Civic Intelligence

Horace Mann School

990 • Fiscal year 2023 • EIN 13-1740455

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 30, 2024

231 West 246th StreetBronx, NY 10471

(718) 432-3400

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.31x

Higher debt load relative to assets than 52% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

75th percentile

1.08x

Higher debt load relative to revenue than 75% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

78th percentile

13%

Higher net margin than 78% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

80th percentile

$1,953,517

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

49th percentile

4.5%

Faster asset growth than 49% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

42nd percentile

1.1%

Faster revenue growth than 42% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Assets

Up

$472,300,215

Up $20,544,339 (+4.5%) from 2022

Net Assets

Up

$327,083,403

Up $37,495,125 (+13%) from 2022

Liabilities

Down

$145,216,812

Down $16,950,786 (-10%) from 2022

Revenue

Up

$134,391,895

Up $1,427,451 (+1.1%) from 2022

Expenses

Down

$117,456,606

Down $279,580 (-0.2%) from 2022

Net Income

Up

$16,935,289

Up $1,707,031 (+11%) from 2022

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2011: $233,065,791Liabilities 2011: $103,621,444Net Assets 2011: $129,444,3472011Assets 2012: $234,333,293Liabilities 2012: $109,212,554Net Assets 2012: $125,120,7392012Assets 2013: $242,768,829Liabilities 2013: $110,214,914Net Assets 2013: $132,553,9152013Assets 2014: $260,908,470Liabilities 2014: $117,714,873Net Assets 2014: $143,193,5972014Assets 2015: $271,056,107Liabilities 2015: $127,757,937Net Assets 2015: $143,298,1702015Assets 2016: $289,333,790Liabilities 2016: $128,855,090Net Assets 2016: $160,478,7002016Assets 2017: $332,206,555Liabilities 2017: $128,585,654Net Assets 2017: $203,620,9012017Assets 2018: $412,043,161Liabilities 2018: $177,800,804Net Assets 2018: $234,242,3572018Assets 2019: $413,821,196Liabilities 2019: $169,377,646Net Assets 2019: $244,443,5502019Assets 2020: $411,987,049Liabilities 2020: $164,934,013Net Assets 2020: $247,053,0362020Assets 2021: $475,824,158Liabilities 2021: $196,299,550Net Assets 2021: $279,524,6082021Assets 2022: $451,755,876Liabilities 2022: $162,167,598Net Assets 2022: $289,588,2782022Assets 2023: $472,300,215Liabilities 2023: $145,216,812Net Assets 2023: $327,083,4032023Assets 2024: $512,054,660Liabilities 2024: $143,960,240Net Assets 2024: $368,094,4202024

Highlighted filing

2023

Assets$472,300,215
Liabilities$145,216,812
Net Assets$327,083,403

Operations Trend

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

$150M$100M$50M$0Expenses 2011: $73,844,3322011Expenses 2012: $77,064,1862012Revenue 2013: $84,131,247Expenses 2013: $81,092,132Net Income 2013: $3,039,1152013Revenue 2014: $87,514,688Expenses 2014: $84,121,230Net Income 2014: $3,393,4582014Revenue 2015: $96,138,498Expenses 2015: $88,380,518Net Income 2015: $7,757,9802015Revenue 2016: $118,149,873Expenses 2016: $91,160,307Net Income 2016: $26,989,5662016Revenue 2017: $120,594,741Expenses 2017: $92,455,459Net Income 2017: $28,139,2822017Revenue 2018: $117,287,601Expenses 2018: $97,131,717Net Income 2018: $20,155,8842018Revenue 2019: $130,941,444Expenses 2019: $107,046,131Net Income 2019: $23,895,3132019Revenue 2020: $114,795,176Expenses 2020: $109,587,223Net Income 2020: $5,207,9532020Revenue 2021: $137,244,948Expenses 2021: $115,974,463Net Income 2021: $21,270,4852021Revenue 2022: $132,964,444Expenses 2022: $117,736,186Net Income 2022: $15,228,2582022Revenue 2023: $134,391,895Expenses 2023: $117,456,606Net Income 2023: $16,935,2892023Revenue 2024: $144,942,370Expenses 2024: $124,599,171Net Income 2024: $20,343,1992024

Highlighted filing

2023

Revenue$134,391,895
Expenses$117,456,606
Net Income$16,935,289
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 30, 2024
Return Version
2022v5.0
Gross Receipts
$149,787,039
Mission and Program Overview

