Civic Intelligence

Asheville School Inc

EIN 56-0530248 • 501(c)3 • Asheville, NC

View Organization Page

Profile

To prepare our students for college and for life and to provide an atmosphere in which all members of a diverse, engaged, and purposefully small school community appreciate and strive for excellence - an atmosphere that nurtures character and fosters the development of mind, body, and spirit.

360 Asheville School RoadAsheville, NC 28806

www.ashevilleschool.org

Siviq Scores

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

Liabilities / Assets

21st percentile

0.05x

Higher debt load relative to assets than 21% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

34th percentile

0.24x

Higher debt load relative to revenue than 34% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Net Margin

31st percentile

-0.5%

Higher net margin than 31% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

63rd percentile

$647,717

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2024

Asset Growth

37th percentile

2.7%

Faster asset growth than 37% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

69th percentile

15%

Faster revenue growth than 69% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$115,578,272

Up $3,061,652 (+2.7%) from 2023

Liabilities

Down

$6,345,158

Down $396,200 (-5.9%) from 2023

Net Assets

Up

$109,233,114

Up $3,457,852 (+3.3%) from 2023

Operations
Liabilities / Revenue34th percentileNet Margin31st percentile

Revenue

Up

$26,314,247

Up $3,391,859 (+15%) from 2023

Expenses

Up

$26,445,700

Up $2,644,636 (+11%) from 2023

Net Income

Up

-$131,453

Up $747,223 (+85%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth37th percentile

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

$150M$100M$50M$0Assets 2011: $75,474,536Liabilities 2011: $12,170,305Net Assets 2011: $63,304,2312011Assets 2012: $76,406,337Liabilities 2012: $11,501,192Net Assets 2012: $64,905,1452012Assets 2013: $81,938,654Liabilities 2013: $11,647,660Net Assets 2013: $70,290,9942013Assets 2014: $88,254,261Liabilities 2014: $10,586,455Net Assets 2014: $77,667,8062014Assets 2015: $77,808,052Liabilities 2015: $10,577,732Net Assets 2015: $67,230,3202015Assets 2016: $80,829,602Liabilities 2016: $11,019,934Net Assets 2016: $69,809,6682016Assets 2017: $87,695,271Liabilities 2017: $10,342,515Net Assets 2017: $77,352,7562017Assets 2018: $91,211,374Liabilities 2018: $10,314,477Net Assets 2018: $80,896,8972018Assets 2019: $96,169,776Liabilities 2019: $9,718,703Net Assets 2019: $86,451,0732019Assets 2020: $96,778,586Liabilities 2020: $9,819,613Net Assets 2020: $86,958,9732020Assets 2021: $117,692,814Liabilities 2021: $8,045,366Net Assets 2021: $109,647,4482021Assets 2022: $109,072,100Liabilities 2022: $6,960,810Net Assets 2022: $102,111,2902022Assets 2023: $112,516,620Liabilities 2023: $6,741,358Net Assets 2023: $105,775,2622023Assets 2024: $115,578,272Liabilities 2024: $6,345,158Net Assets 2024: $109,233,1142024

Highlighted filing

2024

Assets$115,578,272
Liabilities$6,345,158
Net Assets$109,233,114
Open 2024 Filing

Operations Trend

Revenue Growth69th percentile

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

$40M$30M$20M$10M$0-$10MExpenses 2011: $13,083,5932011Expenses 2012: $13,818,6682012Expenses 2013: $14,123,8362013Revenue 2014: $16,978,282Expenses 2014: $14,637,671Net Income 2014: $2,340,6112014Revenue 2015: $17,671,600Expenses 2015: $15,373,034Net Income 2015: $2,298,5662015Revenue 2016: $19,943,799Expenses 2016: $15,736,800Net Income 2016: $4,206,9992016Revenue 2017: $25,572,270Expenses 2017: $17,943,486Net Income 2017: $7,628,7842017Revenue 2018: $30,485,745Expenses 2018: $18,587,887Net Income 2018: $11,897,8582018Revenue 2019: $22,706,487Expenses 2019: $18,339,405Net Income 2019: $4,367,0822019Revenue 2020: $26,056,515Expenses 2020: $18,646,491Net Income 2020: $7,410,0242020Revenue 2021: $29,671,136Expenses 2021: $21,142,013Net Income 2021: $8,529,1232021Revenue 2022: $30,624,972Expenses 2022: $21,410,726Net Income 2022: $9,214,2462022Revenue 2023: $22,922,388Expenses 2023: $23,801,064Net Income 2023: -$878,6762023Revenue 2024: $26,314,247Expenses 2024: $26,445,700Net Income 2024: -$131,4532024

