Civic Intelligence

The Pennington School

990 • Fiscal year 2016 • EIN 21-0635004

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 15, 2016

112 W Delaware AvePennington, NJ 08534

(609) 737-1838

Siviq Scores

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

Liabilities / Assets

51st percentile

0.32x

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

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

70th percentile

0.98x

Higher debt load relative to revenue than 70% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Net Margin

66th percentile

7.5%

Higher net margin than 66% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

54th percentile

$368,667

Higher top officer pay than 54% of similar nonprofits.

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

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Asset Growth

70th percentile

7.0%

Faster asset growth than 70% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

26th percentile

-6.2%

Faster revenue growth than 26% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Assets

Up

$79,724,568

Up $5,215,414 (+7.0%) from 2015

Net Assets

Down

$54,515,858

Down $997,560 (-1.8%) from 2015

Liabilities

Up

$25,208,710

Up $6,212,974 (+33%) from 2015

Revenue

Down

$25,687,398

Down $1,687,133 (-6.2%) from 2015

Expenses

Up

$23,767,628

Up $1,783,032 (+8.1%) from 2015

Net Income

Down

$1,919,770

Down $3,470,165 (-64%) from 2015

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $47,679,657Liabilities 2010: $13,300,998Net Assets 2010: $34,378,6592010Assets 2011: $52,231,702Liabilities 2011: $12,604,652Net Assets 2011: $39,627,0502011Assets 2012: $51,406,372Liabilities 2012: $12,908,728Net Assets 2012: $38,497,6442012Assets 2013: $57,524,937Liabilities 2013: $12,276,112Net Assets 2013: $45,248,8252013Assets 2014: $67,213,880Liabilities 2014: $13,457,153Net Assets 2014: $53,756,7272014Assets 2015: $74,509,154Liabilities 2015: $18,995,736Net Assets 2015: $55,513,4182015Assets 2016: $79,724,568Liabilities 2016: $25,208,710Net Assets 2016: $54,515,8582016Assets 2017: $86,390,555Liabilities 2017: $24,806,927Net Assets 2017: $61,583,6282017Assets 2018: $86,280,043Liabilities 2018: $22,924,213Net Assets 2018: $63,355,8302018Assets 2019: $86,721,055Liabilities 2019: $23,536,995Net Assets 2019: $63,184,0602019Assets 2020: $85,751,483Liabilities 2020: $24,350,669Net Assets 2020: $61,400,8142020Assets 2021: $95,126,184Liabilities 2021: $22,976,650Net Assets 2021: $72,149,5342021Assets 2022: $90,118,133Liabilities 2022: $22,158,855Net Assets 2022: $67,959,2782022Assets 2023: $92,354,430Liabilities 2023: $21,878,042Net Assets 2023: $70,476,3882023Assets 2024: $95,641,589Liabilities 2024: $23,016,311Net Assets 2024: $72,625,2782024

Highlighted filing

2016

Assets$79,724,568
Liabilities$25,208,710
Net Assets$54,515,858

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $18,177,6192010Expenses 2011: $18,736,9292011Expenses 2012: $19,698,9642012Expenses 2013: $20,146,1432013Revenue 2014: $27,204,515Expenses 2014: $21,292,856Net Income 2014: $5,911,6592014Revenue 2015: $27,374,531Expenses 2015: $21,984,596Net Income 2015: $5,389,9352015Revenue 2016: $25,687,398Expenses 2016: $23,767,628Net Income 2016: $1,919,7702016Revenue 2017: $30,821,087Expenses 2017: $26,543,783Net Income 2017: $4,277,3042017Revenue 2018: $30,681,440Expenses 2018: $28,529,950Net Income 2018: $2,151,4902018Revenue 2019: $31,843,686Expenses 2019: $29,812,276Net Income 2019: $2,031,4102019Revenue 2020: $31,012,205Expenses 2020: $30,173,480Net Income 2020: $838,7252020Revenue 2021: $33,377,887Expenses 2021: $31,241,326Net Income 2021: $2,136,5612021Revenue 2022: $40,875,880Expenses 2022: $34,213,221Net Income 2022: $6,662,6592022Revenue 2023: $37,975,879Expenses 2023: $36,919,688Net Income 2023: $1,056,1912023Revenue 2024: $37,841,960Expenses 2024: $38,690,093Net Income 2024: -$848,1332024

Highlighted filing

2016

Revenue$25,687,398
Expenses$23,767,628
Net Income$1,919,770
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 15, 2016
Return Version
2015v3.0
Gross Receipts
$27,630,470
Mission and Program Overview

Mission

Independent, coeducational school serving day and boarding students in grades 6-12.

