Middlesex School: FY2020 Nonprofit Profile & Form 990 (EIN 04-2103821)

Elizabeth Speers’s $704K as Head of School is at the 96th 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

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Elizabeth Speers	$703,610	$336,172	—	—	—	—
David Beare	—	$198,919	$470,435	$474,574	$411,634	$193,308
Karlyn McNall	$402,584	$350,612	—	—	—	—
Karlyn M McNall	—	—	$388,976	$213,921	—	—
Therese Cunningham	$300,605	$270,317	—	—	—	—
Heather Parker	$219,998	$242,658	—	—	—	—
Kathleen C Giles	—	—	—	—	—	$242,396
George Noble	$218,277	$235,561	—	—	—	—

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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates high school students for college success.

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1 program · $32.9M · in their own filed words · FY2019

01

Middlesex school is a non-sectarian college preparatory boarding and day school for boys and girls in grades 9-12. Middlesex has always prided itself in attracting a diverse, highly motivated group of students from across the country and more recently the world. Current enrollment is about 400 students from many states and countries.

$32.9Mprogram 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 · FY2024

William & Hope G Simpson FoundationFY2024$1.0M

Fidelity Investments Charitable Gift FundFY2024$751K

Landry Family FoundationFY2024$645K

Gs Donor Advised Philanthropy Fund for Wealth Management INCFY2024$285K

Telemachus and Irene Demoulas Family FoundationFY2024$250K

Donor Advised Charitable Giving INCFY2024$128K

The New York Community TrustFY2024$127K

The Chicago Community TrustFY2024$82K

Total grants receivedfrom 49 funders$3.9M

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Grants paid · 9 grants · $305K · 2019–2024

