Civic Intelligence

Millbrook School

990 • Fiscal year 2022 • EIN 14-1413770

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 14, 2022

131 Millbrook School RoadMillbrook, NY 12545

(845) 677-8261

Siviq Scores

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

Liabilities / Assets

47th percentile

0.23x

Higher debt load relative to assets than 47% of similar nonprofits.

2022 filings • NTEE B • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

82nd percentile

1.27x

Higher debt load relative to revenue than 82% of similar nonprofits.

2022 filings • NTEE B • $100M-$250M nonprofits • Source year 2022

Net Margin

13th percentile

-4.8%

Higher net margin than 13% of similar nonprofits.

2022 filings • NTEE B • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

64th percentile

$499,667

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2022 filings • NTEE B • $100M-$250M nonprofits • Source year 2022

Asset Growth

53rd percentile

-0.9%

Faster asset growth than 53% of similar nonprofits.

2022 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

6th percentile

-28%

Faster revenue growth than 6% of similar nonprofits.

2022 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Flat

$162,624,887

Flat from 2022

Net Assets

Flat

$125,907,900

Flat from 2022

Liabilities

Flat

$36,716,987

Flat from 2022

Revenue

Flat

$28,808,206

Flat from 2022

Expenses

Flat

$30,182,340

Flat from 2022

Net Income

Flat

-$1,374,134

Flat from 2022

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2011: $72,167,369Liabilities 2011: $11,736,464Net Assets 2011: $60,430,9052011Assets 2012: $78,195,483Liabilities 2012: $14,588,470Net Assets 2012: $63,607,0132012Assets 2013: $86,643,663Liabilities 2013: $15,379,429Net Assets 2013: $71,264,2342013Assets 2014: $104,352,644Liabilities 2014: $23,862,105Net Assets 2014: $80,490,5392014Assets 2015: $107,243,975Liabilities 2015: $23,942,362Net Assets 2015: $83,301,6132015Assets 2016: $114,048,858Liabilities 2016: $25,560,577Net Assets 2016: $88,488,2812016Assets 2017: $125,367,436Liabilities 2017: $27,210,185Net Assets 2017: $98,157,2512017Assets 2018: $134,017,566Liabilities 2018: $27,195,427Net Assets 2018: $106,822,1392018Assets 2019: $137,034,789Liabilities 2019: $26,574,759Net Assets 2019: $110,460,0302019Assets 2020: $138,607,846Liabilities 2020: $23,655,562Net Assets 2020: $114,952,2842020Assets 2021: $164,075,015Liabilities 2021: $25,116,302Net Assets 2021: $138,958,7132021Assets 2022: $162,624,887Liabilities 2022: $36,716,987Net Assets 2022: $125,907,9002022Assets 2022: $162,624,887Liabilities 2022: $36,716,987Net Assets 2022: $125,907,9002022Assets 2023: $166,052,069Liabilities 2023: $34,467,226Net Assets 2023: $131,584,8432023

Highlighted filing

2022

Assets$162,624,887
Liabilities$36,716,987
Net Assets$125,907,900

Operations Trend

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

$40M$20M$0-$20MExpenses 2011: $16,117,8662011Expenses 2012: $16,917,7372012Expenses 2013: $18,353,9422013Revenue 2014: $28,737,410Expenses 2014: $20,634,242Net Income 2014: $8,103,1682014Revenue 2015: $24,826,245Expenses 2015: $21,076,973Net Income 2015: $3,749,2722015Revenue 2016: $30,687,762Expenses 2016: $22,164,921Net Income 2016: $8,522,8412016Revenue 2017: $31,208,439Expenses 2017: $23,923,621Net Income 2017: $7,284,8182017Revenue 2018: $33,011,017Expenses 2018: $24,739,510Net Income 2018: $8,271,5072018Revenue 2019: $28,794,057Expenses 2019: $26,267,862Net Income 2019: $2,526,1952019Revenue 2020: $30,124,599Expenses 2020: $25,922,165Net Income 2020: $4,202,4342020Revenue 2021: $39,791,134Expenses 2021: $29,952,439Net Income 2021: $9,838,6952021Revenue 2022: $28,808,206Expenses 2022: $30,182,340Net Income 2022: -$1,374,1342022Revenue 2022: $28,808,206Expenses 2022: $30,182,340Net Income 2022: -$1,374,1342022Revenue 2023: $33,303,012Expenses 2023: $33,017,555Net Income 2023: $285,4572023

Highlighted filing

2022

Revenue$28,808,206
Expenses$30,182,340
Net Income-$1,374,134
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$38,995,011
Mission and Program Overview

Mission

In a community where every student is known and needed, millbrook prepares its students for college and lives of meaning and consequence by instilling the values of respect, integrity, service, stewardship, and curiosity.