The pennington school is an independent co-educational school serving day and boarding students in grades 6-12. We are dedicated to developing excellence in all students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$29,577,480$37,734,640▲ $8,157,160
Investments in Publicly Traded Securities$33,502,395$32,254,968▼ $1,247,427
Savings and Temporary Cash Investments$5,212,542$5,027,868▼ $184,674
Pledges and Grants Receivable$5,029,341$3,534,466▼ $1,494,875
Prepaid Expenses and Deferred Charges$764,917$707,059▼ $57,858
Accounts Receivable$141,360$186,691▲ $45,331
Inventories for Sale or Use$75,736$82,673▲ $6,937
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$74,509,154$79,724,568▲ $5,215,414
Other Assets Total$205,383$196,203▼ $9,180
Liabilities
Tax Exempt Bond Liabilities$10,513,507$15,972,827▲ $5,459,320
Deferred Revenue$4,285,306$4,611,567▲ $326,261
Accounts Payable and Accrued Expenses$3,464,189$3,874,296▲ $410,107
Mortgage Notes Payable Secured by Investment Property$412,363$398,175▼ $14,188
Other Liabilities$320,371$351,845▲ $31,474
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$18,995,736$25,208,710▲ $6,212,974
Net Assets / Fund Balance
Unrestricted Net Assets$32,060,850$33,959,318▲ $1,898,468
Permanently Rstr Net Assets$10,444,730$10,316,277▼ $128,453
Temporarily Rstr Net Assets$13,007,838$10,240,263▼ $2,767,575
Total Net Assets Fund Balance$55,513,418$54,515,858▼ $997,560
Total Liabilities and Net Assets / Fund Balance$74,509,154$79,724,568▲ $5,215,414

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$30,945,344$14,472,134$45,417,478
Leasehold Improvements$4,014,314$1,877,365$5,891,679
Equipment$2,516,305$1,176,794$3,693,099
Land$258,677-$258,677

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$36,007,399$224,519▼ $182,682$1,413,230$34,636,006
2014$35,819,985$782,183▲ $749,694$1,344,463$36,007,399
2013$29,872,301$1,754,564▲ $5,117,979$924,859$35,819,985
2012$26,850,921$242,656▲ $3,439,158$660,434$29,872,301
2011$27,969,644$123,766▼ $623,443$619,046$26,850,921
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William HawkeyHead of SchoolFT$236,360$132,307$368,667
J Graeme McwhirterChief Financial OfficerFT$175,823$53,465$229,288
Charlie BrownDirector of AdvancementFT$149,733$25,632$175,365
Todd PaigeHead of the Middle SchoolFT$110,235$54,577$164,812
Tom LiwoszFaculty MemberFT$100,952$40,210$141,162
Joannah ProckopDirector the Learning CenterFT$101,166$12,068$113,234

Highest Paid Contractors

ContractorServicesLocationCompensation
Adams-bickel Associates LLCConstruction341 N 10TH AVENUE SUITE 206, Royersford, PA 19468-3807$8,311,632
Voith Mactavish Architects LLPArchitects1616 WALNUT STREET 24TH FLOOR, Philadelphia, PA 19103$1,235,029
Sodexo INC AffiliatesDining Services9801 WASHINGTON BLVD, Gaithersburg, MD 20878$1,077,782
Del Valley PropertiesConstruction379 ROUTE 31 NORTH, Hopewell, NJ 08551$336,804
Total Video Products INCEquipment414 SOUTHGATE CT, Mickleton, NJ 08056$255,137
Revenue and Support

