Civic Intelligence

Kent Place School

990 • Fiscal year 2020 • EIN 22-1487233

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 15, 2021

42 Norwood AvenueSummit, NJ 07901

(908) 273-0900

Siviq Scores

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

Liabilities / Assets

39th percentile

0.16x

Higher debt load relative to assets than 39% of similar nonprofits.

2020 filings • NTEE B • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

35th percentile

0.31x

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

2020 filings • NTEE B • $50M-$100M nonprofits • Source year 2020

Net Margin

68th percentile

11%

Higher net margin than 68% of similar nonprofits.

2020 filings • NTEE B • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

79th percentile

$499,495

Higher top officer pay than 79% of similar nonprofits.

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

2020 filings • NTEE B • $50M-$100M nonprofits • Source year 2020

Asset Growth

69th percentile

6.1%

Faster asset growth than 69% of similar nonprofits.

2020 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

77th percentile

14%

Faster revenue growth than 77% of similar nonprofits.

2020 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$72,015,575

Up $4,149,940 (+6.1%) from 2019

Net Assets

Up

$60,685,473

Up $2,963,531 (+5.1%) from 2019

Liabilities

Up

$11,330,102

Up $1,186,409 (+12%) from 2019

Revenue

Up

$36,541,046

Up $4,399,762 (+14%) from 2019

Expenses

Up

$32,633,081

Up $640,261 (+2.0%) from 2019

Net Income

Up

$3,907,965

Up $3,759,501 (+2532%) from 2019

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $51,345,058Liabilities 2010: $11,565,525Net Assets 2010: $39,779,5332010Assets 2011: $53,714,785Liabilities 2011: $10,374,711Net Assets 2011: $43,340,0742011Assets 2012: $52,258,422Liabilities 2012: $9,732,296Net Assets 2012: $42,526,1262012Assets 2013: $53,449,524Liabilities 2013: $9,487,316Net Assets 2013: $43,962,2082013Assets 2014: $58,032,366Liabilities 2014: $11,047,080Net Assets 2014: $46,985,2862014Assets 2015: $58,782,695Liabilities 2015: $9,999,550Net Assets 2015: $48,783,1452015Assets 2016: $61,283,189Liabilities 2016: $10,165,599Net Assets 2016: $51,117,5902016Assets 2017: $70,524,444Liabilities 2017: $14,898,182Net Assets 2017: $55,626,2622017Assets 2018: $67,948,989Liabilities 2018: $10,398,821Net Assets 2018: $57,550,1682018Assets 2019: $67,865,635Liabilities 2019: $10,143,693Net Assets 2019: $57,721,9422019Assets 2020: $72,015,575Liabilities 2020: $11,330,102Net Assets 2020: $60,685,4732020Assets 2021: $74,166,254Liabilities 2021: $10,359,534Net Assets 2021: $63,806,7202021Assets 2022: $73,869,767Liabilities 2022: $10,625,619Net Assets 2022: $63,244,1482022Assets 2023: $76,739,322Liabilities 2023: $10,906,887Net Assets 2023: $65,832,4352023Assets 2024: $81,246,988Liabilities 2024: $10,603,255Net Assets 2024: $70,643,7332024

Highlighted filing

2020

Assets$72,015,575
Liabilities$11,330,102
Net Assets$60,685,473

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $22,532,2192010Expenses 2011: $23,854,7302011Expenses 2012: $24,720,5662012Expenses 2013: $25,468,1372013Revenue 2014: $28,933,083Expenses 2014: $27,013,993Net Income 2014: $1,919,0902014Revenue 2015: $30,452,375Expenses 2015: $27,857,487Net Income 2015: $2,594,8882015Revenue 2016: $31,800,927Expenses 2016: $28,792,114Net Income 2016: $3,008,8132016Revenue 2017: $32,425,692Expenses 2017: $28,971,784Net Income 2017: $3,453,9082017Revenue 2018: $31,682,926Expenses 2018: $29,910,324Net Income 2018: $1,772,6022018Revenue 2019: $32,141,284Expenses 2019: $31,992,820Net Income 2019: $148,4642019Revenue 2020: $36,541,046Expenses 2020: $32,633,081Net Income 2020: $3,907,9652020Revenue 2021: $35,657,548Expenses 2021: $35,861,111Net Income 2021: -$203,5632021Revenue 2022: $40,143,098Expenses 2022: $36,981,938Net Income 2022: $3,161,1602022Revenue 2023: $40,917,116Expenses 2023: $39,768,988Net Income 2023: $1,148,1282023Revenue 2024: $44,844,631Expenses 2024: $40,806,360Net Income 2024: $4,038,2712024