Mission

The horace mann school seeks to educate and nurture its students and helps them fulfill their potential. The school provides a challenging and rigorous set of academic and extracurricular programs within a caring and supportive environment. Students are encouraged to test and learn about themselves, to develop a concern for others, and to grow intellectually, physically, socially and emotionally. The school seeks to foster a capacity in each individual for clear and creative thought. The school encourages students to understand that learning is a lifelong endeavor valuable in itself. The horace mann school seeks a diverse student body and fosters a respect for individual and cultural differences. As a college preparatory school, horace mann emphasizes liberal arts and prepares its students for leadership in variety of fields and endeavors. To accomplish this task, the school offers programs and activities which encourage excellence and also maintains an outstanding faculty.

TO PROVIDE A CONTINUOUS EDUCATION Progam FOR BOYS, GIRLS, AND OTHERS WHO IDENTIFY DIFFERENTLY, FROM nursery THROUGH HIGH SCHOOL.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$189,377,485$184,429,654▼ $4,947,831
Investments in Publicly Traded Securities$119,518,360$161,159,801▲ $41,641,441
Investments Other Securities$58,541,299$68,829,517▲ $10,288,218
Savings and Temporary Cash Investments$31,572,755$35,422,303▲ $3,849,548
Pledges and Grants Receivable$17,023,317$15,858,181▼ $1,165,136
Cash and Non-Interest-Bearing Accounts$33,776,181$3,056,085▼ $30,720,096
Prepaid Expenses and Deferred Charges$416,720$1,128,163▲ $711,443
Inventories for Sale or Use$76,700$102,204▲ $25,504
Accounts Receivable$44,859$48,634▲ $3,775
Other Notes and Loans Receivable, Net$0$0→ $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
Loans From Officers Directors$0$0→ $0
Total Assets$451,755,876$472,300,215▲ $20,544,339
Other Assets Total$1,408,200$2,265,673▲ $857,473
Liabilities
Deferred Revenue$65,049,433$62,734,540▼ $2,314,893
Unsecured Notes Loans Payable$40,493,129$30,711,264▼ $9,781,865
Other Liabilities$29,490,668$27,774,940▼ $1,715,728
Tax Exempt Bond Liabilities$18,727,770$16,446,018▼ $2,281,752
Accounts Payable and Accrued Expenses$8,406,598$7,550,050▼ $856,548
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$162,167,598$145,216,812▼ $16,950,786
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$246,089,205$275,828,741▲ $29,739,536
Net Assets With Donor Restrictions$43,499,073$51,254,662▲ $7,755,589
Total Net Assets Fund Balance$289,588,278$327,083,403▲ $37,495,125
Total Liabilities and Net Assets / Fund Balance$451,755,876$472,300,215▲ $20,544,339

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$166,318,439$90,706,651$257,025,090
Equipment$9,361,147$13,043,859$22,405,006
Land$8,538,221-$8,538,221
Other Land Buildings$211,847$538,684$750,531
Other Securities$68,829,517--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$36,590,562$3,466,731▲ $3,800,938$310,194$42,773,424
2021$34,958,275$6,359,433▼ $3,460,771$537,787$36,590,562
2020$28,741,600$273,688▲ $7,077,996$484,002$34,958,275
2019$28,498,992$737,849▲ $558,734$430,207$28,741,600
2018$29,002,813$496,256▲ $465,652$385,013$28,498,992
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Thomas KellyHead of SchoolFT$1,151,476$802,041$1,953,517
Canh OxelsonExec Director College CounselingFT$406,947$182,077$589,024
Melissa ParentoDirector of ALumni/DevelopmentFT$298,002$193,595$491,597
Jessica Levenstein DavisHead of Upper DivisionFT$353,267$120,395$473,662
Adam KennerDirector of TechnologyFT$296,349$174,547$470,896
Lisa J MoreiraDirector Inst. Research/EnrollmentFT$306,161$142,793$448,954
Deena NeuwirthHead of Lower DivisionFT$306,962$129,339$436,301
Gordon A JensenDirector of FacilitiesFT$346,165$68,197$414,362
Edward L SinclairCFO (Through 1/16/22)FT$113,495$295,238$408,733
David RobertsChief Financial OfficerFT$311,388$83,460$394,848
Javaid KhanHead of Middle DivisionFT$292,521$81,632$374,153
Marines Arroyo-StuartHead of Nursery DivisionFT$247,298$78,395$325,693

