Civic Intelligence

Haverford School

990 • Fiscal year 2018 • EIN 23-1352646

Jul 01, 2017 to Jun 30, 2018 • Filed on Feb 26, 2019

450 Lancaster AvenueHaverford, PA 19041

(610) 642-3020

Siviq Scores

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

Liabilities / Assets

40th percentile

0.23x

Higher debt load relative to assets than 40% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

66th percentile

0.77x

Higher debt load relative to revenue than 66% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Net Margin

74th percentile

15%

Higher net margin than 74% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

62nd percentile

$614,575

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Asset Growth

51st percentile

3.1%

Faster asset growth than 51% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

70th percentile

12%

Faster revenue growth than 70% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Up

$162,547,559

Up $4,863,148 (+3.1%) from 2017

Net Assets

Up

$125,952,262

Up $5,244,590 (+4.3%) from 2017

Liabilities

Down

$36,595,297

Down $381,442 (-1.0%) from 2017

Revenue

Up

$47,794,393

Up $5,284,652 (+12%) from 2017

Expenses

Up

$40,409,092

Up $1,045,343 (+2.7%) from 2017

Net Income

Up

$7,385,301

Up $4,239,309 (+135%) from 2017

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $135,911,251Liabilities 2010: $55,535,181Net Assets 2010: $80,376,0702010Assets 2011: $138,873,348Liabilities 2011: $47,492,755Net Assets 2011: $91,380,5932011Assets 2012: $137,139,699Liabilities 2012: $47,146,240Net Assets 2012: $89,993,4592012Assets 2013: $144,070,713Liabilities 2013: $46,080,787Net Assets 2013: $97,989,9262013Assets 2014: $152,905,043Liabilities 2014: $45,171,639Net Assets 2014: $107,733,4042014Assets 2015: $155,839,717Liabilities 2015: $45,054,794Net Assets 2015: $110,784,9232015Assets 2016: $157,743,803Liabilities 2016: $45,758,433Net Assets 2016: $111,985,3702016Assets 2017: $157,684,411Liabilities 2017: $36,976,739Net Assets 2017: $120,707,6722017Assets 2018: $162,547,559Liabilities 2018: $36,595,297Net Assets 2018: $125,952,2622018Assets 2019: $173,345,857Liabilities 2019: $38,281,985Net Assets 2019: $135,063,8722019Assets 2020: $180,014,014Liabilities 2020: $40,560,116Net Assets 2020: $139,453,8982020Assets 2021: $200,207,536Liabilities 2021: $38,930,455Net Assets 2021: $161,277,0812021Assets 2022: $222,008,012Liabilities 2022: $62,173,353Net Assets 2022: $159,834,6592022Assets 2023: $228,580,905Liabilities 2023: $62,598,579Net Assets 2023: $165,982,3262023Assets 2024: $234,473,219Liabilities 2024: $57,701,262Net Assets 2024: $176,771,9572024Assets 2025: $251,179,343Liabilities 2025: $58,902,372Net Assets 2025: $192,276,9712025

Highlighted filing

2018

Assets$162,547,559
Liabilities$36,595,297
Net Assets$125,952,262

Operations Trend

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

$80M$60M$40M$20M$0Expenses 2010: $31,302,4412010Expenses 2011: $31,175,3042011Expenses 2012: $34,057,6242012Expenses 2013: $35,797,1722013Revenue 2014: $42,264,637Expenses 2014: $35,769,460Net Income 2014: $6,495,1772014Revenue 2015: $45,082,496Expenses 2015: $37,265,208Net Income 2015: $7,817,2882015Revenue 2016: $44,802,773Expenses 2016: $37,836,116Net Income 2016: $6,966,6572016Revenue 2017: $42,509,741Expenses 2017: $39,363,749Net Income 2017: $3,145,9922017Revenue 2018: $47,794,393Expenses 2018: $40,409,092Net Income 2018: $7,385,3012018Revenue 2019: $47,892,227Expenses 2019: $40,601,398Net Income 2019: $7,290,8292019Revenue 2020: $46,915,262Expenses 2020: $40,502,820Net Income 2020: $6,412,4422020Revenue 2021: $63,658,264Expenses 2021: $42,541,373Net Income 2021: $21,116,8912021Revenue 2022: $54,065,893Expenses 2022: $44,512,352Net Income 2022: $9,553,5412022Revenue 2023: $53,332,450Expenses 2023: $48,227,077Net Income 2023: $5,105,3732023Revenue 2024: $55,454,056Expenses 2024: $51,057,396Net Income 2024: $4,396,6602024Revenue 2025: $55,818,766Expenses 2025: $51,726,249Net Income 2025: $4,092,5172025

Highlighted filing

2018

Revenue$47,794,393
Expenses$40,409,092
Net Income$7,385,301
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Feb 26, 2019
Return Version
2017v2.3
Gross Receipts
$101,977,411
Mission and Program Overview

Mission

The haverford school, a non-sectarian college preparatory school for junior kindergarten through grade twelve, provides a superior liberal arts education for qualified boys of differing backgrounds. We are committed to developing the full intellectual, artistic, athletic and moral potential in each boy, and we aim to graduate young men with strong character who possess a passion for learning and problem solving.

