Civic Intelligence

Lakeside School

990 • Fiscal year 2022 • EIN 91-0564971

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 17, 2023

Refreshing map…

14050 1st Ave NESeattle, WA 98125

(206) 368-3610

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.09x

Higher debt load relative to assets than 23% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

54th percentile

0.55x

Higher debt load relative to revenue than 54% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Net Margin

78th percentile

20%

Higher net margin than 78% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

48th percentile

$786,406

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

32nd percentile

-7.6%

Faster asset growth than 32% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

79th percentile

17%

Faster revenue growth than 79% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Assets

Down

$394,164,521

Down $32,340,520 (-7.6%) from 2021

Net Assets

Down

$358,369,723

Down $33,945,029 (-8.7%) from 2021

Liabilities

Up

$35,794,798

Up $1,604,509 (+4.7%) from 2021

Revenue

Up

$65,054,128

Up $9,315,041 (+17%) from 2021

Expenses

Up

$52,217,970

Up $3,408,651 (+7.0%) from 2021

Net Income

Up

$12,836,158

Up $5,906,390 (+85%) from 2021

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2011: $255,783,370Liabilities 2011: $5,991,478Net Assets 2011: $249,791,8922011Assets 2012: $248,467,801Liabilities 2012: $6,466,653Net Assets 2012: $242,001,1482012Assets 2013: $272,213,177Liabilities 2013: $8,439,241Net Assets 2013: $263,773,9362013Assets 2014: $297,487,254Liabilities 2014: $7,681,761Net Assets 2014: $289,805,4932014Assets 2015: $292,907,029Liabilities 2015: $7,988,349Net Assets 2015: $284,918,6802015Assets 2016: $279,342,002Liabilities 2016: $6,859,780Net Assets 2016: $272,482,2222016Assets 2017: $305,244,171Liabilities 2017: $6,754,420Net Assets 2017: $298,489,7512017Assets 2018: $319,207,467Liabilities 2018: $7,730,423Net Assets 2018: $311,477,0442018Assets 2019: $330,077,263Liabilities 2019: $8,115,687Net Assets 2019: $321,961,5762019Assets 2020: $324,867,505Liabilities 2020: $7,911,892Net Assets 2020: $316,955,6132020Assets 2021: $426,505,041Liabilities 2021: $34,190,289Net Assets 2021: $392,314,7522021Assets 2022: $394,164,521Liabilities 2022: $35,794,798Net Assets 2022: $358,369,7232022Assets 2023: $445,547,196Liabilities 2023: $38,688,590Net Assets 2023: $406,858,6062023Assets 2024: $496,836,195Liabilities 2024: $41,758,388Net Assets 2024: $455,077,8072024Assets 2025: $590,461,413Liabilities 2025: $48,077,527Net Assets 2025: $542,383,8862025

Highlighted filing

2022

Assets$394,164,521
Liabilities$35,794,798
Net Assets$358,369,723

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2011: $33,528,6662011Revenue 2012: $39,163,093Expenses 2012: $33,768,257Net Income 2012: $5,394,8362012Expenses 2013: $36,056,9392013Revenue 2014: $35,889,434Expenses 2014: $37,059,512Net Income 2014: -$1,170,0782014Revenue 2015: $48,215,224Expenses 2015: $38,764,559Net Income 2015: $9,450,6652015Revenue 2016: $37,190,570Expenses 2016: $40,140,212Net Income 2016: -$2,949,6422016Revenue 2017: $42,259,417Expenses 2017: $40,133,538Net Income 2017: $2,125,8792017Revenue 2018: $47,363,008Expenses 2018: $41,409,542Net Income 2018: $5,953,4662018Revenue 2019: $65,453,071Expenses 2019: $45,293,186Net Income 2019: $20,159,8852019Revenue 2020: $55,354,841Expenses 2020: $46,043,586Net Income 2020: $9,311,2552020Revenue 2021: $55,739,087Expenses 2021: $48,809,319Net Income 2021: $6,929,7682021Revenue 2022: $65,054,128Expenses 2022: $52,217,970Net Income 2022: $12,836,1582022Revenue 2023: $78,894,742Expenses 2023: $54,924,516Net Income 2023: $23,970,2262023Revenue 2024: $77,043,473Expenses 2024: $58,709,894Net Income 2024: $18,333,5792024Revenue 2025: $125,339,252Expenses 2025: $62,665,662Net Income 2025: $62,673,5902025

