Vermont Academy FY2021 filing

Tax-deductible

Saxtons River, VT501(c)(3)Since 1876EducationEIN 03-0179600Revenue $12.1M in FY2021

On file with the IRSvermontacademy.orgPo Box 500, 05154-0500 · Saxtons River, VTTax-exempt since Dec 1944School — 170(b)(1)(A)(ii)

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To provide a supportive community and close personal attention to its students. Vermont Academy develops confident, active learners and respectful citizens.

501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
$371K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $1.3M a year · 9% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$371K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.6M
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
20
of 20 voting members
Looks good: 20 of 20 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12.1M
+8% vs prior year
Spent
$10.8M
To programs
85%
Net assets
$23.9M
By yearFY2020–FY2025
Revenue
$12.1M
FY2021▲ +8%
Tap a bar for its year
Revenue by fiscal year
FY2020$11.2M
FY2021$12.1M
FY2022$10.1M
FY2023$15.1M
FY2024$18.8M
FY2025$19.4M
Expenses
$10.8M
FY2021▼ -14%
Tap a bar for its year
Expenses by fiscal year
FY2020$12.5M
FY2021$10.8M
FY2022$15.1M
FY2023$16.1M
FY2024$18.9M
FY2025$21.4M
Net assets
$23.9M
FY2021▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2020$22.6M
FY2021$23.9M
FY2022$18.9M
FY2023$18.0M
FY2024$19.7M
FY2025$14.3M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1944.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $9.2M Management & general 11% · $1.2M Fundraising 4% · $398K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

22 people listed on the 990; $371K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Head of School
$243,846Pt VII · Sec A
$127,605Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Jennifer Zaccara’s $240K as Head of School is at the 50th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Jennifer Zaccara$240,421$239,390$220,900$240,000$243,846$220,000
Matthew Emsley—$187,748$71,874———
Vincent Schuck$183,780—————
Melanie Hoffmann—————$167,626
Benjamin Gardner$137,363—————
Jeffery Seaton———$70,030$127,605$117,485
Brian Gilloran$119,893$114,391————
Tonia Fleming$115,931$116,341————

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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Develops confident, independent learners through personalized attention in a unique Vermont setting.

Questions for Vermont Academy

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Provided by the organization

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1 program · $9.2M · in their own filed words · FY2020
01

Vermont academy is a private boarding and day school providing a broad curriculum and an extensive athletic program. Programs of note are found in the learning skills program, the arts, and in our science and engineering curriculum.

$9.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$6K
Grants paid · 2 grants · $11.0M · 2019–2023
Unitemized GrantFY2023$7,544,273
Unitemized GrantFY2019$3,476,251