A non-sectarian college prep school pre-k-12, educates qualified boys of differing backgrounds.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$71,411,348$69,865,303▼ $1,546,045
Investments Other Securities$23,941,745$39,845,637▲ $15,903,892
Investments in Publicly Traded Securities$47,574,925$37,077,958▼ $10,496,967
Savings and Temporary Cash Investments$8,447,884$10,110,623▲ $1,662,739
Pledges and Grants Receivable$5,234,632$4,453,726▼ $780,906
Prepaid Expenses and Deferred Charges$459,473$535,444▲ $75,971
Cash and Non-Interest-Bearing Accounts$16,956$32,090▲ $15,134
Accounts Receivable$16,624$25,270▲ $8,646
Total Assets$157,684,411$162,547,559▲ $4,863,148
Other Assets Total$580,824$601,508▲ $20,684
Liabilities
Tax Exempt Bond Liabilities$26,952,734$26,956,612▲ $3,878
Deferred Revenue$4,897,524$4,938,837▲ $41,313
Accounts Payable and Accrued Expenses$1,953,777$2,384,513▲ $430,736
Other Liabilities$3,172,704$2,315,335▼ $857,369
Total Liabilities$36,976,739$36,595,297▼ $381,442
Net Assets / Fund Balance
Unrestricted Net Assets$92,860,746$97,248,070▲ $4,387,324
Permanently Rstr Net Assets$24,614,249$25,521,781▲ $907,532
Temporarily Rstr Net Assets$3,232,677$3,182,411▼ $50,266
Total Net Assets Fund Balance$120,707,672$125,952,262▲ $5,244,590
Total Liabilities and Net Assets / Fund Balance$157,684,411$162,547,559▲ $4,863,148

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$60,138,711$41,523,797$101,662,508
Equipment$8,028,293$5,543,272$13,571,565
Other Land Buildings$1,176,803-$1,176,803
Land$521,496-$521,496
Other Securities$39,845,637--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$71,516,670$2,627,135▲ $2,779,790-$76,923,595
2016$67,547,651-▲ $6,092,005$2,122,986$71,516,670
2015$68,448,481$2,133,149▼ $3,033,979-$67,547,651
2014$63,721,085$5,783,939▼ $1,056,543-$68,448,481
2013$52,802,312$3,199,399▲ $7,772,075$52,701$63,721,085
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John a NaglHeadmasterFT$451,248$163,327$614,575
James ThorburnAssistant HeadmasterFT$213,415$78,518$291,933
Jeffery DayDirector of DevelopmentFT$174,807$95,727$270,534
Brian McbrideAssociate Head for External AffairsFT$194,276$69,296$263,572
David GoldChief Financial OfficerFT$229,841$30,090$259,931
Matthew GreenHead of Upper SchoolFT$165,552$61,375$226,927
Ronald DuskaHead of Lower SchoolFT$143,886$73,431$217,317
John NostrantAthletic DirectorFT$143,831$71,072$214,903
James J Greytok JrHead of Middle SchoolFT$155,070$52,488$207,558
Michael MurphyAssoc. Athl. Dir/head Football CoachFT$135,357$62,515$197,872
Michele ToddDirector of Human ResourcesFT$120,270$38,529$158,799
George WoodSenior Director of Major GiftsFT$138,134$16,145$154,279
Samuel D CaldwellSr. Assoc. Dir., Dev. Gift PlanningFT$131,304$20,071$151,375
Rebecca DavisDean of FacultyFT$118,158$21,332$139,490

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo USAFood/facilities MgtPO BOX 360170, Pittsburgh, PA 15261$3,162,429
Jottan INCRoofing ContractorPO BOX 166, Florence, NJ 08518$766,437
Wallace Roberts & Todd LLCArchitects1700 MARKET STREET 28TH FL, Philadelphia, PA 19103$315,814
Allied Universal Security ServicesSecurity PersonnelPO BOX 828854, Philadelphia, PA 19182$303,337
Goshen Mechanical Contractors INCHvac Contract Work640 SNYDER AVENUE UNIT A, West Chester, PA 19382$276,335
Revenue and Support