Highlighted filing

2020

Revenue$36,541,046
Expenses$32,633,081
Net Income$3,907,965
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 15, 2021
Return Version
2019v5.1
Gross Receipts
$45,675,091
Mission and Program Overview

Mission

For 130 years, kent place school has empowered girls to be confident, intellectual, and ethical leaders who advance the world.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$44,924,587$44,665,319▼ $259,268
Investments in Publicly Traded Securities$16,920,776$16,242,308▼ $678,468
Cash and Non-Interest-Bearing Accounts$1,987,086$5,297,421▲ $3,310,335
Pledges and Grants Receivable$1,312,833$3,082,324▲ $1,769,491
Prepaid Expenses and Deferred Charges$1,355,183$1,299,403▼ $55,780
Investments Other Securities$986,635$1,093,911▲ $107,276
Inventories for Sale or Use$158,037$218,616▲ $60,579
Accounts Receivable$220,498$116,273▼ $104,225
Savings and Temporary Cash Investments$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 Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$67,865,635$72,015,575▲ $4,149,940
Other Assets Total$0$0→ $0
Liabilities
Tax Exempt Bond Liabilities$4,356,540$4,178,363▼ $178,177
Deferred Revenue$3,485,901$2,715,502▼ $770,399
Unsecured Notes Loans Payable$0$2,396,179▲ $2,396,179
Accounts Payable and Accrued Expenses$2,301,252$2,040,058▼ $261,194
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$10,143,693$11,330,102▲ $1,186,409
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$38,433,856$39,915,747▲ $1,481,891
Net Assets With Donor Restrictions$19,288,086$20,769,726▲ $1,481,640
Total Net Assets Fund Balance$57,721,942$60,685,473▲ $2,963,531
Total Liabilities and Net Assets / Fund Balance$67,865,635$72,015,575▲ $4,149,940

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$29,225,968$11,595,363$40,821,331
Leasehold Improvements$10,888,697$6,317,137$17,205,834
Equipment$3,352,742$4,690,999$8,043,741
Other Land Buildings$829,589$253,074$1,082,663
Land$368,323-$368,323

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$18,781,126$1,282,290▼ $11,550$257,357$19,368,498
2018$20,422,370$211,628▲ $713,949$2,147,280$18,781,126
2017$20,485,277$1,299,099▲ $1,115,219$886,723$21,564,072
2016$19,048,511$1,356,218▲ $1,685,527$1,137,458$20,485,277
2015$19,179,227$736,099▼ $1,115,254$-734,520$19,048,511
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer C GalambosHead of SchoolFT$371,298$128,197$499,495
Elizabeth WoodallDirector of Upper SchoolFT$282,366$25,416$282,366
Genevieve D MadiganChief Financial OfficerFT$241,371$12,195$253,566
Karen RezachDirector of Ethics InstituteFT$204,901$31,089$235,990
Coral BrooksDirector of AdvancementFT$209,158$51,221$234,574
Julia MorganDirector of StudiesFT$178,365$51,221$229,586
Jennifer SimpsonDirector of College AdvisingFT$198,083$22,538$220,621
Adunni AndersonDirector of Primary ShcoolFT$203,216$15,430$218,646
Edith M ZabriskieTrustee-$94,020$18,182$112,202

Board Members and Trustees

NameTitle
G Alex CrispoPRESIDENT, BD OF TRUSTEEs
Mark MillerVice President, Bd of Trustees
Olga a NaumovichVice President, Bd of Trustees
Boris V VuchicSecretary, Board of Trustees
David B WyshnerTreasurer, Board of Trustees
Anne GrissingerTrustee
Arjun N MurtiTrustee
David S ThomasTrustee
Douglas B SiegTrustee
Jennifer T GroganTrustee
John MarkelsTrustee
Katherine H EklundTrustee
Kathleen Hammond DeOssTrustee
Katie Herbst MachirTrustee
Kc Anthony ArtemenkoTrustee
Lawrence D Johnson IiTrustee
Lori a SherTrustee
Maria Fekete BruggTrustee
Mary Ann V StormsTrustee
Nancy H Van DuyneTrustee
Nancy W ReynoldsTrustee
Nicole T RusasTrustee
Patricia L FaginTrustee
Rebecca S Magrane RedTrustee
Shane Simmons HarrisTrustee
Susanne Santola MulligTrustee
Todd C BuilioneTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Avi Foodsystems INCFood Service2590 ELM RD NE, Warren, OH 44483$805,454
Bravo Building Service INCCleaning Service1140 Rt 22 E Suite 202, Bridgewater, NJ 08807$327,853
Porzio Bromberg Newman PCLegal Services100 Southgate Parkway PO Box 1997, Morristown, NJ 07962-1997$255,281
Par Corporation INCConstruction354 Route 206 2nd Floor, Flanders, NJ 07836$242,653
John O'hara Company INCConstruction25 KEARNEY STREET, East Orange, NJ 07017$195,471
Revenue and Support

