Civic Intelligence

The Spence School

990 • Fiscal year 2017 • EIN 13-1635286

Jul 01, 2016 to Jun 30, 2017 • Filed on Apr 24, 2018

Refreshing map…

22 East 91st StreetNew York, NY 10128

(212) 289-5940

Siviq Scores

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

Liabilities / Assets

17th percentile

0.07x

Higher debt load relative to assets than 17% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

35th percentile

0.38x

Higher debt load relative to revenue than 35% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Net Margin

77th percentile

14%

Higher net margin than 77% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

47th percentile

$810,366

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Asset Growth

15th percentile

-1.4%

Faster asset growth than 15% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

11th percentile

-8.4%

Faster revenue growth than 11% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Down

$312,371,569

Down $4,366,445 (-1.4%) from 2016

Net Assets

Up

$290,552,584

Up $3,424,048 (+1.2%) from 2016

Liabilities

Down

$21,818,985

Down $7,790,493 (-26%) from 2016

Revenue

Down

$56,939,554

Down $5,191,173 (-8.4%) from 2016

Expenses

Up

$48,704,672

Up $2,242,562 (+4.8%) from 2016

Net Income

Down

$8,234,882

Down $7,433,735 (-47%) from 2016

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $194,172,210Liabilities 2010: $19,135,201Net Assets 2010: $175,037,0092010Assets 2011: $252,919,573Liabilities 2011: $21,515,542Net Assets 2011: $231,404,0312011Assets 2012: $254,254,327Liabilities 2012: $22,365,807Net Assets 2012: $231,888,5202012Assets 2013: $287,110,695Liabilities 2013: $21,273,745Net Assets 2013: $265,836,9502013Assets 2014: $301,732,579Liabilities 2014: $27,538,102Net Assets 2014: $274,194,4772014Assets 2015: $307,085,081Liabilities 2015: $30,694,792Net Assets 2015: $276,390,2892015Assets 2016: $316,738,014Liabilities 2016: $29,609,478Net Assets 2016: $287,128,5362016Assets 2017: $312,371,569Liabilities 2017: $21,818,985Net Assets 2017: $290,552,5842017Assets 2018: $316,380,748Liabilities 2018: $23,255,046Net Assets 2018: $293,125,7022018Assets 2019: $319,595,733Liabilities 2019: $26,850,266Net Assets 2019: $292,745,4672019Assets 2020: $336,674,392Liabilities 2020: $24,863,313Net Assets 2020: $311,811,0792020Assets 2021: $416,454,517Liabilities 2021: $68,195,388Net Assets 2021: $348,259,1292021Assets 2022: $392,567,317Liabilities 2022: $58,401,368Net Assets 2022: $334,165,9492022Assets 2023: $386,719,759Liabilities 2023: $58,981,598Net Assets 2023: $327,738,1612023Assets 2024: $396,968,006Liabilities 2024: $60,823,166Net Assets 2024: $336,144,8402024

Highlighted filing

2017

Assets$312,371,569
Liabilities$21,818,985
Net Assets$290,552,584

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $33,158,1102010Expenses 2011: $34,840,2092011Expenses 2012: $37,186,3872012Revenue 2013: $66,670,049Expenses 2013: $40,067,332Net Income 2013: $26,602,7172013Revenue 2014: $45,123,504Expenses 2014: $42,312,175Net Income 2014: $2,811,3292014Revenue 2015: $47,146,607Expenses 2015: $44,245,570Net Income 2015: $2,901,0372015Revenue 2016: $62,130,727Expenses 2016: $46,462,110Net Income 2016: $15,668,6172016Revenue 2017: $56,939,554Expenses 2017: $48,704,672Net Income 2017: $8,234,8822017Revenue 2018: $54,352,113Expenses 2018: $51,308,707Net Income 2018: $3,043,4062018Revenue 2019: $49,945,595Expenses 2019: $52,538,876Net Income 2019: -$2,593,2812019Revenue 2020: $72,675,705Expenses 2020: $52,850,040Net Income 2020: $19,825,6652020Revenue 2021: $72,977,566Expenses 2021: $58,803,465Net Income 2021: $14,174,1012021Revenue 2022: $63,085,145Expenses 2022: $64,088,012Net Income 2022: -$1,002,8672022Revenue 2023: $58,057,667Expenses 2023: $68,272,073Net Income 2023: -$10,214,4062023Revenue 2024: $63,102,086Expenses 2024: $69,870,324Net Income 2024: -$6,768,2382024