Town of Concord - Town 250th Gift FundFY2024$50,000

Massachusetts Coalition for the Homeless INCMA · FY2024$5,321

Concord Free Public Library CorporationMA · FY2022$25,000

Town of Concord - Concord CaresFY2022$25,000

Concord Free Public Library CorporationMA · FY2021$25,000

Town of Concord - Concord CaresFY2021$25,000

Town of Concord - Concord CaresFY2020$50,000

Town of Concord - Concord CaresFY2019$50,000

By the numbers

The FY2020 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$48.4M

Ln 12

Fees for servicesLn 2g$24.5M

Investment incomeLn 3$13.0M

Gifts and grantsLn 1h$10.1M

Money outPt IX

$41.9M

Ln 25

Programscol B$32.9M

Managementcol C$6.9M

Fundraisingcol D$2.1M

Owns and owesPt X

$320.3M

net assets · Ln 32

Cash and savingsLn 1–2$11.6M

Total assetsLn 16$383.1M

LiabilitiesLn 26$62.8M

PeoplePt VI, VII

42

listed · VII A

PaidVII A9

Voting boardVI 1a34

IndependentVI 1b31

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$10.1M

Noncash giftsLn 1g$708K

Fundraising eventsLn 1c$2K

Fees for servicesLn 2g$24.5M

Investment incomeLn 3$13.0M

Other incomeLn 4–11$807K

Gains on assetsLn 7$11.3M

Total revenueLn 12$48.4M

Assets in detailPt X, end of year

CashLn 1$9.4M

SavingsLn 2$2.3M

Cash and savings togetherLn 1–2$11.6M

InvestmentsLn 11–13$168.6M

Land, buildings, equipmentLn 10c$110.2M

Other assetsLn 15$49.7M

Total assetsLn 16$383.1M

LiabilitiesLn 26$62.8M

Net assetsLn 32$320.3M

OperationsPt I, VI

EmployeesI 5260

VolunteersI 6220

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$8.1M	$11.6M
InvestmentsLn 11–13	$178.2M	$168.6M
Land, buildings, equipmentLn 10c	$112.9M	$110.2M
Total assetsLn 16	$394.7M	$383.1M
LiabilitiesLn 26	$83.0M	$62.8M
Net assetsLn 32	$311.7M	$320.3M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$56K	$56K
Grants to domestic individualsLn 2	$7.6M	$7.6M
Pay of current officers, directors and key staffLn 5	$760K	$228K	$457K	$75K
Other salaries and wagesLn 7	$11.1M	$9.0M	$1.3M	$821K
Pension plan contributionsLn 8	$1.2M	$897K	$192K	$85K
Other employee benefitsLn 9	$2.5M	$1.9M	$415K	$184K
Payroll taxesLn 10	$879K	$672K	$144K	$64K
Legal feesLn 11b	$165K		$151K	$14K
Accounting feesLn 11c	$132K		$132K
Lobbying feesLn 11d	$6K		$6K
Investment management feesLn 11f	$2.2M		$2.2M	$9K
Other fees for servicesLn 11g	$1.1M	$687K	$257K	$110K
Advertising and promotionLn 12	$115K	$15K	$46K	$53K
Office expensesLn 13	$550K	$370K	$139K	$42K
Information technologyLn 14	$859K	$300K	$489K	$70K
RoyaltiesLn 15	$6K	$6K
OccupancyLn 16	$2.7M	$2.4M	$245K	$61K
TravelLn 17	$583K	$410K	$73K	$100K
Conferences, conventions and meetingsLn 19	$109K	$79K	$24K	$6K
InterestLn 20	$583K	$558K	$20K	$5K
Depreciation, depletion and amortizationLn 22	$6.3M	$5.7M	$412K	$150K
InsuranceLn 23	$259K	$130K	$125K	$3K
Other expenses (24a–d)Ln 24	$2.1M	$1.7M	$152K	$249K
All other expensesLn 24e	$66K	$66K	$536	$80
Total functional expensesLn 25	$41.9M	$32.9M	$6.9M	$2.1M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$59.0M	$54.7M	$4.3M	$415.5M	990 PDF
FY2024	$48.4M	$50.0M	−$1.6M	$359.4M	990 PDF
FY2023	$42.4M	$47.0M	−$4.7M	$353.7M	990 PDF
FY2022	$51.7M	$46.6M	$5.0M	$357.7M	990 PDF
FY2021	$51.7M	$42.8M	$8.9M	$408.7M	990 PDF
FY2020 Viewing	$48.4M	$41.9M	$6.4M	$320.3M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2020 990 (6 parts)

Part I · Summary $48,353,374 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $19,119,380$10,134,044

I-9 Program service revenuePrior year $23,877,315$24,454,464

I-10 Investment incomePrior year $8,170,240$12,958,037

I-11 Other revenuePrior year $900,550$806,829

I-12 Total revenuePrior year $52,067,485$48,353,374

I-13 Grants and similar amounts paidPrior year $7,340,618$7,696,156

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $15,764,407$16,430,674

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $19,253,072$17,787,152

I-18 Total expensesPrior year $42,358,097$41,913,982

I-19 Revenue less expensesPrior year $9,709,388$6,439,392

Part VI · Governance 31 of 34 board members independent, 1 to look at

VI-1a Voting members of the governing body34

VI-1b Independent voting members31

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $48,353,374 across 11 lines filed

Lines not itemized here account for $447,479 of total revenue; see the IRS return.

VIII-1c Fundraising events$2,100

VIII-1f All other contributions, gifts and grants$10,131,944

VIII-1g Noncash contributions (included above)$708,093

VIII-1h Total contributions, gifts and grants$10,134,044

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $24,454,464$24,454,464

VIII-3 Investment incomeUnrelated business $50,518 · Excluded from tax $1,606,383$1,656,901

VIII-6 Net rental income or lossExcluded from tax $142,818$142,818

VIII-7 Net gain or loss on sales of assetsExcluded from tax $11,301,136$11,301,136

VIII-8 Net income from fundraising eventsExcluded from tax −$4,471−$4,471

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $221,003$221,003

VIII-12 Total revenueRelated to mission $25,113,687 · Unrelated business $50,518 · Excluded from tax $13,055,125$48,353,374

Part IX · Statement of functional expenses $41,913,982 across 24 lines filed

IX-1 Grants to domestic organizationsPrograms $56,233$56,233

IX-2 Grants to domestic individualsPrograms $7,639,923$7,639,923

IX-5 Pay of current officers, directors and key staffPrograms $228,066 · Management $457,154 · Fundraising $75,000$760,220

IX-7 Other salaries and wagesPrograms $8,996,069 · Management $1,263,348 · Fundraising $821,297$11,080,714