Highlighted filing

2024

Revenue$26,314,247
Expenses$26,445,700
Net Income-$131,453
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$115,578,272
Liabilities
$6,345,158
Net assets
$109,233,114
Revenue
$26,314,247
Expenses
$26,445,700
Net income
-$131,453
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$116$6.35$109$26.3$26.4$0.13
2023Detailed filing. Detailed filing data is available for this year.$113$6.74$106$22.9$23.8$0.88
2022Detailed filing. Detailed filing data is available for this year.$109$6.96$102$30.6$21.4$9.21
2021Detailed filing. Detailed filing data is available for this year.$118$8.05$110$29.7$21.1$8.53
2020Detailed filing. Detailed filing data is available for this year.$96.8$9.82$87.0$26.1$18.6$7.41
2019Detailed filing. Detailed filing data is available for this year.$96.2$9.72$86.5$22.7$18.3$4.37
2018Detailed filing. Detailed filing data is available for this year.$91.2$10.3$80.9$30.5$18.6$11.9
2017Detailed filing. Detailed filing data is available for this year.$87.7$10.3$77.4$25.6$17.9$7.63
2016Detailed filing. Detailed filing data is available for this year.$80.8$11.0$69.8$19.9$15.7$4.21
2015Detailed filing. Detailed filing data is available for this year.$77.8$10.6$67.2$17.7$15.4$2.30
2014Detailed filing. Detailed filing data is available for this year.$88.3$10.6$77.7$17.0$14.6$2.34
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.9$11.6$70.3$14.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.4$11.5$64.9$13.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.5$12.2$63.3$13.1
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$29,175,851
Mission and Program Overview

Mission

To prepare its students for college and for life and to provide an atmosphere in which all members of a diverse school community appreciate and strive for excellence, an atmosphere which nurtures character and foster the development of mind, body, and spirit.

To prepare students for their future and to provide a diverse, engaged, and small school community atmosphere that allows them to strive for excellence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$58,131,232$60,092,984▲ $1,961,752
Land, Buildings, and Equipment, Net$25,851,784$26,272,708▲ $420,924
Savings and Temporary Cash Investments$12,341,724$12,756,886▲ $415,162
Investments Other Securities$11,302,924$12,425,572▲ $1,122,648
Pledges and Grants Receivable$2,182,418$2,082,927▼ $99,491
Prepaid Expenses and Deferred Charges$608,260$820,248▲ $211,988
Receivables From Officers Etc$400,000$0▼ $400,000
Accounts Receivable$95,777$364,231▲ $268,454
Inventories for Sale or Use$24,271$35,366▲ $11,095
Intangible Assets$33,866$24,835▼ $9,031
Cash and Non-Interest-Bearing Accounts$1,250$1,250→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments Program Related$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$112,516,620$115,578,272▲ $3,061,652
Other Assets Total$1,543,114$701,265▼ $841,849
Liabilities
Deferred Revenue$3,103,358$3,094,137▼ $9,221
Tax Exempt Bond Liabilities$2,390,000$1,745,000▼ $645,000
Accounts Payable and Accrued Expenses$715,165$1,003,353▲ $288,188
Other Liabilities$532,835$501,568▼ $31,267
Escrow Account Liability$0$1,100▲ $1,100
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Total Liabilities$6,741,358$6,345,158▼ $396,200
Net Assets / Fund Balance
Net Assets With Donor Restrictions$67,379,481$71,086,907▲ $3,707,426
Net Assets Without Donor Restrictions$38,395,781$38,146,207▼ $249,574
Total Net Assets Fund Balance$105,775,262$109,233,114▲ $3,457,852
Total Liabilities and Net Assets / Fund Balance$112,516,620$115,578,272▲ $3,061,652