Millbrook school is a coeducational, college preparatory school which offers college preparatory education to its boarding and day students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$70,614,919$74,598,647▲ $3,983,728
Investments Other Securities$62,104,100$50,397,072▼ $11,707,028
Investments in Publicly Traded Securities$11,567,662$11,672,259▲ $104,597
Cash and Non-Interest-Bearing Accounts$9,919,409$11,023,278▲ $1,103,869
Savings and Temporary Cash Investments$319,535$8,843,390▲ $8,523,855
Pledges and Grants Receivable$7,769,348$4,212,498▼ $3,556,850
Prepaid Expenses and Deferred Charges$981,492$1,025,151▲ $43,659
Inventories for Sale or Use$194,327$210,002▲ $15,675
Accounts Receivable$110,517$145,929▲ $35,412
Total Assets$164,075,015$162,624,887▼ $1,450,128
Other Assets Total$493,706$496,661▲ $2,955
Liabilities
Tax Exempt Bond Liabilities$15,253,612$24,546,239▲ $9,292,627
Deferred Revenue$7,986,838$8,964,121▲ $977,283
Accounts Payable and Accrued Expenses$1,807,585$3,149,349▲ $1,341,764
Other Liabilities$68,267$57,278▼ $10,989
Total Liabilities$25,116,302$36,716,987▲ $11,600,685
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$95,403,052$90,042,205▼ $5,360,847
Net Assets With Donor Restrictions$43,555,661$35,865,695▼ $7,689,966
Total Net Assets Fund Balance$138,958,713$125,907,900▼ $13,050,813
Total Liabilities and Net Assets / Fund Balance$164,075,015$162,624,887▼ $1,450,128

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$62,662,994$44,156,195$106,819,189
Equipment$4,469,830$2,038,184$6,508,014
Other Land Buildings$5,600,610$720,863$6,321,473
Land$1,865,213-$1,865,213
Other Securities$2,061,322--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$70,310,675$798,562▼ $11,397,992$481,135$57,650,690
2020$49,731,533$8,301,382▲ $14,036,451$474,496$70,310,675
2019$49,508,492$1,347,981▲ $481,604$447,910$49,731,533
2018$46,797,266$2,257,051▲ $1,882,716$390,797$49,508,492
2017$39,665,388$6,628,813▲ $2,199,827$715,368$46,797,266
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Drew CasertanoFormer Head of SchoolFT$204,570$295,097$499,667
Jonathan DownsHead of SchoolFT$240,302$127,624$367,926
Jeffrey SmithCOOFT$188,964$64,385$253,349
Nancy StahlDirector of AdvancementFT$190,931$42,960$233,891
Hajni CoonControllerFT$106,272$103,092$209,364
Robert AnthonyASS'T TO HEAD OF SCHOOL FOR EXTERNAL AFFAIRSFT$167,680$41,527$209,207
Robert AnthonyASS'T TO HEAD OF SCHOOL FOR EXTERNAL-$167,680$41,527$209,207
Alan TousignantDirector of Trevor ZooFT$113,273$65,253$178,526
Gina FullerBusiness ManagerFT$103,637$61,217$164,854

Highest Paid Contractors

ContractorServicesLocationCompensation
Consigli Construction Ny LLCConstruction Services199 WEST ROAD SUITE 100, Pleasant Valley, NY 12569$2,057,837
Aramark Services CorporationFood Service27310 NETWORK PLACE, Chicago, IL 60673-1273$1,686,634
Voith & Mac Tavish Architects LLPArchitectural Services2401 WALNUT ST 6TH FLOOR, Philadelphia, PA 19103$577,802
Lcs Companies INCJanitorial Services36 COTTAGE ST, Poughkeepsie, NY 12601$574,852
Chenango Contracting INCConstruction Services29 ARBUTUS ROAD, Johnson City, NY 13790$519,850
Revenue and Support

