Civic Intelligence

Morristown-Beard School

990 • Fiscal year 2017 • EIN 22-1487252

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 29, 2017

Organization Profilewww.mobeard.org

View Organization Page

70 Whippany RoadMorristown, NJ 07960

(973) 539-3032

Siviq Scores

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

Liabilities / Assets

36th percentile

0.16x

Higher debt load relative to assets than 36% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

37th percentile

0.39x

Higher debt load relative to revenue than 37% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Net Margin

58th percentile

6.5%

Higher net margin than 58% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

65th percentile

$454,654

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

75th percentile

9.9%

Faster asset growth than 75% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

24th percentile

-1.0%

Faster revenue growth than 24% of similar nonprofits.

2017 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$67,546,643

Up $6,096,612 (+9.9%) from 2016

Net Assets

Up

$56,521,009

Up $3,223,464 (+6.0%) from 2016

Liabilities

Up

$11,025,634

Up $2,873,148 (+35%) from 2016

Revenue And Expenses
Liabilities / Revenue37th percentileNet Margin58th percentile

Revenue

Down

$28,588,966

Down $286,724 (-1.0%) from 2016

Expenses

Up

$26,735,324

Up $370,743 (+1.4%) from 2016

Net Income

Down

$1,853,642

Down $657,467 (-26%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

$80M$60M$40M$20M$0Assets 2010: $52,968,614Liabilities 2010: $12,261,646Net Assets 2010: $40,706,9682010Assets 2011: $52,748,250Liabilities 2011: $9,019,303Net Assets 2011: $43,728,9472011Assets 2012: $52,827,954Liabilities 2012: $9,685,056Net Assets 2012: $43,142,8982012Assets 2013: $54,145,780Liabilities 2013: $8,980,802Net Assets 2013: $45,164,9782013Assets 2014: $56,227,605Liabilities 2014: $9,441,850Net Assets 2014: $46,785,7552014Assets 2015: $59,310,075Liabilities 2015: $7,773,311Net Assets 2015: $51,536,7642015Assets 2016: $61,450,031Liabilities 2016: $8,152,486Net Assets 2016: $53,297,5452016Assets 2017: $67,546,643Liabilities 2017: $11,025,634Net Assets 2017: $56,521,0092017Assets 2018: $68,327,621Liabilities 2018: $10,185,701Net Assets 2018: $58,141,9202018Assets 2019: $72,886,502Liabilities 2019: $11,965,163Net Assets 2019: $60,921,3392019Assets 2020: $71,594,413Liabilities 2020: $10,465,599Net Assets 2020: $61,128,8142020Assets 2021: $74,759,879Liabilities 2021: $6,750,599Net Assets 2021: $68,009,2802021Assets 2022: $71,175,267Liabilities 2022: $6,113,537Net Assets 2022: $65,061,7302022Assets 2023: $73,085,809Liabilities 2023: $5,416,796Net Assets 2023: $67,669,0132023Assets 2024: $76,540,014Liabilities 2024: $6,843,481Net Assets 2024: $69,696,5332024

