The Forman School INC: Nonprofit Profile, Financials & Form 990 (EIN 06-0646648)

Revenue by fiscal year
FY2021	$24.7M
FY2022	$22.9M
FY2023	$24.4M
FY2024	$23.9M
FY2025	$23.6M

Expenses by fiscal year
FY2021	$20.3M
FY2022	$22.9M
FY2023	$23.8M
FY2024	$23.7M
FY2025	$23.7M

Net assets by fiscal year
FY2021	$35.0M
FY2022	$33.5M
FY2023	$34.4M
FY2024	$35.3M
FY2025	$35.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1935.

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

Where the money goes

79 cents of each dollar spent went to programs.

79%

17%

Program services 79% · $18.7M Management & general 17% · $4.0M Fundraising 4% · $1.0M

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; $1.8M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Adam Man

Former Head of School (until 06/24)

$501,408Pt VII · Sec A

Edward Kowalchick

Assoc. Head of School (until 06/25)

$287,529Pt VII · Sec A

Amy Clemons

Head of School (as of 07/24)

$238,938Pt VII · Sec A

Peter Maltby

CFO (until 04/25)

$170,130Pt VII · Sec A

Jaime Feinman

Dir. of Admission (10/25)

$150,140Pt VII · Sec A

Maryellen Ruth

Dir. of Diag. Center (until 05/25)

$133,618Pt VII · Sec A

Allie Maxwell

Assistant Hos for Internal Affairs

$116,708Pt VII · Sec A

Kerry Conroy

Dir. of Marketing & Communications

$115,441Pt VII · Sec A

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

Name	FY2025	FY2024	FY2023	FY2022	FY2021
Adam K Man	—	$502,341	$486,675	$496,523	$656,896
Adam Man	$501,408	—	—	—	—
Justin Solomon	—	—	—	$341,617	$234,127
Edward Kowalchick	$287,529	—	—	—	$257,693
Edward Kowalchik	—	$279,325	$271,543	$263,796	—
Amy Clemons	$238,938	—	—	—	—
Peter Maltby	$170,130	—	$151,528	$146,760	—
Robert Scodari	—	—	—	—	$156,710

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

Educates and empowers students with learning differences to become confident, self-advocating adults.

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Provided by the organization

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1 program · $18.7M · in their own filed words · FY2024

01

Operate and maintain a private school (grades 9-12) for children with specific learning differences and to prepare them for a college curriculum.

$18.7Mprogram 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

Benzon Foundation INCFY2024$625K

Donor Advised Charitable Giving INCFY2024$208K

Foundation for the CarolinasFY2024$150K

The New York Community TrustFY2024$110K

American Endowment FoundationFY2024$100K

Hrd-C Foundation INCFY2024$82K

Community Foundation of Tampa Bay INCFY2024$40K

Fidelity Investments Charitable Gift FundFY2024$29K

Total grants receivedfrom 33 funders$1.6M

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Grants paid · 1 grant · $3.0M · 2024–2024

