Civic Intelligence

Calvert School Incorporated

990 • Fiscal year 2014 • EIN 52-0591510

Jul 01, 2013 to Jun 30, 2014 • Filed on May 12, 2015

105 Tuscany Road21210

(410) 243-6054

Siviq Scores

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

Liabilities / Assets

31st percentile

0.16x

Higher debt load relative to assets than 31% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Liabilities / Revenue

66th percentile

0.75x

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

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Net Margin

85th percentile

32%

Higher net margin than 85% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Top Officer Pay

32nd percentile

$334,290

Higher top officer pay than 32% of similar nonprofits.

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

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Asset Growth

73rd percentile

12%

Faster asset growth than 73% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$104,387,790

Up $10,798,190 (+12%) from 2013

Net Assets

Up

$87,207,765

Up $11,730,011 (+16%) from 2013

Liabilities

Down

$17,180,025

Down $931,821 (-5.1%) from 2013

Revenue

$22,919,203

No earlier filing loaded for comparison.

Expenses

Down

$15,694,628

Down $9,400,545 (-37%) from 2013

Net Income

$7,224,575

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $80,979,031Liabilities 2010: $22,979,391Net Assets 2010: $57,999,6402010Assets 2011: $84,318,329Liabilities 2011: $17,800,831Net Assets 2011: $66,517,4982011Assets 2012: $86,240,279Liabilities 2012: $25,663,034Net Assets 2012: $60,577,2452012Assets 2013: $93,589,600Liabilities 2013: $18,111,846Net Assets 2013: $75,477,7542013Assets 2014: $104,387,790Liabilities 2014: $17,180,025Net Assets 2014: $87,207,7652014Assets 2015: $105,297,862Liabilities 2015: $19,397,233Net Assets 2015: $85,900,6292015Assets 2016: $101,296,818Liabilities 2016: $25,093,544Net Assets 2016: $76,203,2742016Assets 2017: $104,088,456Liabilities 2017: $21,130,980Net Assets 2017: $82,957,4762017Assets 2018: $105,298,366Liabilities 2018: $19,029,472Net Assets 2018: $86,268,8942018Assets 2019: $106,267,615Liabilities 2019: $18,031,280Net Assets 2019: $88,236,3352019Assets 2020: $110,064,939Liabilities 2020: $17,943,762Net Assets 2020: $92,121,1772020Assets 2021: $129,330,739Liabilities 2021: $13,435,067Net Assets 2021: $115,895,6722021Assets 2022: $120,860,133Liabilities 2022: $13,014,525Net Assets 2022: $107,845,6082022Assets 2023: $128,835,744Liabilities 2023: $17,254,719Net Assets 2023: $111,581,0252023Assets 2024: $134,537,870Liabilities 2024: $17,443,672Net Assets 2024: $117,094,1982024

Highlighted filing

2014

Assets$104,387,790
Liabilities$17,180,025
Net Assets$87,207,765

Operations Trend

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

$40M$30M$20M$10M$0Expenses 2010: $30,132,9742010Expenses 2011: $30,745,7542011Expenses 2012: $33,603,1122012Expenses 2013: $25,095,1732013Revenue 2014: $22,919,203Expenses 2014: $15,694,628Net Income 2014: $7,224,5752014Revenue 2015: $17,954,207Expenses 2015: $16,568,519Net Income 2015: $1,385,6882015Revenue 2016: $19,016,432Expenses 2016: $17,337,433Net Income 2016: $1,678,9992016Revenue 2017: $20,895,439Expenses 2017: $18,553,521Net Income 2017: $2,341,9182017Revenue 2018: $19,258,702Expenses 2018: $19,057,028Net Income 2018: $201,6742018Revenue 2019: $24,225,061Expenses 2019: $20,086,538Net Income 2019: $4,138,5232019Revenue 2020: $25,172,266Expenses 2020: $20,473,313Net Income 2020: $4,698,9532020Revenue 2021: $23,260,794Expenses 2021: $21,417,122Net Income 2021: $1,843,6722021Revenue 2022: $30,119,227Expenses 2022: $28,977,485Net Income 2022: $1,141,7422022Revenue 2023: $26,312,673Expenses 2023: $24,902,681Net Income 2023: $1,409,9922023Revenue 2024: $32,451,096Expenses 2024: $26,134,470Net Income 2024: $6,316,6262024

