Civic Intelligence

Waring School Inc.

990 • Fiscal year 2018 • EIN 23-7123080

Jul 01, 2017 to Jun 30, 2018 • Filed on Oct 19, 2018

Organization ProfileWWW.WARINGSCHOOL.ORG

View Organization Page

35 Standley StreetBeverly, MA 01915

(978) 927-8793

Siviq Scores

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

Liabilities / Assets

51st percentile

0.22x

Higher debt load relative to assets than 51% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

65th percentile

0.43x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

68th percentile

10%

Higher net margin than 68% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

62nd percentile

$212,865

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

70th percentile

8.0%

Faster asset growth than 70% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

75th percentile

17%

Faster revenue growth than 75% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets51st percentile

Assets

Up

$14,040,633

Up $1,044,830 (+8.0%) from 2017

Net Assets

Up

$10,958,362

Up $1,090,599 (+11%) from 2017

Liabilities

Down

$3,082,271

Down $45,769 (-1.5%) from 2017

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin68th percentile

Revenue

Up

$7,204,365

Up $1,038,511 (+17%) from 2017

Expenses

Up

$6,475,914

Up $618,990 (+11%) from 2017

Net Income

Up

$728,451

Up $419,521 (+136%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth70th percentile

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

$20M$15M$10M$5.0M$0Assets 2017: $12,995,803Liabilities 2017: $3,128,040Net Assets 2017: $9,867,7632017Assets 2018: $14,040,633Liabilities 2018: $3,082,271Net Assets 2018: $10,958,3622018Assets 2019: $16,898,650Liabilities 2019: $2,186,347Net Assets 2019: $14,712,3032019Assets 2020: $16,919,342Liabilities 2020: $2,534,727Net Assets 2020: $14,384,6152020Assets 2021: $18,901,394Liabilities 2021: $2,702,204Net Assets 2021: $16,199,1902021Assets 2022: $16,386,369Liabilities 2022: $2,179,551Net Assets 2022: $14,206,8182022Assets 2023: $17,235,229Liabilities 2023: $2,631,812Net Assets 2023: $14,603,4172023Assets 2024: $16,857,317Liabilities 2024: $2,082,870Net Assets 2024: $14,774,4472024Assets 2025: $17,009,692Liabilities 2025: $2,164,257Net Assets 2025: $14,845,4352025

Highlighted filing

2018

Assets$14,040,633
Liabilities$3,082,271
Net Assets$10,958,362
Open 2018 Filing

Operations Trend

Revenue Growth75th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2017: $6,165,854Expenses 2017: $5,856,924Net Income 2017: $308,9302017Revenue 2018: $7,204,365Expenses 2018: $6,475,914Net Income 2018: $728,4512018Revenue 2019: $10,121,709Expenses 2019: $6,580,749Net Income 2019: $3,540,9602019Revenue 2020: $6,272,221Expenses 2020: $6,537,856Net Income 2020: -$265,6352020Revenue 2021: $6,934,696Expenses 2021: $6,588,579Net Income 2021: $346,1172021Revenue 2022: $6,473,453Expenses 2022: $7,270,249Net Income 2022: -$796,7962022Revenue 2023: $7,428,243Expenses 2023: $7,492,961Net Income 2023: -$64,7182023Revenue 2024: $10,005,459Expenses 2024: $7,803,095Net Income 2024: $2,202,3642024Revenue 2025: $7,593,188Expenses 2025: $8,276,086Net Income 2025: -$682,8982025

Highlighted filing

2018

Revenue$7,204,365
Expenses$6,475,914
Net Income$728,451
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Oct 19, 2018
Return Version
2017v2.3
Gross Receipts
$7,695,486
Mission and Program Overview

Mission

To create and sustain a community of lifelong learners who are working together for the individual and common good.

