Civic Intelligence

Packer Collegiate Institute

990 • Fiscal year 2014 • EIN 11-1633522

Jul 01, 2013 to Jun 30, 2014 • Filed on May 14, 2015

170 Joralemon StreetBrooklyn, NY 11201

(718) 250-0336

Siviq Scores

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

Liabilities / Assets

51st percentile

0.28x

Higher debt load relative to assets than 51% of similar nonprofits.

2014 filings • NTEE B • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

48th percentile

0.51x

Higher debt load relative to revenue than 48% of similar nonprofits.

2014 filings • NTEE B • $50M-$100M nonprofits • Source year 2014

Net Margin

71st percentile

14%

Higher net margin than 71% of similar nonprofits.

2014 filings • NTEE B • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

83rd percentile

$743,924

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Asset Growth

84th percentile

13%

Faster asset growth than 84% of similar nonprofits.

2014 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

57th percentile

7.3%

Faster revenue growth than 57% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Assets

Up

$83,680,111

Up $9,886,769 (+13%) from 2013

Net Assets

Up

$60,163,277

Up $9,100,910 (+18%) from 2013

Liabilities

Up

$23,516,834

Up $785,859 (+3.5%) from 2013

Revenue

Up

$45,862,158

Up $3,111,072 (+7.3%) from 2013

Expenses

Up

$39,595,383

Up $1,714,966 (+4.5%) from 2013

Net Income

Up

$6,266,775

Up $1,396,106 (+29%) from 2013

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $64,808,655Liabilities 2010: $23,868,358Net Assets 2010: $40,940,2972010Assets 2011: $68,712,085Liabilities 2011: $24,725,693Net Assets 2011: $43,986,3922011Assets 2012: $70,138,566Liabilities 2012: $25,523,616Net Assets 2012: $44,614,9502012Assets 2013: $73,793,342Liabilities 2013: $22,730,975Net Assets 2013: $51,062,3672013Assets 2014: $83,680,111Liabilities 2014: $23,516,834Net Assets 2014: $60,163,2772014Assets 2015: $111,139,115Liabilities 2015: $46,621,797Net Assets 2015: $64,517,3182015Assets 2016: $113,565,596Liabilities 2016: $46,699,003Net Assets 2016: $66,866,5932016Assets 2017: $126,161,621Liabilities 2017: $47,942,984Net Assets 2017: $78,218,6372017Assets 2018: $135,977,011Liabilities 2018: $48,315,176Net Assets 2018: $87,661,8352018Assets 2019: $142,774,436Liabilities 2019: $45,588,242Net Assets 2019: $97,186,1942019Assets 2020: $152,004,957Liabilities 2020: $49,298,407Net Assets 2020: $102,706,5502020Assets 2021: $176,388,503Liabilities 2021: $49,336,028Net Assets 2021: $127,052,4752021Assets 2022: $182,472,821Liabilities 2022: $44,985,158Net Assets 2022: $137,487,6632022Assets 2023: $196,650,032Liabilities 2023: $47,088,455Net Assets 2023: $149,561,5772023Assets 2024: $214,118,978Liabilities 2024: $51,885,217Net Assets 2024: $162,233,7612024

