Civic Intelligence

Hathaway Brown School

990 • Fiscal year 2015 • EIN 34-0714426

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 09, 2016

19600 N Park BoulevardShaker Heights, OH 44122

(216) 932-4214

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.15x

Higher debt load relative to assets than 32% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

55th percentile

0.51x

Higher debt load relative to revenue than 55% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Net Margin

57th percentile

5.8%

Higher net margin than 57% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

66th percentile

$444,196

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Asset Growth

38th percentile

-0.2%

Faster asset growth than 38% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

41st percentile

1.7%

Faster revenue growth than 41% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Assets

Down

$99,080,584

Down $179,925 (-0.2%) from 2014

Net Assets

Up

$84,569,850

Up $673,763 (+0.8%) from 2014

Liabilities

Down

$14,510,734

Down $853,688 (-5.6%) from 2014

Revenue

Up

$28,666,573

Up $477,006 (+1.7%) from 2014

Expenses

Up

$27,005,240

Up $1,126,145 (+4.4%) from 2014

Net Income

Down

$1,661,333

Down $649,139 (-28%) from 2014

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $82,359,928Liabilities 2010: $19,837,996Net Assets 2010: $62,521,9322010Assets 2012: $85,063,058Liabilities 2012: $16,919,463Net Assets 2012: $68,143,5952012Assets 2013: $93,975,345Liabilities 2013: $16,061,797Net Assets 2013: $77,913,5482013Assets 2014: $99,260,509Liabilities 2014: $15,364,422Net Assets 2014: $83,896,0872014Assets 2015: $99,080,584Liabilities 2015: $14,510,734Net Assets 2015: $84,569,8502015Assets 2016: $97,033,369Liabilities 2016: $13,831,294Net Assets 2016: $83,202,0752016Assets 2017: $102,476,642Liabilities 2017: $13,490,325Net Assets 2017: $88,986,3172017Assets 2018: $116,732,533Liabilities 2018: $12,614,168Net Assets 2018: $104,118,3652018Assets 2019: $123,099,461Liabilities 2019: $11,691,330Net Assets 2019: $111,408,1312019Assets 2020: $136,756,554Liabilities 2020: $11,152,323Net Assets 2020: $125,604,2312020Assets 2021: $155,426,410Liabilities 2021: $12,665,075Net Assets 2021: $142,761,3352021Assets 2022: $152,785,661Liabilities 2022: $11,389,590Net Assets 2022: $141,396,0712022

Highlighted filing

2015

Assets$99,080,584
Liabilities$14,510,734
Net Assets$84,569,850

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $22,969,3922010Expenses 2012: $23,940,4892012Expenses 2013: $24,830,5182013Revenue 2014: $28,189,567Expenses 2014: $25,879,095Net Income 2014: $2,310,4722014Revenue 2015: $28,666,573Expenses 2015: $27,005,240Net Income 2015: $1,661,3332015Revenue 2016: $27,705,856Expenses 2016: $28,134,050Net Income 2016: -$428,1942016Revenue 2017: $28,799,427Expenses 2017: $28,531,457Net Income 2017: $267,9702017Revenue 2018: $41,965,475Expenses 2018: $29,054,542Net Income 2018: $12,910,9332018Revenue 2019: $34,356,364Expenses 2019: $29,043,934Net Income 2019: $5,312,4302019Revenue 2020: $43,997,887Expenses 2020: $29,460,141Net Income 2020: $14,537,7462020Revenue 2021: $32,118,161Expenses 2021: $27,083,560Net Income 2021: $5,034,6012021Revenue 2022: $40,411,671Expenses 2022: $29,296,859Net Income 2022: $11,114,8122022

Highlighted filing

2015

Revenue$28,666,573
Expenses$27,005,240
Net Income$1,661,333
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 9, 2016
Return Version
2014v6.0
Gross Receipts
$31,531,994
Mission and Program Overview