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,388,046$25,202,194$48,590,240
Equipment$970,698$4,313,489$5,284,187
Other Land Buildings$972,854$1,085,896$2,058,750
Land$941,110-$941,110
Other Securities$4,150,645--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$67,941,042$350,262▲ $5,495,601$3,812,517$69,907,496
2022$63,910,438$848,157▲ $4,963,654$1,781,207$67,941,042
2021$74,747,303$2,226,603▼ $10,569,084$1,828,170$63,910,438
2020$53,410,657$4,296,614▲ $19,036,195$1,310,055$74,747,303
2019$55,189,838$423,481▼ $15,481$1,507,672$53,410,657
Compensation and Service Providers
Top Officer Pay63rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anthony H SgroHead of School/SecretaryFT$406,669$241,762$648,431
Caroline B SeayCFOO til Nov '23FT$287,972$47,021$334,993
Scott MillerSchool CounselorFT$119,100$54,242$173,342
Jonathan SchwabAssociate Head of SchoolFT$121,584$46,492$168,076
Sherman RobertsFormer Director of HR and OperFT$110,508$46,457$156,965
Ashly MaagDirector of AdvancementFT$126,981$27,426$154,407
Jay BonnerMaster TeacherFT$119,480$33,370$152,850

Board Members and Trustees

NameTitle
Thomas H ShoresChair
Lara GlassCo-Vice-Chair
Scott ShealyCo-Vice-Chair
Alex J HaganTrustee
Casey GallagherTrustee
David M StoverTrustee
Dexter V PerryTrustee
Elizabeth P EwingTrustee
Gaither DeatonTrustee
Guy DixonTrustee
Hyde RussellTrustee
Janet LeyTrustee
Marcellus C ParkerTrustee
Margaret BradleyTrustee
Mary Robinson HervigTrustee
Miya R GrayTrustee
Morgan Mischer WarthTrustee
Oliver G Prince JRTrustee
Rev Dana CorselloTrustee
Walter CoxTrustee
Beth McWilliamsIncoming CFOO
Jose A GonzalezTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Dining Services INCFood Service1402 YORK ROAD, Lutherville, MD 21093$2,119,407
Redefine Facility Cleaningcustodial services1125 Sweeten Creak Rd Ste 20, Asheville, NC 28803$536,936
US Security Associates INCSecurity156 TUNNEL RD, Asheville, NC 28805$424,339
Community Counseling Services Coconsulting527 Madison Ave 5th Floor, New York, NY 10022$390,888
Storbeck Search LLCemployment search2005 Market St 33rd Floor, Philadelphia, PA 19103$250,935
Revenue and Support

Revenue Composition

Contributions and Grants
$2,813,134
Program Service Revenue
$20,414,056
Investment Income
$2,911,637
Other Revenue
$175,420
All Other Contributions
$2,813,134
Change in Net Assets
$-131,453

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 Traded8$29,430Fair Market Value (FMV)
Total Noncash Contributions8$29,430-

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,680,436
Revenue Not Reported on Financial Statements
$4,633,811
Revenue Not Reported on Form 990
$3,494,735
Other Revenue Adjustments
$4,329,070
Total Revenue per Audited Statements
$25,175,171
Total Revenue per Form 990
$26,314,247
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,151,400
Other Expenses$10,812,860
Grants and Similar Amounts Paid$4,481,440
Total Fundraising Expense$1,732,329
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,970,738$958,167$596,403$7,525,308
Grants to Domestic Individuals$3,109,550--$3,109,550
Occupancy$1,826,496$144,575$100,628$2,071,699
Depreciation Depletion$1,894,379$83,009$69,381$2,046,769
Other Employee Benefits$1,373,355$164,591$83,317$1,621,263
Foreign Grants$1,371,890--$1,371,890
Current Officers, Directors, Trustees, and Key Employees$649,392$105,621$64,644$819,657
Pension Plan Contributions$463,805$100,088$51,617$615,510
Payroll Taxes$451,982$72,533$45,147$569,662
Information Technology$192,494$154,947-$347,441
Fees for Service Investment Mgmnt Fees-$304,741-$304,741
Fees for Services Other$1,532$246,280$55,167$302,979
Office Expenses$200,641$84,778$14,412$299,831
Insurance$204,334$15,722$12,958$233,014
Travel$142,163$42,614$37,095$221,872
Other Expenses$94,061$76,964$1,074$172,099
All Other Expenses$51,837$90,966$736$143,539
Conferences and Meetings$93,494--$93,494
Fees for Services Accounting-$59,320-$59,320
Advertising$18,326$27,117$13,003$58,446
Interest-$52,716-$52,716
Fees for Services Legal-$40,782-$40,782
Total Functional Expenses$21,308,249$3,405,122$1,732,329$26,445,700

