Milton Academy FY2022 filing

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Milton Academy cultivates in its students a passion for learning and a respect for others. Embracing diversity and the pursuit of excellence, we create a community in which individuals develop competence, confidence and character. See schedule o for full description.Milton Academy cultivates in its students a passion for learning and a respect for others. Embracing diversity and the pursuit of excellence, we create a community in which individuals develop competence, confidence and character. Our active learning environment, in and out of the classroom, develops creative and critical thinkers, unafraid to express their ideas, prepared to seek meaningful lifetime success and to live by our motto, "dare to be true."

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
$2.5M 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

FY2022 · Form 990-TIndependent: 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-T
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $8.7M a year · 8% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.5M
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
1 mo
of spending, in cash
Plus $394.2M in investments, Pt X · Ln 11–13
Fine: 1.0 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $3K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$71.7M
15% of total assets
Looks good: liabilities are 15% of assets; 50% or less.
Pt X · Ln 26
Independent board members
30
of 30 voting members
Looks good: 30 of 30 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$116.5M
+11% vs prior year
Spent
$90.5M
To programs
72%
Net assets
$411.8M
By yearFY2020–FY2025
Revenue
$116.5M
FY2022▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$105.7M
FY2021$105.0M
FY2022$116.5M
FY2023$86.2M
FY2024$94.5M
FY2025$104.3M
Expenses
$90.5M
FY2022▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$80.7M
FY2021$83.6M
FY2022$90.5M
FY2023$95.3M
FY2024$103.2M
FY2025$107.0M
Net assets
$411.8M
FY2022▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2020$363.6M
FY2021$439.3M
FY2022$411.8M
FY2023$428.6M
FY2024$453.0M
FY2025$479.8M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 Jan 1959.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $65.4M Management & general 24% · $21.7M Fundraising 4% · $3.5M

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

41 people listed on the 990-T; $2.5M paid to officers and key staff.

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
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.

See Milton Academy executive salaries →

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

Educates students from kindergarten through twelfth grade, offering boarding and day options for high schoolers.

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3 programs · $62.8M · in their 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

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$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 →

By the numbers

The FY2022 990-T, line by line.

1The main four
Money in
$116.5M
Fees for services$62.1M
Investment income$39.8M
Gifts and grants$14.7M
Money out
$90.5M
Programs$65.4M
Management$21.7M
Fundraising$3.5M
Owns and owes
$411.8M
net assets
Cash and savings$7.8M
Total assets$483.5M
Liabilities$71.7M
People
41
listed
Paid10
Voting board30
Independent30
2In more detail
Revenue in detail
Gifts and grants$14.7M
Fees for services$62.1M
Investment income$39.8M
Total revenue$116.5M
Assets in detailEnd of year
Cash and savings together$7.8M
Total assets$483.5M
Liabilities$71.7M
Net assets$411.8M
Operations
Employees710
Volunteers266
Fiscal year endsJune
Conflict-of-interest policyYes
Whistleblower policyYes
Records policyYes

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 14, 2026 $104.3M$107.0M−$2.7M$479.8M 990 PDF
FY2024Filed with the IRS May 14, 2025 $94.5M$103.2M−$8.7M$453.0M 990 PDF
FY2023Filed with the IRS May 14, 2024 $86.2M$95.3M−$9.1M$428.6M 990 PDF
FY2022 Viewing $116.5M$90.5M$26.0M$411.8M 990 PDF
FY2021Filed with the IRS May 16, 2022 $105.0M$83.6M$21.4M$439.3M 990 PDF
FY2020Filed with the IRS May 14, 2021 $105.7M$80.7M$25.0M$363.6M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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