Salisbury School INC: FY2021 Nonprofit Profile & Form 990 (EIN 06-0646888)

Revenue by fiscal year
FY2020	$27.4M
FY2021	$31.9M
FY2022	$36.8M
FY2023	$35.6M
FY2024	$40.0M
FY2025	$49.8M

Expenses by fiscal year
FY2020	$27.1M
FY2021	$26.7M
FY2022	$28.2M
FY2023	$30.7M
FY2024	$33.3M
FY2025	$35.6M

Net assets by fiscal year
FY2020	$129.8M
FY2021	$165.2M
FY2022	$168.2M
FY2023	$179.7M
FY2024	$202.8M
FY2025	$221.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1959.

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

Where the money goes

77 cents of each dollar spent went to programs.

77%

17%

Program services 77% · $20.7M Management & general 17% · $4.6M Fundraising 5% · $1.4M

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

38 people listed on the 990; $1.9M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

Chisholm S Chandler

Headmaster

$385,290Pt VII · Sec A

Robert D Wynne

Assistant Headmaster

$338,823Pt VII · Sec A

Peter Gilbert

Asst Head of School for Institutional Advancement

$226,082Pt VII · Sec A

Josephine Leary

Interim CFO (as of 7/1/2020)

$198,138Pt VII · Sec A

Shana Stalker

Dir. of Communicationsand Marketing

$125,090Pt VII · Sec A

William Boyer

Dir. of Buildings, Grounds and Safety

$122,494Pt VII · Sec A

Electra W Tortorella

Dir. of Leadership and Planned Giving

$115,660Pt VII · Sec A

Mark K Schmidt

Former CFO (thru 6/30/2020)

$114,976Pt VII · Sec A

William V Webb’s $417K as Head of School is at the 82nd 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
Chisholm S Chandler	—	—	—	$1,004,087	$385,290	$390,390
Chisholm Chandler	—	—	$456,538	—	—	—
William V Webb	$416,516	—	—	—	—	—
Willliam Webb	—	$405,392	$229,879	—	—	—
Robert D Wynne	$338,127	—	—	$337,082	$338,823	$205,575
Robert Wynne	—	$337,551	$336,975	—	—	—
Vafa Vahid	$322,843	$321,258	$167,917	—	—	—
Peter Gilbert	—	$275,782	$251,706	$226,202	$226,082	$164,665

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 boys grades 9-12 from around the world as boarders and day students.

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Provided by the organization

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1 program · $20.7M · in their own filed words · FY2020

01

Salisbury school is an independent boy's secondary school(grades 9 through 12) for approximately 300 boarding and day students. The school also provides an independent reading and english co-ed summer school for students in grades 8 through 12.