Highlighted filing

2022

Revenue$65,054,128
Expenses$52,217,970
Net Income$12,836,158
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 17, 2023
Return Version
2021v4.2
Gross Receipts
$73,392,691
Mission and Program Overview

Mission

The mission of lakeside school is to develop in intellectually capable young people the creative minds, healthy bodies, and ethical spirits needed to contribute wisdom, compassion, and leadership to a global society. We provide a rigorous, dynamic academic program through which effective educators lead students to take responsibility for learning. We are committed to sustaining a school in which individuals representing diverse cultures and experiences instruct one another in the meaning and value of community and in the joy and importance of lifelong learning.

To educate students in grades 5-12.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$181,970,764$178,923,077▼ $3,047,687
Investments in Publicly Traded Securities$138,118,813$112,773,397▼ $25,345,416
Land, Buildings, and Equipment, Net$58,623,272$58,529,118▼ $94,154
Accounts Receivable$25,395,482$26,353,127▲ $957,645
Cash and Non-Interest-Bearing Accounts$7,170,628$6,680,115▼ $490,513
Savings and Temporary Cash Investments$8,709,508$6,057,848▼ $2,651,660
Pledges and Grants Receivable$5,023,025$2,730,183▼ $2,292,842
Prepaid Expenses and Deferred Charges$1,336,040$1,884,443▲ $548,403
Inventories for Sale or Use$27,661$34,793▲ $7,132
Total Assets$426,505,041$394,164,521▼ $32,340,520
Other Assets Total$129,848$198,420▲ $68,572
Liabilities
Deferred Revenue$29,145,182$30,080,712▲ $935,530
Accounts Payable and Accrued Expenses$3,573,066$4,191,825▲ $618,759
Escrow Account Liability$978,312$1,004,918▲ $26,606
Other Liabilities$493,729$517,343▲ $23,614
Total Liabilities$34,190,289$35,794,798▲ $1,604,509
Net Assets / Fund Balance
Net Assets With Donor Restrictions$277,340,188$244,757,361▼ $32,582,827
Net Assets Without Donor Restrictions$114,974,564$113,612,362▼ $1,362,202
Total Net Assets Fund Balance$392,314,752$358,369,723▼ $33,945,029
Total Liabilities and Net Assets / Fund Balance$426,505,041$394,164,521▼ $32,340,520

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$50,372,437$24,455,021$74,827,458
Other Land Buildings$1,945,233$5,099,041$7,044,274
Equipment$2,283,476$3,109,446$5,392,922
Land$2,890,168-$2,890,168
Leasehold Improvements$1,037,804$628,652$1,666,456
Other Securities$1,695,018--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$280,694,888$2,332,710▼ $25,581,816$8,482,110$248,963,672
2020$214,462,398$1,759,684▲ $71,980,513$7,507,707$280,694,888
2019$223,288,275$1,052,066▼ $1,442,065$8,435,878$214,462,398
2018$222,568,190$1,579,397▲ $7,551,286$8,410,598$223,288,275
2017$213,709,387$797,396▲ $16,168,833$8,107,426$222,568,190
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bernie NoeHead of SchoolFT$561,850$224,556$786,406
Birage TandonAsst Head of School/CFOFT$320,081$29,316$349,397
Felicia WilksAsst Head of School/upper School DirectorFT$240,939$89,706$330,645
Daiga GalinsDirector of DevelopmentFT$230,267$48,044$278,311
Sue BelcherHead of Downtown SchoolFT$174,336$57,015$231,351
Bryan SmithDirector of Experiential EducationFT$165,102$62,711$227,813
Wellesley WilsonDirector of AdmissionsFT$180,900$30,756$211,656
Reem Abu RahmehMiddle School DirectorFT$180,900$29,429$210,329
Christopher HartleyDirector of AthleticsFT$168,409$22,340$190,749
James BrittoDirector of TechnologyFT$165,800$24,617$190,417
Ari WorthmanDirector of College CounselingFT$169,373$19,745$189,118

