Civic Intelligence

Rabun Gap-Nacoochee School

990 • Fiscal year 2019 • EIN 58-0593430

Jul 01, 2018 to Jun 30, 2019 • Filed on May 15, 2020

339 Nacoochee DriveRabun Gap, GA 30568

(706) 746-7467

Siviq Scores

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

Liabilities / Assets

45th percentile

0.22x

Higher debt load relative to assets than 45% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

71st percentile

0.87x

Higher debt load relative to revenue than 71% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

15th percentile

-10%

Higher net margin than 15% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

59th percentile

$408,334

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

22nd percentile

-1.4%

Faster asset growth than 22% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

23rd percentile

-7.2%

Faster revenue growth than 23% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Down

$92,997,683

Down $1,323,124 (-1.4%) from 2018

Net Assets

Down

$72,359,170

Down $1,722,026 (-2.3%) from 2018

Liabilities

Up

$20,638,513

Up $398,902 (+2.0%) from 2018

Revenue

Down

$23,755,426

Down $1,849,041 (-7.2%) from 2018

Expenses

Up

$26,133,289

Up $218,084 (+0.8%) from 2018

Net Income

Down

-$2,377,863

Down $2,067,125 (-665%) from 2018

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $86,548,931Liabilities 2010: $26,285,277Net Assets 2010: $60,263,6542010Assets 2011: $92,722,378Liabilities 2011: $25,540,402Net Assets 2011: $67,181,9762011Assets 2012: $85,466,766Liabilities 2012: $22,229,630Net Assets 2012: $63,237,1362012Assets 2013: $88,449,264Liabilities 2013: $22,376,498Net Assets 2013: $66,072,7662013Assets 2014: $95,776,984Liabilities 2014: $21,918,722Net Assets 2014: $73,858,2622014Assets 2015: $95,678,352Liabilities 2015: $22,351,633Net Assets 2015: $73,326,7192015Assets 2016: $90,460,922Liabilities 2016: $22,496,523Net Assets 2016: $67,964,3992016Assets 2017: $94,240,517Liabilities 2017: $21,564,037Net Assets 2017: $72,676,4802017Assets 2018: $94,320,807Liabilities 2018: $20,239,611Net Assets 2018: $74,081,1962018Assets 2019: $92,997,683Liabilities 2019: $20,638,513Net Assets 2019: $72,359,1702019Assets 2020: $88,677,607Liabilities 2020: $19,267,738Net Assets 2020: $69,409,8692020Assets 2021: $105,001,665Liabilities 2021: $23,404,014Net Assets 2021: $81,597,6512021Assets 2022: $105,462,489Liabilities 2022: $24,809,132Net Assets 2022: $80,653,3572022Assets 2023: $107,044,139Liabilities 2023: $25,683,084Net Assets 2023: $81,361,0552023Assets 2024: $111,474,729Liabilities 2024: $26,060,005Net Assets 2024: $85,414,7242024

Highlighted filing

2019

Assets$92,997,683
Liabilities$20,638,513
Net Assets$72,359,170

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $15,498,5552010Revenue 2011: $15,012,266Expenses 2011: $15,639,196Net Income 2011: -$626,9302011Expenses 2012: $15,908,2592012Expenses 2013: $16,722,1932013Revenue 2014: $24,140,927Expenses 2014: $19,312,834Net Income 2014: $4,828,0932014Revenue 2015: $25,451,010Expenses 2015: $20,157,134Net Income 2015: $5,293,8762015Revenue 2016: $17,696,490Expenses 2016: $20,942,519Net Income 2016: -$3,246,0292016Revenue 2017: $22,581,304Expenses 2017: $23,062,796Net Income 2017: -$481,4922017Revenue 2018: $25,604,467Expenses 2018: $25,915,205Net Income 2018: -$310,7382018Revenue 2019: $23,755,426Expenses 2019: $26,133,289Net Income 2019: -$2,377,8632019Revenue 2020: $24,641,351Expenses 2020: $26,317,696Net Income 2020: -$1,676,3452020Revenue 2021: $32,375,355Expenses 2021: $30,260,928Net Income 2021: $2,114,4272021Revenue 2022: $40,793,932Expenses 2022: $31,931,881Net Income 2022: $8,862,0512022Revenue 2023: $32,425,770Expenses 2023: $33,019,475Net Income 2023: -$593,7052023Revenue 2024: $36,235,954Expenses 2024: $33,801,089Net Income 2024: $2,434,8652024

Highlighted filing

2019

Revenue$23,755,426
Expenses$26,133,289
Net Income-$2,377,863
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 15, 2020
Return Version
2018v3.1
Gross Receipts
$38,553,306
Mission and Program Overview

Mission

Rabun gap-nacoochee school prepares young people for college, career and a lifetime of leadership and service. In our beautiful mountain environment, we inspire students to grow in character, intellect and spirit. We value educational accessibility and foster a community of learners whose diversity is honored and reflects the world.