Quality education of children.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,506,472$6,881,845▲ $375,373
Land, Buildings, and Equipment, Net$4,977,058$4,926,108▼ $50,950
Pledges and Grants Receivable$210,985$1,135,800▲ $924,815
Cash and Non-Interest-Bearing Accounts$1,038,623$935,637▼ $102,986
Accounts Receivable$205,128$120,388▼ $84,740
Prepaid Expenses and Deferred Charges$50,832$34,150▼ $16,682
Inventories for Sale or Use$6,705$6,705→ $0
Total Assets$12,995,803$14,040,633▲ $1,044,830
Liabilities
Tax Exempt Bond Liabilities$1,695,243$1,509,526▼ $185,717
Mortgage Notes Payable Secured by Investment Property$800,000$800,000→ $0
Deferred Revenue$528,421$630,238▲ $101,817
Other Liabilities$68,455$118,258▲ $49,803
Accounts Payable and Accrued Expenses$35,921$24,249▼ $11,672
Total Liabilities$3,128,040$3,082,271▼ $45,769
Net Assets / Fund Balance
Unrestricted Net Assets$9,508,627$9,536,653▲ $28,026
Temporarily Rstr Net Assets$359,136$1,343,917▲ $984,781
Permanently Rstr Net Assets-$77,792-
Total Net Assets Fund Balance$9,867,763$10,958,362▲ $1,090,599
Total Liabilities and Net Assets / Fund Balance$12,995,803$14,040,633▲ $1,044,830

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,387,476$5,631,740$10,019,216
Equipment$87,802$545,928$633,730
Land$386,993-$386,993
Other Land Buildings$63,837$211,174$275,011

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$7,441,602$1,512,704▲ $619,539$637,299$8,936,546
2016$7,000,039$498,024▲ $776,243$832,704$7,441,602
2015$5,636,421-▲ $124,644$272,842$5,488,223
2014$5,974,159$18,772▲ $209,182$565,692$5,636,421
2013$5,431,909$10,854▲ $953,120$421,724$5,974,159
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bakland TimothyHeadmasterFT$170,000$42,865$212,865
Bitler LauraDirector of-$118,450$20,658$139,108

Board Members and Trustees

NameTitle
Avallon JoanneChair
Mclaughlin FrancesVice Chair
Biletch BobTrustee
Bradley-golding SallyTrustee
Cookson MaryTrustee
Hylton ScottTrustee
Lauenstein Peter PintsoTrustee
Malboeuf PriscillaTrustee
Mccarthy GeraldTrustee
Mcdonald MaryTrustee
Mcgavern LeahTrustee
Prescod JuanitaTrustee
Tham Yew CheongTrustee
Weir ColinTrustee
Wilmore RobertaTrustee
Zarren MichaelTrustee
Douglas CraigTrustee, Ex-
Sanford ClaireSecretary
Jutras JosephTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Suddes GroupFundraising655 METRO PLACE SOUTH STE 830, Dublin, OH 43017$158,000
Rc Griffin INCGen Contractor49 CENTRAL STREET, Peabody, MA 01960$140,988
Revenue and Support

Revenue Composition

Contributions and Grants
$1,621,636
Program Service Revenue
$5,272,106
Investment Income
$244,846
Other Revenue
$65,777
All Other Contributions
$1,621,636
Change in Net Assets
$728,451

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,204,365
Revenue Not Reported on Form 990
$362,148
Total Revenue per Audited Statements
$7,566,513
Total Revenue per Form 990
$7,204,365
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,487,071
Other Expenses$1,649,703
Grants and Similar Amounts Paid$1,339,140
Total Fundraising Expense$522,049
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,593,869$981,076$213,968$2,788,913
Grants to Domestic Individuals$1,339,140--$1,339,140
Other Employee Benefits$271,285$167,902$36,619$475,806
Depreciation Depletion$47,166$303,535$6,332$357,033
Payroll Taxes$127,075$78,218$17,059$222,352
All Other Expenses$65,188$105,186$24,757$195,131
Fees for Services Management--$160,823$160,823
Other Expenses$152,558$79,675-$79,675
Interest-$76,911-$76,911
Insurance-$76,234-$76,234
Occupancy-$76,189-$76,189
Advertising-$31,877$38,965$70,842
Office Expenses$4,948$30,093$23,526$58,567
Information Technology-$41,391-$41,391
Conferences and Meetings$13,383--$13,383
Fees for Services Accounting-$13,200-$13,200
Fees for Services Legal-$7,679-$7,679
Total Functional Expenses$3,797,903$2,155,962$522,049$6,475,914

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,475,914
Total Expenses per Audited Statements$6,475,914
Total Expenses per Form 990$6,475,914
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
Deferred Compensation$61,626
Accrued Expenses$56,632

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMass Development Finance Agency2012-08-09$2,517,356To re-bond the original bond issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----

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
No
Corrective action procedures
No
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

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Each member of the board of trustees had the opportunity to review the 990 before filing.”

