Tower School In Marblehead Inc
- Assets
- $20.4m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 79
- Location
- Marblehead, MA
- Founding
- 09/1938
- Data as of
- 06/2023
- EIN
- 04-2105750
Organization Overview
Tower School In Marblehead Inc is located in Marblehead, MA. The organization was established in 1938. According to its NTEE Classification (B21) the organization is classified as: Preschools, under the broad grouping of Education and related organizations. As of 06/2023, Tower School In Marblehead Inc employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tower School In Marblehead Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Tower School In Marblehead Inc generated $9.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $10.0m during the year ending 06/2023. While expenses have increased by 1.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
AN INDEPENDENT DAY SCHOOL SERVING PRE-KINDERGARTEN THROUGH GRADE 8.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOOL OPERATES AS A COEDUCATIONAL INDEPENDENT DAY SCHOOL OFFERING A BROAD LIBERAL CURRICULUM FOR GRADES PRE-KINDERGARTEN THROUGH EIGHT. EDUCATED 244 STUDENTS, GRADUATED 26 STUDENTS AND PLACED THEM IN NUMEROUS QUALITY PUBLIC AND PRIVATE SECONDARY SCHOOLS.
THE SUMMER PROGRAM AT TOWER SCHOOL OFFERS A VARIETY OF PROGRAMS FOR CHILDREN AGES 3-16, INCLUDING ART, TECHNOLOGY, ROBOTICS, AND ADVENTURE CAMPS. IN JULY 2022, TOWER SCHOOL OUTSOURCED THE SUMMER CAMP PROGRAM TO ISLAND ROOTS CAMP GROUP AND TOWER SCHOOL RECEIVES A PROFIT SHARING.
PARENTS ASSOCIATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Bracken Trustee | Trustee | 1 | $0 |
Ruth Du Moulin Trustee | Trustee | 1 | $0 |
Beth Peabody Trustee | Trustee | 1 | $0 |
Jay Stella Trustee | Trustee | 1 | $0 |
Eric Gyllenborg Trustee | Trustee | 1 | $0 |
Stephen Ainlay Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quirk Construction Corp Backyard Improvement Project | 6/29/20 | $1,247,382 |
Me O'brien And Sons Inc Backyard Landscaping Project | 6/29/20 | $284,469 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $271,378 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $271,378 |
| Total Program Service Revenue | $9,180,094 |
| Investment income | $189,171 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $134,785 |
| Net Gain/Loss on Asset Sales | $37,568 |
| Net Income from Fundraising Events | $900 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,853,687 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,161,470 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $437,769 |
| Compensation of current officers, directors, key employees. | $141,074 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,812,368 |
| Pension plan accruals and contributions | $182,864 |
| Other employee benefits | $1,097,267 |
| Payroll taxes | $303,939 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,978 |
| Fees for services: Accounting | $35,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,178 |
| Fees for services: Other | $303,847 |
| Advertising and promotion | $18,958 |
| Office expenses | $73,383 |
| Information technology | $65,975 |
| Royalties | $0 |
| Occupancy | $232,435 |
| Travel | $47,746 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $166,111 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $563,301 |
| Insurance | $64,707 |
| All other expenses | $7,463 |
| Total functional expenses | $9,981,472 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,457,292 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $23,065 |
| Accounts receivable, net | $4,224,400 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $91,114 |
| Net Land, buildings, and equipment | $8,534,833 |
| Investments—publicly traded securities | $5,961,260 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $89,900 |
| Other assets | $0 |
| Total assets | $20,381,864 |
| Accounts payable and accrued expenses | $664,809 |
| Grants payable | $0 |
| Deferred revenue | $6,438,184 |
| Tax-exempt bond liabilities | $4,917,783 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $88,073 |
| Total liabilities | $12,108,849 |
| Net assets without donor restrictions | $6,746,179 |
| Net assets with donor restrictions | $1,526,836 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $20,381,864 |