Revenue Composition

Contributions and Grants
$2,097,385
Program Service Revenue
$20,778,203
Investment Income
$2,452,093
Other Revenue
$359,717
All Other Contributions
$2,044,438
Change in Net Assets
$1,919,770

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 Traded19$405,854Fair Value
Total Noncash Contributions19$405,854-

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,716,826
Revenue Not Reported on Financial Statements
$-29,428
Revenue Not Reported on Form 990
$-6,849,610
Other Revenue Adjustments
$-279,444
Total Revenue per Audited Statements
$18,867,216
Total Revenue per Form 990
$25,687,398
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,435,843
Other Expenses$8,052,760
Grants and Similar Amounts Paid$4,279,025
Total Fundraising Expense$926,099
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,413,817$1,549,257$359,855$7,322,929
Grants to Domestic Individuals$4,052,650--$4,052,650
All Other Expenses$2,852,564$185,081$3,081$3,040,726
Depreciation Depletion$2,002,548$578,822$133,109$2,714,479
Current Officers, Directors, Trustees, and Key Employees$1,505,618$435,188$100,078$2,040,884
Occupancy$739,437$213,729$49,150$1,002,316
Other Employee Benefits$671,468$189,503$44,632$905,603
Payroll Taxes$469,616$135,739$31,215$636,570
Pension Plan Contributions$390,891$112,984$25,982$529,857
Foreign Grants$226,375--$226,375
Other Expenses$163,219$58,027$0$221,246
Interest$152,223$54,117-$206,340
Insurance$201,425--$201,425
Fees for Service Investment Mgmnt Fees-$151,602-$151,602
Information Technology$44,824$15,935-$60,759
Advertising-$56,107-$56,107
Fees for Services Accounting-$54,900-$54,900
Fees for Services Legal-$33,638-$33,638
Conferences and Meetings$29,943--$29,943
Fees for Services Other$28,324$0$0$28,324
Total Functional Expenses$19,016,900$3,824,629$926,099$23,767,628

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$23,767,628
Total Expenses per Audited Statements$19,864,776
Expenses per Audited Statements$19,238,587
Expenses Not Reported on Financial Statements$4,529,041
Other Expense Adjustments$4,279,025
Expenses Not Reported on Form 990$626,189
International Activity

International Summary

Spending
$14,036

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificFundraising---$14,036
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$47,917
Fundraising Gross Income$47,917
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$95,648$95,648$47,917$47,731
Misc Events$5,216$5,216-$5,216
Total Events$100,864$100,864$47,917$52,947
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
Michael JingoliTrustee/interest in Co.Co. Provided Construction MgmtNo$201,000
William S HawkeySon of HeadmasterCompensation and BenefitsNo$29,371

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
Liability Interest Rate Swap$190,972
Swap Termination Liability$143,873
Ubi Tax Liabiltiy$17,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
BPublic Finance Authority2014-07-07$10,000,000Construction/capital improvements
ANew Jersey Economic Authority2014-06-17$7,500,000Interest rate swap agreements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$9,860,698$0$0$139,302
A$6,620,000$0$0$0

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
Yes
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
Yes
Business relationship with organization members
Yes
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
Yes
Management duties delegated
No

Governance Explanations

Part VI, Section B, Line 12C

The school requires all board of trustees, officers and key employees to sign annual conflict of interest policies.

Part VI, Section B, Line 15B

The head of school has been identified as an officer. The executive committee of the board of trustees meets to decide compensation. Members of the committee are independent. A committee member prepares comparable data from tax returns (using guidestar) and national association of independent schools (collected by cfo). This material is reviewed by the executive committee. The board of trustess ratifies committee's findings. All other compensation is determined by the headmaster.

Part VI, Section B, Line 11

Form 990 prepared by independent accountants, reviewed by finance committee and provided to individual trustees either by email or at a board meeting prior to filing.

Part VI, Section C, Line 19

The school's form 990 is available on www.guidestar.org. No other documents are available to the public.

