Rectory School INC: FY2023 Nonprofit Profile & Form 990 (EIN 06-0646805)

Frederick W Williams’s $306K as Head of School is at the 66th 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
Frederick W Williams	$306,300	$288,302	$265,528	$248,251	$261,349
Tonya Rayment	$171,166	$173,826	$155,277	$152,000	$146,468
Lisa Hart	$147,866	$143,231	$138,023	$136,024	$128,620
Lesley Gibbs	$130,353	$126,049	$120,124	$113,644	$104,210
Glenn Ames	$130,341	$126,484	$117,674	$111,592	—
Fred Nagle	—	—	—	—	$129,609
Frederick Nagle	—	—	$128,560	$125,088	—
Maria Carpenter	$119,150	$115,411	$114,074	—	—

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

Nurtures students academically, socially, and ethically, fostering self-worth and accountability.

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1 program · $14.3M · in their own filed words · FY2022

01

Provide co-educational services and support to approximately 240 students in grades 5 through 9 in an independent boarding and day school setting. The school also offers various co-educational boarding and day summer academic programs.

$14.3Mprogram 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

Hometown Bank Community Foundation INCFY2025$250

Total grants receivedfrom 1 funder$250

Grants paid · 1 grant · $2.0M · 2022–2022

Unitemized GrantFY2022$2,031,750

By the numbers

The FY2023 990, line by line.

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1The main four

Money inPt VIII

$19.3M

Ln 12

Fees for servicesLn 2g$15.3M

Gifts and grantsLn 1h$2.9M

Investment incomeLn 3$967K

Money outPt IX

$18.1M

Ln 25

Programscol B$14.3M

Managementcol C$3.1M

Fundraisingcol D$693K

Owns and owesPt X

$44.1M

net assets · Ln 32

Cash and savingsLn 1–2$9.2M

Total assetsLn 16$65.1M

LiabilitiesLn 26$21.1M

PeoplePt VI, VII

31

listed · VII A

PaidVII A7

Voting boardVI 1a23

IndependentVI 1b22

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.9M

Government grantsLn 1e$25K

Noncash giftsLn 1g$131K

Fees for servicesLn 2g$15.3M

Investment incomeLn 3$967K

Other incomeLn 4–11$87K

Gains on assetsLn 7$130K

Total revenueLn 12$19.3M

Assets in detailPt X, end of year

CashLn 1$7.9M

SavingsLn 2$1.3M

Cash and savings togetherLn 1–2$9.2M

InvestmentsLn 11–13$26.2M

Land, buildings, equipmentLn 10c$22.0M

Other assetsLn 15$64K

Total assetsLn 16$65.1M

LiabilitiesLn 26$21.1M

Net assetsLn 32$44.1M

OperationsPt I, VI

EmployeesI 5177

VolunteersI 60

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14No

3Year over year

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

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$7.1M	$9.2M
InvestmentsLn 11–13	$28.5M	$26.2M
Land, buildings, equipmentLn 10c	$17.3M	$22.0M
Total assetsLn 16	$61.0M	$65.1M
LiabilitiesLn 26	$19.1M	$21.1M
Net assetsLn 32	$41.9M	$44.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.0M	$2.0M
Pay of current officers, directors and key staffLn 5	$509K	$32K	$380K	$97K
Pay of disqualified personsLn 6	$77K			$77K
Other salaries and wagesLn 7	$6.4M	$5.2M	$940K	$224K
Pension plan contributionsLn 8	$345K	$277K	$56K	$12K
Other employee benefitsLn 9	$1.8M	$1.5M	$281K	$54K
Payroll taxesLn 10	$502K	$380K	$101K	$22K
Legal feesLn 11b	$7K		$7K
Accounting feesLn 11c	$59K		$59K
Investment management feesLn 11f	$95K		$95K
Other fees for servicesLn 11g	$395K	$218K	$171K	$6K
Advertising and promotionLn 12	$74K	$1K	$73K
Office expensesLn 13	$136K	$4K	$118K	$13K
Information technologyLn 14	$321K	$273K	$48K
OccupancyLn 16	$1.2M	$1.0M	$179K
TravelLn 17	$96K	$34K	$30K	$32K
InterestLn 20	$156K	$141K	$16K
Depreciation, depletion and amortizationLn 22	$1.0M	$933K	$104K
InsuranceLn 23	$198K		$198K
Other expenses (24a–d)Ln 24	$2.0M	$2.0M
All other expensesLn 24e	$693K	$250K	$286K	$157K
Total functional expensesLn 25	$18.1M	$14.3M	$3.1M	$693K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$23.1M	$21.4M	$1.7M	$50.3M	990 PDF
FY2024	$20.9M	$19.9M	$1.0M	$47.2M	990 PDF
FY2023 Viewing	$19.3M	$18.1M	$1.2M	$44.1M	990 PDF
FY2022	$27.5M	$17.1M	$10.4M	$41.9M	990 PDF
FY2021	$18.9M	$17.2M	$1.7M	$36.2M	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 FY2023 990 (6 parts)

Part I · Summary $19,276,055 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $11,835,113$2,884,391

I-9 Program service revenuePrior year $13,834,884$15,337,919

I-10 Investment incomePrior year $1,637,435$966,719

I-11 Other revenuePrior year $176,961$87,026

I-12 Total revenuePrior year $27,484,393$19,276,055

I-13 Grants and similar amounts paidPrior year $2,159,611$2,032,385

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

I-15 Salaries and benefitsPrior year $8,898,449$9,623,270

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

I-17 Other expensesPrior year $6,054,673$6,453,103

I-18 Total expensesPrior year $17,112,733$18,108,758

I-19 Revenue less expensesPrior year $10,371,660$1,167,297

Part VI · Governance 22 of 23 board members independent, 1 to look at

VI-1a Voting members of the governing body23

VI-1b Independent voting members22

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-13 Written whistleblower policyYes

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

Part VIII · Statement of revenue $19,276,055 across 9 lines filed

Lines not itemized here account for $18,541 of total revenue; see the IRS return.