Highest Paid Contractors

ContractorServicesLocationCompensation
Flik International CorpFood ServicePO BOX 417632, Boston, MA 02241$4,202,927
Jeancare Services IncCleaning7 Odell Plz Ste 130 PMB 827, Yonkers, NY 10703$1,344,074
Schulte Roth and Zabel LLPLegal Services919 3rd Avenue, New York, NY 10022$779,866
Selby Transportation CorpTransportation265 East 66th Street, New York, NY 10065$609,847
General SecuritySecurity100 Fairchild Avenue, Plainview, NY 11803$458,824
Revenue and Support

Revenue Composition

Contributions and Grants
$17,532,524
Program Service Revenue
$112,491,608
Investment Income
$3,954,041
Other Revenue
$413,722
All Other Contributions
$14,393,373
Change in Net Assets
$16,935,289

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 AmountValuation Method
Securities Publicly Traded57$915,546Selling Price
Other Non Cash Contri Table364$441,745Fair Market Value (FMV)
Total Noncash Contributions421$1,357,291-

Audited Revenue Reconciliation

Revenue per Audited Statements
$122,072,095
Revenue Not Reported on Financial Statements
$12,319,800
Revenue Not Reported on Form 990
$21,848,007
Other Revenue Adjustments
$12,193,533
Total Revenue per Audited Statements
$143,920,102
Total Revenue per Form 990
$134,391,895
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$69,129,311
Other Expenses$35,900,962
Grants and Similar Amounts Paid$12,426,333
Total Fundraising Expense$2,670,589
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$46,111,345$2,862,145$1,079,402$50,052,892
Grants to Domestic Individuals$12,193,533--$12,193,533
Depreciation Depletion$9,315,403$931,540$103,505$10,350,448
Other Employee Benefits$6,852,178$463,764$169,249$7,485,191
Occupancy$3,798,874$379,887$42,210$4,220,971
Pension Plan Contributions$3,817,987$198,567$81,889$4,098,443
Current Officers, Directors, Trustees, and Key Employees$3,038,352$765,221$91,103$3,894,676
Payroll Taxes$3,284,518$235,534$78,057$3,598,109
Fees for Services Other$2,629,228$735,691$71,893$3,436,812
Office Expenses$1,922,310$588,053$141,203$2,651,566
Interest$1,700,057--$1,700,057
Information Technology$853,684$304,890$60,979$1,219,553
Insurance-$970,808-$970,808
Fees for Services Legal-$953,012-$953,012
Conferences and Meetings$591,177$34,564$93,595$719,336
Travel$560,287$38,217-$598,504
Grants to Domestic Orgs$232,800--$232,800
Fees for Service Investment Mgmnt Fees-$126,267-$126,267
Other Expenses$125,922$1,483,171$657,504$125,922
Fees for Services Accounting-$100,538-$100,538
Total Functional Expenses$103,614,148$11,171,869$2,670,589$117,456,606

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$117,456,606
Expenses per Audited Statements$105,136,806
Total Expenses per Audited Statements$105,136,806
Expenses Not Reported on Financial Statements$12,319,800
Other Expense Adjustments$12,193,533
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
NY Society Prevention of Cruelty to ChildrenNew York, NY501(c)(3)General Support$150,000
Van Cortlandt Park AllianceBronx, NY501(c)(3)General Support$45,000
Prep for PrepNew York, NY501(c)(3)General Support$10,300
Summer on the HillBronx, NY501(c)(3)General Support$10,000

International Summary

Offices
0
Employees
0
Spending
$68,829,517

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$68,829,517
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$372,187
Fundraising Gross Income$159,567
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
PA Benefit$1,444,999$153,600$8,605$144,995
AC Benefit$143,853$5,967-$5,967
Total Events$1,588,852$159,567$372,187$-212,620
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

Other Reported Liabilities

LiabilityAmount
Accrued Postretirement Benefit$19,440,562
Accrued Retirement Bonuses$6,413,017
Lease Liabilities$792,426
Bond Issuance Premium$484,716
Other$463,749
Deferred Compenation Payable$180,470

Bond Issues

BondIssuerIssuedIssue PricePurpose
ABuild Nyc Resource Corporation2014-11-13$38,213,326Previously refund prior issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$38,213,326$189,319$21,767,308$764,267

Bond Financing Compliance

No rebate due
Yes
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
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The entire form 990 was reviewed by the cfo. The form 990 with the exception of schedule b (schedule of contributions) was reviewed by the audit committee. A copy of the final 990 without schedule b was also provided to the full board.