Highlighted filing

2017

Revenue$56,939,554
Expenses$48,704,672
Net Income$8,234,882
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Apr 24, 2018
Return Version
2016v3.1
Gross Receipts
$97,405,561
Mission and Program Overview

Mission

With a commitment to academic excellence and personal integrity, the spence school prepares a diverse community of girls and young women for the lifelong transformation of self and the world with purpose, passion and perspective.

To prepare a diverse community of girls and young women for the lifelong transformation of self and the world with purpose, passion and perspective.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$162,670,285$161,648,137▼ $1,022,148
Investments in Publicly Traded Securities$52,544,230$56,946,767▲ $4,402,537
Savings and Temporary Cash Investments$46,242,281$42,206,639▼ $4,035,642
Investments Other Securities$21,867,792$26,125,177▲ $4,257,385
Pledges and Grants Receivable$30,074,509$21,711,603▼ $8,362,906
Prepaid Expenses and Deferred Charges$2,486,374$2,545,714▲ $59,340
Accounts Receivable$331,134$660,751▲ $329,617
Other Notes and Loans Receivable, Net$4,117$8,045▲ $3,928
Cash and Non-Interest-Bearing Accounts$1,000$1,000→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$316,738,014$312,371,569▼ $4,366,445
Other Assets Total$516,292$517,736▲ $1,444
Liabilities
Tax Exempt Bond Liabilities$12,660,717$12,141,131▼ $519,586
Deferred Revenue$15,024,160$8,063,145▼ $6,961,015
Accounts Payable and Accrued Expenses$1,924,601$1,614,709▼ $309,892
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$29,609,478$21,818,985▼ $7,790,493
Net Assets / Fund Balance
Unrestricted Net Assets$163,085,965$163,179,868▲ $93,903
Permanently Rstr Net Assets$62,819,820$63,774,749▲ $954,929
Temporarily Rstr Net Assets$61,222,751$63,597,967▲ $2,375,216
Total Net Assets Fund Balance$287,128,536$290,552,584▲ $3,424,048
Total Liabilities and Net Assets / Fund Balance$316,738,014$312,371,569▼ $4,366,445

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$124,371,032$43,964,426$168,335,458
Land$30,693,288-$30,693,288
Other Land Buildings$6,583,817$6,776,833$13,360,650
Other Securities$26,125,177--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$80,181,532$957,956▲ $7,264,110$3,525,000$84,878,598
2015$78,307,974$6,333,281▼ $1,120,723$3,339,000$80,181,532
2014$77,638,918$2,407,031▲ $1,332,025$3,070,000$78,307,974
2013$67,391,297$3,426,029▲ $10,117,592$3,296,000$77,638,918
2012$56,330,384$8,365,778▲ $3,181,143$486,008$67,391,297
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ellanor N BrizendineHead of SchoolFT$758,007$52,359$810,366
Elyse WaterhouseDirector Finance & OperationsFT$451,517$34,160$485,677
Doug BrophyAcademic DeanFT$272,610$35,262$307,872
Carrie HinrichsDirector of AdvancementFT$259,457$34,054$293,511
Karen SullivanHead of Middle SchoolFT$238,429$33,045$271,474
Christopher YorkIt Systems ManagerFT$237,688$32,692$270,380
Elizabeth CauseyHead of Lower SchoolFT$236,697$33,045$269,742
Michele KrauthamerHead of Upper SchoolFT$226,291$33,783$260,074
Dana CrowellDirector College CounselingFT$201,648$34,106$235,754
Eric ZahlerDirector Teaching/learning PrtnrshpFT$201,166$28,521$229,687