Highlighted filing

2017

Assets$67,546,643
Liabilities$11,025,634
Net Assets$56,521,009
Open 2017 Filing

Operations Trend

Revenue Growth24th percentile

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $20,256,8772010Revenue 2011: $22,030,891Expenses 2011: $20,714,384Net Income 2011: $1,316,5072011Expenses 2012: $21,523,1822012Expenses 2013: $22,231,0672013Revenue 2014: $23,388,794Expenses 2014: $23,631,213Net Income 2014: -$242,4192014Revenue 2015: $30,195,083Expenses 2015: $25,561,861Net Income 2015: $4,633,2222015Revenue 2016: $28,875,690Expenses 2016: $26,364,581Net Income 2016: $2,511,1092016Revenue 2017: $28,588,966Expenses 2017: $26,735,324Net Income 2017: $1,853,6422017Revenue 2018: $28,403,014Expenses 2018: $27,537,249Net Income 2018: $865,7652018Revenue 2019: $32,033,926Expenses 2019: $29,546,969Net Income 2019: $2,486,9572019Revenue 2020: $29,916,997Expenses 2020: $29,833,282Net Income 2020: $83,7152020Revenue 2021: $32,953,028Expenses 2021: $30,613,612Net Income 2021: $2,339,4162021Revenue 2022: $35,071,625Expenses 2022: $32,531,347Net Income 2022: $2,540,2782022Revenue 2023: $34,984,658Expenses 2023: $34,022,511Net Income 2023: $962,1472023Revenue 2024: $34,693,681Expenses 2024: $35,671,137Net Income 2024: -$977,4562024

Highlighted filing

2017

Revenue$28,588,966
Expenses$26,735,324
Net Income$1,853,642
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 29, 2017
Return Version
2016v3.0
Gross Receipts
$28,692,540
Mission and Program Overview

Mission

Morristown-Beard School is an educational college preparatory school in Grades 6 to 12 located in Morristown, New Jersey.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$36,851,532$44,953,500▲ $8,101,968
Investments in Publicly Traded Securities$11,406,710$13,200,268▲ $1,793,558
Cash and Non-Interest-Bearing Accounts$6,830,623$3,787,564▼ $3,043,059
Pledges and Grants Receivable$4,174,376$3,759,942▼ $414,434
Savings and Temporary Cash Investments$1,072,549$1,107,137▲ $34,588
Accounts Receivable$281,132$273,644▼ $7,488
Inventories for Sale or Use$84,518$120,317▲ $35,799
Total Assets$61,450,031$67,546,643▲ $6,096,612
Other Assets Total$748,591$344,271▼ $404,320
Liabilities
Unsecured Notes Loans Payable$1,953,707$4,626,199▲ $2,672,492
Deferred Revenue$4,572,532$3,606,632▼ $965,900
Accounts Payable and Accrued Expenses$1,626,247$2,792,803▲ $1,166,556
Total Liabilities$8,152,486$11,025,634▲ $2,873,148
Net Assets / Fund Balance
Unrestricted Net Assets$34,494,513$38,981,066▲ $4,486,553
Temporarily Rstr Net Assets$12,109,289$10,837,623▼ $1,271,666
Permanently Rstr Net Assets$6,693,743$6,702,320▲ $8,577
Total Net Assets Fund Balance$53,297,545$56,521,009▲ $3,223,464
Total Liabilities and Net Assets / Fund Balance$61,450,031$67,546,643▲ $6,096,612

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$34,398,817$22,721,496$57,120,313
Other Land Buildings$10,362,426-$10,362,426
Equipment$192,257$1,900,279$2,092,536

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$12,497,458$8,577▲ $1,852,948$37,870$14,021,113
2015$13,262,061$-127,277▼ $305,643$31,683$12,497,458
2014$13,023,971$37,130▲ $548,024$27,995$13,262,061
2013$11,130,095$8,557▲ $2,199,146$22,909$13,023,971
2012$9,848,248$16,765▲ $1,575,232$37,260$11,130,095
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter CaldwellHeadmasterFT$399,059$55,595$454,654
Peter Caldwell--$399,059$55,595$454,654
Bruce AdamsBusiness ManagerFT$196,064$25,283$221,347
Bruce Adams--$196,064$25,283$221,347
John MascaroDean of FacultyFT$191,428$26,588$218,016
John Mascaro--$191,428$26,588$218,016
Darren BurnsUpper School HeadFT$167,748$37,039$204,787
Darren Burns--$167,748$37,039$204,787
Elizabeth PattersonDirector of AdvancementFT$173,910$28,132$202,042
Elizabeth Patterson--$173,910$28,132$202,042
Boni Luna--$144,391$26,882$171,273
Boni LunaMiddle School HeadFT$144,390$26,882$171,272
Edward FranzGuidanceFT$129,695$31,786$161,481
Edward Franz--$129,695$31,786$161,481
Robert MitchellDirector of AdmissionsFT$117,891$31,992$149,883
Mark ClarBuilding and GroundsFT$127,036$15,517$142,553
Paul FisherTechnology/Science TeacherFT$122,571$19,675$142,246
Roger RichardHistory/Director Academic StudiesFT$107,691$30,845$138,536
Joseph LocandroDirector of Annual GivingFT$109,919$26,297$136,216