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

The assistant to the head of school, in conjunction with the audit committee, annually obtains copies of all of the signed conflict of interest policies. In addition to the voting board members, conflict of interest and confidentiality statements are also annually signed by members of the administrative council who are key employees. If at any time during his or her term of service, a trustee or an officer has any interest which may pose a conflict of interest, he or she shall promptly disclose the material facts of that interest in writing to the chair of the board and chair of the audit committee of the board. When any matter in which a trustee or an officer has an interest comes before the board or any committee of the board for decision or approval, that interest shall be immediately disclosed to the board or the committee by that trustee or officer, and the trustee or officer shall recuse himself/herself from any discussion and/or vote relating thereto.

Form 990, Part VI, Section B, Line 15A

DURING THE ANNUAL BUDGET PROCESS, THE EXECUTIVE COMMITTEE ACTING AS THE COMPENSATION COMMITTEE, REVIEWS RELEVANT COMPARABLE COMPENSATION DATA AND FORMALLY MEETS AND APPROVES RECOMMENDED COMPENSATION FOR THE HEAD OF SCHOOL. THEY DOCUMENT THIS REVIEW CONTEMPORANEOUSLY. THIS PROCESS WAS PERFORMED IN May 2022 FOR FISCAL-YEAR 2023 AND SUBSEQUENTLY THE PROCESS WAS PERFORMED IN May 2023 FOR FISCAL-YEAR 2024. ADDITIONALLY, IN MAY 2023, THE SCHOOL ENGAGED AN OUTSIDE CONSULTANT TO HELP DETERMINE THE AMOUNT OF THE HEAD OF SCHOOL'S 457(F) PLAN AND CONTRACT EXTENSION THAT BECAME EFFECTIVE JULY 1, 2023.

Form 990, Part VI, Section B, Line 15B

During the annual budget process, the executive committee acting as the compensation committee, reviews relevant comparable compensation data and formally meets and approves recommended compensation for officers and key employees. They document this review contemporaneously. This process was performed in march 2022 for fiscal-year 2023 and subsequently the process was performed in march 2023 for fiscal-year 2024.

Form 990, Part VI, Section C, Line 19

The governing documents and conflict of interest policy are available on the school's website. The financial statements are posted on emma.

Filing and Contact Details

Filer

Filer Name
Horace Mann School
EIN
13-1740455
In Care Of
% DAVID ROBERTS CFO
Phone
7184323400
Address
231 West 246th Street, Bronx, NY 10471

Signing Officer

Name
Thomas M Kelly
Title
Head of School
Phone
7184323400
Signed
2024-03-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas M Kelly
Formed
1887
Legal Domicile
Ny
Voting Board Members
32
Independent Board Members
32
Employees
568
Volunteers
700

Preparer

Firm
Forvis Llp
Address
1155 Avenue of the Americas 1200, New York, NY 10036
Preparer
Aaron Shapiro
Phone
2128674000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

POSTRETIREMENT BENEFIT ADJUSTMENT: $1,923,787 Postretirement interest cost: -$1,288,171 Settlement Reimbursement: $ 425,000

Financial Statement Notes

Schedule D, Part V, Line 4

The net investment income generated from the invested endowment funds is used at the rate of 4.5% per year to support the programs and facilities of the school. Uses include financial aid, student assistance, school libraries, maintenance of facilities and faculty enrichment.

Schedule D, Part X, Line 2

Management has evaluated their income tax positions under the guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

SCHEDULE D, PART XI, LINE 2D

Settlement Reimbursement: $ 425,000 Postretirement bonus actuarial gain: $ 1,923,787

Schedule D, Part XI, Line 4B

Financial aid: $12,193,533

Schedule D, Part XII, Line 4B

Financial aid: $12,193,533

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$512$144$368$145$125$20.3
2023Detailed filing. Detailed filing data is available for this year.$472$145$327$134$117$16.9
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$452$162$290$133$118$15.2
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$476$196$280$137$116$21.3
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$412$165$247$115$110$5.21
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$414$169$244$131$107$23.9
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$412$178$234$117$97.1$20.2
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$332$129$204$121$92.5$28.1
2016Detailed filing. Detailed filing data is available for this year.$289$129$160$118$91.2$27.0
2015Detailed filing. Detailed filing data is available for this year.$271$128$143$96.1$88.4$7.76
2014Detailed filing. Detailed filing data is available for this year.$261$118$143$87.5$84.1$3.39
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$243$110$133$84.1$81.1$3.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$234$109$125$77.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$233$104$129$73.8