Civic Intelligence

Princeton Day School Inc.

990 • Fiscal year 2018 • EIN 21-0727645

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 14, 2018

PO Box 75Princeton, NJ 08542

(609) 924-6700

Siviq Scores

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

Liabilities / Assets

46th percentile

0.24x

Higher debt load relative to assets than 46% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

52nd percentile

0.67x

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

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Net Margin

63rd percentile

9.3%

Higher net margin than 63% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

96th percentile

$1,063,743

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Asset Growth

32nd percentile

0.3%

Faster asset growth than 32% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

78th percentile

13%

Faster revenue growth than 78% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Up

$124,543,729

Up $326,234 (+0.3%) from 2017

Net Assets

Up

$94,608,073

Up $1,995,130 (+2.2%) from 2017

Liabilities

Down

$29,935,656

Down $1,668,896 (-5.3%) from 2017

Revenue

Up

$44,436,763

Up $5,227,567 (+13%) from 2017

Expenses

Up

$40,303,583

Up $1,504,600 (+3.9%) from 2017

Net Income

Up

$4,133,180

Up $3,722,967 (+908%) from 2017

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $100,498,777Liabilities 2010: $28,200,028Net Assets 2010: $72,298,7492010Assets 2011: $107,153,810Liabilities 2011: $27,875,628Net Assets 2011: $79,278,1822011Assets 2012: $106,869,127Liabilities 2012: $30,053,507Net Assets 2012: $76,815,6202012Assets 2013: $110,609,057Liabilities 2013: $28,727,243Net Assets 2013: $81,881,8142013Assets 2014: $119,506,844Liabilities 2014: $29,868,775Net Assets 2014: $89,638,0692014Assets 2015: $120,668,411Liabilities 2015: $29,727,706Net Assets 2015: $90,940,7052015Assets 2016: $117,572,194Liabilities 2016: $31,555,419Net Assets 2016: $86,016,7752016Assets 2017: $124,217,495Liabilities 2017: $31,604,552Net Assets 2017: $92,612,9432017Assets 2018: $124,543,729Liabilities 2018: $29,935,656Net Assets 2018: $94,608,0732018Assets 2019: $139,443,798Liabilities 2019: $32,397,449Net Assets 2019: $107,046,3492019Assets 2020: $139,358,534Liabilities 2020: $32,678,591Net Assets 2020: $106,679,9432020Assets 2021: $166,237,830Liabilities 2021: $34,696,468Net Assets 2021: $131,541,3622021Assets 2022: $173,662,324Liabilities 2022: $56,892,891Net Assets 2022: $116,769,4332022Assets 2023: $179,216,150Liabilities 2023: $57,868,716Net Assets 2023: $121,347,4342023

Highlighted filing

2018

Assets$124,543,729
Liabilities$29,935,656
Net Assets$94,608,073

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $30,305,7542010Expenses 2011: $30,055,5912011Expenses 2012: $31,056,0952012Revenue 2013: $29,314,199Expenses 2013: $31,464,182Net Income 2013: -$2,149,9832013Revenue 2014: $40,340,744Expenses 2014: $33,225,894Net Income 2014: $7,114,8502014Revenue 2015: $39,965,316Expenses 2015: $35,079,290Net Income 2015: $4,886,0262015Revenue 2016: $39,186,972Expenses 2016: $37,378,850Net Income 2016: $1,808,1222016Revenue 2017: $39,209,196Expenses 2017: $38,798,983Net Income 2017: $410,2132017Revenue 2018: $44,436,763Expenses 2018: $40,303,583Net Income 2018: $4,133,1802018Revenue 2019: $55,606,077Expenses 2019: $41,527,426Net Income 2019: $14,078,6512019Revenue 2020: $43,182,977Expenses 2020: $41,654,246Net Income 2020: $1,528,7312020Revenue 2021: $58,529,058Expenses 2021: $43,084,875Net Income 2021: $15,444,1832021Revenue 2022: $44,051,662Expenses 2022: $45,855,398Net Income 2022: -$1,803,7362022Revenue 2023: $45,340,362Expenses 2023: $48,956,926Net Income 2023: -$3,616,5642023

Highlighted filing

2018

Revenue$44,436,763
Expenses$40,303,583
Net Income$4,133,180
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 14, 2018
Return Version
2017v2.3
Gross Receipts
$50,863,593
Mission and Program Overview

Mission

Princeton day school nurtures the mind, the body, and the character of each student. In academics, athletics, the arts and service, we celebrate the pursuit of individual excellence and the spirit of collaboration that binds us together as a community.