Revenue Composition

Contributions and Grants
$4,802,536
Program Service Revenue
$23,522,069
Investment Income
$169,222
Other Revenue
$314,379
All Other Contributions
$4,755,119
Change in Net Assets
$-1,374,134

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 Traded20$728,679Fair Market Value (FMV)
Other Non Cash Contri Table5$7,516Fair Market Value (FMV)
Total Noncash Contributions25$736,195-

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,805,008
Revenue Not Reported on Financial Statements
$3,198
Revenue Not Reported on Form 990
$-16,298,006
Other Revenue Adjustments
$-239,866
Total Revenue per Audited Statements
$12,507,002
Total Revenue per Form 990
$28,808,206
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$12,755,892
Salaries, Compensation, and Employee Benefits$12,732,121
Grants and Similar Amounts Paid$4,694,327
Total Fundraising Expense$2,064,931
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,693,068$993,289$964,430$8,650,787
Grants to Domestic Individuals$4,669,327--$4,669,327
Depreciation Depletion$2,125,544$759,123$151,825$3,036,492
Occupancy$2,544,410$271,599$77,984$2,893,993
Other Employee Benefits$1,872,871$101,332$196,581$2,170,784
All Other Expenses$636,188$482,513$54,383$1,173,084
Interest$763,087--$763,087
Payroll Taxes$487,330$65,287$80,701$633,318
Current Officers, Directors, Trustees, and Key Employees$39,232$392,500$196,162$627,894
Pension Plan Contributions$473,687$2,850$92,806$569,343
Insurance$463,043$51,449-$514,492
Other Expenses$418,840$61,389$245,555$306,944
Fees for Service Investment Mgmnt Fees-$243,064-$243,064
Fees for Services Other$11,837$72,260-$84,097
Fees for Services Legal-$80,397-$80,397
Comp Disqual Persons$79,995--$79,995
Fees for Services Accounting-$58,400-$58,400
Office Expenses$23,900$15,914$4,504$44,318
Grants to Domestic Orgs$25,000--$25,000
Total Functional Expenses$24,466,043$3,651,366$2,064,931$30,182,340

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$30,182,340
Total Expenses per Audited Statements$25,557,815
Expenses per Audited Statements$25,269,949
Expenses Not Reported on Financial Statements$4,912,391
Other Expense Adjustments$4,669,327
Expenses Not Reported on Form 990$287,866
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Town of StanfordStanfordville, NY-Donation$10,000
Town of WashingtonMillbrook, NY-Donation$10,000

International Summary

Offices
0
Employees
0
Spending
$1,905,605

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
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investing-00$1,905,605
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Spouse of the Head of SchoolCompensation as the Senior Associate Director of College CounselingNo$79,995
-Spouse of the CFOCompensation as the Photography InstructorNo$67,505
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Student Deposits$57,278

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADutchess County Local Development Corporation2021-08-31$25,005,587Construction of projects and refunding series 2013 bonds.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$22,315,000$111,875-$323,378

Bond Financing Compliance

No rebate due
No
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
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 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
Yes
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 A, Line 4

During 2022, the school amended its charter to increase the maximum number of trustees to 49.

Form 990, Part VI, Section A, Line 8B

The board of trustees has created various committees to perform certain functions on behalf of the board. However, the actions of those committees are reviewed and ratified by the board.

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

After review by the audit committee, the entire form 990, except for schedule b, is provided to the full board through the board portal for review prior to filing with the internal revenue service. Schedule b is not provided in order to protect the privacy of the school's donors.

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

Each year the school sends to each officer, trustee, and key employee a questionnaire on any conflicts of interest. All other employees are made aware of the policy, and encouraged to disclose any conflicts.