Rabun gap - nacoochee school combines its strong academic program, mountain setting, and presbyterian heritage to inspire young people eager to learn and grow.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$33,478,500$31,321,638▼ $2,156,862
Land, Buildings, and Equipment, Net$24,447,925$28,777,054▲ $4,329,129
Investments Other Securities$5,635,745$5,487,033▼ $148,712
Savings and Temporary Cash Investments$5,351,873$5,369,451▲ $17,578
Prepaid Expenses and Deferred Charges$345,291$549,218▲ $203,927
Pledges and Grants Receivable$1,314,314$330,410▼ $983,904
Cash and Non-Interest-Bearing Accounts$2,002,107$242,067▼ $1,760,040
Accounts Receivable$299,321$115,269▼ $184,052
Inventories for Sale or Use$123,339$54,163▼ $69,176
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$94,320,807$92,997,683▼ $1,323,124
Other Assets Total$21,322,392$20,751,380▼ $571,012
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,765,000$13,825,000▲ $60,000
Deferred Revenue$5,368,102$5,298,596▼ $69,506
Accounts Payable and Accrued Expenses$765,135$1,269,993▲ $504,858
Other Liabilities$341,374$244,924▼ $96,450
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$20,239,611$20,638,513▲ $398,902
Net Assets / Fund Balance
Unrestricted Net Assets$35,809,206$37,016,545▲ $1,207,339
Permanently Rstr Net Assets$33,049,667$32,561,358▼ $488,309
Temporarily Rstr Net Assets$5,222,323$2,781,267▼ $2,441,056
Total Net Assets Fund Balance$74,081,196$72,359,170▼ $1,722,026
Total Liabilities and Net Assets / Fund Balance$94,320,807$92,997,683▼ $1,323,124

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$27,392,825$34,814,693$62,207,518
Equipment$433,506$4,222,197$4,655,703
Other Land Buildings$25,123$2,914,932$2,940,055
Land$925,600-$925,600
Other Assets Org$959,751--
Other Securities$5,487,033--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$42,419,984$195,977▲ $2,220,767$5,339,457$39,497,271
2017$42,348,224$346,812▲ $3,358,685$3,633,737$42,419,984
2016$41,466,660$452,806▲ $4,145,189$3,716,431$42,348,224
2015$43,608,912$883,210▼ $802,566$2,222,896$41,466,660
2014$42,370,711$3,522,636▲ $54,037$2,338,472$43,608,912
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anthony SgroHead of School (-06/30/2020)FT$340,863$67,781$408,644
Paige SpiveyDirector of AdvancementFT$142,284$39,133$181,417
Anne Forrest PrimDirector of HR and OPFT$111,362$42,691$154,053
Jennifer MooreDirector of Budget & FinanceFT$81,869$4,411$86,280

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Food ServiceFood Services222 Bosley Avenue, Towson, MD 21204$1,864,974
Carroll Daniel Construction CoConstruction921 Athens Street, Gainesville, GA 30501$1,574,195
J David Smith LLCLegal Services17 Chechero Street, Clayton, GA 30525$331,767
Cooper CarryArchitecture Design191 Peachtree Street NE Suite 2400, Atlanta, GA 30303$327,445
Spoleto Study AbroadEducation Services10600 Brownsburg Place, Raleigh, NC 27613$283,500
Revenue and Support

Revenue Composition

Contributions and Grants
$2,880,835
Program Service Revenue
$18,418,681
Investment Income
$2,405,104
Other Revenue
$50,806
All Other Contributions
$2,880,835
Change in Net Assets
$-2,377,863

