Civic Intelligence

Hovnanian School Inc.

EIN 22-2126689 • 501(c)3 • New Milford, NJ

Pub. 78 EligibleNTEE B24Z

Profile

To provide instruction to enrolled students and enrich them with the armenian culture and history.

817 River RoadNew Milford, NJ 07646

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

47th percentile

0.15x

Higher debt load relative to assets than 47% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

0.36x

Higher debt load relative to revenue than 62% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

72nd percentile

18%

Higher net margin than 72% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

52nd percentile

5.7%

Faster asset growth than 52% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

84th percentile

40%

Faster revenue growth than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$10,999,303

Up $588,869 (+5.7%) from 2023

Liabilities

Down

$1,663,899

Down $176,965 (-9.6%) from 2023

Net Assets

Up

$9,335,404

Up $765,834 (+8.9%) from 2023

Revenue

Up

$4,590,847

Up $1,310,614 (+40%) from 2023

Expenses

Up

$3,760,029

Up $279,868 (+8.0%) from 2023

Net Income

Up

$830,818

Up $1,030,746 (+516%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2011: $3,154,586Liabilities 2011: $1,945,286Net Assets 2011: $1,209,3002011Assets 2012: $3,151,421Liabilities 2012: $1,829,059Net Assets 2012: $1,322,3622012Assets 2013: $3,225,322Liabilities 2013: $1,807,869Net Assets 2013: $1,417,4532013Assets 2014: $3,237,767Liabilities 2014: $2,117,772Net Assets 2014: $1,119,9952014Assets 2015: $4,053,694Liabilities 2015: $2,111,877Net Assets 2015: $1,941,8172015Assets 2016: $4,101,772Liabilities 2016: $2,017,393Net Assets 2016: $2,084,3792016Assets 2017: $3,819,888Liabilities 2017: $1,790,167Net Assets 2017: $2,029,7212017Assets 2018: $3,868,493Liabilities 2018: $2,009,851Net Assets 2018: $1,858,6422018Assets 2019: $3,797,484Liabilities 2019: $1,913,116Net Assets 2019: $1,884,3682019Assets 2020: $3,611,119Liabilities 2020: $2,067,539Net Assets 2020: $1,543,5802020Assets 2021: $4,472,851Liabilities 2021: $2,019,291Net Assets 2021: $2,453,5602021Assets 2022: $10,637,594Liabilities 2022: $1,863,997Net Assets 2022: $8,773,5972022Assets 2023: $10,410,434Liabilities 2023: $1,840,864Net Assets 2023: $8,569,5702023Assets 2024: $10,999,303Liabilities 2024: $1,663,899Net Assets 2024: $9,335,4042024

Highlighted filing

2024

Assets$10,999,303
Liabilities$1,663,899
Net Assets$9,335,404

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $2,110,664Expenses 2011: $2,129,057Net Income 2011: -$18,3932011Revenue 2012: $2,281,906Expenses 2012: $2,168,844Net Income 2012: $113,0622012Expenses 2013: $2,205,5912013Revenue 2014: $2,594,076Expenses 2014: $2,778,071Net Income 2014: -$183,9952014Revenue 2015: $3,095,245Expenses 2015: $2,530,662Net Income 2015: $564,5832015Revenue 2016: $2,882,772Expenses 2016: $2,716,377Net Income 2016: $166,3952016Revenue 2017: $2,729,112Expenses 2017: $2,859,231Net Income 2017: -$130,1192017Revenue 2018: $2,948,688Expenses 2018: $3,128,256Net Income 2018: -$179,5682018Revenue 2019: $2,927,707Expenses 2019: $3,012,029Net Income 2019: -$84,3222019Revenue 2020: $2,297,302Expenses 2020: $2,678,176Net Income 2020: -$380,8742020Revenue 2021: $3,802,680Expenses 2021: $2,892,700Net Income 2021: $909,9802021Revenue 2022: $10,280,451Expenses 2022: $3,473,114Net Income 2022: $6,807,3372022Revenue 2023: $3,280,233Expenses 2023: $3,480,161Net Income 2023: -$199,9282023Revenue 2024: $4,590,847Expenses 2024: $3,760,029Net Income 2024: $830,8182024