Revenue Composition

Contributions and Grants
$5,865,616
Program Service Revenue
$29,361,096
Investment Income
$1,057,945
Other Revenue
$256,389
All Other Contributions
$5,865,616
Change in Net Assets
$3,907,965

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 Traded18$119,257Fair Market Value
Total Noncash Contributions18$119,257-

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,483,101
Revenue Not Reported on Financial Statements
$1,057,945
Revenue Not Reported on Form 990
$-3,269,432
Other Revenue Adjustments
$1,057,945
Total Revenue per Audited Statements
$32,213,669
Total Revenue per Form 990
$36,541,046
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,832,186
Other Expenses$9,375,598
Grants and Similar Amounts Paid$3,425,297
Total Fundraising Expense$1,540,217
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,017,986$3,364,567$637,759$14,020,312
Grants to Domestic Individuals$3,425,297--$3,425,297
Depreciation Depletion$2,174,892$330,860-$2,505,752
Current Officers, Directors, Trustees, and Key Employees$1,004,412$642,763$221,116$1,868,291
Other Employee Benefits$1,028,931$655,370$131,665$1,815,966
Office Expenses$469,827$812,073$240,002$1,521,902
Occupancy$1,125,372$148,074-$1,273,446
Payroll Taxes$779,260$283,495$59,795$1,122,550
Pension Plan Contributions$730,772$239,451$34,844$1,005,067
Information Technology$309,805$90,130$14,604$414,539
Conferences and Meetings$138,216$75,774$8,555$222,545
Insurance$195,685$26,391-$222,076
Fees for Services Other$67,059$2,519$110,284$179,862
Fees for Services Legal-$158,263-$158,263
Interest-$149,525-$149,525
All Other Expenses$17,834$124,478$2,822$145,134
Other Expenses$132,288$200,688$45,304$132,288
Advertising$11,600$116,353-$127,953
Travel$39,639$24,430$33,467$97,536
Fees for Service Investment Mgmnt Fees-$82,662-$82,662
Fees for Services Accounting-$65,242-$65,242
Total Functional Expenses$23,483,583$7,609,281$1,540,217$32,633,081

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$32,633,081
Total Expenses per Audited Statements$29,280,987
Expenses per Audited Statements$29,125,122
Expenses Not Reported on Financial Statements$3,507,959
Other Expense Adjustments$3,507,959
Expenses Not Reported on Form 990$155,865
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
ANew Jersey Economic Development Authority2013-10-04$5,022,087Refinancing bank loan & renovation

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$5,022,087$3,826,087$0$106,000

Bond Financing Compliance

Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested in GIC
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 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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, Line 11

Form 990 is reviewed and approved by the audit committee. The form is made available to board members for 7 days prior to filing.

FORM 990, PART VI, SECTION B, Line 12

THE HEAD OF SCHOOL MAINTAINS THE STATEMENTS OF CONFLICTS OF INTEREST. THE STATEMENTS ARE SIGNED ANNUALLY AND THE Committee on Trusteeship CHAIR FOLLOWS UP ON COMPLIANCE. NON-COMPLIANCE IS BROUGHT TO THE ATTENTION OF THE BOARD PRESIDENT FOR FURTHER FOLLOW-UP.

FORM 990, PART VI, SECTION B, Line 15

THE COMPENSATION COMMITTEE, CONSISTING OF BOARD OF TRUSTEE MEMBERS, REVIEWS THE PERFORMANCE OF THE HEAD OF SCHOOL AND COMPARES COMPENSATION TO ITS PEERS BASED ON SURVEYS PERFORMED BY SCHOOL ASSOCIATIONS and an independent compensation consultant. THE COMMITTEE REVIEWS THE KEY DATA AND PROVIDES A RECOMMENDATION TO THE PRESIDENT OF THE BOARD OF TRUSTEES. For key employees, the head of school determines compensation based on an annual performance review and periodically compares compensation to that of their peers based on surveys performed by school associations.