IX-8 Pension plan contributionsPrograms $896,502 · Management $191,986 · Fundraising $85,235$1,173,723

IX-9 Other employee benefitsPrograms $1,937,676 · Management $414,953 · Fundraising $184,225$2,536,854

IX-10 Payroll taxesPrograms $671,514 · Management $143,805 · Fundraising $63,844$879,163

IX-11b Legal feesManagement $151,018 · Fundraising $14,477$165,495

IX-11c Accounting feesManagement $132,333$132,333

IX-11d Lobbying feesManagement $6,349$6,349

IX-11f Investment management feesManagement $2,194,749 · Fundraising $8,966$2,203,715

IX-11g Other fees for servicesPrograms $687,463 · Management $256,902 · Fundraising $110,425$1,054,790

IX-12 Advertising and promotionPrograms $15,412 · Management $46,470 · Fundraising $53,088$114,970

IX-13 Office expensesPrograms $369,631 · Management $138,582 · Fundraising $41,656$549,869

IX-14 Information technologyPrograms $299,889 · Management $489,011 · Fundraising $70,345$859,245

IX-15 RoyaltiesPrograms $6,112$6,112

IX-16 OccupancyPrograms $2,398,736 · Management $245,016 · Fundraising $61,316$2,705,068

IX-17 TravelPrograms $410,210 · Management $72,753 · Fundraising $99,597$582,560

IX-19 Conferences, conventions and meetingsPrograms $78,873 · Management $24,172 · Fundraising $5,665$108,710

IX-20 InterestPrograms $558,194 · Management $19,657 · Fundraising $4,914$582,765

IX-22 Depreciation, depletion and amortizationPrograms $5,696,528 · Management $412,483 · Fundraising $150,222$6,259,233

IX-23 InsurancePrograms $129,985 · Management $125,480 · Fundraising $3,402$258,867

IX-24 Other expenses (24a–d)Programs $1,729,187 · Management $152,331 · Fundraising $249,388$2,130,906

IX-24e All other expensesPrograms $65,549 · Management $536 · Fundraising $80$66,165

IX-25 Total functional expensesPrograms $32,871,752 · Management $6,939,088 · Fundraising $2,103,142$41,913,982

Part X · Balance sheet $383,090,796 assets, 20 lines filed

Asset lines not itemized here account for $2,642; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $4,543,775$9,353,742

X-2 Savings and temporary cash investmentsStart of year $3,598,528$2,270,331

X-3 Pledges and grants receivableStart of year $42,943,022$42,289,836

X-4 Accounts receivableStart of year $160,846$207,994

X-8 Inventories for sale or useStart of year $55,622$67,627

X-9 Prepaid expenses and deferred chargesStart of year $720,666$444,837

X-10c Land, buildings and equipment, netStart of year $112,939,015$110,153,183

X-11 Publicly traded securitiesStart of year $25,703,155$14,127,694

X-12 Other securitiesStart of year $152,533,220$154,430,091

X-15 Other assetsStart of year $51,514,214$49,742,819

X-16 Total assetsStart of year $394,714,693$383,090,796

X-17 Accounts payable and accrued expensesStart of year $21,152,428$3,280,990

X-19 Deferred revenueStart of year $8,806,757$8,094,106

X-20 Tax-exempt bond liabilitiesStart of year $17,500,000$17,324,595

X-25 Other liabilitiesStart of year $35,564,268$34,113,260

X-26 Total liabilitiesStart of year $83,023,453$62,812,951

X-27 Net assets without donor restrictionsStart of year $103,920,045$105,160,509

X-28 Net assets with donor restrictionsStart of year $207,771,195$215,117,336

X-32 Total net assets or fund balancesStart of year $311,691,240$320,277,845

X-33 Total liabilities and net assetsStart of year $394,714,693$383,090,796

Part XI · Reconciliation of net assets $320,277,845 net assets at year end

XI-1 Total revenue$48,353,374

XI-2 Total expenses$41,913,982

XI-3 Revenue less expenses$6,439,392

XI-4 Net assets at start of year$311,691,240

XI-5 Net unrealized gains (losses) on investments$1,835,233

XI-9 Other changes in net assets$311,978

XI-10 Net assets at end of year$320,277,845

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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Middlesex School FY2020 filing

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