Mission

The school is dedicated to excellence in the education of girls. Our true mission, as reflected in our motto "non scholae sed vitae discimus," is learning & preparation for life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$52,227,274$51,786,907▼ $440,367
Land, Buildings, and Equipment, Net$26,588,043$25,485,719▼ $1,102,324
Savings and Temporary Cash Investments$9,360,293$10,695,211▲ $1,334,918
Investments Other Securities$7,857,760$8,075,186▲ $217,426
Pledges and Grants Receivable$2,533,022$2,139,792▼ $393,230
Prepaid Expenses and Deferred Charges$295,836$387,028▲ $91,192
Accounts Receivable$180,076$336,043▲ $155,967
Inventories for Sale or Use$33,765$27,463▼ $6,302
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$99,260,509$99,080,584▼ $179,925
Other Assets Total$184,440$147,235▼ $37,205
Liabilities
Tax Exempt Bond Liabilities$11,215,000$10,615,000▼ $600,000
Deferred Revenue$1,756,233$1,789,407▲ $33,174
Accounts Payable and Accrued Expenses$1,094,477$1,203,385▲ $108,908
Other Liabilities$1,298,712$902,942▼ $395,770
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$15,364,422$14,510,734▼ $853,688
Net Assets / Fund Balance
Unrestricted Net Assets$36,684,092$35,932,003▼ $752,089
Permanently Rstr Net Assets$29,643,215$31,227,798▲ $1,584,583
Temporarily Rstr Net Assets$17,568,780$17,410,049▼ $158,731
Total Net Assets Fund Balance$83,896,087$84,569,850▲ $673,763
Total Liabilities and Net Assets / Fund Balance$99,260,509$99,080,584▼ $179,925

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,095,417$15,737,444$39,832,861
Equipment$376,489$2,291,112$2,667,601
Other Land Buildings$794,468$649,564$1,444,032
Land$219,345-$219,345
Other Securities$8,075,186--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$48,217,118$1,574,160▲ $752,028$2,383,406$47,788,743
2013$43,338,181$2,037,174▲ $4,866,312$1,679,451$48,217,118
2012$36,436,830$4,393,497▲ $4,184,178$1,356,389$43,338,181
2011$36,522,883$570,798▲ $916,035$1,276,168$36,436,830
2010$29,356,724$2,840,570▲ $5,667,767$1,028,193$36,522,883
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
H William ChristHead of SchoolFT$390,093$54,624$444,717
Valerie a HughesAssoc Head of Finance and AdmFT$141,319$22,899$164,218
Mary RainsbergerAssoc Head of AdvancementFT$133,855$29,723$163,578
Theresa MccueDirector College CounselingFT$142,541$19,226$161,767
Susan SadlerAssoc Head of SchoolFT$143,165$15,446$158,611
Katherine ZopattiDirector of Prime SchoolFT$110,129$16,452$126,581
Kevin PurpuraDir.of Center for Bus.&fin.FT$105,964$7,154$113,118

Highest Paid Contractors

ContractorServicesLocationCompensation
DependableCleaning Service38230 GLENN AVENUE, Willoughby, OH 44094$109,303
Revenue and Support

Revenue Composition

Contributions and Grants
$4,582,877
Program Service Revenue
$21,919,496
Investment Income
$2,164,200
Other Revenue
$0
All Other Contributions
$3,566,558
Change in Net Assets
$1,661,333

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 AmountValuation Method
Securities Publicly Traded33$539,384Fair Market Value
Total Noncash Contributions33$539,384-

Audited Revenue Reconciliation

Revenue per Audited Statements
$24,468,547
Revenue Not Reported on Financial Statements
$4,198,026
Revenue Not Reported on Form 990
$-987,570
Other Revenue Adjustments
$4,198,026
Total Revenue per Audited Statements
$23,480,977
Total Revenue per Form 990
$28,666,573
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$14,711,002
Other Expenses$8,096,212
Grants and Similar Amounts Paid$4,198,026
Total Fundraising Expense$1,002,628
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,423,497$660,391$525,300$10,609,188
Grants to Domestic Individuals$4,198,026--$4,198,026
All Other Expenses$1,798,877$563,548$109,742$2,472,167
Other Employee Benefits$1,923,831$117,458$87,204$2,128,493
Depreciation Depletion$1,452,576--$1,452,576
Payroll Taxes$667,611$49,189$40,185$756,985
Pension Plan Contributions$579,234$51,702$38,145$669,081
Current Officers, Directors, Trustees, and Key Employees$182,753$255,051$109,451$547,255
Occupancy$447,841$17,665$614$466,120
Conferences and Meetings$228,728$32,487$43,997$305,212
Advertising$7,630$275,167$17,347$300,144
Travel$243,258-$22,294$265,552
Other Expenses$238,355--$238,355
Information Technology$215,435--$215,435
Office Expenses$34,278$113,007$8,349$155,634
Insurance-$141,708-$141,708
Fees for Services Legal-$73,056-$73,056
Fees for Services Accounting-$39,500-$39,500
Total Functional Expenses$23,612,683$2,389,929$1,002,628$27,005,240