Board Members and Trustees

NameTitle
John FayPresident
David GatelyVice President
Gail KurzVice President
Abbie Shine GiordanoTrustee
Bernadette AielloTrustee
Christopher BlakeTrustee
David FerryTrustee
Jeffrey GronningTrustee
Joseph B BakerTrustee
Paul HawkinsTrustee
Ronald DepoaloTrustee
Judy TaggartSecretary
Thompson D Grant JrTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Barr & BarrContractor460 West 34th St, New York, NY 10001$6,647,851
Flik Independent SchoolsDining Service3 International Dr 2nd Fl, Rye Brook, NY 10573$623,528
World Class StaffingDining Staffing359 Von Nostrand Ave, Jersey City, NJ 07305$362,431
Global Sheet MetalContractor681 Main Street, Belleville, NJ 07109$282,494
Eastern Essential ServiceCleaning Service122 Clinton Rd 1st Fl, Fairfield, NJ 07004$279,455
Revenue and Support

Revenue Composition

Contributions and Grants
$4,290,878
Program Service Revenue
$23,350,077
Investment Income
$544,308
Other Revenue
$403,703
All Other Contributions
$4,198,707
Change in Net Assets
$1,853,642

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 Traded6$1,078,126Fair Market Value (FMV)
Total Noncash Contributions6$1,078,126-

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,560,096
Revenue Not Reported on Financial Statements
$3,028,870
Revenue Not Reported on Form 990
$1,473,396
Other Revenue Adjustments
$3,028,870
Total Revenue per Audited Statements
$27,033,492
Total Revenue per Form 990
$28,588,966
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,953,710
Other Expenses$7,752,744
Grants and Similar Amounts Paid$3,028,870
Total Fundraising Expense$980,661
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,211,149$3,313,481$713,871$12,238,501
Grants to Domestic Individuals$3,028,870--$3,028,870
Other Employee Benefits$1,305,741$472,394$149,872$1,928,007
Depreciation Depletion$1,665,923$0$0$1,665,923
Occupancy$1,181,393$32,706$0$1,214,099
Other Expenses$957,512$154,212$29,472$1,141,196
Payroll Taxes$665,964$206,718$49,200$921,882
Pension Plan Contributions$580,830$246,244$38,246$865,320
Office Expenses$337,613$231,424$0$569,037
Information Technology$5,310$363,609$0$368,919
Insurance$0$316,155$0$316,155
Fees for Services Other$75,246$133,416$0$208,662
Advertising$25,970$173,690$0$199,660
Conferences and Meetings$75,358$21,745$0$97,103
Fees for Services Legal$0$86,236$0$86,236
Interest$0$60,134$0$60,134
All Other Expenses$38,527$16,006$0$54,533
Travel$16,553$27,154$0$43,707
Fees for Services Accounting$0$29,261$0$29,261
Total Functional Expenses$19,767,863$5,986,800$980,661$26,735,324

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,735,324
Total Expenses per Audited Statements$23,810,028
Expenses per Audited Statements$23,706,454
Expenses Not Reported on Financial Statements$3,028,870
Other Expense Adjustments$3,028,870
Expenses Not Reported on Form 990$103,574
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$103,574
Fundraising Gross Income$103,574
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Spring Event$97,290$64,905$64,905$0
Golf Outing$98,455$38,669$38,669$0
Total Events$195,745$103,574$103,574-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2015-10-06$9,000,000ref prior issue; new constr