The school strives to educate the mind, body, and character of each of its students. The school seeks to accomplish its mission through various programs including, but not limited to, classroom instruction, physical education, the arts (both visual and performing), and community service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$32,996,287$44,095,986▲ $11,099,699
Land, Buildings, and Equipment, Net$41,775,605$43,633,565▲ $1,857,960
Investments Other Securities$31,689,796$26,435,568▼ $5,254,228
Cash and Non-Interest-Bearing Accounts$11,804,607$5,141,673▼ $6,662,934
Pledges and Grants Receivable$3,632,893$3,098,864▼ $534,029
Prepaid Expenses and Deferred Charges$660,130$733,488▲ $73,358
Accounts Receivable$386,725$356,012▼ $30,713
Inventories for Sale or Use$95,072$100,446▲ $5,374
Other Notes and Loans Receivable, Net$23,292$18,077▼ $5,215
Total Assets$124,217,495$124,543,729▲ $326,234
Other Assets Total$1,153,088$930,050▼ $223,038
Liabilities
Tax Exempt Bond Liabilities$15,767,846$15,785,692▲ $17,846
Deferred Revenue$9,133,793$8,665,949▼ $467,844
Other Liabilities$4,055,612$3,049,233▼ $1,006,379
Accounts Payable and Accrued Expenses$2,647,301$2,434,782▼ $212,519
Total Liabilities$31,604,552$29,935,656▼ $1,668,896
Net Assets / Fund Balance
Unrestricted Net Assets$46,360,494$49,118,374▲ $2,757,880
Permanently Rstr Net Assets$25,178,318$25,296,780▲ $118,462
Temporarily Rstr Net Assets$21,074,131$20,192,919▼ $881,212
Total Net Assets Fund Balance$92,612,943$94,608,073▲ $1,995,130
Total Liabilities and Net Assets / Fund Balance$124,217,495$124,543,729▲ $326,234

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$36,386,712$19,928,293$56,315,005
Equipment$1,424,037$6,082,564$7,506,601
Other Land Buildings$3,207,722-$3,207,722
Land$2,615,094-$2,615,094
Other Securities$26,435,568--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$59,161,615$208,423▲ $3,934,758$967,646$61,472,650
2016$54,983,319$991,821▲ $5,986,010$1,928,886$59,161,615
2015$57,353,632$1,135,399▼ $1,247,429$1,448,617$54,983,319
2014$53,003,850$6,071,760▲ $42,913$1,004,458$57,353,632
2013$45,078,800$3,254,961▲ $6,145,621$650,724$53,204,158
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Paul J StellatoHead of SchoolFT$368,127$695,616$1,063,743
Dulany H GibsonAssistant Head of School FFT$218,761$90,206$308,967
Kathy SchulteDirector of AdvancementFT$174,925$68,290$243,215
Lisa S SuraceAssociate Head of SchoolFT$181,722$59,707$241,429
Jon OstendorfChief Information OfficerFT$193,518$25,627$219,145
Jason RobinsonHead of Upper SchoolFT$174,501$39,848$214,349
Renee PriceHead of Middle SchoolFT$157,929$48,664$206,593

Highest Paid Contractors

ContractorServicesLocationCompensation
Vj Scozzari & Sons INCGeneral ContractorPO BOX 958, Pennington, NJ 08534$1,782,060
Architectural Resources CambridgeArchitectural Services501 BOYLSTON STREET SUITE 4101, Boston, MA 02116$471,590
Flik Independent SchoolsFood ServicePO BOX 417632, Boston, MA 02241-7632$414,247
Metropolitan Fire Protection Co INCSprinkler System Upgrades460 PARK WAY, Broommall, PA 19008$212,165
Four Seasons Transportation LLCTransportation20 IRVEN STREET, Trenton, NJ 08638$161,539
Revenue and Support