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$27,005,240
Expenses per Audited Statements$22,807,214
Total Expenses per Audited Statements$22,807,214
Expenses Not Reported on Financial Statements$4,198,026
Other Expense Adjustments$4,198,026
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Fair Value of Interest Rate Swap$508,169
Custodial Funds$248,162
Gift Annuities Liability$146,611

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACounty of Cuyahoga Ohio2010-09-15$13,315,000REFUNDING ISSUE

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$13,315,000$0$13,315,000$0

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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 REVIEW - FORM 990, PART VI, LINE 11B:

A copy of the form 990 is provided to the audit committee before it is filed with the internal revenue service. The audit committee has authority to act on behalf of the governing board of trustees. The form 990 is reviewed by an independent accounting firm with the audit committee and they approve the form for accuracy and completeness prior to its filing. In addition, a copy of the form 990, with donors' names and addresses redacted from schedule b, is provided to all board members via the board portal on the school's website, prior to its filing.

MONITORING AND ENFORCEMENT OF CONFLICT POLICY - FORM 990,PART VI,LINE 12C:

Conflict of interest forms are completed by all members of the governing body on an annual basis. All conflict relationships are reviewed and any board member with a conflicting interest is excluded from decisions on those transactions and voting on those issues.

COMPENSATION REVIEW AND APPROVAL - FORM 990, PART VI, LINE 15:

The compensation for the head of school of hathaway brown school is determined through the review of an independent compensation consultant, a survey and study of comparable compensation, and a review of the form 990 of other similar organizations. The final compensation decision is approved by the compensation committee of the board of trustees and documented with a written employment contract. The committee members are independent of the head of school.

AVAILABILITY OF DOCUMENTS - FORM 990, PART VI, LINE 19:

The form 990 is made available to the public via guidestar and also by request. All other governing documents, policies and financial statements are available upon request.

ADDITIONAL INFORMATION REGARDING COMPENSATION - FORM 990, PART VII:

The amounts of compensation provided to employees shown in section a of part vii, as well as the compensation provided to independent contractors in section b, reflect data for the 2014 calendar year instead of the fiscal year ended june 30, 2015, as required by the instructions for form 990.

REPORTABLE RELATIONSHIP - FORM 990, PART VI, LINE 2:

Ritu ahuja, trustee, and manisha ahuja sethi, trustee, have a family relationship.

DISTRIBUTION OF FORM 990 TO GOVERNING BODY - FORM 990, PART VI, LINE 11A:

The school distributes a copy of form 990 to all board members through its secure internet portal but redacts the names and addresses of donors from schedule b. The school has chosen not to disclose the identity of its donors, particularly in cases in which the donor wishes to remain anonymous. As such, we are required to answer the question on line 11a "no" even though the board receives all of form 990 except for donors' names and addresses.

Filing and Contact Details

Filer

Filer Name
Hathaway Brown School
EIN
34-0714426
In Care Of
% HATHAWAY BROWN SCHOOL
Phone
2169324214
Address
19600 N PARK BOULEVARD, SHAKER HEIGHTS, OH 44122

Signing Officer

Name
H William Christ
Title
Head of School
Phone
2169324214
Signed
2016-02-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
H William Christ
Formed
1876
Legal Domicile
Oh
Voting Board Members
35
Independent Board Members
35
Employees
497
Volunteers
200

Preparer

Firm
Maloney Novotny LLC
Address
1111 SUPERIOR AVENUE SUITE 700, CLEVELAND, OH 44114
Preparer
Christopher B Anderson
Phone
2163630100
Supplemental Narrative

Additional Explanations

OTHER CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9:

Change in value of interest rate swap: $218,500; change in value of split interest agreements: $125,685; total adjustment: $344,185

Financial Statement Notes

INTENDED USE OF ENDOWMENT FUNDS - PART V, LINE 4:

Endowment funds are appropriated based on an approval process through the board of trustees. The purpose of the endowment funds is to support various current and future programs and activities of the school.