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,445,700
Total Expenses per Audited Statements$21,717,319
Expenses per Audited Statements$21,659,519
Expenses Not Reported on Financial Statements$4,786,181
Other Expense Adjustments$4,481,440
Expenses Not Reported on Form 990$57,800
International Activity

International Summary

Offices
0
Employees
0
Spending
$28,431,798

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestmentsInvestment Funds00$24,472,035
Sub-Saharan AfricaInvestmentsInvestment Funds00$2,587,873
Europe (Including Iceland and Greenland)GrantmakingFinancial Aid00$656,175
North AmericaGrantmakingFinancial Aid00$397,830
Central America and the CaribbeanGrantmakingFinancial Aid00$249,420
Sub-Saharan AfricaGrantmakingFinancial Aid00$30,250
Middle East and North AfricaGrantmakingFinancial Aid00$26,285
East Asia and the PacificGrantmakingFinancial Aid00$11,930
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Receivables from Officers, Directors, Trustees, and Key Employees$400,000$0▼ $400,000
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Obligation$383,897
Annuity Payable$117,671

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANc Capital Facilities Finance Agency2014-10-16$7,185,000CAPITAL EXPENDITURES

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$7,185,000$0$4,845,000$112,885

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 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
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, Part VI, Line 11B

“The form 990 is prepared by independent accountants, reviewed by the audit committee, and then reviewed by the entire board of trustees prior to filing.”

Form 990, Part VI, Line 12C

“In the event there should arise an actual or potential conflict between the interest of the school and the interest of the trustee or member of the administration, then the trustee or member of the administration involved must disclose the existence of the conflict or possible conflict to the executive committee of the board of trustees and to the head of school.”

Form 990, Part VI, Line 15A

“The head of school's compensation is set by the board's compensation committee with comparability data including benchmark data from the national association of independent schools (nais), the data reported in similar schools' form 990's, and search consultant's feedback. Compensation of officers and key employees is determined by the head of school who uses benchmark data from the national association of independent schools (nais) and other similar schools' form 990's, and salary survey data found on various salary websites.”

Form 990, Part VI, Line 19

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public via the office of the assistant head of school for operations. A public inspection copy of form 990 is also available at guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Asheville School Inc
EIN
56-0530248
In Care Of
% HANES SWINGLE
Phone
8282546345
Address
360 Asheville School Road, Asheville, NC 28806

Signing Officer

Name
Beth McWilliams
Title
Cfoo
Phone
8282546345
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Anthony Sgro
Formed
1900
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
152
Volunteers
100

Preparer

Firm
Smith & Howard Advisory LLC
Address
271 17TH STREET NW SUITE 2100, ATLANTA, GA 30363
Preparer
Sabre J Linahan
Phone
4048746244
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“$152,370 Change in value of Split Interest Agreement”

Financial Statement Notes

Part IV, Line 2B

“THESE ARE FUNDS HELD FOR STUDENTS AND AT THE END OF THE FISCAL YEAR, THE ORGANIZATION DID NOT HAVE ANY ESCROW ARRANGEMENTS ON THE BALANCE SHEET at year-end. PART V THE SCHOOL'S ENDOWMENT FUNDS ARE USED TO SUPPLEMENT INSTRUCTIONAL AND FINANCIAL AID EXPENSES.”

Part X, Line 2

“The School is a tax exempt entity under Section 501(c)(3) of the Internal Revenue Code (the "Code"). Only unrelated business income, as defined by Section 512(a)(1) of the Code, is subject to income taxes. The School annually evaluates all federal and state income tax positions. This process includes an analysis of whether these income tax positions the School takes meet the definition of an uncertain tax position under the Income Taxes Topic of the Financial Accounting Standards Codification. In general, the School is no longer subject to tax examinations for tax years ending before June 30, 2021.”

Part XI, Line 4B

“$4,481,440 : FINANCIAL AID -152,370 : Change in value of Split Interest Agreement ------------- $4,329,070”

Part XII, Line 2B

“Bad debt on prior year pledges: $57,800”

Part XII, Line 4B

“Financial aid: $4,481,440”

Raw XML AppendixShowing 400 of 1,150 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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IRS990/Desc0Asheville School's primary program service is the education of students in grades 9 through 12. Students are entrusted to our care for four transformative years that shape their character and direct their path. Through a rigorous academic curriculum and exploration of co-curricular interests, expectations are set high for our students. Our students graduate fully prepared for college and a life of purpose.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Head of School/Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt1CFOO til Nov '23
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