Civic Intelligence

Town School for Boys

990 • Fiscal year 2018 • EIN 94-1170412

Jul 01, 2017 to Jun 30, 2018 • Filed on Sep 25, 2018

2750 Jackson StreetSan Francisco, CA 94115

(415) 921-3747

Siviq Scores

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

Liabilities / Assets

44th percentile

0.22x

Higher debt load relative to assets than 44% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

70th percentile

0.81x

Higher debt load relative to revenue than 70% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Net Margin

69th percentile

13%

Higher net margin than 69% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

40th percentile

$294,262

Higher top officer pay than 40% of similar nonprofits.

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

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Asset Growth

65th percentile

6.2%

Faster asset growth than 65% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

22nd percentile

-4.4%

Faster revenue growth than 22% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$72,308,262

Up $4,242,989 (+6.2%) from 2017

Net Assets

Up

$56,129,025

Up $3,108,173 (+5.9%) from 2017

Liabilities

Up

$16,179,237

Up $1,134,816 (+7.5%) from 2017

Revenue

Down

$19,974,085

Down $918,031 (-4.4%) from 2017

Expenses

Up

$17,463,913

Up $704,841 (+4.2%) from 2017

Net Income

Down

$2,510,172

Down $1,622,872 (-39%) from 2017

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $37,239,047Liabilities 2011: $3,943,616Net Assets 2011: $33,295,4312011Assets 2012: $37,809,775Liabilities 2012: $3,021,411Net Assets 2012: $34,788,3642012Assets 2013: $43,525,421Liabilities 2013: $3,761,556Net Assets 2013: $39,763,8652013Assets 2014: $57,502,762Liabilities 2014: $13,524,146Net Assets 2014: $43,978,6162014Assets 2015: $67,242,628Liabilities 2015: $19,876,162Net Assets 2015: $47,366,4662015Assets 2016: $65,338,550Liabilities 2016: $16,450,742Net Assets 2016: $48,887,8082016Assets 2017: $68,065,273Liabilities 2017: $15,044,421Net Assets 2017: $53,020,8522017Assets 2018: $72,308,262Liabilities 2018: $16,179,237Net Assets 2018: $56,129,0252018Assets 2019: $71,980,919Liabilities 2019: $13,053,628Net Assets 2019: $58,927,2912019Assets 2020: $81,301,829Liabilities 2020: $12,479,593Net Assets 2020: $68,822,2362020Assets 2021: $88,036,345Liabilities 2021: $12,748,468Net Assets 2021: $75,287,8772021Assets 2022: $94,398,193Liabilities 2022: $26,873,577Net Assets 2022: $67,524,6162022Assets 2023: $99,962,858Liabilities 2023: $28,007,930Net Assets 2023: $71,954,9282023Assets 2024: $105,936,482Liabilities 2024: $29,210,625Net Assets 2024: $76,725,8572024Assets 2025: $117,431,380Liabilities 2025: $30,208,596Net Assets 2025: $87,222,7842025

Highlighted filing

2018

Assets$72,308,262
Liabilities$16,179,237
Net Assets$56,129,025

Operations Trend

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

$40M$30M$20M$10M$0-$10MRevenue 2011: $13,079,082Expenses 2011: $12,845,559Net Income 2011: $233,5232011Revenue 2012: $16,039,991Expenses 2012: $13,545,248Net Income 2012: $2,494,7432012Expenses 2013: $14,472,7332013Revenue 2014: $16,992,077Expenses 2014: $15,336,043Net Income 2014: $1,656,0342014Revenue 2015: $19,929,376Expenses 2015: $16,173,753Net Income 2015: $3,755,6232015Revenue 2016: $18,923,914Expenses 2016: $17,142,410Net Income 2016: $1,781,5042016Revenue 2017: $20,892,116Expenses 2017: $16,759,072Net Income 2017: $4,133,0442017Revenue 2018: $19,974,085Expenses 2018: $17,463,913Net Income 2018: $2,510,1722018Revenue 2019: $20,668,600Expenses 2019: $18,779,183Net Income 2019: $1,889,4172019Revenue 2020: $28,736,475Expenses 2020: $19,321,368Net Income 2020: $9,415,1072020Revenue 2021: $22,685,215Expenses 2021: $21,306,035Net Income 2021: $1,379,1802021Revenue 2022: $22,080,958Expenses 2022: $22,396,078Net Income 2022: -$315,1202022Revenue 2023: $26,679,457Expenses 2023: $24,916,597Net Income 2023: $1,762,8602023Revenue 2024: $27,521,462Expenses 2024: $26,012,135Net Income 2024: $1,509,3272024Revenue 2025: $35,111,965Expenses 2025: $27,606,163Net Income 2025: $7,505,8022025