Revenue Composition

Contributions and Grants
$5,985,836
Program Service Revenue
$34,412,835
Investment Income
$5,645,993
Other Revenue
$1,749,729
All Other Contributions
$5,746,225
Change in Net Assets
$7,385,301

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded33$1,429,966Nyse Price
Books and Publications-$132,538Purchase Price
Total Noncash Contributions33$1,562,504-

Audited Revenue Reconciliation

Revenue per Audited Statements
$48,164,784
Revenue Not Reported on Financial Statements
$-370,391
Revenue Not Reported on Form 990
$-9,112,840
Other Revenue Adjustments
$-370,391
Total Revenue per Audited Statements
$39,051,944
Total Revenue per Form 990
$47,794,393
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$21,555,913
Other Expenses$12,335,921
Grants and Similar Amounts Paid$6,517,258
Total Fundraising Expense$3,445,981
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,993,374$1,014,704$1,160,728$13,168,806
Grants to Domestic Individuals$6,517,258--$6,517,258
Other Employee Benefits$2,805,332$411,727$271,985$3,489,044
Depreciation Depletion$2,692,884$397,024$358,038$3,447,946
Current Officers, Directors, Trustees, and Key Employees$1,169,917$881,098$540,223$2,591,238
Fees for Services Other$1,987,821$51,499-$2,039,320
Occupancy$1,198,479$401,260$361,858$1,961,597
Office Expenses$1,566,040$180,492$54,996$1,801,528
Pension Plan Contributions$1,005,713$112,788$102,410$1,220,911
Payroll Taxes$849,531$127,261$109,122$1,085,914
Fees for Service Investment Mgmnt Fees-$454,871-$454,871
Information Technology$240,359--$240,359
Advertising--$237,866$237,866
Travel$174,954-$37,163$212,117
All Other Expenses-$146,286$41,401$187,687
Other Expenses$59,889$59,196$121,688$121,688
Insurance$64,222$27,764$25,038$117,024
Fees for Services Accounting-$74,493-$74,493
Conferences and Meetings$44,311$12,954$9,814$67,079
Fees for Services Legal-$57,706-$57,706
Total Functional Expenses$32,489,276$4,473,835$3,445,981$40,409,092

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$40,409,092
Total Expenses per Audited Statements$33,807,354
Expenses per Audited Statements$33,436,963
Expenses Not Reported on Financial Statements$6,972,129
Other Expense Adjustments$6,972,129
Expenses Not Reported on Form 990$370,391
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,452,916

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,InvestmentsEducational Trips for Students00$1,420,504
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Program ServicesEducational Trips for Students00$17,645
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram Services-00$7,751
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Program ServicesEducational Trips for Students00$7,016
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$330,439
Fundraising Direct Expenses$190,195
Gaming Gross Income$8,525
Gaming Direct Expenses$72
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Parents Gala$242,346$150,658$45,686$104,972
Golf Outing$49,985$40,135$3,980$36,155
Total Events$385,258$278,185$188,758$89,427
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Katherine ThorburnKatherine Thorburn Is the Spouse of James Thorburn, a Key EmployeeKatherine Thorburn Is an Employee as Is Her Spouse, James Thorburn. Her Salary and Benefits Are Being Reported. Katherine Does Not Report to James Nor Does James Participate in Salary Discussions.No$116,968
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap Agreements$2,034,956
Accrued Postretirement Health Costs$280,379

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMontgomery County Industrial Development Authority2010-12-28$30,000,000Current refunding t/e bond issue 6/02/08 to finance facilities construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$30,000,000$30,000,000$3,000,000-

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
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 family members
Yes
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 A, Line 1

Sometimes the broader board will vote to give authority to the executive committee, composed of the chair, the vice chair, secretary, treasurer, three other members and the headmaster. The scope is on a case by case basis.

Form 990, Part VI, Section A, Line 2

Ann glavin and maurice glavin have a family relationship.

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

The initial review is undertaken by the chief financial officer. Once the cfo approves, the school will then circulate the return in its entirety to the full board for comments or questions before the return is transmitted to the irs.

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

Annually the board of trustees is required to complete a questionnaire to highlight any conflicts. Business and personal relationships are specifically mentioned in the policy as having potential for conflicts of interest. The chief financial officer reviews the forms annually to determine if any conflicts exist. If a potential conflict arises, the board member, officer, or key employee in question recuses himself or herself from any votes or decisions related to the conflict. Officers and key employees are held responsible for any potential conflicts under the school's "code of conduct" policy.