FORM 990, PART VI, SECTION C, Line 19

Governing documents, conflicts of interest policy, and financial statements are provided subject to written request and upon approval by the board of trustees or their appointed designee.

Filing and Contact Details

Filer

Filer Name
Kent Place School
EIN
22-1487233
In Care Of
% GENEVIEVE MADIGAN
Phone
9082730900
Address
42 NORWOOD AVENUE, SUMMIT, NJ 07901

Signing Officer

Name
Genevieve Madigan
Title
CFO
Phone
9082730900
Signed
2021-03-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Genevieve Madigan
Formed
1894
Legal Domicile
Nj
Voting Board Members
29
Independent Board Members
27
Employees
396
Volunteers
500

Preparer

Firm
Eisneramper Llp
Address
111 WOOD AVE SO STE 600, ISELIN, NJ 08830-2700
Preparer
Douglas Tapp
Phone
7322437000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

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

Form 990, Part I, Line 1

The only nonsectarian girls' day school in nj, kent place school provides a rigorous and fulfilling education for 600+ students in kindergarten through grade 12 with a coed preschool.

Financial Statement Notes

PART XI, Line 4B

Investment income - $508,517 realized gain on investments - $549,428 total - $ 1,057,945

PART XI, LIne 2D

Financial aid - $(3,425,297) cost of goods sold - $155,865 total - ($3,269,432)

Part XII, Line 4B

Financial aid - $3,425,297 investment management fee - $82,662 total - $3,507,959

Part XII, Line 2D

Cost of goods sold - $155,865 total - $155,865

Schedule D, Part X, Line 2

THE SCHOOL HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE (THE "IRS") AS AN ORGANIZATION DESCRIBED UNDER 501(c)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(a) OF THE CODE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SCHOOL AND HAS CONCLUDED THAT AS OF JUNE 30, 2020 AND 2019, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WERE NO INCOME TAX-RELATED INTEREST AND PENALTIES RECORDED FOR THE YEARS ENDED JUNE 30, 2020 AND 2019.

Schedule D, Part V, Line 4

The endowment supports student financial aid and other educational purposes such as professional development for faculty and staff.

Schedule D, Part V, Line 1A

The current year beginning of year balance of Endowment Funds differs from the prior year end of year balance due to implementation of the new Accounting Standards Update, which restated the presentation of unrestricted board designated funds.

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IRS990/Desc0Our Kent Place curriculum and programs are rich in opportunities for students to develop ethical decision-making, critical thinking, and problem-solving skills. We promote integrity, initiative, and inclusion throughout all of the schooling years. Our students take on increasingly profound leadership opportunities that foster collaboration and self-awareness while also cultivating compassion and empathy. We believe that the lessons and values encouraged by our multi-talented faculty prepare each student to be an active contributor to the larger world beyond Kent Place. Kent Place is home to a wide array of curricular and cocurricular activities, as well as our signature programs such as the Girls' Leadership Institute, now entering its 26th year of empowering girls to discover their full leadership potential, and our renowned Ethics Institute, which promotes the process and practice of ethical decision-making in primary and secondary school communities. Kent Place also offers a traditional summer day camp, afterschool programs, and enrichment classes.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$81.2$10.6$70.6$44.8$40.8$4.04
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$76.7$10.9$65.8$40.9$39.8$1.15
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$73.9$10.6$63.2$40.1$37.0$3.16
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.2$10.4$63.8$35.7$35.9$0.20
2020Detailed filing. Detailed filing data is available for this year.$72.0$11.3$60.7$36.5$32.6$3.91
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$67.9$10.1$57.7$32.1$32.0$0.15
2018Detailed filing. Detailed filing data is available for this year.$67.9$10.4$57.6$31.7$29.9$1.77
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.5$14.9$55.6$32.4$29.0$3.45
2016Detailed filing. Detailed filing data is available for this year.$61.3$10.2$51.1$31.8$28.8$3.01
2015Detailed filing. Detailed filing data is available for this year.$58.8$10.00$48.8$30.5$27.9$2.59
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$58.0$11.0$47.0$28.9$27.0$1.92
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.4$9.49$44.0$25.5
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.3$9.73$42.5$24.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.7$10.4$43.3$23.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.3$11.6$39.8$22.5