Highlighted filing

2014

Revenue$22,919,203
Expenses$15,694,628
Net Income$7,224,575
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 12, 2015
Return Version
2013v4.0
Gross Receipts
$38,865,251
Mission and Program Overview

Mission

Calvert school is dedicated to educating boys and girls through its time-tested method of teaching and its rigorous curriculum. Particular emphasis is given to mastering essential skills, inspiring a lifelong love of learning, and instilling enthusiam, responsibility, and self-discipline. Calvert seeks to develop students of high academic achievement, intellectual curiosity, and strong moral character within a supportive and diverse community.

Calvert school is dedicated to educating boys and girls through its time-tested method of teaching and its rigorous curriculum. Particular emphasis is given to mastering essential skills, inspiring a lifelong love of learning, and instilling enthusiasm, responsibility, and self-discipline. Calvert seeks to develop students of high academic achievement, intellectual curiosity, and strong moral character within a supportive and diverse community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$30,074,762$35,979,920▲ $5,905,158
Investments in Publicly Traded Securities$28,306,738$28,078,436▼ $228,302
Investments Other Securities$18,931,016$27,248,141▲ $8,317,125
Pledges and Grants Receivable$2,933,414$4,696,287▲ $1,762,873
Savings and Temporary Cash Investments$5,921,816$4,487,218▼ $1,434,598
Prepaid Expenses and Deferred Charges$263,233$300,311▲ $37,078
Accounts Receivable$239,686$242,636▲ $2,950
Inventories for Sale or Use$67,343$57,167▼ $10,176
Cash and Non-Interest-Bearing Accounts$1,050$1,456▲ $406
Total Assets$93,589,600$104,387,790▲ $10,798,190
Other Assets Total$6,850,542$3,296,218▼ $3,554,324
Liabilities
Tax Exempt Bond Liabilities$11,510,000$11,139,333▼ $370,667
Deferred Revenue$2,292,041$3,069,286▲ $777,245
Other Liabilities$2,735,068$2,140,242▼ $594,826
Accounts Payable and Accrued Expenses$1,574,737$831,164▼ $743,573
Total Liabilities$18,111,846$17,180,025▼ $931,821
Net Assets / Fund Balance
Unrestricted Net Assets$66,854,680$75,956,820▲ $9,102,140
Permanently Rstr Net Assets$4,605,322$7,400,794▲ $2,795,472
Temporarily Rstr Net Assets$4,017,752$3,850,151▼ $167,601
Total Net Assets Fund Balance$75,477,754$87,207,765▲ $11,730,011
Total Liabilities and Net Assets / Fund Balance$93,589,600$104,387,790▲ $10,798,190

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,263,445$9,046,044$32,309,489
Land$12,087,718-$12,087,718
Equipment$628,757$1,563,936$2,192,693
Other Securities$13,171,225--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$50,610,161$4,910,856▲ $7,362,727$3,195,968$59,687,776
2012$40,004,455$8,011,150▲ $4,169,873$1,575,317$50,610,161
2011$40,988,083$22,973▲ $467,891$1,474,492$40,004,455
2010$36,053,637$1,557,440▲ $7,359,660$3,982,654$40,988,083
2009$33,711,943$197,181▲ $3,871,960$1,727,447$36,053,637
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Andrew D MartireHead Master (thru 6/13)FT$150,127$184,163$334,290
Joseph P McgrawDirector of Finance & OperationsFT$172,171$65,578$237,749
Kerry JohnstonDirector of DevelopmentFT$118,881$66,622$185,503
Nicole H WebsterDirector of Admissions & Enrollment ServicesFT$117,684$54,695$172,379
Nicole H WebsterDirector of Admissions & Enrollment Serv-$97,554$74,825$172,379
Denise D FiorucciDirector of Human ResourcesFT$120,788$29,706$150,494
Andrew HolmgrenHead Master (beg 7/13)FT$112,766$33,623$146,389
Edward M TrustyHead of Lower SchoolFT$118,028$22,295$140,323
Paul E WareheimAsst. Head of Lower SchoolFT$101,259$23,337$124,596