Highlighted filing

2014

Assets$83,680,111
Liabilities$23,516,834
Net Assets$60,163,277

Operations Trend

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

$80M$60M$40M$20M$0Expenses 2010: $31,899,1432010Expenses 2011: $34,138,7162011Expenses 2012: $36,099,2022012Revenue 2013: $42,751,086Expenses 2013: $37,880,417Net Income 2013: $4,870,6692013Revenue 2014: $45,862,158Expenses 2014: $39,595,383Net Income 2014: $6,266,7752014Revenue 2015: $53,524,170Expenses 2015: $42,809,543Net Income 2015: $10,714,6272015Revenue 2016: $50,332,058Expenses 2016: $45,684,041Net Income 2016: $4,648,0172016Revenue 2017: $54,196,382Expenses 2017: $46,347,133Net Income 2017: $7,849,2492017Revenue 2018: $56,861,438Expenses 2018: $49,403,940Net Income 2018: $7,457,4982018Revenue 2019: $61,442,760Expenses 2019: $53,239,119Net Income 2019: $8,203,6412019Revenue 2020: $57,141,449Expenses 2020: $53,502,565Net Income 2020: $3,638,8842020Revenue 2021: $70,028,029Expenses 2021: $55,902,981Net Income 2021: $14,125,0482021Revenue 2022: $72,092,018Expenses 2022: $58,659,695Net Income 2022: $13,432,3232022Revenue 2023: $71,478,420Expenses 2023: $61,287,845Net Income 2023: $10,190,5752023Revenue 2024: $73,666,304Expenses 2024: $64,997,065Net Income 2024: $8,669,2392024

Highlighted filing

2014

Revenue$45,862,158
Expenses$39,595,383
Net Income$6,266,775
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 14, 2015
Return Version
2013v4.0
Gross Receipts
$47,898,158
Mission and Program Overview

Mission

See schedule ogrounded in rich traditions while embracing the future, packer is a diverse community that balances the value of scholarship and the intellect with the importance of meaningful and sustained relationships. Guided by dedicated adults, packer students are challenged to develop talents, pursue aspirations, and become empathetic, responsible, globally-minded women and men. We educate students to think deeply, speak confidently and act with purpose and heart.

Now in its 169th year in historic brooklyn heights, packer is exceptionally proud of the outstanding education we offer to children from three years of age through senior high school in a beautiful physical plant with up-to-date facilities. In addition, packer has become the school of choice for so many families in brooklyn and manhattan primarily because of its extraordinary faculty of talented men and women who bring a wealth of expertise into the classroom, along with a real love of young people. It is a truly caring community where adults model for students the attributes we prize - kindness, honor, intelligence, inclusiveness, and diversity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$32,403,799$33,282,755▲ $878,956
Investments in Publicly Traded Securities$20,137,733$27,091,130▲ $6,953,397
Cash and Non-Interest-Bearing Accounts$16,773,727$17,740,390▲ $966,663
Pledges and Grants Receivable$1,743,722$2,512,372▲ $768,650
Savings and Temporary Cash Investments$1,033,810$1,196,401▲ $162,591
Investments Other Securities$605,874$748,738▲ $142,864
Prepaid Expenses and Deferred Charges$498,188$623,807▲ $125,619
Accounts Receivable$190,056$129,015▼ $61,041
Inventories for Sale or Use$8,889$29,905▲ $21,016
Total Assets$73,793,342$83,680,111▲ $9,886,769
Other Assets Total$397,544$325,598▼ $71,946
Liabilities
Deferred Revenue$14,986,994$15,907,505▲ $920,511
Accounts Payable and Accrued Expenses$4,663,981$4,529,329▼ $134,652
Mortgage Notes Payable Secured by Investment Property$3,080,000$3,080,000→ $0
Total Liabilities$22,730,975$23,516,834▲ $785,859
Net Assets / Fund Balance
Unrestricted Net Assets$41,146,821$46,276,161▲ $5,129,340
Permanently Rstr Net Assets$9,769,299$13,352,026▲ $3,582,727
Temporarily Rstr Net Assets$146,247$535,090▲ $388,843
Total Net Assets Fund Balance$51,062,367$60,163,277▲ $9,100,910
Total Liabilities and Net Assets / Fund Balance$73,793,342$83,680,111▲ $9,886,769

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$27,807,296$36,994,596$64,801,892
Equipment$2,958,894$4,322,305$7,281,199
Land$2,100,000-$2,100,000
Other Land Buildings$416,565-$416,565