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Fidalab LLCCovid Lab Services4242 22ND AVE W, Seattle, WA 98199$1,168,230
Durable Capital Onshore Fund LPInvestment Management5425 WISCONSIN AVE STE 802, Chevy Chase, MD 20815$478,074
Spencer StuartRecruitingPO BOX 98991, Chicago, IL 60693$260,089
Allied Universal Security ServicesSecurity ServicesPO BOX 31001, Pasadena, CA 91110$243,536
US BankInvestment Management1555 N RIVERCENTER DR STE 300, Milwaukee, WI 53212$221,926
Revenue and Support

Revenue Composition

Contributions and Grants
$6,162,931
Program Service Revenue
$39,063,743
Investment Income
$19,421,833
Other Revenue
$405,621
All Other Contributions
$6,162,931
Change in Net Assets
$12,836,158

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 Traded31$1,092,920Fair Market Value
Total Noncash Contributions31$1,092,920-

Audited Revenue Reconciliation

Revenue per Audited Statements
$63,334,999
Revenue Not Reported on Financial Statements
$1,719,129
Revenue Not Reported on Form 990
$-55,625,028
Total Revenue per Audited Statements
$7,709,971
Total Revenue per Form 990
$65,054,128
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$29,626,548
Other Expenses$13,747,581
Grants and Similar Amounts Paid$8,843,841
Total Fundraising Expense$1,029,463
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$18,789,748$2,550,762$483,828$21,824,338
Grants to Domestic Individuals$8,843,841--$8,843,841
Other Employee Benefits$2,396,609$450,901$53,290$2,900,800
Office Expenses$2,356,322$316,631$54,812$2,727,765
Depreciation Depletion$2,570,052$80,313$26,771$2,677,136
Occupancy$2,180,473$104,699$21,671$2,306,843
Current Officers, Directors, Trustees, and Key Employees$464,235$1,284,048$262,752$2,011,035
Fees for Service Investment Mgmnt Fees-$1,719,129-$1,719,129
Fees for Services Other$1,232,838$401,293$19,123$1,653,254
Payroll Taxes$1,366,909$221,084$50,667$1,638,660
Pension Plan Contributions$1,046,647$143,524$30,991$1,221,162
Travel$630,778$52,922$17$683,717
Information Technology$461,869$116,666$2,337$580,872
Insurance$359,118$10,663$3,555$373,336
Conferences and Meetings$243,136$23,547$137$266,820
Fees for Services Accounting-$65,264-$65,264
Fees for Services Legal-$54,623-$54,623
Comp Disqual Persons$30,553--$30,553
Advertising$741$27,302-$28,043
All Other Expenses$5,299$11,520$3,067$19,886
Other Expenses$52,500$2,527$16,445$2,527
Total Functional Expenses$43,328,070$7,860,437$1,029,463$52,217,970

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$52,217,970
Expenses per Audited Statements$41,655,000
Total Expenses per Audited Statements$41,655,000
Expenses Not Reported on Financial Statements$10,562,970
Other Expense Adjustments$8,843,841
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
21
Spending
$43,281,150

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestmentsN/a00$33,713,595
Europe (including Iceland & Greenland)InvestmentsN/a00$9,404,980
Central America and the CaribbeanProgram ServicesCommunity Service and Cultural Immersion012$95,916
North AmericaProgram ServicesCommunity Service and Cultural Immersion09$66,659
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Mary Anne ChristySee Part VEmploymentNo$30,553
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Current Liabilities$517,343
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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 11B

The committee of the board is responsible for overseeing the school's assets, reviews a public disclosure copy of the form 990 with the external tax preparer and then votes to accept it.

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

All trustees, head of school, asst head of school/cfo, asst head of school/upper school director, head of downtown school, middle school director, director of development, director of admissions fill out and sign a document asserting they have read and understood the policy and disclosing their compliance. A committee of the board reviews the annual written statements. The same committee responds to any indication of non-compliance. Any time there is a conflict of interest, the individual is excused from the vote on the issue.