Filing and Contact Details

Filer

Filer Name
The Pennington School
EIN
21-0635004
In Care Of
% J GRAEME MCWHIRTER
Phone
6097371838
Address
112 W DELAWARE AVE, PENNINGTON, NJ 08534

Signing Officer

Name
Jgraeme Mcwhirter
Title
CFO
Phone
6097376120
Signed
2016-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jgraeme Mcwhirter
Formed
1838
Legal Domicile
Nj
Voting Board Members
29
Independent Board Members
28
Employees
240
Volunteers
122

Preparer

Firm
Withum Smith Brown Pc
Address
506 CARNEGIE CENTER STE 400, PRINCETON, NJ 08540-6243
Preparer
Paul V Gergel
Phone
6095201188
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 5

Net unrealized gains on investments for the current fiscal year end include the following: unrealized gain on investment ....................... (2,746,938) unrealized loss on swap agreement.................... (73,892) ---------------------------------------------------------------- total unrealized gain on investments................ (2,820,830)

Form 990, Part XI, Line 6

The organization received the following in-kind gifts in the current fiscal year: in-kind contribution revenue.......................... 28,684 in-kind expenses...................................... (19,684) ---------------------------------------------------------------- total in-kind contributions received.................. 9,000

Form 990, Part XI, Line 9

Other changes in net assets for the current fiscal year end include the following: bad debt expense...................................... 105,500

Form 990 Part IX Line 24 - Other Expenses

Description:administrative total expenses:171674 program services:management and general:171674 fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:food services total expenses:1177375 program services:1177375 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:athletics total expenses:272861 program services:272861 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:library total expenses:37998 program services:37998 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:residential life total expenses:68466 program services:68466 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:instructional expenses total expenses:676176 program services:676176 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:equipment rental & maintenance total expenses:573331 program services:573331 management and general:fundraising:

Form 990 Part IX Line 24 - Other Expenses

Description:printing & publications total expenses:62845 program services:46357 management and general:13407 fundraising:3081

Financial Statement Notes

Schedule D, Part X, Line 2

The school has adopted the application of accounting for uncertainty in income taxes. The school had no unrecognized tax benefits at june 30, 2016. In addition, the school has no income tax related penalties or interest for the periods in question. The school files a tax return in the u.s. Federal jurisdiction.

Schedule D, Part XI, Line 2D

Financial aid grants............................. (4,279,025) cost of goods sold............................... 125,081 rental expenses.................................. 48,563 special events expenses.......................... 47,917 ---------------------------------------------------------------- total............................................ (4,057,464)

Schedule D, Part XII, Line 2D

Cost of goods sold................................ 125,081 rental expenses................................... 48,563 loss on disposal of asset......................... 279,444 special event expenses............................ 47,917 bad debt expense.................................. 105,500 ----------------------------------------------------------------- total............................................. 606,505

Schedule D, Part XII, Line 4B

Financial aid..................................... 4,279,025

Schedule D, Part XI, Line 4B

Loss on disposal of asset.......... (279,444)

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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/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE

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.$95.6$23.0$72.6$37.8$38.7$0.85
2023Summary only. Only limited summary data is available for this year.$92.4$21.9$70.5$38.0$36.9$1.06
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.1$22.2$68.0$40.9$34.2$6.66
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$95.1$23.0$72.1$33.4$31.2$2.14
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.8$24.4$61.4$31.0$30.2$0.84
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$86.7$23.5$63.2$31.8$29.8$2.03
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$86.3$22.9$63.4$30.7$28.5$2.15
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$86.4$24.8$61.6$30.8$26.5$4.28
2016Detailed filing. Detailed filing data is available for this year.$79.7$25.2$54.5$25.7$23.8$1.92
2015Detailed filing. Detailed filing data is available for this year.$74.5$19.0$55.5$27.4$22.0$5.39
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$67.2$13.5$53.8$27.2$21.3$5.91
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.5$12.3$45.2$20.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.4$12.9$38.5$19.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.2$12.6$39.6$18.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.7$13.3$34.4$18.2
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)3 • $50M-$100M nonprofits