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,785,205
Revenue Not Reported on Financial Statements
$7,970,221
Revenue Not Reported on Form 990
$951,323
Other Revenue Adjustments
$7,849,000
Total Revenue per Audited Statements
$16,736,528
Total Revenue per Form 990
$23,755,426
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,154,957
Other Expenses$9,129,332
Grants and Similar Amounts Paid$7,849,000
Total Fundraising Expense$809,717
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,831,628$1,629,829$235,232$6,696,689
Grants to Domestic Individuals$4,101,634--$4,101,634
Foreign Grants$3,747,366--$3,747,366
Occupancy$669,853$1,146,929$32,436$1,849,218
Depreciation Depletion$1,258,000$391,000$51,000$1,700,000
Current Officers, Directors, Trustees, and Key Employees-$756,097$119,015$875,112
Other Employee Benefits$423,548$406,969$31,181$861,698
Interest$506,975$157,573$20,553$685,101
Office Expenses$392,706$145,681$95,009$633,396
Travel$483,897$45,543$39,850$569,290
Payroll Taxes$267,666$246,253$21,413$535,332
Fees for Services Other$114,080$195,565$16,297$325,942
Insurance$196,189$70,068$14,014$280,271
Other Expenses$146,032$67,399$11,233$224,664
All Other Expenses$146,942$38,164$16,262$201,368
Pension Plan Contributions$135,560$46,591$3,975$186,126
Conferences and Meetings$130,675$7,260$7,260$145,195
Fees for Service Investment Mgmnt Fees-$121,221-$121,221
Advertising$66,074$4,130$12,389$82,593
Fees for Services Legal$10,810$18,532$1,544$30,886
Fees for Services Accounting$9,498$16,283$1,357$27,138
Total Functional Expenses$19,401,570$5,922,002$809,717$26,133,289

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,133,289
Total Expenses per Audited Statements$18,458,554
Expenses per Audited Statements$18,163,068
Expenses Not Reported on Financial Statements$7,970,221
Other Expense Adjustments$7,849,000
Expenses Not Reported on Form 990$295,486
International Activity

International Summary

Spending
$3,803,159

International Compliance

Foreign grant records maintained
Yes
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
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (Including Iceland and Greenland)GrantmakingFinancial Assistance--$1,642,349
Central America and the CaribbeanGrantmakingFinancial Assistance--$785,140
Sub-Saharan AfricaGrantmakingFinancial Assistance--$465,442
North AmericaGrantmakingFinancial Assistance--$306,653
East Asia and the PacificGrantmakingFinancial Assistance--$213,312
South AmericaGrantmakingFinancial Assistance--$184,706
South AsiaGrantmakingFinancial Assistance--$149,764
Europe (Including Iceland and Greenland)Program ServicesStudent Recruitment--$35,980
East Asia and the PacificProgram ServicesStudent Recruitment--$10,807
Central America and the CaribbeanProgram ServicesStudent Recruitment--$5,150
Middle East and North AfricaProgram ServicesStudent Recruitment--$2,671
North AmericaProgram ServicesStudent Recruitment--$1,185
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Lynda Ann LoringSister of John Underwood, TrusteeCompensationNo$62,830

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
Interest Rate Swap$244,924
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, Line 11B

The form 990 will be reviewed by the finance committee of the board and then made available to the entire board prior to filing the return with the Internal Revenue Service.

Form 990, Part VI, Line 12C

On an annual basis all board of trustee members are required to sign a statement that they are independent with respect to the school. Each of the board members makes this affirmative statement with the understanding that the school must maintain a governing body that is acting on behalf of the well-being of the institution.

Form 990, Part VI, Line 15A & 15B

The Board of Trustees and the executive committee review the activities of the Head of School on an annual basis and the use of the criteria established from the prior year to evaluate the effectiveness of the position and set criteria for the coming year. The results are communicated to the head of school along with suggestions for enhancing the experience of students and all employees.

Form 990, Part VI, Line 19

The school makes available for public inspection its tax filings and other information to the public upon request and at its Business office during regular business hours.

Filing and Contact Details

Filer

Filer Name
Rabun Gap-Nacoochee School
EIN
58-0593430
In Care Of
% JENNIFER MOORE
Phone
7067467467
Address
339 Nacoochee Drive, Rabun Gap, GA 30568

Signing Officer

Name
Jennifer Moore
Title
Director of Finance
Phone
7067467722
Signed
2020-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anthony Sgro
Formed
1903
Legal Domicile
Ga
Voting Board Members
22
Independent Board Members
21
Employees
304
Volunteers
200

Preparer

Firm
Smith & Howard Pc
Address
271 17TH STREET NW SUITE 1600, ATLANTA, GA 30363
Preparer
Sabre J Linahan
Phone
4048746244
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4A