Revenue Composition

Contributions and Grants
$3,169,434
Program Service Revenue
$34,100,399
Investment Income
$7,119,602
Other Revenue
$47,328
All Other Contributions
$3,043,476
Change in Net Assets
$4,133,180

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 Traded23$523,446Fair Market Value
Total Noncash Contributions23$523,446-

Audited Revenue Reconciliation

Revenue per Audited Statements
$38,831,514
Revenue Not Reported on Financial Statements
$5,605,249
Revenue Not Reported on Form 990
$-1,343,318
Other Revenue Adjustments
$5,605,249
Total Revenue per Audited Statements
$37,488,196
Total Revenue per Form 990
$44,436,763
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$26,469,052
Other Expenses$8,225,960
Grants and Similar Amounts Paid$5,605,249
Total Fundraising Expense$1,649,786
Professional Fundraising Fees$3,322

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$14,421,725$2,804,344$914,439$18,140,508
Grants to Domestic Individuals$5,605,249--$5,605,249
Other Employee Benefits$3,638,929$803,930$132,281$4,575,140
Depreciation Depletion$1,457,171$234,766$80,954$1,772,891
Pension Plan Contributions$1,282,478$270,936$50,213$1,603,627
Payroll Taxes$1,049,585$224,031$61,724$1,335,340
Office Expenses$1,015,983$147,835$139,025$1,302,843
Current Officers, Directors, Trustees, and Key Employees-$814,437-$814,437
Information Technology$637,616$61,681$15,021$714,318
Interest$684,874--$684,874
Occupancy$499,339$80,449$27,741$607,529
All Other Expenses$67,330$293,805-$361,135
Insurance-$217,552-$217,552
Travel$146,352$31,633$31,041$209,026
Conferences and Meetings$24,893$19,088$116,118$160,099
Advertising-$111,772-$111,772
Other Expenses$116,245$49,088$18,345$67,433
Fees for Services Legal-$55,722-$55,722
Fees for Services Other-$41,843-$41,843
Fees for Services Accounting-$23,100-$23,100
Fees for Services Professional Fundraising--$3,322$3,322
Total Functional Expenses$32,195,056$6,458,741$1,649,786$40,303,583

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$40,303,583
Total Expenses per Audited Statements$35,493,066
Expenses per Audited Statements$34,698,334
Expenses Not Reported on Financial Statements$5,605,249
Other Expense Adjustments$5,605,249
Expenses Not Reported on Form 990$794,732
International Activity

International Summary

Offices
0
Employees
0
Spending
$95,932

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 PacificProgram ServicesStudent Trips00$60,100
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Program ServicesStudent Trips00$35,832
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$104,909
Fundraising Direct Expenses$58,825
Professional Fundraising Fees$3,322

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$223,027$103,259$47,165$56,094
Hockey Tournament$7,840$1,650$6,093$-4,443
Total Events$230,867$104,909$58,825$46,084
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
Maureen StellatoWife, P Stellato, Head of SchoolEmploymentNo$50,920
Victoria GibsonDaughter, D Gibson, Asst Head of School for Finance and OperationsEmploymentNo$48,080
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Swap Agreement$3,049,233

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2016-09-13$30,535,375Refund prior issue, construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$16,285,375-$15,000,000$535,375

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 family members
Yes
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 11B

The board of trustees is provided a final copy of the form 990 and all required schedules that are available to the public prior to its filing. The form 990 and all required schedules that are available to the public are reviewed and approved at a meeting of the audit committee of the board of trustees prior to being made available to the entire board. Any questions regarding the contents of the return are addressed at that meeting.

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

Each board of trustee and non-trustee board committee member is required to review the conflict of interest policy on an annual basis. Trustees and committee members are also required to review and sign a compliance questionnaire in regards to the conflict of interest policy. Trustees and committee members are expected to keep the board chair informed of any potential conflicts of interest regarding business affairs of the school. Whether a conflict of interest exists shall be determined by the board chair in consult with the chair of the committee on trustees. If a conflict does exist, that trustee or committee member must disclose all facts material to the conflict of interest. Said trustee or committee member may not participate in the board's discussion of the matter except to disclose material facts and respond to questions. The trustee or committee member will leave the meeting during the discussion of the matter resulting in the conflict. Persons covered by the conflict of interest policy include trustees, committee members and their families.