Unitemized GrantFY2024$3,024,930

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$23.6M

Ln 12

Fees for servicesLn 2g$19.0M

Gifts and grantsLn 1h$3.4M

Investment incomeLn 3$1.0M

Money outPt IX

$23.7M

Ln 25

Programscol B$18.7M

Managementcol C$4.0M

Fundraisingcol D$1.0M

Owns and owesPt X

$35.7M

net assets · Ln 32

Cash and savingsLn 1–2$8.8M

Total assetsLn 16$51.3M

LiabilitiesLn 26$15.6M

PeoplePt VI, VII

22

listed · VII A

PaidVII A9

Voting boardVI 1a12

IndependentVI 1b12

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.4M

Noncash giftsLn 1g$459K

Fees for servicesLn 2g$19.0M

Investment incomeLn 3$1.0M

Other incomeLn 4–11$145K

Gains on assetsLn 7−$24K

Total revenueLn 12$23.6M

Assets in detailPt X, end of year

CashLn 1$407K

SavingsLn 2$8.4M

Cash and savings togetherLn 1–2$8.8M

InvestmentsLn 11–13$10.6M

Land, buildings, equipmentLn 10c$28.6M

Other assetsLn 15$192K

Total assetsLn 16$51.3M

LiabilitiesLn 26$15.6M

Net assetsLn 32$35.7M

OperationsPt I, VI

EmployeesI 5178

VolunteersI 699

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 FY25	End FY25
Cash and savingsLn 1–2	$7.4M	$8.8M
InvestmentsLn 11–13	$9.7M	$10.6M
Land, buildings, equipmentLn 10c	$25.2M	$28.6M
Total assetsLn 16	$45.3M	$51.3M
LiabilitiesLn 26	$10.0M	$15.6M
Net assetsLn 32	$35.3M	$35.7M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$3.0M	$3.0M
Pay of current officers, directors and key staffLn 5	$1.1M	$108K	$620K	$367K
Pay of disqualified personsLn 6	$190K	$38K	$114K	$38K
Other salaries and wagesLn 7	$8.1M	$6.4M	$1.3M	$308K
Pension plan contributionsLn 8	$507K	$398K	$90K	$20K
Other employee benefitsLn 9	$1.3M	$1.1M	$129K	$77K
Payroll taxesLn 10	$647K	$509K	$98K	$39K
Legal feesLn 11b	$164K		$164K
Accounting feesLn 11c	$60K		$60K
Investment management feesLn 11f	$54K		$54K
Other fees for servicesLn 11g	$749K	$284K	$380K	$85K
Advertising and promotionLn 12	$295K		$272K	$22K
Office expensesLn 13	$344K	$104K	$235K	$6K
Information technologyLn 14	$185K	$142K	$30K	$13K
OccupancyLn 16	$1.7M	$1.6M	$95K	$7K
TravelLn 17	$172K	$68K	$77K	$27K
InterestLn 20	$368K	$346K	$21K	$1K
Depreciation, depletion and amortizationLn 22	$2.3M	$2.1M	$130K	$9K
InsuranceLn 23	$542K	$508K	$31K	$2K
Other expenses (24a–d)Ln 24	$2.0M	$1.9M	$89K	$4
Total functional expensesLn 25	$23.7M	$18.7M	$4.0M	$1.0M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$23.6M	$23.7M	−$149K	$35.7M	990 PDF
FY2024	$23.9M	$23.7M	$144K	$35.3M	990 PDF
FY2023	$24.4M	$23.8M	$597K	$34.4M	990 PDF
FY2022	$22.9M	$22.9M	−$193	$33.5M	990 PDF
FY2021	$24.7M	$20.3M	$4.4M	$35.0M	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 FY2025 990 (6 parts)

Part I · Summary $23,568,387 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $3,255,935$3,379,419

I-9 Program service revenuePrior year $19,819,001$19,012,560

I-10 Investment incomePrior year $790,464$1,031,807

I-11 Other revenuePrior year $3,897$144,601

I-12 Total revenuePrior year $23,869,297$23,568,387

I-13 Grants and similar amounts paidPrior year $2,792,427$3,024,930

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

I-15 Salaries and benefitsPrior year $11,742,176$11,848,075

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

I-17 Other expensesPrior year $9,190,489$8,844,826

I-18 Total expensesPrior year $23,725,092$23,717,831

I-19 Revenue less expensesPrior year $144,205−$149,444

Part VI · Governance 12 of 12 board members independent, no flags

VI-1a Voting members of the governing body12

VI-1b Independent voting members12

VI-2 Family or business relationship among officers or directorsNo

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 $23,568,387 across 8 lines filed

Lines not itemized here account for −$50,463 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$3,379,419

VIII-1g Noncash contributions (included above)$459,340

VIII-1h Total contributions, gifts and grants$3,379,419

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $18,980,370 · Unrelated business $32,190$19,012,560

VIII-3 Investment incomeExcluded from tax $1,056,264$1,056,264

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$24,457−$24,457

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $195,064$195,064

VIII-12 Total revenueRelated to mission $18,929,907 · Unrelated business $32,190 · Excluded from tax $1,226,871$23,568,387