Highlighted filing

2024

Revenue$4,590,847
Expenses$3,760,029
Net Income$830,818

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.0$1.66$9.34$4.59$3.76$0.83
2023Detailed filing. Detailed filing data is available for this year.$10.4$1.84$8.57$3.28$3.48$0.20
2022Detailed filing. Detailed filing data is available for this year.$10.6$1.86$8.77$10.3$3.47$6.81
2021Detailed filing. Detailed filing data is available for this year.$4.47$2.02$2.45$3.80$2.89$0.91
2020Summary only. Only limited summary data is available for this year.$3.61$2.07$1.54$2.30$2.68$0.38
2019Detailed filing. Detailed filing data is available for this year.$3.80$1.91$1.88$2.93$3.01$0.08
2018Detailed filing. Detailed filing data is available for this year.$3.87$2.01$1.86$2.95$3.13$0.18
2017Detailed filing. Detailed filing data is available for this year.$3.82$1.79$2.03$2.73$2.86$0.13
2016Detailed filing. Detailed filing data is available for this year.$4.10$2.02$2.08$2.88$2.72$0.17
2015Detailed filing. Detailed filing data is available for this year.$4.05$2.11$1.94$3.10$2.53$0.56
2014Detailed filing. Detailed filing data is available for this year.$3.24$2.12$1.12$2.59$2.78$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.23$1.81$1.42$2.21
2012Summary only. Only limited summary data is available for this year.$3.15$1.83$1.32$2.28$2.17$0.11
2011Summary only. Only limited summary data is available for this year.$3.15$1.95$1.21$2.11$2.13$0.02
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$4,591,494
Mission and Program Overview

Mission

To provide instruction to enrolled students and enrich them with the armenian culture and history.

The mission of hovnanian school is to preserve and elevate the armenian community by creating generations of well-rounded and globally-minded leaders through an education focused on academic excellence, multi-lingual expression, emotional intelligence, and a rich armenian-american identity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$4,045,127$5,773,359▲ $1,728,232
Pledges and Grants Receivable$3,737,940$2,604,128▼ $1,133,812
Land, Buildings, and Equipment, Net$2,265,709$2,284,735▲ $19,026
Cash and Non-Interest-Bearing Accounts$266,379$196,949▼ $69,430
Accounts Receivable$60,643$82,421▲ $21,778
Prepaid Expenses and Deferred Charges$31,330$50,471▲ $19,141
Inventories for Sale or Use$3,306$7,240▲ $3,934
Total Assets$10,410,434$10,999,303▲ $588,869
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,225,517$1,089,669▼ $135,848
Accounts Payable and Accrued Expenses$358,514$359,892▲ $1,378
Deferred Revenue$255,180$209,015▼ $46,165
Other Liabilities$1,653$5,323▲ $3,670
Total Liabilities$1,840,864$1,663,899▼ $176,965
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,682,877$6,575,483▼ $107,394
Net Assets Without Donor Restrictions$1,886,693$2,759,921▲ $873,228
Total Net Assets Fund Balance$8,569,570$9,335,404▲ $765,834
Total Liabilities and Net Assets / Fund Balance$10,410,434$10,999,303▲ $588,869

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,501,624$2,075,164-
Other Land Buildings$0$111,629-
Equipment$44,004$270,319-
Leasehold Improvements$739,107$584,860-
Other Securities$77,696--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Stephanie TorossianPrincipalFT$55,000$55,000

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$759,691
Program Service Revenue
$2,761,654
Investment Income
$651,332
Other Revenue
$418,170
All Other Contributions
$721,967
Change in Net Assets
$830,818

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$347,921Quoted Market Price
Total Noncash Contributions1$347,921-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,590,847
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-50,329
Total Revenue per Audited Statements
$4,540,518
Total Revenue per Form 990
$4,590,847
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,568,134
Other Expenses$1,191,895
Total Fundraising Expense$152,032
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,749,511$466,073-$2,215,584
All Other Expenses$170,263$21,299-$191,562
Payroll Taxes$151,334$37,931-$189,265
Depreciation Depletion$134,032$14,892-$148,924
Insurance$105,909$11,768-$117,677
Current Officers, Directors, Trustees, and Key Employees$110,000--$110,000
Other Expenses$67,171$7,463$152,032$74,634
Office Expenses$41,745$18,755-$60,500
Information Technology$40,883$18,368-$59,251
Other Employee Benefits$42,606$10,679-$53,285
Interest$29,109$13,077-$42,186
Fees for Services Accounting-$40,666-$40,666
Conferences and Meetings$13,562--$13,562
Advertising$7,601$3,415-$11,016
Fees for Services Other-$1,837-$1,837
Fees for Services Legal-$1,593-$1,593
Total Functional Expenses$2,922,405$685,592$152,032$3,760,029

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,760,029
Total Expenses per Audited Statements$3,760,029
Total Expenses per Form 990$3,760,029
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$341,302
Fundraising Direct Expenses$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Other Committee and Special Events$216,802$216,802-$216,802
Parent Participation$124,500$124,500-$124,500
Total Events$341,302$341,302-$341,302
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposit$475
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
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

Governance Explanations

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

The form 990 is provided to the board for review before it is signed and submitted to the irs.

Form 990, Part VI, Section C, Line 18

Form 990 can be accessed upon request.

Form 990, Part VI, Section C, Line 19

The organization makes available its governing documents, conflict of interest policy and financial statements upon request. It publishes the availability of these documents in an advertisement in an acceptable publication.

