Civic Intelligence

Purnell School

990 • Fiscal year 2017 • EIN 22-1756952

Jul 01, 2016 to Jun 30, 2017 • Filed on May 09, 2018

51 Pottersville Rd PO Box 500Pottersville, NJ 07979

(908) 439-2154

Siviq Scores

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

Liabilities / Assets

46th percentile

0.13x

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

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

65th percentile

0.35x

Higher debt load relative to revenue than 65% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

3rd percentile

-95%

Higher net margin than 3% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

83rd percentile

$239,976

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 7.4% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

3rd percentile

-26%

Faster asset growth than 3% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

12th percentile

-19%

Faster revenue growth than 12% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Down

$8,671,448

Down $3,028,182 (-26%) from 2016

Net Assets

Down

$7,544,927

Down $3,053,931 (-29%) from 2016

Liabilities

Up

$1,126,521

Up $25,749 (+2.3%) from 2016

Revenue

Down

$3,237,740

Down $762,265 (-19%) from 2016

Expenses

Down

$6,321,109

Down $520,983 (-7.6%) from 2016

Net Income

Down

-$3,083,369

Down $241,282 (-8.5%) from 2016

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2011: $19,670,675Liabilities 2011: $6,409,007Net Assets 2011: $13,261,6682011Assets 2012: $18,755,015Liabilities 2012: $5,828,166Net Assets 2012: $12,926,8492012Assets 2013: $18,535,579Liabilities 2013: $6,148,311Net Assets 2013: $12,387,2682013Assets 2014: $17,683,244Liabilities 2014: $2,325,407Net Assets 2014: $15,357,8372014Assets 2015: $14,957,451Liabilities 2015: $1,444,849Net Assets 2015: $13,512,6022015Assets 2016: $11,699,630Liabilities 2016: $1,100,772Net Assets 2016: $10,598,8582016Assets 2017: $8,671,448Liabilities 2017: $1,126,521Net Assets 2017: $7,544,9272017Assets 2018: $6,338,854Liabilities 2018: $1,306,844Net Assets 2018: $5,032,0102018Assets 2019: $6,283,835Liabilities 2019: $2,072,662Net Assets 2019: $4,211,1732019Assets 2020: $5,717,552Liabilities 2020: $2,276,560Net Assets 2020: $3,440,9922020Assets 2021: $4,284,615Liabilities 2021: $1,563,146Net Assets 2021: $2,721,4692021

Highlighted filing

2017

Assets$8,671,448
Liabilities$1,126,521
Net Assets$7,544,927

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2011: $6,002,5892011Expenses 2012: $6,108,6172012Expenses 2013: $6,539,6322013Revenue 2014: $8,039,002Expenses 2014: $6,361,364Net Income 2014: $1,677,6382014Revenue 2015: $4,460,608Expenses 2015: $6,609,815Net Income 2015: -$2,149,2072015Revenue 2016: $4,000,005Expenses 2016: $6,842,092Net Income 2016: -$2,842,0872016Revenue 2017: $3,237,740Expenses 2017: $6,321,109Net Income 2017: -$3,083,3692017Revenue 2018: $3,589,084Expenses 2018: $6,099,564Net Income 2018: -$2,510,4802018Revenue 2019: $4,605,776Expenses 2019: $5,426,867Net Income 2019: -$821,0912019Revenue 2020: $4,566,126Expenses 2020: $5,336,307Net Income 2020: -$770,1812020Revenue 2021: $5,105,017Expenses 2021: $5,824,540Net Income 2021: -$719,5232021

Highlighted filing

2017

Revenue$3,237,740
Expenses$6,321,109
Net Income-$3,083,369
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 9, 2018
Return Version
2016v3.0
Gross Receipts
$3,237,740
Mission and Program Overview

Mission

Purnell school's mission is to educate young women in grades nine through twelve within a creative, reflective, and supportive classroom and boarding community. Students discover their unique strengths in preparation for college and the world. Purnell students learn to be ethical, independent, and self-confident working with faculty who act as mentors, teach to all kinds of learning styles and model the school's founding guidelines: consideration of others, truthfulness in all relations, and use of common sense.

To provide secondary education for young women from grades nine through twelve.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,106,875$5,695,483▼ $411,392
Investments in Publicly Traded Securities$4,555,368$1,812,443▼ $2,742,925
Cash and Non-Interest-Bearing Accounts$860,369$1,047,610▲ $187,241
Pledges and Grants Receivable$175,518$112,852▼ $62,666
Accounts Receivable$1,500$3,060▲ $1,560
Total Assets$11,699,630$8,671,448▼ $3,028,182
Liabilities
Deferred Revenue$471,677$868,712▲ $397,035
Accounts Payable and Accrued Expenses$190,365$141,365▼ $49,000
Other Liabilities$438,730$116,444▼ $322,286
Total Liabilities$1,100,772$1,126,521▲ $25,749
Net Assets / Fund Balance
Unrestricted Net Assets$7,848,858$7,544,927▼ $303,931
Permanently Rstr Net Assets$2,750,000$0▼ $2,750,000
Total Net Assets Fund Balance$10,598,858$7,544,927▼ $3,053,931
Total Liabilities and Net Assets / Fund Balance$11,699,630$8,671,448▼ $3,028,182