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$18,610,416$4,140,907▲ $3,109,401$884,968$24,975,756
2012$14,767,504$1,755,763▲ $1,874,603$-212,546$18,610,416
2011$15,796,261$140,268▼ $386,035$782,990$14,767,504
2010$10,492,073$80,231▲ $2,165,021$3,058,936$15,796,261
2009$10,964,385$99,062▲ $266,573$-837,947$10,492,073
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Bruce L DennisHead of School/memberFT$470,120$273,804$743,924
Elizabeth H WinterChief Financial OfficerFT$286,671$34,359$321,030
Andrea KellyAsst Head of School as ofFT$186,675$48,463$235,138
Teriann SchraderUpper School Division HeadFT$177,749$30,483$208,232
Lynn BunisDirector of DevelopmentFT$168,578$36,849$205,427
James DolanDirector of MaintenanceFT$150,637$47,543$198,180
Richard DomanicoPhysical Education TeacherFT$153,531$43,927$197,458
Noah ReinhardtMiddle School Division HeaFT$144,460$36,670$181,130
Lisa ShambaughCollege CounselorFT$136,870$20,347$157,217
James AndersonDirector of TechnologyFT$147,876$6,894$154,770
Denise De BonoDirector of Pre/lower School AdmissionsFT$138,223$14,230$152,453
Denise De BonoDirector of Pre/lower School Admissi-$138,115$14,338$152,453

Highest Paid Contractors

ContractorServicesLocationCompensation
Jrm Construction Management LLCConstruction-$2,518,460
Bpg ConstructionConstruction-$606,614
Hudson Studio Architects LLPArchitectural Svcs-$475,215
School Bus By Superior INCTransportation Svcs-$173,996
Coda Electro ContractingElectrical Work-$143,600
Revenue and Support

Revenue Composition

Contributions and Grants
$7,086,843
Program Service Revenue
$38,387,688
Investment Income
$291,136
Other Revenue
$96,491
All Other Contributions
$6,459,374
Change in Net Assets
$6,266,775

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 Traded25$387,391Fair Market Value
Works of Art44$75,775Opinion of Experts
Other Non Cash Contri Table87$62,999Fair Market Value
Clothing and Household Goods-$19,433Fair Market Value
Collectibles7$8,690Fair Market Value
Food Inventory6$1,970Fair Market Value
Books and Publications-$200-
Total Noncash Contributions169$556,458-

Audited Revenue Reconciliation

Revenue per Audited Statements
$39,692,251
Revenue Not Reported on Financial Statements
$6,169,907
Revenue Not Reported on Form 990
$3,072,570
Other Revenue Adjustments
$6,143,808
Total Revenue per Audited Statements
$42,764,821
Total Revenue per Form 990
$45,862,158
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$23,567,235
Other Expenses$9,884,340
Grants and Similar Amounts Paid$6,143,808
Total Fundraising Expense$1,129,341
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,012,613$1,692,391$440,387$17,145,391
Grants to Domestic Individuals$6,143,808--$6,143,808
Depreciation Depletion$2,960,511$644,960$125,084$3,730,555
Office Expenses$2,359,965$301,384$150,948$2,812,297
Current Officers, Directors, Trustees, and Key Employees$583,604$1,271,626$230,757$2,085,987
Other Employee Benefits$1,621,846$236,190$48,997$1,907,033
Payroll Taxes$1,092,631$129,468$33,690$1,255,789
Pension Plan Contributions$1,027,382$115,578$30,075$1,173,035
Fees for Services Other$420,839$194,451$6,862$622,152
Occupancy$415,744$90,572$17,565$523,881
Insurance-$269,005-$269,005
Travel$184,002$12,118-$196,120
Information Technology$194,355--$194,355
Conferences and Meetings$145,112$22,199$4,255$171,566
Interest$126,693$27,601$5,353$159,647
All Other Expenses$56,187$31,199$5,231$92,617
Fees for Services Accounting-$61,055-$61,055
Other Expenses$6,774$46,515$1,625$54,914
Advertising-$18,198$27,905$46,103
Fees for Services Legal-$44,796-$44,796
Fees for Service Investment Mgmnt Fees$22,361$3,131$607$26,099
Total Functional Expenses$32,702,796$5,763,246$1,129,341$39,595,383

