Choate Rosemary Hall Foundation Incorporated
- Assets
- $824.9m
- Revenue
- $80.6m
- Investments
- $513.3m
- Employees
- 540
- 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 06/2022, Choate Rosemary Hall employed 540 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 7 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
990
Mission & Program ActivityExcerpts From the 990 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:
Part 3 - Line 4a
THE SCHOOL EDUCATES (ACADEMICALLY, RESIDENTIALLY AND ATHLETICALLY) APPROXIMATELY 850 STUDENTS, GENERATING OVER $39 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 $187.2 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 | $617,394 |
Alexandra B Airth Trustee | Trustee | 2 | $0 |
Danya Alsaady Trustee | Trustee | 2 | $0 |
Kenneth G Bartels Trustee | Trustee | 2 | $0 |
Caroline T Brown Trustee | Trustee | 2 | $0 |
Marc E Brown Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turner Construction Co Construction | 6/29/22 | $12,674,544 |
D'amato Construction Construction | 6/29/22 | $1,381,305 |
Sage Dining Services Inc Food Service | 6/29/22 | $1,986,055 |
Century Design Construction | 6/29/22 | $641,212 |
Abm Janitorial Services Campus Janitorial Services | 6/29/22 | $1,962,274 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,231,121 |
| 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 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 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 | $0 |
| 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 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $735,781,156 |