Part IX · Statement of functional expenses $23,717,831 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $3,024,930$3,024,930

IX-5 Pay of current officers, directors and key staffPrograms $107,732 · Management $620,098 · Fundraising $366,955$1,094,785

IX-6 Pay of disqualified personsPrograms $38,035 · Management $114,104 · Fundraising $38,038$190,177

IX-7 Other salaries and wagesPrograms $6,448,287 · Management $1,326,324 · Fundraising $307,889$8,082,500

IX-8 Pension plan contributionsPrograms $398,341 · Management $89,587 · Fundraising $19,531$507,459

IX-9 Other employee benefitsPrograms $1,120,125 · Management $128,968 · Fundraising $77,382$1,326,475

IX-10 Payroll taxesPrograms $508,991 · Management $98,209 · Fundraising $39,479$646,679

IX-11b Legal feesManagement $163,997$163,997

IX-11c Accounting feesManagement $59,922$59,922

IX-11f Investment management feesManagement $54,180$54,180

IX-11g Other fees for servicesPrograms $284,443 · Management $380,085 · Fundraising $84,918$749,446

IX-12 Advertising and promotionManagement $272,349 · Fundraising $22,193$294,542

IX-13 Office expensesPrograms $103,574 · Management $234,725 · Fundraising $5,807$344,106

IX-14 Information technologyPrograms $142,179 · Management $29,754 · Fundraising $13,220$185,153

IX-16 OccupancyPrograms $1,574,144 · Management $95,318 · Fundraising $6,558$1,676,020

IX-17 TravelPrograms $67,657 · Management $77,109 · Fundraising $27,214$171,980

IX-20 InterestPrograms $345,653 · Management $21,310 · Fundraising $1,440$368,403

IX-22 Depreciation, depletion and amortizationPrograms $2,111,602 · Management $130,183 · Fundraising $8,797$2,250,582

IX-23 InsurancePrograms $508,418 · Management $31,344 · Fundraising $2,118$541,880

IX-24 Other expenses (24a–d)Programs $1,895,443 · Management $89,168 · Fundraising $4$1,984,615

IX-25 Total functional expensesPrograms $18,679,554 · Management $4,016,734 · Fundraising $1,021,543$23,717,831

Part X · Balance sheet $51,299,139 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $4,381$406,949

X-2 Savings and temporary cash investmentsStart of year $7,395,929$8,404,684

X-3 Pledges and grants receivableStart of year $1,815,965$2,262,468

X-4 Accounts receivableStart of year $44,627$164,129

X-8 Inventories for sale or useStart of year $227,381$189,259

X-9 Prepaid expenses and deferred chargesStart of year $892,205$408,902

X-10c Land, buildings and equipment, netStart of year $25,185,745$28,633,803

X-11 Publicly traded securitiesStart of year $9,727,337$9,552,442

X-12 Other securities$1,084,515

X-15 Other assetsStart of year $0$191,988

X-16 Total assetsStart of year $45,293,570$51,299,139

X-17 Accounts payable and accrued expensesStart of year $1,288,568$1,227,245

X-19 Deferred revenueStart of year $3,188,488$3,573,531

X-20 Tax-exempt bond liabilitiesStart of year $2,273,001$2,054,494

X-25 Other liabilitiesStart of year $0$190,396

X-26 Total liabilitiesStart of year $10,034,342$15,627,643

X-27 Net assets without donor restrictionsStart of year $21,311,303$25,437,667

X-28 Net assets with donor restrictionsStart of year $13,947,925$10,233,829

X-32 Total net assets or fund balancesStart of year $35,259,228$35,671,496

X-33 Total liabilities and net assetsStart of year $45,293,570$51,299,139

Part XI · Reconciliation of net assets $35,671,496 net assets at year end

XI-1 Total revenue$23,568,387

XI-2 Total expenses$23,717,831

XI-3 Revenue less expenses−$149,444

XI-4 Net assets at start of year$35,259,228

XI-5 Net unrealized gains (losses) on investments$472,968

XI-9 Other changes in net assets$88,744

XI-10 Net assets at end of year$35,671,496

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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