Civic Intelligence

Morristown-Beard School

990 • Fiscal year 2020 • EIN 22-1487252

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 13, 2020

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

35th percentile

0.15x

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

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

Liabilities / Revenue

39th percentile

0.35x

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

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

Net Margin

35th percentile

0.3%

Higher net margin than 35% of similar nonprofits.

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

Top Officer Pay

78th percentile

$498,582

Higher top officer pay than 78% of similar nonprofits.

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

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

Asset Growth

25th percentile

-1.8%

Faster asset growth than 25% of similar nonprofits.

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

Revenue Growth

28th percentile

-6.6%

Faster revenue growth than 28% of similar nonprofits.

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

Assets

Down

$71,594,413

Down $1,292,089 (-1.8%) from 2019

Net Assets

Up

$61,128,814

Up $207,475 (+0.3%) from 2019

Liabilities

Down

$10,465,599

Down $1,499,564 (-13%) from 2019

Revenue

Down

$29,916,997

Down $2,116,929 (-6.6%) from 2019

Expenses

Up

$29,833,282

Up $286,313 (+1.0%) from 2019

Net Income

Down

$83,715

Down $2,403,242 (-97%) from 2019

Historical Trend

Balance Sheet Trend

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

2020

Assets$71,594,413
Liabilities$10,465,599
Net Assets$61,128,814

Operations Trend

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

2020

Revenue$29,916,997
Expenses$29,833,282
Net Income$83,715
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 13, 2020
Return Version
2019v5.1
Gross Receipts
$29,965,722
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$46,582,242$46,636,055▲ $53,813
Investments in Publicly Traded Securities$15,141,781$15,319,844▲ $178,063
Savings and Temporary Cash Investments$7,893,858$6,258,931▼ $1,634,927
Pledges and Grants Receivable$1,967,321$1,887,573▼ $79,748
Cash and Non-Interest-Bearing Accounts$410,580$843,798▲ $433,218
Accounts Receivable$325,677$199,050▼ $126,627
Inventories for Sale or Use$42,080$47,450▲ $5,370
Total Assets$72,886,502$71,594,413▼ $1,292,089
Other Assets Total$522,963$401,712▼ $121,251
Liabilities
Unsecured Notes Loans Payable$3,542,240$5,999,507▲ $2,457,267
Accounts Payable and Accrued Expenses$2,034,763$2,407,853▲ $373,090
Deferred Revenue$6,388,160$2,058,239▼ $4,329,921
Total Liabilities$11,965,163$10,465,599▼ $1,499,564
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$44,448,226$45,425,606▲ $977,380
Net Assets With Donor Restrictions$16,473,113$15,703,208▼ $769,905
Total Net Assets Fund Balance$60,921,339$61,128,814▲ $207,475
Total Liabilities and Net Assets / Fund Balance$72,886,502$71,594,413▼ $1,292,089

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,309,358$25,170,621$70,479,979
Equipment$1,287,160$799,860$2,087,020
Other Land Buildings$39,537-$39,537
Land$0--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$15,396,777$10,659▲ $494,822$36,185$15,716,073
2018$13,793,559$1,133,733▲ $782,476$62,991$15,396,777
2017$14,021,113$8,625▲ $1,005,236$41,415$13,793,559
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter CaldwellHeadmasterFT$445,900$52,682$498,582
Peter Caldwell--$445,900$52,682$498,582
John MascaroDean of FacultyFT$212,556$27,426$239,982
John Mascaro--$212,556$27,426$239,982
Elizabeth PattersonDirector of AdvancementFT$204,539$34,667$239,206
Elizabeth Patterson--$199,539$39,667$239,206
Darren BurnsUpper School HeadFT$190,512$38,529$229,041
Darren Burns--$185,512$43,529$229,041
Boni LunaMiddle School HeadFT$166,190$31,802$197,992
Boni Luna--$161,190$36,802$197,992
Robert MitchellDirector of AdmissionsFT$138,039$33,239$171,278
Robert Mitchell--$138,039$33,239$171,278
Philicia LevinsonChief Financial OfficerFT$108,538$27,239$135,777

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Flik Independent SchoolsDining Service3 International Dr 2nd Fl, Rye Brook, NY 10573$566,806
DSG ServicesTechnology ServicesPO Box 2064, Morristown, NJ 07962$469,065
Global Sheet MetalContractor681 Main Street, Belleville, NJ 07109$420,299
World Class StaffingDining Staffing359 Von Nostrand Ave, Jersey City, NJ 07305$306,526
SR General ContractorContractor117 Washington St, Bloomfield, NJ 07003$183,132
Revenue and Support