VIII-1e Government grants$25,000

VIII-1f All other contributions, gifts and grants$2,859,391

VIII-1g Noncash contributions (included above)$130,880

VIII-1h Total contributions, gifts and grants$2,884,391

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,337,919$15,337,919

VIII-3 Investment incomeExcluded from tax $837,037$837,037

VIII-7 Net gain or loss on sales of assetsExcluded from tax $129,682$129,682

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $30,000 · Excluded from tax $38,485$68,485

VIII-12 Total revenueRelated to mission $15,386,460 · Unrelated business $0 · Excluded from tax $1,005,204$19,276,055

Part IX · Statement of functional expenses $18,108,758 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $2,032,385$2,032,385

IX-5 Pay of current officers, directors and key staffPrograms $32,190 · Management $380,255 · Fundraising $96,570$509,015

IX-6 Pay of disqualified personsFundraising $76,732$76,732

IX-7 Other salaries and wagesPrograms $5,224,632 · Management $940,311 · Fundraising $224,451$6,389,394

IX-8 Pension plan contributionsPrograms $277,260 · Management $56,317 · Fundraising $11,691$345,268

IX-9 Other employee benefitsPrograms $1,465,148 · Management $281,311 · Fundraising $54,046$1,800,505

IX-10 Payroll taxesPrograms $379,776 · Management $100,582 · Fundraising $21,998$502,356

IX-11b Legal feesManagement $6,923$6,923

IX-11c Accounting feesManagement $59,230$59,230

IX-11f Investment management feesManagement $95,398$95,398

IX-11g Other fees for servicesPrograms $217,689 · Management $171,290 · Fundraising $5,601$394,580

IX-12 Advertising and promotionPrograms $1,092 · Management $73,001$74,093

IX-13 Office expensesPrograms $4,076 · Management $118,334 · Fundraising $13,445$135,855

IX-14 Information technologyPrograms $272,926 · Management $48,163$321,089

IX-16 OccupancyPrograms $1,014,540 · Management $179,036$1,193,576

IX-17 TravelPrograms $34,360 · Management $29,754 · Fundraising $31,504$95,618

IX-20 InterestPrograms $140,585 · Management $15,620$156,205

IX-22 Depreciation, depletion and amortizationPrograms $932,642 · Management $103,627$1,036,269

IX-23 InsuranceManagement $198,256$198,256

IX-24 Other expenses (24a–d)Programs $1,993,468$1,993,468

IX-24e All other expensesPrograms $249,800 · Management $286,039 · Fundraising $156,704$692,543

IX-25 Total functional expensesPrograms $14,272,569 · Management $3,143,447 · Fundraising $692,742$18,108,758

Part X · Balance sheet $65,137,323 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $5,861,009$7,939,184

X-2 Savings and temporary cash investmentsStart of year $1,207,257$1,273,832

X-3 Pledges and grants receivableStart of year $2,961,624$1,996,940

X-4 Accounts receivableStart of year $4,944,403$5,383,019

X-8 Inventories for sale or useStart of year $28,508$36,597

X-9 Prepaid expenses and deferred chargesStart of year $268,698$259,875

X-10c Land, buildings and equipment, netStart of year $17,263,518$22,027,034

X-11 Publicly traded securitiesStart of year $28,495,788$26,156,760

X-15 Other assetsStart of year $0$64,082

X-16 Total assetsStart of year $61,030,805$65,137,323

X-17 Accounts payable and accrued expensesStart of year $1,300,419$1,220,124

X-19 Deferred revenueStart of year $11,578,785$12,803,955

X-20 Tax-exempt bond liabilitiesStart of year $5,609,444$6,161,322

X-25 Other liabilitiesStart of year $620,008$871,395

X-26 Total liabilitiesStart of year $19,108,656$21,056,796

X-27 Net assets without donor restrictionsStart of year $16,024,622$16,547,423

X-28 Net assets with donor restrictionsStart of year $25,897,527$27,533,104

X-32 Total net assets or fund balancesStart of year $41,922,149$44,080,527

X-33 Total liabilities and net assetsStart of year $61,030,805$65,137,323

Part XI · Reconciliation of net assets $44,080,527 net assets at year end

XI-1 Total revenue$19,276,055

XI-2 Total expenses$18,108,758

XI-3 Revenue less expenses$1,167,297

XI-4 Net assets at start of year$41,922,149

XI-5 Net unrealized gains (losses) on investments$964,028

XI-6 Donated services and use of facilities$100,772

XI-9 Other changes in net assets−$73,719

XI-10 Net assets at end of year$44,080,527

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Rectory School INC FY2023 filing

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