Highlighted filing

2018

Revenue$19,974,085
Expenses$17,463,913
Net Income$2,510,172
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Sep 25, 2018
Return Version
2017v2.3
Gross Receipts
$20,520,871
Mission and Program Overview

Mission

At town school,learning is prized, love of school is essential,& boyhood is celebrated.town values being a diverse community that nurtures integrity, sensitivity & respect in its boys,& prepares them to become productive & contributing members of an ever-changing world.

At town school, learning is prized, love of school is essential, and boyhood is celebrated.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$36,884,313$41,948,583▲ $5,064,270
Investments Other Securities$22,180,003$24,670,722▲ $2,490,719
Savings and Temporary Cash Investments$5,115,766$3,377,384▼ $1,738,382
Pledges and Grants Receivable$1,843,819$1,126,618▼ $717,201
Other Notes and Loans Receivable, Net$860,000$875,489▲ $15,489
Prepaid Expenses and Deferred Charges$103,295$208,980▲ $105,685
Accounts Receivable$66,176$77,843▲ $11,667
Total Assets$68,065,273$72,308,262▲ $4,242,989
Other Assets Total$1,011,901$22,643▼ $989,258
Liabilities
Other Liabilities$12,379,070$13,409,418▲ $1,030,348
Deferred Revenue$1,307,559$1,621,357▲ $313,798
Accounts Payable and Accrued Expenses$1,357,792$1,148,462▼ $209,330
Total Liabilities$15,044,421$16,179,237▲ $1,134,816
Net Assets / Fund Balance
Unrestricted Net Assets$35,035,312$40,841,178▲ $5,805,866
Permanently Rstr Net Assets$8,860,839$9,890,939▲ $1,030,100
Temporarily Rstr Net Assets$9,124,701$5,396,908▼ $3,727,793
Total Net Assets Fund Balance$53,020,852$56,129,025▲ $3,108,173
Total Liabilities and Net Assets / Fund Balance$68,065,273$72,308,262▲ $4,242,989

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$32,432,874$10,877,194$43,310,068
Other Land Buildings$8,607,586-$8,607,586
Equipment$868,123$1,575,971$2,444,094
Land$40,000-$40,000
Other Securities$249,895--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$12,441,466$1,030,100▲ $807,920$416,432$13,863,054
2016$11,525,238-▲ $1,452,228$536,000$12,441,466
2015$12,080,036$114,679▲ $110,523$780,000$11,525,238
2014$12,253,113-▲ $256,923$430,000$12,080,036
2013$11,137,594-▲ $1,743,122$627,603$12,253,113
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lorri Hamilton DurbinHead of School From July 2017FT$285,808$8,454$294,262
Nancy DotyChief Financial OfficerFT$227,510$31,889$259,399
Brewster ElyFormer Head of School-$250,000$250,000$250,000
Lila B LohrHead of School (through June 2017)FT$225,271-$225,271
Kristen BarbaricsDirector of DevelopmentFT$169,923$26,396$196,319
Jennifer WarrenLower School DirectorFT$141,172$23,555$164,727
Flora Mugambi-mutungaDirector of Community Building and InclusionFT$140,873$23,109$163,982
Flora Mugambi-mutungaDirector of Community Building and I-$140,873$23,109$163,982
Edgar LiuNetwork AdministratorFT$141,500$15,412$156,912
Sarah Brooke JenkinsDirector of AdmissionsFT$128,560$22,087$150,647

Board Members and Trustees

NameTitle
Julie AshleyChair
Jugdeep BalVice-chairman
Alec PerkinsBoard Member
Alexander WongBoard Member
Amy FelsenthalBoard Member
Anna MorfitBoard Member
Carrie WheelerBoard Member
Eric TempleBoard Member
F Montgomery WoodsBoard Member
Jeana ToneyBoard Member
Kathryn NyropBoard Member
Kelly SterembergBoard Member
Krista MoatzBoard Member
Lucy Hume-koukopoulosBoard Member
Mary ReadBoard Member
Ned SegalBoard Member
Nellie LevchinBoard Member
Pam BurkeBoard Member
Rich PetersonBoard Member
Roberto CharvelBoard Member
Tomoko FortuneBoard Member
Traci GaleBoard Member
Ward WaltemathBoard Member
Will BartlettBoard Member
Ann ChenSecretary
Robert PedreroTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Acre Gourmet INCCatering ServicesPOBOX 29116, San Francisco, CA 94116$817,232
N & C MaintenanceJanitorial Services2517 WHITETAIL DR, Antioch, CA 94531$257,344
Mkthink Roundhouse OneArchitectural Services1500 SANSOME STREET, San Francisco, CA 94111$187,284
Global Gourmet CateringEvent Catering1030 ILLINOIS STREET, San Francisco, CA 94107$154,889
Revenue and Support