Rabun Gap - Nacoochee School (RGNS) educated approximately 583 students from 50 countries and 15 states for the current fiscal year with an average class size of 12. The Middle School had an enrollment of approximately 113 boys and girls. International students comprise approximately 25 percent of the student body. The faculty averages 12.4 years of teaching experience, with an average of 6.3 years at RGNS. Of the 76 classroom teachers and 1 residential faculty, 75 percent hold graduate degrees or higher. Advanced Placement (AP) courses are offered in all academic departments with over 146 students enrolled in an AP course and the majority of the AP candidates received a score of 3 or higher, making them eligible to receive college credit for their work. With approximately 25 clubs and student organizations, students participate in a wide range of activities. Form 990, Part VI, Line 2 Terri Pendergrast (Board Trustee) is the sister of Ritchie Williams (Board Trustee).

Form 990, Part XI, Line 5

Net Unrealized Gain: 1,075,156 Unrealized Gain on Investments 3,246 + UNREALIZED GAIN ON VALUE OF SPLIT INTEREST -------------------------- 1,078,402 = 1,078,402 Unrealized Gain on Investments

Form 990, Part XI, Line 9

96,450 Interest Rate Swap (519,015) + Split Value Interest -------------------------- (422,565) =

Financial Statement Notes

Schedule D, Part V, Line 1

Prior year column (b) changes as a result of the financial statements being restated. Schedule D, Part V, Line 4 Permanently restricted endowment funds are used predominately for financial aid to the students of the school. Board designated endowment funds are for the general operations of the school. Temporarily restricted endowment funds are donor imposed restrictions of either a time constraint or purpose restriction. The school attempts to meet temporary restrictions as soon as possible. All earnings from the endowed funds are utilized to maintain a superior education and facility for all students attending RGNS.

Schedule D, Part X, Line 2

The School is recognized as a School exempt from income taxes 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. During 2019 and 2018, all the activities of the School qualify as exempt activities and do not give rise to unrelated business income. 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. In the normal course of business, the School is subject to examination by the federal and state taxing authorities. In general, the School is no longer subject to tax examinations for tax years ending before June 30, 2016.

Schedule D, Part XI, Line 2D

Net Adjustment: 96,450 + Interest Rate Swap -519,015 + Split Value Interest 92,894 + EXPENSES ASSOC. WITH RENTAL ACTIVITY 202,592 + EXPENSES ASSOC. WITH BOOKSTORE ACTIVITY -------------------------- -127,079 =

Schedule D, Part XI, Line 4B

Net Adjustment: 7,849,000 FINANCIAL AID & SCHOLARSHIPS NETTED WITH INCOME FOR AUDITED FINANCIAL STATEMENTS

Schedule D, Part XII, Line 2D

Net Adjustment: 92,894 Expenses Assoc. with rental activity 202,592 + Expenses Assoc. with bookstore activity -------------------------- 295,486 =

Schedule D, Part XII, line 4B

Net Adjustment: 7,849,000 FINANCIAL AID & SCHOLARSHIPS NETTED WITH INCOME FOR AUDITED FINANCIAL STATEMENTS

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IRS990/Desc0Instruction - Rabun Gap - Nacoochee School is a 115-plus year old independent boarding and day school providing co-education college-preparatory in grades PK4 through twelve that has a historic relationship with the Presbyterian Church. Please refer to schedule O for more details on this program.
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IRS990/Form990PartVIISectionAGrp/TitleTxt24Director of Budget & Finance
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$111$26.1$85.4$36.2$33.8$2.43
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$107$25.7$81.4$32.4$33.0$0.59
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$24.8$80.7$40.8$31.9$8.86
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$23.4$81.6$32.4$30.3$2.11
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.7$19.3$69.4$24.6$26.3$1.68
2019Detailed filing. Detailed filing data is available for this year.$93.0$20.6$72.4$23.8$26.1$2.38
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.3$20.2$74.1$25.6$25.9$0.31
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.2$21.6$72.7$22.6$23.1$0.48
2016Detailed filing. Detailed filing data is available for this year.$90.5$22.5$68.0$17.7$20.9$3.25
2015Detailed filing. Detailed filing data is available for this year.$95.7$22.4$73.3$25.5$20.2$5.29
2014Detailed filing. Detailed filing data is available for this year.$95.8$21.9$73.9$24.1$19.3$4.83
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.4$22.4$66.1$16.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.5$22.2$63.2$15.9
2011Summary only. Only limited summary data is available for this year.$92.7$25.5$67.2$15.0$15.6$0.63
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.5$26.3$60.3$15.5