$20.7Mprogram 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 · FY2025

Northwest Connecticut Community Foundation INCFY2025$10K

Total grants receivedfrom 1 funder$10K

Grants paid · 1 grant · $40K · 2023–2023

Town of SalisburyFY2023$40,000

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$31.9M

Ln 12

Fees for servicesLn 2g$20.7M

Gifts and grantsLn 1h$7.5M

Investment incomeLn 3$3.6M

Money outPt IX

$26.7M

Ln 25

Programscol B$20.7M

Managementcol C$4.6M

Fundraisingcol D$1.4M

Owns and owesPt X

$165.2M

net assets · Ln 32

Cash and savingsLn 1–2$18.7M

Total assetsLn 16$220.1M

LiabilitiesLn 26$54.8M

PeoplePt VI, VII

38

listed · VII A

PaidVII A10

Voting boardVI 1a27

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.5M

Noncash giftsLn 1g$832K

Fees for servicesLn 2g$20.7M

Investment incomeLn 3$3.6M

Other incomeLn 4–11$5K

Gains on assetsLn 7$1.8M

Total revenueLn 12$31.9M

Assets in detailPt X, end of year

CashLn 1$6.3M

SavingsLn 2$12.4M

Cash and savings togetherLn 1–2$18.7M

InvestmentsLn 11–13$73.1M

Land, buildings, equipmentLn 10c$67.9M

Other assetsLn 15$53.1M

Total assetsLn 16$220.1M

LiabilitiesLn 26$54.8M

Net assetsLn 32$165.2M

OperationsPt I, VI

EmployeesI 5213

VolunteersI 633

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 FY21	End FY21
Cash and savingsLn 1–2	$15.1M	$18.7M
InvestmentsLn 11–13	$55.2M	$73.1M
Land, buildings, equipmentLn 10c	$68.6M	$67.9M
Total assetsLn 16	$183.6M	$220.1M
LiabilitiesLn 26	$53.7M	$54.8M
Net assetsLn 32	$129.8M	$165.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$4.6M	$4.6M
Pay of current officers, directors and key staffLn 5	$1.5M		$1.3M	$272K
Other salaries and wagesLn 7	$8.0M	$6.1M	$1.3M	$625K
Pension plan contributionsLn 8	$528K	$447K	$12K	$69K
Other employee benefitsLn 9	$1.3M	$898K	$335K	$97K
Payroll taxesLn 10	$625K	$426K	$140K	$59K
Legal feesLn 11b	$98K		$98K
Accounting feesLn 11c	$77K		$77K
Investment management feesLn 11f	$488K		$488K
Other fees for servicesLn 11g	$810K	$554K	$233K	$22K
Advertising and promotionLn 12	$85K	$12K	$27K	$47K
Office expensesLn 13	$393K	$94K	$211K	$88K
Information technologyLn 14	$359K	$108K	$166K	$85K
OccupancyLn 16	$1.3M	$1.2M	$121K	$1K
TravelLn 17	$20K		$16K	$4K
Conferences, conventions and meetingsLn 19	$62K	$10K	$26K	$26K
InterestLn 20	$1.0M	$1.0M
Depreciation, depletion and amortizationLn 22	$3.0M	$3.0M
InsuranceLn 23	$305K	$295K	$7K	$3K
Other expenses (24a–d)Ln 24	$2.1M	$2.0M	$53K	$49K
Total functional expensesLn 25	$26.7M	$20.7M	$4.6M	$1.4M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$49.8M	$35.6M	$14.2M	$221.3M	990 PDF
FY2024	$40.0M	$33.3M	$6.7M	$202.8M	990 PDF
FY2023	$35.6M	$30.7M	$4.8M	$179.7M	990 PDF
FY2022	$36.8M	$28.2M	$8.6M	$168.2M	990 PDF
FY2021 Viewing	$31.9M	$26.7M	$5.2M	$165.2M	990 PDF
FY2020	$27.4M	$27.1M	$370K	$129.8M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $31,894,355 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $5,187,267$7,529,924

I-9 Program service revenuePrior year $20,378,265$20,737,462

I-10 Investment incomePrior year $1,617,883$3,622,264

I-11 Other revenuePrior year $252,374$4,705

I-12 Total revenuePrior year $27,435,789$31,894,355

I-13 Grants and similar amounts paidPrior year $4,134,691$4,581,608

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

I-15 Salaries and benefitsPrior year $12,236,293$12,037,464

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

I-17 Other expensesPrior year $10,694,601$10,059,953

I-18 Total expensesPrior year $27,065,585$26,679,025

I-19 Revenue less expensesPrior year $370,204$5,215,330

Part VI · Governance 27 of 27 board members independent, no flags

VI-1a Voting members of the governing body27

VI-1b Independent voting members27

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 $31,894,355 across 8 lines filed

VIII-1f All other contributions, gifts and grants$7,529,924

VIII-1g Noncash contributions (included above)$831,708

VIII-1h Total contributions, gifts and grants$7,529,924

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $20,737,462$20,737,462

VIII-3 Investment incomeUnrelated business −$55,930 · Excluded from tax $1,896,174$1,840,244

VIII-7 Net gain or loss on sales of assetsUnrelated business $117 · Excluded from tax $1,781,903$1,782,020

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,705$4,705

VIII-12 Total revenueRelated to mission $20,742,167 · Unrelated business −$55,813 · Excluded from tax $3,678,077$31,894,355

Part IX · Statement of functional expenses $26,679,025 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $4,581,608$4,581,608