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$39,595,383
Total Expenses per Audited Statements$33,663,911
Expenses per Audited Statements$33,425,476
Expenses Not Reported on Financial Statements$6,169,907
Other Expense Adjustments$6,143,808
Expenses Not Reported on Form 990$238,435
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$183,268
Fundraising Direct Expenses$169,666
Gaming Gross Income$31,671
Gaming Direct Expenses$12,219
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$271,676$94,975$64,205$30,770
Event 2$69,323$34,908$13,272$21,636
Total Events$411,884$183,268$169,666$13,602
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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

Governance Explanations

Form 990, Part VI, Section B, Line 11

Prior to filing of the form 990, a draft of the 990 with schedule b redacted is presented to the full board electronically for review and comment. The board is instructed to direct questions or comments about the draft to the chair of the audit committee, cfo, and controller.

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

Board members and key employees must report, in writing, any conflicts which currently exist or arise during the year, and the signed statements are kept on file in the office of the chief financial officer. Such conflicts will be disclosed by the chair of the board at the next full board meeting. The full board will determine if the individual must recuse themselves from any discussion or vote of the board.

Form 990, Part VI, Section B, Line 15

Every year, the chief financial officer gathers comparable data from packer's peer groups through nais survey and reports from guild of new york schools. The data is presented to the executive committee for review. The executive committee discusses the data with the full board to determine the head of school's compensation and compensation for other officers and key employees. Periodically, as determined by the board, a compensation consultant is retained to complete a review of the head of school's compensation. The chief financial officer maintains records of data gathered from all compensation surveys. Minutes of the executive committee and board meetings are kept in file. This process was last completed during the calendar year 2013 to determine compensation for fy 13-14.

Form 990, Part VI, Section C, Line 19

The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code by posting it on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 170 joralemon street, brooklyn, ny 11201, or by calling the organization directly at (718) 250-0336.

Filing and Contact Details

Filer

EIN
11-1633522
Phone
7182500336

Signing Officer

Name
Dr Bruce L Dennis
Title
Head of School
Phone
7182500221
Signed
2015-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Bruce L Dennis
Formed
1845
Legal Domicile
Ny
Voting Board Members
24
Independent Board Members
23
Employees
446
Volunteers
223

Preparer

Preparer
Garrett M Higgins
Phone
2122862600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split interest agreement -2,607. Change in value of beneficial interest in trust 15,504.

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Financial Statement Notes

PART III, LINE 4:

Packer collegiate institute's collection includes art and rare books that are open to public exhibition. This collection is available for scholarly research to help further educate current students and is preserved for future generations.

PART V, LINE 4:

Income generated from endowment funds are intended to be used for general purpose, scholarships, faculty enrichment, technology and academic programs.

PART X, LINE 2:

Packer recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Management has determined that packer had no uncertain tax positions that would require financial statement recognition or disclosure. Packer is no longer subject to examination by the applicable taxing jurisdictions for years prior to june 30, 2011.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split interest agreements -2,607. Change in value of beneficial interest in trust 15,504. Direct special event expenses 169,666. Gaming expenses 12,219. Rental expenses 3,270.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid & tuition assistance expenses netted against revenue 6,143,808.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Direct special event expenses 169,666. Gaming expenses 12,219. Rental expenses 3,270.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid & tuition assistance expenses netted against revenue 6,143,808.