Revenue Composition

Contributions and Grants
$4,692,465
Program Service Revenue
$14,227,691
Investment Income
$908,321
Other Revenue
$145,608
All Other Contributions
$4,508,408
Change in Net Assets
$2,510,172

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,974,085
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-1,266,132
Total Revenue per Audited Statements
$18,707,953
Total Revenue per Form 990
$19,974,085
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,406,271
Other Expenses$5,326,210
Total Fundraising Expense$1,745,782
Grants and Similar Amounts Paid$1,731,432
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Comp Disqual Persons$5,955,634$273,818$396,717$6,626,169
Grants to Domestic Individuals$1,731,432--$1,731,432
Current Officers, Directors, Trustees, and Key Employees$773,032$503,557$434,028$1,710,617
Depreciation Depletion$1,275,775$73,320$117,314$1,466,409
Other Employee Benefits$1,185,164$98,404$161,309$1,444,877
All Other Expenses$799,227$62,821$140,939$1,002,987
Payroll Taxes$504,125$58,242$62,241$624,608
Interest-$369,736-$369,736
Fees for Services Other$244,272$31,111$18,536$293,919
Other Expenses$119,086$91,767$259,275$259,275
Office Expenses$171,923$9,881$15,809$197,613
Information Technology$133,266$7,480$11,968$152,714
Insurance$76,507$4,397$7,035$87,939
Fees for Services Legal-$51,718-$51,718
Conferences and Meetings-$35,251-$35,251
Fees for Service Investment Mgmnt Fees-$29,153-$29,153
Fees for Services Accounting-$27,100-$27,100
Total Functional Expenses$13,985,269$1,732,862$1,745,782$17,463,913

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$17,463,913
Total Expenses per Audited Statements$15,599,780
Expenses per Audited Statements$15,387,170
Expenses Not Reported on Financial Statements$2,076,743
Other Expense Adjustments$2,076,743
Expenses Not Reported on Form 990$212,610
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$546,748
Fundraising Direct Expenses$271,320
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
2017 Fall Fundraiser$772,340$588,283$27,440$560,843
Total Events$772,340$588,283$271,321$316,962
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loans Payable$13,403,418
Capital Lease Obligation$6,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
CCalifornia Statewide Communities Development Authority2013-08-01$10,000,000Construction, improvement & equipping of school facility
ACalifornia Statewide Communities Development Authority2013-08-01$5,000,000Construction, improvement & equipping of school facility
BCalifornia Statewide Communities Development Authority2013-08-01$4,000,000Construction, improvement & equipping of school facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$10,000,000---
A$5,000,000-$4,008,488-
B$4,000,000-$4,000,000-

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
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

By resolution of the board of directors, the audit committee of the board will review the tax return on behalf of the board.

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

On an annual basis, all trustees are provided a copy of the conflict of interest disclosure statement. This disclosure statement must be completed and returned to the chair of the committee of trustees by october 1 of each year for review by the executive committee. Should a member of the executive committee be the subject of a possible conflict of interest, that member will excuse himself/herself from the room during committee discussion and any voting regarding that conflict. All new trustees must complete the disclosure statement prior to assuming their duties for the school. The executive committee submits an annual confidential report to the board of trustees regarding any trustee conflicts of interest and their resolution.