Form 990, Part VI, Section B, Line 15

The current head of school signed his fifth 5-year contract beginning july 1, 2018, based on a compensation review benchmarked against national peer schools. In december 2020, the head of school announced his retirement at the end of the 2021-2022 school year. After a global search, a new head of school has been appointed on a 5-year contract beginning july 5, 2022. Compensation includes annual base pay, annual bonus, signing bonus that vests over the term of the contract, and other benefits based on national and global compensation benchmarking done by the executive search firm, spencer stuart.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Lakeside School
EIN
91-0564971
Phone
2063683610
Address
14050 1ST AVE NE, SEATTLE, WA 98125

Signing Officer

Name
Birage Tandon
Title
Asst. Head of School/CFO
Phone
2063683610
Signed
2023-01-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kai Bynum
Formed
1923
Legal Domicile
Wa
Voting Board Members
18
Independent Board Members
17
Employees
517
Volunteers
168

Preparer

Firm
Clark Nuber Ps
Address
10900 NE 4TH STREET SUITE 1400, BELLEVUE, WA 98004
Preparer
Sara Elizabeth H Jones
Phone
4254544919
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 6:

Volunteers provide support across many areas of the school, such as the volunteer board of trustees, fundraising committees, extracurricular student activities, parents and guardians association (pga) activities, and more. For the 2021/2022 calendar year we had approximately 150 volunteers that were part of pga board members along with committee chairs, leadership roles and also supported the roar auction.

Form 990, Part V, Line 3B

Form 990-t will be filed after form 990. Lakeside school is invested in many pass-through investments that generate schedule k-1s. The form 990-t will be prepared once all the k-1s are received.

FORM 990, PART XI, LINE 9:

Change in value of trusts 33,616.

Financial Statement Notes

PART IV, LINE 2B:

Lakeside's agency funds represent a variety of accounts that the school maintains for student, alumni, and parent organizations. The funds are generally maintained by the school and the treasurer/administrator of the organization/club deposits and withdraws funds from lakeside as needed.

PART V, LINE 4:

The earnings are designated for the following purposes: financial aid for students, educational programs, employee compensation and professional growth, purchase and/or preservation of fixed assets, and general operations of the school.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial aid -8,843,841. Change in value of trusts 33,616.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 8,843,841.

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IRS990/Desc0LAKESIDE SCHOOL CONTINUES ITS FOCUS ON THE CORE ELEMENTS OF ITS MISSION OF ACADEMIC EXCELLENCE, DIVERSITY, AND GLOBAL EDUCATION TO PROVIDE A WORLD CLASS EDUCATION FOR THE 21ST CENTURY. IN ADDITION TO ITS COMPREHENSIVE SCHOOL-YEAR PROGRAM, IT OFFERS A RICH ARRAY OF SUMMER ACADEMIC COURSES AND ATHLETIC CAMPS AS WELL AS THE LAKESIDE EXPERIENTIAL EDUCATIONAL PROGRAM (LEEP), WHICH SERVES RISING 6TH AND 9TH GRADERS IN THE SEATTLE PUBLIC SCHOOLS TO PROVIDE GREATER ACCESS TO LAKESIDE'S CAMPUS AND OPPORTUNITIES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2IMMEDIATE PAST CHAIR, TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4HONORARY TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt19ASST HEAD OF SCHOOL/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt20HEAD OF DOWNTOWN SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt21ASST HEAD OF SCHOOL/UPPER SCHOOL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt23MIDDLE SCHOOL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR OF ADMISSIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR OF EXPERIENTIAL EDUCATION
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF ATHLETICS
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR OF TECHNOLOGY
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR OF COLLEGE COUNSELING
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$590$48.1$542$125$62.7$62.7
2024Summary only. Only limited summary data is available for this year.$497$41.8$455$77.0$58.7$18.3
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$446$38.7$407$78.9$54.9$24.0
2022Detailed filing. Detailed filing data is available for this year.$394$35.8$358$65.1$52.2$12.8
2021Detailed filing. Detailed filing data is available for this year.$427$34.2$392$55.7$48.8$6.93
2020Detailed filing. Detailed filing data is available for this year.$325$7.91$317$55.4$46.0$9.31
2019Summary only. Only limited summary data is available for this year.$330$8.12$322$65.5$45.3$20.2
2018Detailed filing. Detailed filing data is available for this year.$319$7.73$311$47.4$41.4$5.95
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$305$6.75$298$42.3$40.1$2.13
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$279$6.86$272$37.2$40.1$2.95
2015Detailed filing. Detailed filing data is available for this year.$293$7.99$285$48.2$38.8$9.45
2014Detailed filing. Detailed filing data is available for this year.$297$7.68$290$35.9$37.1$1.17
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$272$8.44$264$36.1
2012Summary only. Only limited summary data is available for this year.$248$6.47$242$39.2$33.8$5.39
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$256$5.99$250$33.5