Revenue Composition

Contributions and Grants
$1,952,717
Program Service Revenue
$27,237,155
Investment Income
$467,745
Other Revenue
$259,380
All Other Contributions
$1,952,717
Change in Net Assets
$83,715

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 Amount
Securities Publicly Traded13$212,108
Total Noncash Contributions13$212,108

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,850,882
Revenue Not Reported on Form 990
$189,875
Total Revenue per Audited Statements
$30,040,757
Total Revenue per Form 990
$29,850,882
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$17,709,117
Other Expenses$8,114,125
Grants and Similar Amounts Paid$4,010,040
Total Fundraising Expense$1,287,475
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,899,002$3,913,340$911,367$13,723,709
Grants to Domestic Individuals$4,010,040--$4,010,040
Depreciation Depletion$1,585,725$528,575$0$2,114,300
Other Employee Benefits$1,338,085$512,479$154,846$2,005,410
Occupancy$1,145,281$426,743$0$1,572,024
Other Expenses$925,388$166,235$0$1,091,623
Payroll Taxes$707,039$253,651$63,297$1,023,987
Pension Plan Contributions$586,911$310,345$58,755$956,011
Office Expenses$554,188$150,032$0$704,220
Information Technology$238,837$233,186$0$472,023
Insurance$0$365,356$0$365,356
Advertising$39,226$277,912$0$317,138
All Other Expenses$39,858$32,170$99,210$171,238
Interest$0$108,258$0$108,258
Conferences and Meetings$28,393$29,221$0$57,614
Fees for Services Legal$0$53,466$0$53,466
Travel$10,364$27,132$0$37,496
Fees for Services Other$0$17,200$0$17,200
Fees for Services Accounting$0$14,500$0$14,500
Total Functional Expenses$21,095,717$7,450,090$1,287,475$29,833,282

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$29,833,282
Expenses per Audited Statements$29,767,167
Total Expenses per Form 990$29,767,167
Expenses Not Reported on Form 990$66,115
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$48,725
Fundraising Gross Income$48,725
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Spring Event$114,840$48,725$48,725$0
Fall Event----
Total Events$114,840$48,725$48,725$0
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 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
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
Philicia G Levinson
Title
Chief Financial Officer
Phone
9735393032
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Philicia Levinson
Formed
1939
Legal Domicile
Nj
Voting Board Members
25
Independent Board Members
25
Employees
357
Volunteers
150

Preparer

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

Additional Explanations

Pt VI, Line 11B

The 990 is reviewed by the Headmaster, the Chief Financial Officer, 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

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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/PersonNm8Gail Kurz
IRS990/Form990PartVIISectionAGrp/PersonNm9Abbie Giordano
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IRS990/Form990PartVIISectionAGrp/PersonNm11Gerry Scully
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IRS990/Form990PartVIISectionAGrp/PersonNm16Ronald DePoalo
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IRS990/Form990PartVIISectionAGrp/PersonNm19Jeffrey Gronning
IRS990/Form990PartVIISectionAGrp/PersonNm20Paul Lombardi
IRS990/Form990PartVIISectionAGrp/PersonNm21David McManus
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IRS990/Form990PartVIISectionAGrp/PersonNm23Ajay Nagpal
IRS990/Form990PartVIISectionAGrp/PersonNm24Darnell Parker
IRS990/Form990PartVIISectionAGrp/PersonNm25Lee Kellogg Sadrian
IRS990/Form990PartVIISectionAGrp/PersonNm26Bruce Sanford
IRS990/Form990PartVIISectionAGrp/PersonNm27Larry Sherman
IRS990/Form990PartVIISectionAGrp/PersonNm28Carisa Strauss
IRS990/Form990PartVIISectionAGrp/PersonNm29Scott Tannen
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Headmaster
IRS990/Form990PartVIISectionAGrp/TitleTxt1Dean of Faculty
IRS990/Form990PartVIISectionAGrp/TitleTxt2Upper School Head
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Middle School Head
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director of Advancement
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director of Admissions
IRS990/Form990PartVIISectionAGrp/TitleTxt7President
IRS990/Form990PartVIISectionAGrp/TitleTxt8Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt9Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt23Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt24Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt25Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt26Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt27Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt28Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt29Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt30Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt31Trustee
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

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