Highest Paid Contractors

ContractorServicesLocationCompensation
Mullan Contracting CompanyConstruction-$5,176,581
Fidelity Mechanical ServicesHvac Service & Maintenance-$852,633
ChartwellsFood Service-$678,867
Crest Lock Company INCSecurity-$133,306
Creative Print Group INCPrinting-$124,798
Revenue and Support

Revenue Composition

Contributions and Grants
$5,994,837
Program Service Revenue
$13,449,745
Investment Income
$3,457,490
Other Revenue
$17,131
All Other Contributions
$5,994,737
Change in Net Assets
$7,224,575

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 Traded10$255,639Fair Market Value
Total Noncash Contributions10$255,639-

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,229,100
Revenue Not Reported on Financial Statements
$1,690,103
Revenue Not Reported on Form 990
$4,156,717
Other Revenue Adjustments
$1,542,969
Total Revenue per Audited Statements
$25,385,817
Total Revenue per Form 990
$22,919,203
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,424,497
Other Expenses$4,672,598
Grants and Similar Amounts Paid$1,561,533
Total Fundraising Expense$773,500
Professional Fundraising Fees$36,000

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,253,382$2,032,500$415,530$6,701,412
Grants to Domestic Individuals$1,561,533--$1,561,533
Other Employee Benefits$904,181$431,966$88,333$1,424,480
Office Expenses$1,038,206$138,413$38,644$1,215,263
Depreciation Depletion$828,719$207,179-$1,035,898
Occupancy$758,758$189,689-$948,447
Payroll Taxes$320,935$153,324$31,353$505,612
Current Officers, Directors, Trustees, and Key Employees$313,383$149,748$30,616$493,747
Pension Plan Contributions$189,945$90,745$18,556$299,246
Information Technology$100,111$100,111$10,538$210,760
Insurance$134,169$33,542-$167,711
Interest-$165,727-$165,727
Conferences and Meetings$98,798$38,338$16,335$153,471
Fees for Service Investment Mgmnt Fees-$147,134-$147,134
Advertising-$65,716$34,281$99,997
Fees for Services Accounting-$68,472-$68,472
Fees for Services Other$3,203$53,352-$56,555
Other Expenses$38,988$764$1,640$41,392
Fees for Services Professional Fundraising--$36,000$36,000
Travel$31,226$1,399-$32,625
Fees for Services Legal$5,812$7,058-$12,870
Total Functional Expenses$10,816,900$4,104,228$773,500$15,694,628

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$15,694,628
Total Expenses per Audited Statements$14,069,659
Expenses per Audited Statements$13,985,961
Expenses Not Reported on Financial Statements$1,708,667
Other Expense Adjustments$1,561,533
Expenses Not Reported on Form 990$83,698
International Activity

International Summary

Offices
0
Employees
0
Spending
$11,086,717

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$8,084,481
Europe (including Iceland & Greenland)Investments-00$3,002,236
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$80,020
Fundraising Direct Expenses$65,134
Professional Fundraising Fees$36,000

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 2$56,950$56,850$28,898$27,952
Event 1$23,170$23,170$2,198$20,972
Total Events$80,120$80,020$65,134$14,886
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
Anne C McgrawWife of Joseph P. Mcgraw, Director of Finance & OperationsCalvert School TeacherNo$55,780
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Pension Obligation$2,140,242

Bond Issues

BondIssuerIssuedIssue PricePurpose
A52-60020332011-06-01$12,200,000To refund 2001 bonds and to fund capital improvements to the facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$12,200,000$9,000,000$1,060,667-

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
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 B, Line 11

The school's financial managers and staff provide the necessary information to prepare the tax return. A committee of four (4) board members with financial backgrounds and knowledge of the school's financial reporting review a draft of the completed return prior to its filing. The entire board of trustees receives a full copy of the return before it is filed with the irs.