Form 990, Page 6, Part VI, Line 12C

“Each year the policy is discussed with board members who are then required to provide written confirmation about their knowledge of the policy.”

Form 990, Page 6, Part VI, Line 15A

“The board of directors, in executive session not including the head of school, discusses and approves the head of school's salary. They also consider whether the salary is comparable to other head of school positions at comparable schools.”

Form 990, Page 6, Part VI, Line 19

“Its governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Waring School Inc
EIN
23-7123080
Phone
9789278793
Address
35 STANDLEY STREET, BEVERLY, MA 01915

Signing Officer

Name
Jutras Joseph
Title
Treasurer
Phone
9789278793
Signed
2018-10-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jutras Joseph
Formed
1974
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
18
Employees
79
Volunteers
99

Preparer

Firm
Gj Burns CPA LLC
Address
10 ELM ST, DANVERS, MA 01923-2811
Preparer
Gregg J Burns CPA
Phone
9787771181
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“To support the school's operations and provide scholarships to students.”

Schedule D, Page 3, Part X

“The school is exempt from federal income taxes under section 501(c)(3) of the internal revenue code (irc), though it would be subject to tax on income unrelated to its exempt purposes (unless that income is otherwise excluded by the irc). Contributions to the school are tax deductible to donors under section 170 of the irc. The school's current policy is to recognize the effect of uncertain tax positions in the financial statements on as as-filed or to-be filed basis. Any changes in uncertain tax positions are recorded in the period when the ultimate outcome becomes known. The school does not believe its financial statements include (or reflect) any uncertain tax positions. All tax exempt entities are subject to review and audit by federal, state and local agencies. Such agencies may review the taxability of unrelated business income, or the qualification of the tax-exempt entity under the internal revenue code and applicable state statutes.”

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IRS990/Desc0WARING SCHOOL'S EDUCATION MODEL CULTIVATES THE ANALYTICAL MIND AND THE EXPRESSIVE VOICE, AT THE INDIVIDUAL AND COMMUNITY LEVEL. A SCHOOL DRIVEN BY DIVERSE IDEAS AND A LOVE OF LEARNING, WARING BLENDS A PROGRESSIVE EDUCATIONAL PEDAGOGY WITH A RIGOROUS LIBERAL ARTS CURRICULUM FOR GRADES 6 THROUGH 12. STUDENTS AND THE TEACHERS ARE ASKED TO TAKE RISKS AND STRETCH THEMSELVES. WARING'S PEDAGOGY CHALLENGES THE TRADITIONAL NOTION OF A CLASSROOM THROUGH MIXED-AGE EXPERIENCES, EXPERIENTIAL LEARNING, TRAVEL AND COMMUNITY SERVICE. WARING'S EDUCATIONAL PROCESS INCLUDES PROJECT BASED EXPERIENCES SUCH AS CAMPING TRIP AND ENDTERM, AND HAS A COMPREHENSIVE ADVISORY/TUTORIAL SYSTEM OF MIXED AGES. CLASSES ARE 50-85 MINUTES LONG AND ARE OFTEN DISCUSSION-BASED AND BUILT AROUND A SINGLE TABLE OR CIRCLE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt15SECRETARY
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,040,633
Liabilities
$3,082,271
Net assets
$10,958,362
Revenue
$7,204,365
Expenses
$6,475,914
Net income
$728,451
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$17.0$2.16$14.8$7.59$8.28$0.68
2024Detailed filing. Detailed filing data is available for this year.$16.9$2.08$14.8$10.0$7.80$2.20
2023Detailed filing. Detailed filing data is available for this year.$17.2$2.63$14.6$7.43$7.49$0.06
2022Detailed filing. Detailed filing data is available for this year.$16.4$2.18$14.2$6.47$7.27$0.80
2021Detailed filing. Detailed filing data is available for this year.$18.9$2.70$16.2$6.93$6.59$0.35
2020Detailed filing. Detailed filing data is available for this year.$16.9$2.53$14.4$6.27$6.54$0.27
2019Detailed filing. Detailed filing data is available for this year.$16.9$2.19$14.7$10.1$6.58$3.54
2018Detailed filing. Detailed filing data is available for this year.$14.0$3.08$11.0$7.20$6.48$0.73
2017Detailed filing. Detailed filing data is available for this year.$13.0$3.13$9.87$6.17$5.86$0.31