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$12.1M
Ln 12
Fees for servicesLn 2g$10.8M
Gifts and grantsLn 1h$1.2M
Investment incomeLn 3$60K
Money outPt IX
$10.8M
Ln 25
Programscol B$9.2M
Managementcol C$1.2M
Fundraisingcol D$398K
Owns and owesPt X
$23.9M
net assets · Ln 32
Cash and savingsLn 1–2$591K
Total assetsLn 16$27.5M
LiabilitiesLn 26$3.6M
PeoplePt VI, VII
22
listed · VII A
PaidVII A2
Voting boardVI 1a20
IndependentVI 1b20
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.2M
Fees for servicesLn 2g$10.8M
Investment incomeLn 3$60K
Other incomeLn 4–11$3K
Total revenueLn 12$12.1M
Assets in detailPt X, end of year
CashLn 1$591K
Cash and savings togetherLn 1–2$591K
InvestmentsLn 11–13$11.5M
Land, buildings, equipmentLn 10c$11.1M
Other assetsLn 15$2.7M
Total assetsLn 16$27.5M
LiabilitiesLn 26$3.6M
Net assetsLn 32$23.9M
OperationsPt I, VI
EmployeesI 5160
VolunteersI 616
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.4M$591K
InvestmentsLn 11–13$11.5M$11.5M
Land, buildings, equipmentLn 10c$11.0M$11.1M
Total assetsLn 16$27.1M$27.5M
LiabilitiesLn 26$4.5M$3.6M
Net assetsLn 32$22.6M$23.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$6.6M$6.6M
Pay of current officers, directors and key staffLn 5$386K$386K
Other salaries and wagesLn 7$456K$417K$26K$12K
Other employee benefitsLn 9$708K$371K$326K$11K
Payroll taxesLn 10$57K$29K$27K$859
Legal feesLn 11b$53K$53K
Accounting feesLn 11c$61K$61K
Other fees for servicesLn 11g$28K$28K
Advertising and promotionLn 12$122K$91K$31K
Office expensesLn 13$71K$15K$33K$22K
Information technologyLn 14$46K$46K
OccupancyLn 16$488K$470K$14K$4K
TravelLn 17$52K$50K$2K
InterestLn 20$85K$85K
InsuranceLn 23$75K$75K
Other expenses (24a–d)Ln 24$1.4M$990K$155K$305K
All other expensesLn 24e$80K$31K$37K$12K
Total functional expensesLn 25$10.8M$9.2M$1.2M$398K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $19.4M$21.4M−$2.0M$14.3M 990 PDF
FY2024 $18.8M$18.9M−$82K$19.7M 990 PDF
FY2023 $15.1M$16.1M−$993K$18.0M 990 PDF
FY2022 $10.1M$15.1M−$5.0M$18.9M 990 PDF
FY2021 Viewing $12.1M$10.8M$1.3M$23.9M 990 PDF
FY2020 $11.2M$12.5M−$1.3M$22.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $12,078,437 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,133,076$1,241,875
I-9 Program service revenuePrior year $9,674,405$10,774,407
I-10 Investment incomePrior year $359,450$59,505
I-11 Other revenuePrior year $64,886$2,650
I-12 Total revenuePrior year $11,231,817$12,078,437
I-13 Grants and similar amounts paidPrior year $3,476,251$6,581,227
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,340,683$1,607,304
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,714,601$2,610,711
I-18 Total expensesPrior year $12,531,535$10,799,242
I-19 Revenue less expensesPrior year −$1,299,718$1,279,195
Part VI · Governance 20 of 20 board members independent, 2 to look at
VI-1a Voting members of the governing body20
VI-1b Independent voting members20
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $12,078,437 across 6 lines filed
VIII-1f All other contributions, gifts and grants$1,241,875
VIII-1h Total contributions, gifts and grants$1,241,875
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10,774,407$10,774,407
VIII-3 Investment incomeExcluded from tax $59,505$59,505
VIII-6 Net rental income or lossExcluded from tax $2,650$2,650
VIII-12 Total revenueRelated to mission $10,774,407 · Unrelated business $0 · Excluded from tax $62,155$12,078,437
Part IX · Statement of functional expenses $10,799,242 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $6,581,227$6,581,227
IX-5 Pay of current officers, directors and key staffManagement $386,388$386,388
IX-7 Other salaries and wagesPrograms $417,392 · Management $26,141 · Fundraising $12,395$455,928
IX-9 Other employee benefitsPrograms $370,912 · Management $326,196 · Fundraising $11,015$708,123
IX-10 Payroll taxesPrograms $28,912 · Management $27,094 · Fundraising $859$56,865
IX-11b Legal feesManagement $52,933$52,933
IX-11c Accounting feesManagement $60,822$60,822
IX-11g Other fees for servicesManagement $27,870$27,870
IX-12 Advertising and promotionManagement $91,207 · Fundraising $30,998$122,205
IX-13 Office expensesPrograms $15,324 · Management $32,775 · Fundraising $22,420$70,519
IX-14 Information technologyPrograms $46,213$46,213
IX-16 OccupancyPrograms $470,406 · Management $14,162 · Fundraising $3,760$488,328
IX-17 TravelPrograms $50,373 · Management $1,736$52,109
IX-20 InterestPrograms $84,650$84,650
IX-23 InsurancePrograms $75,467$75,467
IX-24 Other expenses (24a–d)Programs $989,816 · Management $154,786 · Fundraising $305,042$1,449,644
IX-24e All other expensesPrograms $31,054 · Management $37,358 · Fundraising $11,539$79,951
IX-25 Total functional expensesPrograms $9,161,746 · Management $1,239,468 · Fundraising $398,028$10,799,242
Part X · Balance sheet $27,535,481 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $1,352,175$590,504
X-3 Pledges and grants receivableStart of year $76,528$190,718
X-4 Accounts receivableStart of year $166,794$788,515
X-8 Inventories for sale or useStart of year $112,770$112,770
X-9 Prepaid expenses and deferred chargesStart of year $84,407$485,316
X-10c Land, buildings and equipment, netStart of year $11,021,313$11,081,451
X-11 Publicly traded securitiesStart of year $11,544,653$11,544,673
X-15 Other assetsStart of year $2,741,184$2,741,534
X-16 Total assetsStart of year $27,099,824$27,535,481
X-17 Accounts payable and accrued expensesStart of year $307,464$861,716
X-19 Deferred revenueStart of year $1,565,544$244,982
X-25 Other liabilitiesStart of year $221,843$230,343
X-26 Total liabilitiesStart of year $4,457,429$3,613,891
X-27 Net assets without donor restrictionsStart of year $12,212,846$13,492,041
X-28 Net assets with donor restrictionsStart of year $10,429,549$10,429,549
X-32 Total net assets or fund balancesStart of year $22,642,395$23,921,590
X-33 Total liabilities and net assetsStart of year $27,099,824$27,535,481
Part XI · Reconciliation of net assets $23,921,590 net assets at year end
XI-1 Total revenue$12,078,437
XI-2 Total expenses$10,799,242
XI-3 Revenue less expenses$1,279,195
XI-4 Net assets at start of year$22,642,395
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$23,921,590

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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