Choate Rosemary Hall Foundation Incorporated
- Assets
- $824.9m
- Revenue
- $80.6m
- Investments
- $513.3m
- Employees
- 545
- Location
- Wallingford, CT
- Founding
- 02/1975
- Data as of
- 06/2021
- EIN
- 06-0910420
Organization Overview
Choate Rosemary Hall Foundation Incorporated, operating under the name Choate Rosemary Hall, is located in Wallingford, CT. The organization was established in 1975. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2021, Choate Rosemary Hall employed 545 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choate Rosemary Hall 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 06/2021, Choate Rosemary Hall generated $80.6m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $83.8m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A QUALITY SECONDARY INDEPENDENT SCHOOL EDUCATION TO APPROXIMATELY 850 STUDENTS PER YEAR.
Describe the Organization's Program Activity:
THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 850 STUDENTS, GENERATING OVER $35 MILLION OF NET TUITION AND FEES, THROUGH THE EFFORTS OF DEDICATED FACULTY AND STAFF.
THE SCHOOL MAINTAINS ABOUT 1.4 MILLION SQUARE FEET OF RESIDENTIAL, ACADEMIC AND ATHLETIC SPACE FOR A COMMUNITY OF OVER 1,000 MEMBERS. THE MAJORITY OF THIS EXPENSE REFLECTS THE DEPRECIATION ON THE SCHOOL PROPERTY, PLANT AND EQUIPMENT, WHICH HAS A CURRENT ACCOUNTING VALUE OF $184.7 MILLION.
THE SCHOOL DISCOUNTS TUITION IN THE FORM OF FINANCIAL AID AT AN APPROXIMATE RATE OF 25% IN AN EFFORT TO RECRUIT AND RETAIN THE MOST TALENTED STUDENT BODY. THE SCHOOL RECOGNIZES THAT A DIVERSE STUDENT BODY BETTERS THE OVERALL EXPERIENCE FOR ALL INVOLVED, AND THAT WHILE NOT EVERYONE CAN CONTRIBUTE FINANCIALLY IN TERMS OF TUITION, EVERYONE HAS SOMETHING TO OFFER THE CHOATE ROSEMARY HALL COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alexander D Curtis Head Of School | OfficerTrustee | 60 | $496,819 |
Daniel Courcey Exec Dir Of Development | Officer | 60 | $353,733 |
Kathleen Wallace Associate Head Of School (until 6/21) | 40 | $213,720 | |
Mark Capello Director Of Facilities (until 9/20) | 40 | $188,862 | |
Douglas Wolff Faculty (until 6/20) | 40 | $188,501 | |
Miriam Cohen Jennings Medical Director | 40 | $178,740 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turner Construction Co Construction | 6/29/21 | $6,244,849 |
Shawmut Design & Construction Construction | 6/29/21 | $1,939,485 |
Abm Janitorial Services Campus Janitorial Services | 6/29/21 | $1,866,215 |
Bowie Gridley Architects Architectural Design | 6/29/21 | $1,693,500 |
Sage Dining Services Inc Food Service | 6/29/21 | $1,407,101 |
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 | $20,231,121 |
| Noncash contributions included in lines 1a–1f | $3,791,294 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,231,121 |
| Total Program Service Revenue | $52,527,940 |
| Investment income | $2,965,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,851,397 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$4,175 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,573,016 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,162,092 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,511,761 |
| Compensation of current officers, directors, key employees. | $502,097 |
| Compensation to disqualified persons | $45,916 |
| Other salaries and wages | $22,350,361 |
| Pension plan accruals and contributions | $2,889,484 |
| Other employee benefits | $5,047,662 |
| Payroll taxes | $1,610,520 |
| Fees for services: Management | $5,840,976 |
| Fees for services: Legal | $362,492 |
| Fees for services: Accounting | $84,204 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,442,373 |
| Fees for services: Other | $4,013,524 |
| Advertising and promotion | $35,491 |
| Office expenses | $1,672,948 |
| Information technology | $233,753 |
| Royalties | $1,333 |
| Occupancy | $1,820,398 |
| Travel | $263,496 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $70,315 |
| Interest | $1,104,661 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,912,339 |
| Insurance | $1,430,568 |
| All other expenses | $30,859 |
| Total functional expenses | $83,758,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $35,944,841 |
| Pledges and grants receivable | $24,075,343 |
| Accounts receivable, net | $26,773,033 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,440 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $685,706 |
| Net Land, buildings, and equipment | $184,723,812 |
| Investments—publicly traded securities | $39,268,577 |
| Investments—other securities | $513,256,181 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $190,430 |
| Total assets | $824,930,363 |
| Accounts payable and accrued expenses | $8,013,990 |
| Grants payable | $0 |
| Deferred revenue | $40,218,862 |
| Tax-exempt bond liabilities | $38,085,081 |
| 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 | $2,831,274 |
| Total liabilities | $89,149,207 |
| Net assets without donor restrictions | $312,579,356 |
| Net assets with donor restrictions | $423,201,800 |
| 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 | $824,930,363 |
Grants Recieved
Over the last fiscal year, we have identified 50 grants that Choate Rosemary Hall Foundation Incorporated has recieved totaling $3,339,377.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $1,017,500 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $622,117 |
Kohler Trust For Preservation Kohler, WI PURPOSE: CHOATE ROSEMARY HALL | $300,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Education | $251,000 |
Kohler Trust For The Arts And Education Kohler, WI PURPOSE: ENDOWMENT FOR KOHLER ENVIRONMENTAL CENTER | $250,000 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: SCHOLARSHIPS & FINANCIAL AID | $170,200 |
Endowment Analysis
| Beg. Balance | $396,252,198 |
| Earnings | $124,127,247 |
| Admin Expense | $3,385,246 |
| Net Contributions | $10,456,833 |
| Other Expense | $12,630,465 |
| Grants | $6,159,519 |
| Ending Balance | $508,661,048 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Trustees Of Phillips Academy Andover, MA | $1,957,778,755 | $191,095,685 |
Choate Rosemary Hall Foundation Incorporated Wallingford, CT | $824,930,363 | $80,573,016 |
Hotchkiss School Lakeville, CT | $832,226,197 | $135,336,667 |
Trustees Of Deerfield Academy Deerfield, MA | $1,009,854,595 | $87,019,997 |
Taft School Corporation Watertown, CT | $447,949,060 | $83,525,324 |
Northfield Mount Hermon School Mount Hermon, MA | $279,135,089 | $64,524,302 |
Loomis Institute Windsor, CT | $445,458,169 | $66,028,387 |
Noble And Greenough School Dedham, MA | $357,051,555 | $55,304,957 |
Groton School Groton, MA | $519,152,774 | $50,710,312 |
Kent School Corporation Kent, CT | $229,105,384 | $52,388,614 |
Hopkins School Incorporated New Haven, CT | $238,380,739 | $44,795,541 |
Middlesex School Concord, MA | $485,283,896 | $51,739,388 |