Board Members and Trustees

NameTitle
William L Jacob IiiPresident
Erica DesaiPresident of Parent Assoc
Anya Herz ShivaPresident of the Alumnae Assoc
Betsy PittsVice President
Lyon PolkVice President
Adam KleinTrustee
Akuezunkpa Ude WelcomeTrustee
Amy GriffinTrustee
Anand DesaiTrustee
C Cybele RaverTrustee
Emilio HarrisTrustee
Gabriela P BaronTrustee
George R Bason JrTrustee
James ShulmanTrustee
Jennifer HoineTrustee
Michael P CliffordTrustee
Norm ChampTrustee
Peter W KeeganTrustee
Ravi P YadavTrustee
Rebecca Danziger GamzonTrustee
Richard OlcottTrustee
Robert N LauderTrustee
Scott C NuttallTrustee
Sonny KalsiTrustee
Theodore T WangTrustee
Kimberly KravisSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Rogers Partners PlcArchitecture Design100 READE STREET, New York, NY 10013$2,294,294
Zubatkin Owner Representation LLCConstruction Mgmt333 WEST 52ND STREET, New York, NY 10019$486,598
Gilbane Building CompanyPre-construction Svc7 JACKSON WALKWAY, Providence, RI 02903$350,000
Building Maintenance Service LLCCleaning Services11 PENN PLAZA, New York, NY 10001$295,161
Brilliant TransportationTransportation242 5TH AVENUE, New York, NY 10001$239,989
Revenue and Support

Revenue Composition

Contributions and Grants
$7,952,434
Program Service Revenue
$36,387,724
Investment Income
$12,021,066
Other Revenue
$578,330
All Other Contributions
$7,724,181
Change in Net Assets
$8,234,882

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded62$717,466Fair Market Value (FMV)
Total Noncash Contributions62$717,466-

Audited Revenue Reconciliation

Revenue per Audited Statements
$51,262,812
Revenue Not Reported on Financial Statements
$5,676,742
Revenue Not Reported on Form 990
$-4,432,663
Other Revenue Adjustments
$5,400,559
Total Revenue per Audited Statements
$46,830,149
Total Revenue per Form 990
$56,939,554
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$28,457,285
Other Expenses$14,945,158
Grants and Similar Amounts Paid$5,302,229
Total Fundraising Expense$2,091,290
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$18,786,059$775,661$1,003,801$20,565,521
Grants to Domestic Individuals$5,302,229--$5,302,229
Depreciation Depletion$4,144,216$1,036,054-$5,180,270
Office Expenses$2,935,410$1,230,085$402,014$4,567,509
Other Employee Benefits$2,492,125$132,601$118,600$2,743,326
Current Officers, Directors, Trustees, and Key Employees$1,609,338$489,704-$2,099,042
Occupancy$1,317,921$329,480-$1,647,401
Payroll Taxes$1,423,802$81,248$65,760$1,570,810
Pension Plan Contributions$1,352,789$59,208$66,589$1,478,586
Information Technology$74,234$301,098-$375,332
Insurance$294,875$73,719-$368,594
Interest-$368,454-$368,454
Advertising--$303,246$303,246
Fees for Service Investment Mgmnt Fees-$276,183-$276,183
Other Expenses$848,134-$131,280$131,280
Fees for Services Other-$123,086-$123,086
Conferences and Meetings$93,625--$93,625
Fees for Services Legal-$70,712-$70,712
Travel-$15,439-$15,439
Fees for Services Accounting-$13,335-$13,335
Total Functional Expenses$41,237,315$5,376,067$2,091,290$48,704,672

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$48,704,672
Total Expenses per Audited Statements$43,406,101
Expenses per Audited Statements$43,027,930
Expenses Not Reported on Financial Statements$5,676,742
Other Expense Adjustments$5,400,559
Expenses Not Reported on Form 990$378,171
International Activity

International Summary

Spending
$10,007,051

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$10,007,051
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ABuild Nyc Resource Corporation2013-09-25$14,080,000Expansion/acquisition of space

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$0$0$0$310,784

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested in GIC
No
Exception to rebate
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
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 A, Line 2

Trustees anand desai and erica desai are husband and wife.