Form 990, Part VI, Section B, Line 15

The headmaster's compensation is determined by the chairman of the board of trustees and the executive committee. They engage an outside consultant (hugh mallon of executive compensation concepts) for assistance in determining the headmaster's contract. The consultant benchmarks/safe harbors against other headmasters in the industry to ensure the headmaster's compensation is within fair market range. In 2016, the headmaster's contract was extended through 2021. Changes such as the extension of the headmaster's employment contract are documented in the board minutes. The board of directors is informed on a historical basis of the headmaster's compensation. Other key employees' salaries are determined by the headmaster, who benchmarks salaries with other schools in the area on an annual basis and reviews the salaries with the board chair in charge of the faculty and staff compensation committee.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Haverford School
EIN
23-1352646
Phone
6106423020
Address
450 LANCASTER AVENUE, HAVERFORD, PA 19041

Signing Officer

Name
David S Gold
Title
CFO
Phone
6106423020
Signed
2019-02-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Nagl
Formed
1916
Legal Domicile
Pa
Voting Board Members
30
Independent Board Members
29
Employees
443
Volunteers
40

Preparer

Firm
Baker Tilly Virchow Krause Llp
Address
1650 MARKET STREET SUITE 4500, PHILADELPHIA, PA 19103-7341
Preparer
Julius Green CPA
Phone
2159720701
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Loss on interest rate swaps 840,745.

Financial Statement Notes

PART V, LINE 4:

The endowment fund supports the mission of the school through scholarships, program support, and faculty support.

PART X, LINE 2:

The school has evaluated its tax positions as of june 30, 2018. A tax position is recognized as a benefit only if it is "more-likely-than-not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50%. For tax positions not meeting the "more-likely-than-not" test, no tax benefit is recorded. Under the "more-likely-than-not" threshold guidelines, management believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the recognition of an income tax liability. As of june 30, 2018, in the opinion of management, the school has no material unrecognized income tax liabilities or accrued interest and penalties. The school's federal return of organization exempt from income tax (form 990) for the years ended june 30, 2017, 2016, and 2015 are subject to examination by the internal revenue service, generally for three years after the date the return was filed.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Loss on interest rate swap 840,745. Grants to individuals -6,517,258. Investment fees -454,871.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising expenses -173,989. Gaming expenses -72. Rental expenses -196,330.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses 173,989. Gaming expenses 72. Rental expenses 196,330.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Grants to individuals 6,517,258. Investment fees 454,871.

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IRS990/Desc0PREPARING YOUNG MEN ACADEMICALLY FOR THE FUTURE IS UNDOUBTEDLY ONE OF THE MOST VALUABLE BENEFITS OF A HAVERFORD EDUCATION. BUT MORE IMPORTANTLY, WE GIVE BOYS A FOUNDATION OF SKILLS THEY NEED TO LEAD A FULFILLING AND MEANINGFUL LIFE. AS OUR STATEMENT OF VISION READS, "THE HAVERFORD FACULTY PREPARES EACH BOY TO BE FUTURE-READY THROUGH DEVELOPING HIS CHARACTER AND HIS EMOTIONAL INTELLIGENCE, AS WELL AS HIS ACADEMIC, ARTISTIC, AND ATHLETIC TALENTS."THE HAVERFORD SCHOOL INCURS DIRECT INSTRUCTIONAL EXPENSES IN PRE-KINDERGARTEN THROUGH GRADE 12, ATHLETIC PROGRAMS, AND OTHER EXTRA-CURRICULAR ACTIVITY EXPENSES FOR APPROXIMATELY 1,000 STUDENTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$251$58.9$192$55.8$51.7$4.09
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$234$57.7$177$55.5$51.1$4.40
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$229$62.6$166$53.3$48.2$5.11
2022Detailed filing. Detailed filing data is available for this year.$222$62.2$160$54.1$44.5$9.55
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$200$38.9$161$63.7$42.5$21.1
2020Detailed filing. Detailed filing data is available for this year.$180$40.6$139$46.9$40.5$6.41
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$173$38.3$135$47.9$40.6$7.29
2018Detailed filing. Detailed filing data is available for this year.$163$36.6$126$47.8$40.4$7.39
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$158$37.0$121$42.5$39.4$3.15
2016Detailed filing. Detailed filing data is available for this year.$158$45.8$112$44.8$37.8$6.97
2015Detailed filing. Detailed filing data is available for this year.$156$45.1$111$45.1$37.3$7.82
2014Detailed filing. Detailed filing data is available for this year.$153$45.2$108$42.3$35.8$6.50
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$144$46.1$98.0$35.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$137$47.1$90.0$34.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$47.5$91.4$31.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$136$55.5$80.4$31.3