Form 990, Part VI, Section B, Line 15

In september, 2015, the school requested a custom benchmark study from the national association of independent schools (nais) for compensation data from member schools of nais and the california association of independent schools (cais). In addition, the custom study included a group of 15 leading independent schools located in high cost of living communities. The executive committee used the data from this study to determine the appropriate compensation package for the new interim head of school. For other key employees, the head of school reviews data annually from the statistics produced by both cais and the independent schools business officers association (cal-isboa) for comparable compensation data for similarly qualified persons.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Town School for Boys
EIN
94-1170412
Phone
4159213747
Address
2750 JACKSON STREET, SAN FRANCISCO, CA 94115

Signing Officer

Name
Nancy Doty
Title
Chief Financial Officer
Phone
4159213747
Signed
2018-09-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nancy Doty
Formed
1939
Legal Domicile
CA
Voting Board Members
27
Independent Board Members
26
Employees
182
Volunteers
200

Preparer

Firm
Squar Milner Llp
Address
135 MAIN STREET 9TH FLOOR, SAN FRANCISCO, CA 94105-1815
Preparer
Deborah Kaminski
Phone
4157812500
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 2C

Audit committee oversight--the organization maintains an audit committee to oversee the process and determine the selection method whenever there is a change in auditor. There was no change this year.

Financial Statement Notes

PART V, LINE 4:

The school's endowments consist of three individual funds established for a variety of purposes (the endowment fund). Its endowment includes both donor-restricted endowment funds and funds designated by the board to function as endowments. The endowment net asset composition by type of fund are as follows: donor-restricted endowment funds: faculty compensation tuition assistance faculty enrichment

PART X, LINE 2:

The school is exempt from federal and state income taxes under the internal revenue code section 501(c)(3) and by the california revenue and taxation code 23701d. Accordingly, it has not provided for income taxes in these consolidated financial statements. Town school properties, llc is a pass-through entity for income tax reporting purposes and, accordingly, does not pay tax on its taxable income. Instead, income or loss is reported on the tax returns of the school. The entity is subject to a minimum franchise tax for the state of california. Each year, management considers whether any material tax position the organization has taken is more likely than not to be sustained upon examination by the applicable taxing authority. Management believes that any positions the organization has taken are supported by substantial authority, and hence, do not need to be measured or disclosed in these consolidated financial statements. Tax returns subsequent to june 30, 2012 are subject to examination by federal and state tax authorities.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Tuition assistance -1,731,432. Rental expenses 212,610. Investment management fees -29,153. Parents association & clothes closet expenses -316,158. Fall fundraiser

PART XII, LINE 2D - OTHER ADJUSTMENTS:

RENTAL EXPENSES 212,610.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Tuition assistance 1,731,432. Investment management fees 29,153. Parents association & clothes closet expenses 316,158.

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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/Form990PartVIISectionAGrp/TitleTxt0CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26HEAD OF SCHOOL (THROUGH JUNE 2017)
IRS990/Form990PartVIISectionAGrp/TitleTxt27HEAD OF SCHOOL FROM JULY 2017
IRS990/Form990PartVIISectionAGrp/TitleTxt28CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt30LOWER SCHOOL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31NETWORK ADMINISTRATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32DIRECTOR OF COMMUNITY BUILDING AND INCLUSION
IRS990/Form990PartVIISectionAGrp/TitleTxt33DIRECTOR OF ADMISSIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt34FORMER HEAD OF SCHOOL
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$117$30.2$87.2$35.1$27.6$7.51
2024Detailed filing. Detailed filing data is available for this year.$106$29.2$76.7$27.5$26.0$1.51
2023Detailed filing. Detailed filing data is available for this year.$100.0$28.0$72.0$26.7$24.9$1.76
2022Detailed filing. Detailed filing data is available for this year.$94.4$26.9$67.5$22.1$22.4$0.32
2021Detailed filing. Detailed filing data is available for this year.$88.0$12.7$75.3$22.7$21.3$1.38
2020Detailed filing. Detailed filing data is available for this year.$81.3$12.5$68.8$28.7$19.3$9.42
2019Detailed filing. Detailed filing data is available for this year.$72.0$13.1$58.9$20.7$18.8$1.89
2018Detailed filing. Detailed filing data is available for this year.$72.3$16.2$56.1$20.0$17.5$2.51
2017Detailed filing. Detailed filing data is available for this year.$68.1$15.0$53.0$20.9$16.8$4.13
2016Detailed filing. Detailed filing data is available for this year.$65.3$16.5$48.9$18.9$17.1$1.78
2015Detailed filing. Detailed filing data is available for this year.$67.2$19.9$47.4$19.9$16.2$3.76
2014Summary only. Only limited summary data is available for this year.$57.5$13.5$44.0$17.0$15.3$1.66
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.5$3.76$39.8$14.5
2012Summary only. Only limited summary data is available for this year.$37.8$3.02$34.8$16.0$13.5$2.49
2011Summary only. Only limited summary data is available for this year.$37.2$3.94$33.3$13.1$12.8$0.23