IX-5 Pay of current officers, directors and key staffManagement $1,262,262 · Fundraising $271,600$1,533,862

IX-7 Other salaries and wagesPrograms $6,111,884 · Management $1,283,135 · Fundraising $625,287$8,020,306

IX-8 Pension plan contributionsPrograms $447,477 · Management $12,037 · Fundraising $68,901$528,415

IX-9 Other employee benefitsPrograms $897,737 · Management $335,098 · Fundraising $97,420$1,330,255

IX-10 Payroll taxesPrograms $426,231 · Management $139,518 · Fundraising $58,877$624,626

IX-11b Legal feesManagement $97,622$97,622

IX-11c Accounting feesManagement $77,150$77,150

IX-11f Investment management feesManagement $488,337$488,337

IX-11g Other fees for servicesPrograms $554,433 · Management $233,061 · Fundraising $22,496$809,990

IX-12 Advertising and promotionPrograms $11,586 · Management $26,686 · Fundraising $46,737$85,009

IX-13 Office expensesPrograms $93,938 · Management $211,163 · Fundraising $87,961$393,062

IX-14 Information technologyPrograms $108,155 · Management $166,101 · Fundraising $85,234$359,490

IX-16 OccupancyPrograms $1,156,720 · Management $121,032 · Fundraising $1,274$1,279,026

IX-17 TravelManagement $15,965 · Fundraising $4,315$20,280

IX-19 Conferences, conventions and meetingsPrograms $9,618 · Management $25,643 · Fundraising $26,300$61,561

IX-20 InterestPrograms $1,042,408$1,042,408

IX-22 Depreciation, depletion and amortizationPrograms $2,964,316$2,964,316

IX-23 InsurancePrograms $295,309 · Management $6,592 · Fundraising $3,296$305,197

IX-24 Other expenses (24a–d)Programs $1,973,827 · Management $53,409 · Fundraising $49,269$2,076,505

IX-25 Total functional expensesPrograms $20,675,247 · Management $4,554,811 · Fundraising $1,448,967$26,679,025

Part X · Balance sheet $220,053,880 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $1,058,134$6,271,281

X-2 Savings and temporary cash investmentsStart of year $14,077,139$12,384,859

X-3 Pledges and grants receivableStart of year $6,118,170$5,568,753

X-4 Accounts receivableStart of year $634,326$882,423

X-8 Inventories for sale or useStart of year $175,549$118,827

X-9 Prepaid expenses and deferred chargesStart of year $588,407$653,531

X-10c Land, buildings and equipment, netStart of year $68,634,556$67,908,493

X-11 Publicly traded securitiesStart of year $8,316,819$7,688,966

X-12 Other securitiesStart of year $46,924,971$65,435,065

X-15 Other assetsStart of year $37,028,744$53,141,682

X-16 Total assetsStart of year $183,556,815$220,053,880

X-17 Accounts payable and accrued expensesStart of year $2,281,057$2,391,772

X-19 Deferred revenueStart of year $5,980,452$7,136,103

X-20 Tax-exempt bond liabilitiesStart of year $43,454,192$43,287,306

X-25 Other liabilitiesStart of year $2,000,000$2,000,000

X-26 Total liabilitiesStart of year $53,715,701$54,815,181

X-27 Net assets without donor restrictionsStart of year $45,182,768$51,887,197

X-28 Net assets with donor restrictionsStart of year $84,658,346$113,351,502

X-32 Total net assets or fund balancesStart of year $129,841,114$165,238,699

X-33 Total liabilities and net assetsStart of year $183,556,815$220,053,880

Part XI · Reconciliation of net assets $165,238,699 net assets at year end

XI-1 Total revenue$31,894,355

XI-2 Total expenses$26,679,025

XI-3 Revenue less expenses$5,215,330

XI-4 Net assets at start of year$129,841,114

XI-5 Net unrealized gains (losses) on investments$14,408,168

XI-9 Other changes in net assets$15,774,087

XI-10 Net assets at end of year$165,238,699

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Salisbury School INC FY2021 filing

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