Form 990, Part VI, Section B, Line 15

Compensation for the head of school is approved by the board of trustees. It is generally based on a review of compensation packages offered by similar schools in the area.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Millbrook School
EIN
14-1413770
Phone
8456778261
Address
131 MILLBROOK SCHOOL ROAD, MILLBROOK, NY 12545

Signing Officer

Name
Jeffrey Smith
Title
COO
Phone
8456778261
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan Downs
Formed
1932
Legal Domicile
Ny
Voting Board Members
25
Independent Board Members
24
Employees
197
Volunteers
0

Preparer

Firm
Cliftonlarsonallen
Address
29 SOUTH MAIN STREET 4TH FLOOR, WEST HARTFORD, CT 06107
Preparer
John Toscano
Phone
8605614000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Loss on bond redemption -310,409.

FORM 990, PART XII, LINE 2C:

The organization has not changed its oversight process or selection process during the tax year.

Financial Statement Notes

PART III, LINE 1A:

The school has a collection of artwork, recorded at $264,308, which is on public display throughout its campus buildings. The school follows a policy of capitalizing the collection of artwork in its financial statements. Accordingly, collection items are recognized as assets, whether they are purchased or received as a contribution.

PART III, LINE 4:

The art collections generally presents paintings, pictures, and sculptures that have been received as donations. They are displayed at various locations throughout the campus.

PART V, LINE 4:

Income from the school's endowment is appropriated for student financial aid, teacher's salaries and benefits, and operating expenses of the school. Appropriations are made in accordance with donor restrictions, and the school's approved spending policy.

PART X, LINE 2:

The school has no unrecognized tax benefits at june 30, 2022 and 2021. The school's federal information returns prior to fiscal year 2019 are closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. If the school had unrelated business income taxes, it would recognize interest and penalties associated with any tax matters as part of the income tax provision and include accrued interest and penalties with the related tax liability in the consolidated statements of financial position.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial aid -4,669,327. Loss on bond redemption -310,409.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of good sold -239,866.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 239,866.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 4,669,327.

Raw XML AppendixShowing 400 of 1,095 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/PersonNm12WILLIAM MENARD
IRS990/Form990PartVIISectionAGrp/PersonNm13GORDON PENNOYER
IRS990/Form990PartVIISectionAGrp/PersonNm14STEVE RODGERS
IRS990/Form990PartVIISectionAGrp/PersonNm15GILBERT P SCHAFER III
IRS990/Form990PartVIISectionAGrp/PersonNm16LISA SELZ
IRS990/Form990PartVIISectionAGrp/PersonNm17PAUL SIMONS
IRS990/Form990PartVIISectionAGrp/PersonNm18PAUL SOLOMON
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IRS990/Form990PartVIISectionAGrp/PersonNm24CAROLINE A WAMSLER
IRS990/Form990PartVIISectionAGrp/PersonNm25JING WANG
IRS990/Form990PartVIISectionAGrp/PersonNm26JEFFREY SMITH
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IRS990/Form990PartVIISectionAGrp/PersonNm28ROBERT ANTHONY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25OUTGOING TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26COO
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR OF ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt28ASS'T TO HEAD OF SCHOOL FOR EXTERNAL AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR OF TREVOR ZOO
IRS990/Form990PartVIISectionAGrp/TitleTxt30CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt31BUSINESS MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt32FORMER HEAD OF SCHOOL
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IRS990/FSAuditedInd01
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IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.
2023Summary only. Only limited summary data is available for this year.$166$34.5$132$33.3$33.0$0.29
2022Detailed filing. Detailed filing data is available for this year.$163$36.7$126$28.8$30.2$1.37
2022Summary only. Only limited summary data is available for this year.$163$36.7$126$28.8$30.2$1.37
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$164$25.1$139$39.8$30.0$9.84
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$23.7$115$30.1$25.9$4.20
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$26.6$110$28.8$26.3$2.53
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$134$27.2$107$33.0$24.7$8.27
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$125$27.2$98.2$31.2$23.9$7.28
2016Summary only. Only limited summary data is available for this year.$114$25.6$88.5$30.7$22.2$8.52
2015Detailed filing. Detailed filing data is available for this year.$107$23.9$83.3$24.8$21.1$3.75
2014Detailed filing. Detailed filing data is available for this year.$104$23.9$80.5$28.7$20.6$8.10
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.6$15.4$71.3$18.4
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$78.2$14.6$63.6$16.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.2$11.7$60.4$16.1