
Robert Wynne--$132,980$56,637$189,617
Peter GilbertDirector of AdmissionsFT$110,493$50,437$160,930
Peter Gilbert--$110,493$50,437$160,930
Josephine LearyControllerFT$120,000$12,000$132,000
Andrew GrahamDirector of Leadership GivingFT$113,025$17,724$130,749
Mark SchmidtChief Financial OfficerFT$95,011$11,368$106,379

Board Members and Trustees

NameTitle
See Attached Listof unpaid trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Town and AurellConstructionBox 397, Bantam, CT 06750$442,617
Lindell Fuels IncFuelPO Box 609, Canaan, CT 06018$327,046
US Foodservice IncFood serviceBox 642554, Pittsburgh, PA 15264$262,269
Sysco Connecticut LLCFood serviceBox 4003, Rocky Hill, CT 06067$245,861
Segalla's Turnkey HousingConstructionRte 7, Canaan, CT 06018$232,680
Revenue and Support

Revenue Composition

Contributions and Grants
$4,391,448
Program Service Revenue
$19,495,278
Investment Income
$473,849
Other Revenue
$297,490
All Other Contributions
$4,391,448
Change in Net Assets
$-1,060,076

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 Traded32$479,411
Total Noncash Contributions32$479,411

Audited Revenue Reconciliation

Revenue per Audited Statements
$24,658,065
Revenue Not Reported on Form 990
$-8,790,091
Total Revenue per Audited Statements
$15,867,974
Total Revenue per Form 990
$24,658,065
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,909,225
Other Expenses$10,603,827
Grants and Similar Amounts Paid$4,205,089
Total Fundraising Expense$1,463,678
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,336,791$1,689,576$637,950$7,664,317
Grants to Domestic Individuals$3,109,409--$3,109,409
Depreciation Depletion$2,705,508$0$0$2,705,508
Interest$1,961,587$0$0$1,961,587
Occupancy$1,331,293$139,157$1,351$1,471,801
Other Employee Benefits$661,219$519,203$146,430$1,326,852
Fees for Services Other$1,015,010$89,665$12,294$1,116,969
Foreign Grants$1,095,680--$1,095,680
Current Officers, Directors, Trustees, and Key Employees$346,363$262,267$178,565$787,195
Payroll Taxes$401,106$127,352$55,434$583,892
Pension Plan Contributions$404,757$142,212$0$546,969
Office Expenses$83,262$197,712$227,772$508,746
Travel$194,843$99,745$53,990$348,578
Insurance$0$248,689$0$248,689
Information Technology$97,234$65,904$80,632$243,770
Other Expenses$211,347$2,616$0$213,963
Advertising$33,655$14,197$690$48,542
Conferences and Meetings$5,047$27,716$0$32,763
Total Functional Expenses$20,510,374$3,744,089$1,463,678$25,718,141

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$25,718,141
Total Expenses per Audited Statements$25,718,141
Total Expenses per Form 990$25,718,141
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$38,866,518

Bond Issues

BondIssuerIssuedIssue PricePurpose
AChefa2015-12-31$48,194,000Defease Series C

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$48,194,000$47,684,654$158,000$465,379

Bond Financing Compliance

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
2016-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Schmidt
Formed
1901
Legal Domicile
Ct
Voting Board Members
40
Independent Board Members
39
Employees
238
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.”

Pt XI

“Change in value of charitable trusts”

Financial Statement Notes

Pt V, Line 4

“Scholarship and other program related expenses”

Pt XI, Line 2D

“change in value of charitable trusts”

Raw XML AppendixShowing 400 of 790 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/PrepaidExpensesDefrdChargesGrp/EOYAmt0654777
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$207,272,388
Liabilities
$97,349,149
Net assets
$109,923,239
Revenue
$24,658,065
Expenses
$25,718,141
Net income
-$1,060,076
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
2016Detailed filing. Detailed filing data is available for this year.$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