Putney School INC EIN 03-0179305 Form 990 (PDF) Claim this org

Putney School INC FY2024 filing

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Educates students in a coeducational boarding and day secondary school. For fiscal year 2024 it reported $23.3M in revenue, $20.8M in expenses, and $65.6M in net assets.Pt I

Founded
1935
Type
Public charity (501(c)(3)) · Nonprofit
Location
Putney, VT
Website
www.putneyschool.org
Filings
4 on file (2021–2024)
Revenue
$23.3MFY2024
Expenses
$20.8M
Net assets
$65.6M
People
31
Filings
4
Updates
0
More identity details & actions ⌄
EIN  03-0179305 Public charity (501(c)(3)) Putney, VT Founded 1935
Form 990 (PDF)
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →
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Figures match the IRS filing checked 8/8/26 · see original: IRS
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Size
$10–100M
What they do
Educates students in a coeducational boarding and day secondary school.
Leadership
Daniel O'Brien · Head of School/Trustee · $308K
Money in and out
$23.3M revenue, $20.8M expenses
Bottom line
71% program efficiency
Where the money goes · FY2024
Total revenue
$23.3M
Pt VIII · Ln 12
Total expenses
$20.8M
Pt IX · Ln 25
Net assets
$65.6M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $2.6M
Where spending went · Part IX cols B–D
Program services $0.71 Management & general $0.25 Fundraising $0.04
Program efficiency
71%
of spending reaches programs
Operating runway
25.4mo
months of highly liquid reserves at operating expense rate
Surplus margin
+11%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$23.3M
FY2024▲ +19%
Expenses
$20.8M
FY2024▲ +9%
Total assets
$78.6M
FY2024▲ +7%
Total liabilities
$13.0M
FY2024▲ +9%
Total revenue
$23.3M
Pt VIII · Ln 12
Total expenses
$20.8M
Pt IX · Ln 25
Net assets
$65.6M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$2.6M
Total assetsPt X · Ln 16$78.6M
Program-expense ratioPt IX · col B71%
Voting members of governing bodyPt I · Ln 325
Independent voting membersPt I · Ln 424
Mission & Programs · Part III

Where the work happens

1 program service account for $14.7M of program spending, described in the organization's own filed words · FY2023.
01

The putney school provides an educational program for approximately 165 boarding and 61 day high school students.

$14.7Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPutney School INC
EINHdr · item D03-0179305
Principal addressHdr · item CPutney, VT
WebsiteHdr · item Jwww.putneyschool.org
Year of formationHdr · item L1935
State of legal domicileHdr · item MVT
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFSep 1937

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a25
Independent voting membersPt VI · Ln 1b24
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Head of School/Trustee
$308,064Pt VII · Sec A
Treasurer/CFO (left 10/23)
$208,665Pt VII · Sec A
Director of Admissions
$154,386Pt VII · Sec A
Director of Development
$128,802Pt VII · Sec A
Treasurer/CFO
$125,309Pt VII · Sec A
Director of Technology
$113,040Pt VII · Sec A
$64,290Pt VII · Sec A
Faculty Trustee
$59,017Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021
Daniel O'Brien$318,824$308,064$190,074
Randall Smith$208,665$174,335$154,697$160,100
Emily Jones$112,705$205,341$200,000
Stephanie Harkins$154,903$125,309$106,711
John Barrengos$154,386$135,567$127,844
Kayla Yannatos$129,805$128,802$116,061
Kevin Champney$123,644$101,731
Hugh Montgomery$121,235

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$16.9M · 72%
Contributions & grants$4.3M · 18%
Investment income$2.1M · 9%
Program service revenue72%$16.9M
Contributions & grants18%$4.3M
Investment income9%$2.1M
Other revenue$32K
Total revenueLn 12$23.3M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.71 Management & general $0.25 Fundraising $0.04
Program services71%$14.7M
Management & general25%$5.2M
Fundraising4%$790K
Total functional expensesLn 25$20.8M

Balance Sheet

Part X · end of year
CashLn 1$2.8M
Total assetsLn 16$78.6M
Total liabilitiesLn 26$13.0M
Total net assetsLn 32$65.6M
Months of cash on handcomputed1.6

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $43.6M · Operating expenses (Pt IX) $20.8M · Less non-cash grants $121K · Cash operating expenses/yr $20.6M
25.4 months
Where the money goes
Program services
Program services $14.7M · Total expenses $20.8M
71%
Management & General
Management & general $5.2M · Total expenses $20.8M
25%
Fundraising
Fundraising $790K · Total expenses $20.8M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $821K · Solicited contributions (3-yr avg) $4.0M
$0.21 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $4.3M · Total revenue $23.3M
18%
Government reliance
Government grants — · Total revenue $23.3M
Earned-income share
Program service revenue $16.9M · Total revenue $23.3M
72%
Investment reliance
Investment income $2.1M · Total revenue $23.3M
+9%
Program self-sufficiency
Program service revenue $16.9M · Total expenses $20.8M
81%
Growth & trend
Revenue growth (YoY)
This year $23.3M · Prior year $19.6M
+19%
Net-asset trend (YoY)
End of year $65.6M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $23.3M · Expenses $20.8M
+11%
Liabilities-to-Assets
Total liabilities — · Total assets $78.6M
Net-asset ratio
Net assets $65.6M · Total assets $78.6M
84%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $40.8M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $78.6M
52%
People & payroll
Highest Reported Total Compensation
Individual Daniel O'Brien · Reported title HEAD OF SCHOOL/TRUSTEE · Highest reported compensation $308K · Total expenses $20.8M
1%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $8.9M · Total expenses $20.8M
43%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 71%
Overhead ratio 25%
Fundraising cost ratio 18%
Revenue growth 19%
Investment management fee ratio 0.2%
Legal fee ratio 0.4%
Accounting fee ratio 0.4%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
CincoFY2025$140K
Total grants receivedfrom 4 funders$204K
See all 4 funders →
Grants paid · 4 grants · $16.0M · 2021–2024
Unitemized GrantFY2024$3,887,333
Unitemized GrantFY2023$4,515,199
Unitemized GrantFY2022$3,671,061
Unitemized GrantFY2021$3,902,707

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$23.3M revenue · viewing · ⤓ 990 PDF
FY2023$19.6M revenue · ⤓ 990 PDF
FY2022$23.0M revenue · ⤓ 990 PDF
FY2021$24.9M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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