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

All board members and top management officials are required to complete a conflict of interest disclosure statement on an annual basis. The statement requires disclosure of "any matter that the board member believes may involve a possible conflict of interest and shall thereafter supplement such annual written disclosure with information pertaining to conflicts of interest arising after the annual disclosure has been filed." every board member shall disclose to the board and to any board committee on which he or she may serve any conflict of interest involving a matter before the board or committee, as the case may be, and shall refrain from voting on any such matter. A trustee who has disclosed a possible conflict of interest may be counted in determining the presence of a quorum at the meeting and the pertinent transaction may be authorized, approved or ratified by the affirmative vote of a majority of disinterested trustees. Any minutes of the meeting shall reflect that a disclosure was made and that the affected trustee did not vote on the transaction.

Form 990, Part VI, Section B, Line 15

The school has a compensation committee comprised of three board members and a former board member. The committee meets annually to review the compensation of top management officials and written employment contracts when renewed or revised. An independent consultant is hired to prepare a market study report of compensation packages of comparable schools' management. The committee reviews the performance of management and the independent consultant's report. The compensation committee approves the compensation plans.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy and financial statements are made available upon request for the same period of disclsoure as set forth in section 6104(d).

Filing and Contact Details

Filer

EIN
52-0591510
Phone
4102436054

Signing Officer

Name
Joseph P Mcgraw
Title
Director of Finance & Operations
Phone
4102436054
Signed
2015-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew D Holmgren
Formed
1897
Legal Domicile
Md
Voting Board Members
21
Independent Board Members
21
Employees
206
Volunteers
156

Preparer

Preparer
Julia Flannery CPA
Phone
4102469300
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Pension related changes 413,853.

Financial Statement Notes

PART II, LINE 9:

Assets are recorded at cost and included in the value of land on the school's balance sheet.

PART V, LINE 4:

To support specific purposes identified by donors and the overall operation of the school.

PART X, LINE 2:

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. As of june 30, 2014 and 2013, and for the years then ended, there are no material unrecognized/derecognized tax benefits or tax penalties or interest. The school is no longer subject to u.s. Federal and state income tax examinations by tax authorities before 2011.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense netted on the financial statement 65,134.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid expenses netted with tuition on financial statements 1,561,533. Cost of goods sold -18,564.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense netted on the financial statement 65,134. Cost of goods sold 18,564.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid expenses netted with tuition on financial statements 1,561,533.

Raw XML AppendixShowing 400 of 994 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$135$17.4$117$32.5$26.1$6.32
2023Detailed filing. Detailed filing data is available for this year.$129$17.3$112$26.3$24.9$1.41
2022Detailed filing. Detailed filing data is available for this year.$121$13.0$108$30.1$29.0$1.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$129$13.4$116$23.3$21.4$1.84
2020Detailed filing. Detailed filing data is available for this year.$110$17.9$92.1$25.2$20.5$4.70
2019Detailed filing. Detailed filing data is available for this year.$106$18.0$88.2$24.2$20.1$4.14
2018Detailed filing. Detailed filing data is available for this year.$105$19.0$86.3$19.3$19.1$0.20
2017Detailed filing. Detailed filing data is available for this year.$104$21.1$83.0$20.9$18.6$2.34
2016Detailed filing. Detailed filing data is available for this year.$101$25.1$76.2$19.0$17.3$1.68
2015Detailed filing. Detailed filing data is available for this year.$105$19.4$85.9$18.0$16.6$1.39
2014Detailed filing. Detailed filing data is available for this year.$104$17.2$87.2$22.9$15.7$7.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$93.6$18.1$75.5$25.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.2$25.7$60.6$33.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.3$17.8$66.5$30.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.0$23.0$58.0$30.1