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,057,963$5,322,867$7,380,830
Leasehold Improvements$3,414,144$3,048,563$6,462,707
Equipment$155,716$1,734,480$1,890,196
Land$67,660-$67,660

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$4,555,368$1,773▲ $62,130$2,801,772$1,812,443
2015$7,540,312-▲ $28,240$3,001,359$4,555,368
2014$8,958,164-▼ $1,400,059-$7,540,312
2013$6,103,756$2,750,000▲ $123,845-$8,958,164
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeffrey BeedyHead of SchoolFT$210,000$29,976$239,976
Joseph WeissChief Financial OfficerFT$172,500$24,398$196,898
Revenue and Support

Revenue Composition

Contributions and Grants
$222,018
Program Service Revenue
$2,980,194
Investment Income
$35,528
Other Revenue
$0
All Other Contributions
$222,018
Change in Net Assets
$-3,083,369

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,237,740
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$29,438
Total Revenue per Audited Statements
$3,267,178
Total Revenue per Form 990
$3,237,740
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,920,579
Other Expenses$2,268,707
Grants and Similar Amounts Paid$1,131,823
Total Fundraising Expense$214,941
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$956,045$915,026$78,075$1,949,146
Grants to Domestic Individuals$1,131,823--$1,131,823
Current Officers, Directors, Trustees, and Key Employees-$447,741-$447,741
Fees for Services Other$208,062$222,967$14,625$445,654
Depreciation Depletion$180,221$246,516$14,718$441,455
Other Employee Benefits$151,526$176,497$13,094$341,117
Occupancy$167,502$152,406$9,099$329,007
Pension Plan Contributions$84,739$91,636$6,200$182,575
Insurance$72,596$99,300$5,929$177,825
Office Expenses$36,419$77,498$13,175$127,092
Travel$26,081$34,489$903$61,473
Advertising-$33,141-$33,141
Conferences and Meetings$31,482--$31,482
Other Expenses$14,772$3,777$1,206$3,777
Total Functional Expenses$3,444,451$2,661,717$214,941$6,321,109

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,321,109
Total Expenses per Audited Statements$6,321,109
Total Expenses per Form 990$6,321,109
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Accrued Expenses$116,444
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

During the year, the purnell school engaged an employee of the stevenson school as the interim executive director. Purnell school paid the stevenson school directly as the interim executive director was a full time employee of the stevenson school.

Form 990, Part VI, Section B, Line 11B

Purnell school has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is provided to the members of the organizations governing body for any comments prior to its submission. The governing body is provided with a reasonable amount of time to review the form 990. Any comments are then grouped, summarized and provided through management to the outside accounting firm. Any applicable issues are addressed prior to the return being finalized and approved for filing.

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

Purnell school currently has in place a conflict of interest policy which it regularly monitors and enforces. The board mandates that all members of management and the governing body annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist. If a potential or actual conflict of interest exists, governing body and management will investigate the issue. If a conflict of interest is determined to exist management and the governing body will be notified immediately. The member will not be allowed to vote or be a part of any decisions about any such transactions that have to do with the conflict until such time that there is no longer a conflict.

Form 990, Part VI, Section B, Line 15

The compensation of the organizations officers or key employees is reviewed and approved by the board of trustees an independent body.

Form 990, Part VI, Section C, Line 19

Purnell school makes its form 990 available for public inspection as required under section 6104 of the internal revenue code upon written request at the organizations office at 51 pottersville road, pottersville, nj 07979. In addition form 1023 as well as the financial statements, and conflict of interest policy are available upon written request at the organizations office at 51 pottersville road, pottersville, nj 07979.

Form 990 Part VII Line 2C

There was no change from the prior year.

Filing and Contact Details

Filer

Filer Name
Purnell School
EIN
22-1756952
Phone
9084392154
Address
51 POTTERSVILLE RD PO BOX 500, POTTERSVILLE, NJ 07979

Signing Officer

Name
Joseph Weiss
Title
Chief Financial Officer
Phone
9084392154
Signed
2018-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Weiss
Formed
1963
Legal Domicile
Nj
Voting Board Members
18
Independent Board Members
17
Employees
40
Volunteers
17

Preparer

Firm
Nisivoccia Llp
Address
200 VALLEY RD SUITE 300, MT ARLINGTON, NJ 07856
Preparer
Chris Perrotta CPA
Phone
9733281825
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

The school's endowment fund was created by its board of trustees to help secure its future by establishing a base of financial security and providing a flow of investment income to complement annual fundraising. The fund includes both donor restricted funds and funds designated by the board of trustees to function as endowments. Funds designated by the board of trustees are treated as unrestricted net assets.

PART X, LINE 2:

The school is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code (the "code") and, therefore, is exempt from federal income taxes on income that is related to its tax-exempt purposes pursuant to section 501(a) of the code. The school is also exempt under title 15 of the state of new jersey corporations and associations not for profit act. Accordingly, no provision for federal or state income taxes has been presented in the accompanying financial statements. The school follows the provisions of fasb asc, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those tax positions. The school does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the fiscal period ended june 30, 2017. However, the school is subject to regular audit by tax authorities, including a review of its nonprofit status, which the school believes would be upheld upon examination. The school believes that it has appropriate support for the positions taken on its tax returns. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each period. The school files income tax returns in the united states federal jurisdiction. These returns are subject to examination by these authorities within certain statutory periods from the latest filing date.

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