OTHER CHANGES IN REVENUE - PART XI, LINE 2D:

Change in value of interest rate swap: $218,500 less change in value of split interest agreements: $125,685; total adjustment: $344,185

OTHER CHANGES IN REVENUE - PART XI, LINE 4B:

Scholarships, which were shown as a reduction of revenue on the financial statements but as an expense on form 990: $4,198,026

OTHER CHANGES IN EXPENSES - PART XII, LINE 4B:

Scholarships, which were shown as a reduction of revenue on the financial statements but as an expense on form 990: $4,198,026

FIN 48 (ASC 740) FOOTNOTE - PART X, LINE 2:

FEDERAL INCOME TAXES - THE SCHOOL IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. THE SCHOOL FOLLOWS PROVISIONS OF GAAP, WHICH CLARIFY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN FINANCIAL STATEMENTS. THE PROVISIONS PRESCRIBE CERTAIN CRITERIA FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THERE WERE NO UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2015. THE SCHOOL'S INCOME TAX YEARS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS.

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IRS990/Desc0Founded in 1876, Hathaway Brown is committed to a fusion of academic and experiential learning. This co-ed Early Childhood and all-girls' K-12 independent day school of 851 students focuses on educational innovation as it prepares students to rise boldly to the challenges of our times and live out the HB motto of learning "not for school, but for life." HB's inclusive environment, outstanding faculty, and unique programs draw families from 83 communities across Northeast Ohio to its beautiful 16-acre Shaker Heights campus, which houses an aquatics center, invention lab, visual and performing arts spaces, and working television studio. Immersive academic, service, and cultural opportunities abound, and graduates attend many of the country's top universities. The school is consistently honored by well-regarded educational institutions, social service organizations, businesses, professional societies, and journalistic publications. The number of HB students who have been named finalists or semifinalists in the prestigious Intel and Siemens science competitions far surpasses all other schools in Ohio and all independent girls' day schools in the United States. In 2015, two HB seniors were named semifinalists in the Intel Science Talent Search, and one went on to reach Finalist status and present her research to a panel of distinguished judges in Washington, D.C. Three more HB students were named Siemens Semifinalists in 2015. Eighty percent of the members of the Class of 2015 were accepted to their top-choice schools, or one of their top choices, if they ranked them by group. In total, 18 members of HB's most recent graduating class received 24 offers to attend Ivy League schools. Several students were admitted to specialized programs of study and honors tracks, and the Class of 2015 was offered more than $19 million in merit and other college scholarships, including full tuition packages. Two members of the class received perfect scores on the ACT, five were designated National Merit Semifinalists, nine were named National Merit Commended Scholars, and two were National Achievement Outstanding Participants. In the Class of 2016, there are 10 National Merit Semifinalists and seven National Merit Commended Scholars. HB's athletics program holds 22 State and Midwest championship titles since 1998. The 2013 Blazer Basketball team made history when it became the only boys' or girls' team in Ohio history to win five consecutive state championships. HB scholar-athletes won the Ohio High School Athletic Association's Division II Singles State Champion title for three consecutive years: 2013-2015. Also in 2015, the Varsity Tennis team earned the team State Championship from the Ohio Tennis Coaches' Association. Hathaway Brown was named one of the NorthCoast 99 great workplaces for top talent in Northeast Ohio for 14 consecutive years. It is the only secondary school to receive the award throughout the history of the program. HB is five-time NEO Success Award winner and has twice been ranked one of Northeast Ohio's Top Workplaces by The Plain Dealer. Educational colleagues throughout the country consider HB a leader in the field. From 2010-2012, more than 1,200 attendees have taken part in HB's signature Education Innovation Summits. These faculty members and administrators came from 170 different public, independent, charter, and parochial schools in 35 U.S. states, the District of Columbia, and Canada. Faculty members from 35 different U.S. schools visited HB to learn about its programs during the 2014-2015 school year. Since its beginning as "afternoon classes for young ladies" at the all-boys private Brooks Military School in downtown Cleveland, Hathaway Brown School has been helping students find and pursue opportunities, maximize their own potential, and make a difference in the world. The school moved to its current location in Shaker Heights in 1927 and it is now home to 851 students in preschool through 12th grade, 34 percent of w
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$153$11.4$141$40.4$29.3$11.1
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$155$12.7$143$32.1$27.1$5.03
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$137$11.2$126$44.0$29.5$14.5
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$123$11.7$111$34.4$29.0$5.31
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$117$12.6$104$42.0$29.1$12.9
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$102$13.5$89.0$28.8$28.5$0.27
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$97.0$13.8$83.2$27.7$28.1$0.43
2015Detailed filing. Detailed filing data is available for this year.$99.1$14.5$84.6$28.7$27.0$1.66
2014Detailed filing. Detailed filing data is available for this year.$99.3$15.4$83.9$28.2$25.9$2.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.0$16.1$77.9$24.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.1$16.9$68.1$23.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$82.4$19.8$62.5$23.0