Raw XML AppendixShowing 400 of 1,089 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/ActivityOrMissionDesc0NOW IN ITS 169TH YEAR IN HISTORIC BROOKLYN HEIGHTS, PACKER IS EXCEPTIONALLY PROUD OF THE OUTSTANDING EDUCATION WE OFFER TO CHILDREN FROM THREE YEARS OF AGE THROUGH SENIOR HIGH SCHOOL IN A BEAUTIFUL PHYSICAL PLANT WITH UP-TO-DATE FACILITIES. IN ADDITION, PACKER HAS BECOME THE SCHOOL OF CHOICE FOR SO MANY FAMILIES IN BROOKLYN AND MANHATTAN PRIMARILY BECAUSE OF ITS EXTRAORDINARY FACULTY OF TALENTED MEN AND WOMEN WHO BRING A WEALTH OF EXPERTISE INTO THE CLASSROOM, ALONG WITH A REAL LOVE OF YOUNG PEOPLE. IT IS A TRULY CARING COMMUNITY WHERE ADULTS MODEL FOR STUDENTS THE ATTRIBUTES WE PRIZE - KINDNESS, HONOR, INTELLIGENCE, INCLUSIVENESS, AND DIVERSITY.
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IRS990/Desc0INSTRUCTIONAL & EDUCATION - FROM PRESCHOOL TO HIGH SCHOOL, PACKER PROVIDED EDUCATION TO APPROXIMATELY 1,000 STUDENTS IN FY 13-14. PACKER IS PROUD OF THE OUTSTANDING EDUCATION WE OFFER TO OUR STUDENTS. OUR LOWER SCHOOL STRESSES THE FUNDAMENTALS OF LITERACY AND MATHEMATICS IN A JOYFUL, STUDENT-FOCUSED ENVIRONMENT, WITH AMPLE TIME BUILT IN FOR SOCIAL STUDIES, SCIENCE, ART, MUSIC, LIBRARY STUDIES, DANCE, AND PHYSICAL EDUCATION. STARTING IN THE MIDDLE SCHOOL, PACKER STUDENTS PARTICIPATE IN A SCHOOL-WIDE LAPTOP PROGRAM, WITH EACH YOUNGSTER UTILIZING HIS OR HER OWN COMPUTER, WORKING IN CLASSROOMS EQUIPPED WITH SMART BOARDS AND OTHER MULTI-MEDIA, SO THAT TECHNOLOGY IS TRULY INTEGRATED AS A DAILY PART OF EVERYONE'S EDUCATION. IN THE UPPER SCHOOL, STUDENTS ENCOUNTER A RIGOROUS AND EXCITING PROGRAM OF REQUIRED AND ELECTIVE OFFERINGS, THAT ENABLE THEM TO PURSUE PARTICULAR STRENGTH AND TALENTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt23HEAD OF SCHOOL/MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF MAINTENANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt27ASST HEAD OF SCHOOL AS OF
IRS990/Form990PartVIISectionAGrp/TitleTxt28UPPER SCHOOL DIVISION HEAD
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR OF TECHNOLOGY
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR OF PRE/LOWER SCHOOL ADMISSIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt31PHYSICAL EDUCATION TEACHER
IRS990/Form990PartVIISectionAGrp/TitleTxt32MIDDLE SCHOOL DIVISION HEA
IRS990/Form990PartVIISectionAGrp/TitleTxt33COLLEGE COUNSELOR
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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.$214$51.9$162$73.7$65.0$8.67
2023Detailed filing. Detailed filing data is available for this year.$197$47.1$150$71.5$61.3$10.2
2022Detailed filing. Detailed filing data is available for this year.$182$45.0$137$72.1$58.7$13.4
2021Detailed filing. Detailed filing data is available for this year.$176$49.3$127$70.0$55.9$14.1
2020Detailed filing. Detailed filing data is available for this year.$152$49.3$103$57.1$53.5$3.64
2019Detailed filing. Detailed filing data is available for this year.$143$45.6$97.2$61.4$53.2$8.20
2018Detailed filing. Detailed filing data is available for this year.$136$48.3$87.7$56.9$49.4$7.46
2017Detailed filing. Detailed filing data is available for this year.$126$47.9$78.2$54.2$46.3$7.85
2016Detailed filing. Detailed filing data is available for this year.$114$46.7$66.9$50.3$45.7$4.65
2015Detailed filing. Detailed filing data is available for this year.$111$46.6$64.5$53.5$42.8$10.7
2014Detailed filing. Detailed filing data is available for this year.$83.7$23.5$60.2$45.9$39.6$6.27
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.8$22.7$51.1$42.8$37.9$4.87
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.1$25.5$44.6$36.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.7$24.7$44.0$34.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.8$23.9$40.9$31.9