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,000,000$2,000,000--
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
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Morristown-Beard School
EIN
22-1487252
Phone
9735393032
Address
70 Whippany Road, Morristown, NJ 07960

Signing Officer

Name
Bruce Adams
Title
Business Manager
Phone
9735393032
Signed
2017-11-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Adams
Formed
1939
Legal Domicile
Nj
Voting Board Members
22
Independent Board Members
22
Employees
395
Volunteers
150

Preparer

Firm
Suplee Clooney & Company
Address
308 East Broad Street, Westfield, NJ 07090-2122
Preparer
Robert J Butvilla
Phone
9087899300
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The 990 is reviewed by the Headmaster, the Business Manager, and the full Board of Trustees. The information in the 990 is largely drawn from the audited financial statements which are reviewed by the Board.”

Pt VI, Line 12C

“Conflicts of Interest are reviewed by the Executive Committee of the Board.”

Pt VI, Line 15A

“The Compensation Committee of the Board uses compensation surveys to determine the salary for the Headmaster.”

Pt XI

“Audit Committee oversees the annual audit and audited financial statments.”

Financial Statement Notes

Pt XI, Line 2D

“Fundraising Expenses”

Pt XI, Line 4B

“Scholarships”

Pt XII, Line 2D

“Fundraising Expenses”

Pt XII, Line 4B

“Scholarships”

Pt V, Line 4

“Scholarships”

Raw XML AppendixShowing 400 of 755 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/TitleTxt1Dean of Faculty
IRS990/Form990PartVIISectionAGrp/TitleTxt2Upper School Head
IRS990/Form990PartVIISectionAGrp/TitleTxt3Business Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt4Middle School Head
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director of Advancement
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director of Admissions
IRS990/Form990PartVIISectionAGrp/TitleTxt7Technology/Science Teacher
IRS990/Form990PartVIISectionAGrp/TitleTxt8Guidance
IRS990/Form990PartVIISectionAGrp/TitleTxt9Building and Grounds
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director of Annual Giving
IRS990/Form990PartVIISectionAGrp/TitleTxt11History/Dir Academic Studies
IRS990/Form990PartVIISectionAGrp/TitleTxt12President
IRS990/Form990PartVIISectionAGrp/TitleTxt13Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt14Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt15Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Secretary
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$67,546,643
Liabilities
$11,025,634
Net assets
$56,521,009
Revenue
$28,588,966
Expenses
$26,735,324
Net income
$1,853,642
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$76.5$6.84$69.7$34.7$35.7$0.98
2023Detailed filing. Detailed filing data is available for this year.$73.1$5.42$67.7$35.0$34.0$0.96
2022Detailed filing. Detailed filing data is available for this year.$71.2$6.11$65.1$35.1$32.5$2.54
2021Detailed filing. Detailed filing data is available for this year.$74.8$6.75$68.0$33.0$30.6$2.34
2020Detailed filing. Detailed filing data is available for this year.$71.6$10.5$61.1$29.9$29.8$0.08
2019Detailed filing. Detailed filing data is available for this year.$72.9$12.0$60.9$32.0$29.5$2.49
2018Detailed filing. Detailed filing data is available for this year.$68.3$10.2$58.1$28.4$27.5$0.87
2017Detailed filing. Detailed filing data is available for this year.$67.5$11.0$56.5$28.6$26.7$1.85
2016Detailed filing. Detailed filing data is available for this year.$61.5$8.15$53.3$28.9$26.4$2.51
2015Detailed filing. Detailed filing data is available for this year.$59.3$7.77$51.5$30.2$25.6$4.63
2014Detailed filing. Detailed filing data is available for this year.$56.2$9.44$46.8$23.4$23.6$0.24
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.1$8.98$45.2$22.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.8$9.69$43.1$21.5
2011Summary only. Only limited summary data is available for this year.$52.7$9.02$43.7$22.0$20.7$1.32
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.0$12.3$40.7$20.3