Milton Academy EIN 04-2103603 Form 990 (PDF) Claim this org

Milton Academy FY2022 filing

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Educates students from kindergarten through twelfth grade, offering boarding and day options for high schoolers. For fiscal year 2022 it reported $116.5M in revenue, $90.5M in expenses, and $411.8M in net assets.Pt I

Founded
1798
Type
Public charity (501(c)(3)) · Education
Location
Milton, MA
Website
www.milton.edu
Filings
5 on file (2020–2022)
Revenue
$116.5MFY2022
Expenses
$90.5M
Net assets
$411.8M
People
41
Filings
5
Updates
0
More identity details & actions ⌄
EIN  04-2103603 Public charity (501(c)(3)) Milton, MA Founded 1798
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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Figures match the IRS filing checked 7/6/26 · see original: IRS
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Size
$100M+
What they do
Educates students from kindergarten through twelfth grade, offering boarding and day options for high schoolers.
Leadership
Theodorick Bland · Head of School · $643K
Money in and out
$116.5M revenue, $90.5M expenses
Where the money goes · FY2022
Total revenue
$116.5M
Pt VIII · Ln 12
Total expenses
$90.5M
Pt IX · Ln 25
Net assets
$411.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $26.0M
Where spending went · Part IX cols B–D
Program services $0.72 Management & general $0.24 Fundraising $0.04

Summary of the Filing

Part I · fiscal year 2022 · Form 990-T
Revenue
$116.5M
FY2022▲ +11%
Expenses
$90.5M
FY2022▲ +8%
Total assets
$483.5M
FY2022▼ -6%
Total liabilities
$71.7M
FY2022▼ -2%
Total revenue
$116.5M
Pt VIII · Ln 12
Total expenses
$90.5M
Pt IX · Ln 25
Net assets
$411.8M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$26.0M
Total assetsPt X · Ln 16$483.5M
Program-expense ratioPt IX · col B72%
Voting members of governing bodyPt I · Ln 330
Independent voting membersPt I · Ln 430

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMilton Academy
EINHdr · item D04-2103603
Principal addressHdr · item CMilton, MA
WebsiteHdr · item Jwww.milton.edu
Year of formationHdr · item L1798
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B200)
Ruling yearIRS BMFJan 1959

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a30
Independent voting membersPt VI · Ln 1b30
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 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Head of School
$642,573Pt VII · Sec A
Chief Advancement Officer
$293,677Pt VII · Sec A
Chief Financial & Operating Officer
$284,420Pt VII · Sec A
Principal, Upper School
$197,498Pt VII · Sec A
Principal, Lower School
$190,023Pt VII · Sec A
Cco (until Jan. 2022)
$183,009Pt VII · Sec A
Dean of Enrollment & Financial Aid
$176,971Pt VII · Sec A
Controller
$170,990Pt VII · Sec A

Alexandra Callen’s $548K as Head of School is at the 46th percentile of top reported officer pay among 674 $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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Theodorick Bland$147,823$607,607$700,687$642,573$791,294$508,641
Alexandra Callen$548,407$251,123
Heidi Vanderbilt-Brown$313,133$297,873$296,265$284,420$270,136$266,762
Lisa Winick$300,610$293,478$306,343$293,677$284,031$256,656
Monica Palmer$226,720$224,334
Carol a Giusti-Cahalane$222,616$194,433$192,535
Alden Smith$221,790$164,963$169,848$158,661
Francis Patti Until 63023$212,630

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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Mission & Programs · Part III

Where the work happens

3 program services account for $62.8M of program spending, described in the organization's own filed words · FY2021.
01

Milton academy promotes an environment of lifelong learning to 1011 students in grades k-12. Students are encouraged to participate in community service and volunteer opportunities during the year in an effort to instill a passion for giving back to others for many years.

$57.2Mprogram expense
02

The mountain school of milton academy is an independent semester program that provides high school juniors the opportunity to live and work on an organic farm in rural vermont. Each semester the mountain school draws 45 high-achieving students from all over the country.

$3.5Mprogram expense
03

Through interscholastic and intramural sports, as well as physical education courses, all milton academy students are involved in physically active and challenging pursuits that help form an exceptional educational experience.

$2.2Mprogram expense

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Statement of Revenue

Part VIII
Program service revenue$62.1M · 53%
Investment income$39.8M · 34%
Contributions & grants$14.7M · 13%
Program service revenue53%$62.1M
Investment income34%$39.8M
Contributions & grants13%$14.7M
Total revenueLn 12$116.5M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.72 Management & general $0.24 Fundraising $0.04
Program services72%$65.4M
Management & general24%$21.7M
Fundraising4%$3.5M
Total functional expensesLn 25$90.5M

Balance Sheet

Part X · end of year
CashLn 1$7.8M
Total assetsLn 16$483.5M
Total liabilitiesLn 26$71.7M
Total net assetsLn 32$411.8M
Months of cash on handcomputed1.0

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$3K
Grants paid · 32 grants · $1.4M · 2019–2024
Town of MiltonFY2024$235,000
Milton Police DepartmentFY2024$12,500
Milton Fire DepartmentFY2024$12,500
Town of Milton LibraryFY2024$7,500
Milton Teen CenterFY2024$7,500
Town of MiltonFY2023$225,000
Milton Police DepartmentFY2023$12,500
Milton Fire DepartmentFY2023$12,500
Milton Teen CenterFY2023$7,500
Town of MiltonFY2022$210,000
Milton Foundation for EducationFY2022$12,500
Milton Police DepartmentFY2022$12,500
Milton Fire DepartmentFY2022$12,500
Milton Teen CenterFY2022$7,500
See all 32 grants →

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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$94.5M revenue · ⤓ 990 PDF
FY2023$86.2M revenue · ⤓ 990 PDF
FY2022$116.5M revenue · viewing · ⤓ 990 PDF
FY2021$105.0M revenue · ⤓ 990 PDF
FY2020$105.7M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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