Filing and Contact Details

Filer

Filer Name
Hovnanian School Inc
EIN
22-2126689
Phone
2019675940
Address
817 RIVER ROAD, NEW MILFORD, NJ 07646

Signing Officer

Name
Hilda Baronian
Title
Comptroller
Phone
2019675940
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hilda Baronian
Formed
1976
Legal Domicile
Nj
Voting Board Members
29
Independent Board Members
29
Employees
60
Volunteers
0

Preparer

Firm
Savastano Kaufman Advisors LLC
Address
21-00 ROUTE 208 SOUTH SUITE120, FAIR LAWN, NJ 07410
Preparer
Brett a Rea CPA
Phone
2017967300
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Donated supplies: program service expenses 39,335. Management and general expenses 13,111. Fundraising expenses 0. Total expenses 52,446. Field trips: program service expenses 45,460. Management and general expenses 0. Fundraising expenses 0. Total expenses 45,460. School supplies: program service expenses 37,347. Management and general expenses 0. Fundraising expenses 0. Total expenses 37,347. Transportation: program service expenses 29,898. Management and general expenses 0. Fundraising expenses 0. Total expenses 29,898. Lease expense: program service expenses 13,115. Management and general expenses 5,893. Fundraising expenses 0. Total expenses 19,008. Telephone: program service expenses 5,108. Management and general expenses 2,295. Fundraising expenses 0. Total expenses 7,403.

FORM 990, PART XI, LINE 9:

Accrued unrelated business income tax -14,655.

Financial Statement Notes

PART X, LINE 2:

The school follows the accounting standards required by generally accepted accounting principles which permit it to recognize the tax benefit from an uncertain income tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Through the year ended june 30, 2024, management is of the opinion that there are no uncertain income tax positions. Accordingly, the school has recognized no adjustment for uncertain income tax positions in the statement of activities.

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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt180
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IRS990/Form990PartVIISectionAGrp/PersonNm3LENA DEROHANNESSIAN
IRS990/Form990PartVIISectionAGrp/PersonNm4BERTA ZAKIAN
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IRS990/Form990PartVIISectionAGrp/PersonNm9KIRK KAZAZIAN
IRS990/Form990PartVIISectionAGrp/PersonNm10KRISTINE CASALI
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IRS990/Form990PartVIISectionAGrp/PersonNm14HERA MAKHOULIAN
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IRS990/Form990PartVIISectionAGrp/PersonNm21HARRY TOUFAYAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5EXECUTIVE
IRS990/Form990PartVIISectionAGrp/TitleTxt6EXECUTIVE
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IRS990/Form990PartVIISectionAGrp/TitleTxt8ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9ADVIDOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14FACULTY REP
IRS990/Form990PartVIISectionAGrp/TitleTxt15GRANTS COMMITTEE REP
IRS990/Form990PartVIISectionAGrp/TitleTxt16ALUMNI REP
IRS990/Form990PartVIISectionAGrp/TitleTxt17PTO CO-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt18PTO CO-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt19EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt20EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt21EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt22EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt23EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt24EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt25EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt26EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt27EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt28PRINCIPAL
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IRS990/FSAuditedInd01
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IRS990/GainOrLossGrp/SecuritiesAmt0533853
IRS990/GamingActivitiesInd00
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IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/GrossReceiptsAmt04591494
IRS990/GrossRentsGrp/RealAmt077515
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
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IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
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IRS990/InformationTechnologyGrp/ProgramServicesAmt040883
IRS990/InformationTechnologyGrp/TotalAmt059251
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IRS990/InsuranceGrp/ProgramServicesAmt0105909
IRS990/InsuranceGrp/TotalAmt0117677
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IRS990/InterestGrp/ProgramServicesAmt029109
IRS990/InterestGrp/TotalAmt042186
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF HOVNANIAN SCHOOL IS TO PRESERVE AND ELEVATE THE ARMENIAN COMMUNITY BY CREATING GENERATIONS OF WELL-ROUNDED AND GLOBALLY-MINDED LEADERS THROUGH AN EDUCATION FOCUSED ON ACADEMIC EXCELLENCE, MULTI-LINGUAL EXPRESSION, EMOTIONAL INTELLIGENCE, AND A RICH ARMENIAN-AMERICAN IDENTITY.
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IRS990/OtherExpensesGrp/Desc0BUILDING REPAIRS & MAIN
IRS990/OtherExpensesGrp/Desc1FUNDRAISING AND SPECIAL
IRS990/OtherExpensesGrp/Desc2EXPENSES FOR OTHER PROG
IRS990/OtherExpensesGrp/Desc3UTILITIES
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IRS990/OtherExpensesGrp/TotalAmt1152032
IRS990/OtherExpensesGrp/TotalAmt298684
IRS990/OtherExpensesGrp/TotalAmt374634
IRS990/OtherLiabilitiesGrp/BOYAmt01653
IRS990/OtherLiabilitiesGrp/EOYAmt05323

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