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

The forms 990, 990-t and ct-13 are distributed to the full board of trustees for review prior to filing with the internal revenue service.

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

Conflict of interest statements are distributed annually for completion to all trustees at a board meeting and collected at the end of the meeting. The assistant to the head of school follows up with any trustees who were not present.

Form 990, Part VI, Section B, Lines 15A and 15B

The head of school's compensation is reviewed and approved by the officers of the compensation committtee based upon comparative data published by peer schools and then ratified by the board of trustees. The head of school also has a written employment agreement. The compensation of the director of finance and operations and key employees is reviewed by the head of school and the president of the board of trustees. Comparative data from peer schools is used to make sure compensation is at current market rates.

Form 990, Part VI, Section C, Line 19

The school makes the form 990 available to the public upon request.

Filing and Contact Details

Filer

Filer Name
The Spence School
EIN
13-1635286
In Care Of
% ELYSE WATERHOUSE
Phone
2122895940
Address
22 EAST 91ST STREET, NEW YORK, NY 10128

Signing Officer

Name
Elyse Waterhouse
Title
Director of Finance
Phone
2129436822
Signed
2018-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ellanor Brizendine
Formed
1928
Legal Domicile
Ny
Voting Board Members
26
Independent Board Members
26
Employees
384
Volunteers
200

Preparer

Firm
EisnerAmper LLP
Address
750 Third Avenue, New York, NY 10017-2703
Preparer
Candice Meth
Phone
2129498700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Loss on uncollectible pledges of $378,171.

Financial Statement Notes

Form 990, Schedule D, Part V, Line 4

The school's endowment consists of both individual donor-restricted funds and funds designated by the board of trustees to function as endowment. The endowment funds of the school are intended to be used to support its long-term mission.

Form 990, Schedule D, Part X, Line 2

The school is subject to the provisions of the financial accounting standards board's (the "fasb") accounting standards codification ("asc") topic 740, income taxes, relating to accounting and reporting for uncertainty in income taxes. For the school, these provisions could be applicable to the incurrence of unrelated business income tax attributable to certain of the school's investments and rental income activities. However, due to the school's general tax-exempt status, asc topic 740 has not had, and is not expected to have, a material impact on the school's financial statements.

Schedule D, Part XI, Line 4B and Part XII, Line 4B

Amount represents financial aid of $5,302,229 and building use fees of $98,330 totaling $5,400,559 which were netted for financial reporting purposes.

Schedule D, Part XII, Line 4A

Loss on uncollectible pledges of $378,171.

Raw XML AppendixShowing 400 of 1,106 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/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4PRESIDENT OF THE ALUMNAE ASSOC
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT OF PARENT ASSOC
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IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$397$60.8$336$63.1$69.9$6.77
2023Detailed filing. Detailed filing data is available for this year.$387$59.0$328$58.1$68.3$10.2
2022Detailed filing. Detailed filing data is available for this year.$393$58.4$334$63.1$64.1$1.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$416$68.2$348$73.0$58.8$14.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$337$24.9$312$72.7$52.9$19.8
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$320$26.9$293$49.9$52.5$2.59
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$316$23.3$293$54.4$51.3$3.04
2017Detailed filing. Detailed filing data is available for this year.$312$21.8$291$56.9$48.7$8.23
2016Detailed filing. Detailed filing data is available for this year.$317$29.6$287$62.1$46.5$15.7
2015Detailed filing. Detailed filing data is available for this year.$307$30.7$276$47.1$44.2$2.90
2014Detailed filing. Detailed filing data is available for this year.$302$27.5$274$45.1$42.3$2.81
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$287$21.3$266$66.7$40.1$26.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$254$22.4$232$37.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$253$21.5$231$34.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$194$19.1$175$33.2
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)3 • $250M-$1B nonprofits