Form 990, Part VI, Section B, Line 15

Comparable salary information is gathered from national and regional associations and is used in determining the salaries for the head of school and senior leadership team. This review is done on an annual basis. The executive committee of the board of trustees is charged with determining compensation for the head of school based on data from other comparable institutions and on evaluation of the head of school's performance. The head of school's performance is evaluated annually through a process managed by the board chair with input from all members of the board. Salary for the senior leadership team is determined on an annual basis as a part of a formal performance appraisal. Comparable salary information is gathered by the head of school who performs the annual performance appraisal and determines an appropriate salary.

Form 990, Part VI, Section C, Line 19

Documents are available for review upon request. As such documents are not required to be made publicly available, each request is reviewed and either approved or denied on an individual basis. The school also submits the final form 990 and all required schedules that are availalbe to the public to guidestar.org.

FORM 990, PART VI, SECTION B, LINE 14:

Although the school does not have a formal, written document retention and destruction policy, the school uses federal and state guidelines in regards to maintaining all business documentation.

Filing and Contact Details

Filer

Filer Name
Princeton Day School Inc
EIN
21-0727645
Phone
6099246700
Address
PO BOX 75, PRINCETON, NJ 08542

Signing Officer

Name
Dulany H Gibson
Title
Asst Head of School for Fin
Phone
6099246700
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Stellato
Formed
1965
Legal Domicile
Nj
Voting Board Members
25
Independent Board Members
24
Employees
474
Volunteers
305

Preparer

Firm
Cliftonlarsonallen Llp
Address
610 W GERMANTOWN PIKE STE 400, PLYMOUTH MEETING, PA 19462
Preparer
Bruce Braunewellcpa
Phone
2156433900
Supplemental Narrative

Financial Statement Notes

PART II, LINE 9:

The school's conservation easement represents 7.5 acres of land purchased in june 2001. While the school has agreed to keep the land as open space, in 2012 an outdoor classroom was built that meets the intent of the conservation and agricultural easement and was approved by the d&r greenway land trust who holds the easement on the property. The land is included in the property, plant and equipment section of the audited financial statements. Land is a non-depreciable asset, therefore, there are no effects on the revenue and expense statement. Monitoring of easement compliance is done by the director of facilities and members of facilities staff monthly.

PART V, LINE 4:

The school's endowment consists of funds that have been established by donors and the school to support financial aid, faculty compensation, professional development, and other general operations.

PART X, LINE 2:

The organization does not have any uncertain tax positions under fin 48 (asc 740) so this disclosure is no longer required based on recent guidance by the aicpa.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 611,062. Bookstore cost of goods sold 183,670.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid - need based 5,605,249.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 611,062. Bookstore cost of goods sold 183,670.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid - need based 5,605,249.

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IRS990/Desc0INSTRUCTIONAL CO-EDUCATIONAL SCHOOL IN GRADES PRE-K THROUGH 12. EXPENSES COVER ALL AREAS OF ACADEMIC INSTRUCTION NECESSARY FOR THE SCHOOL TO EDUCATE ITS STUDENTS AND ACCOMPLISH ITS MISSION.
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IRS990/Form990PartVIISectionAGrp/TitleTxt20VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt26ASSOCIATE HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt27HEAD OF MIDDLE SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt28HEAD OF UPPER SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR OF ADVANCEMENT
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$179$57.9$121$45.3$49.0$3.62
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$174$56.9$117$44.1$45.9$1.80
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$166$34.7$132$58.5$43.1$15.4
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$32.7$107$43.2$41.7$1.53
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$32.4$107$55.6$41.5$14.1
2018Detailed filing. Detailed filing data is available for this year.$125$29.9$94.6$44.4$40.3$4.13
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$124$31.6$92.6$39.2$38.8$0.41
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$118$31.6$86.0$39.2$37.4$1.81
2015Summary only. Only limited summary data is available for this year.$121$29.7$90.9$40.0$35.1$4.89
2014Detailed filing. Detailed filing data is available for this year.$120$29.9$89.6$40.3$33.2$7.11
2013Summary only. Only limited summary data is available for this year.$111$28.7$81.9$29.3$31.5$2.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$107$30.1$76.8$31.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$107$27.9$79.3$30.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$100$28.2$72.3$30.3
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $100M-$250M nonprofits