King School Incorporated: FY2023 Nonprofit Profile & Form 990 (EIN 06-1229222)

Revenue by fiscal year
FY2020	$37.4M
FY2021	$37.3M
FY2022	$41.2M
FY2023	$42.0M
FY2024	$48.0M
FY2025	$49.7M

Expenses by fiscal year
FY2020	$34.2M
FY2021	$36.7M
FY2022	$38.0M
FY2023	$41.1M
FY2024	$44.2M
FY2025	$46.7M

Net assets by fiscal year
FY2020	$68.5M
FY2021	$76.2M
FY2022	$71.1M
FY2023	$74.5M
FY2024	$82.7M
FY2025	$88.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1989.

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

Where the money goes

80 cents of each dollar spent went to programs.

80%

16%

Program services 80% · $33.0M Management & general 16% · $6.8M Fundraising 3% · $1.3M

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

33 people listed on the 990; $1.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Carol Maoz

Head of School

$408,335Pt VII · Sec A

Stephen Schafer

Chief Financial and Operat

$320,661Pt VII · Sec A

Barbara Drayer

Director of Development and Alumni Programs

$211,233Pt VII · Sec A

Marnie Sadlowsky

Assoc. Head/Head of Upper

$210,507Pt VII · Sec A

Sandy Lizaire-Duff

Head of Lower School

$203,350Pt VII · Sec A

Janine Newman

Assoc. Head of School for Advancement

$190,800Pt VII · Sec A

Craig Tunks

Director of Technology Innovation and Integration

$171,936Pt VII · Sec A

Peter Resnick

Third at Large

$0Pt VII · Sec A

Carol Maoz’s $598K as Head of School is at the 94th 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
Carol Maoz	$597,578	$544,739	$408,335	$203,808	—	—
Karen Eshoo	—	—	—	$400,327	$471,480	$467,354
Kimberly Leeker	—	—	—	$297,771	$366,075	$355,771
Stephen Schafer	$363,525	$338,772	$320,661	$337,713	—	—
Marnie Sadlowsky	$235,316	$219,519	$210,507	$203,616	—	—
Sandy Lizaire-Duff	$228,084	$214,884	$203,350	$196,584	—	—
Janine Newman	$216,847	$201,253	$190,800	$182,862	$176,116	$151,941
Barbara Drayer	—	$215,637	$211,233	—	—	—

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 students for college success in Stamford, Connecticut.

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Provided by the organization

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1 program · $33.0M · in their own filed words · FY2022

01

Provided college preparatory education for approximately 700 children ages pre-school through grade 12. Educational programs include both traditional academic year and strategies course programs.

$33.0Mprogram 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

The Ayco Charitable FoundationFY2025$300K

Select Equity Group FoundationFY2025$4K

Total grants receivedfrom 2 funders$304K

Grants paid · 9 grants · $12.6M · 2019–2024

Boys & Girls Club of Stamford INCCT · FY2024$6,772

Orphaned Starfish Foundation INCNY · FY2024$6,772

Boys & Girls Club of Stamford INCCT · FY2023$5,170

Orphaned Starfish Foundation INCNY · FY2023$5,170

Unitemized GrantFY2021$4,399,564

Unitemized GrantFY2020$4,228,051

Unitemized GrantFY2020$23,419

Unitemized GrantFY2019$3,901,646

Unitemized GrantFY2019$23,697

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$42.0M

Ln 12

Fees for servicesLn 2g$36.3M

Gifts and grantsLn 1h$3.3M

Investment incomeLn 3$2.2M

Money outPt IX

$41.1M

Ln 25

Programscol B$33.0M

Managementcol C$6.8M

Fundraisingcol D$1.3M

Owns and owesPt X

$74.5M

net assets · Ln 32

Cash and savingsLn 1–2$13.2M

Total assetsLn 16$115.1M

LiabilitiesLn 26$40.6M

PeoplePt VI, VII

33

listed · VII A

PaidVII A7

Voting boardVI 1a26

IndependentVI 1b26

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.3M

Noncash giftsLn 1g$277K

Fundraising eventsLn 1c$56K

Fees for servicesLn 2g$36.3M

Investment incomeLn 3$2.2M

Other incomeLn 4–11$201K

Gains on assetsLn 7$817K

Total revenueLn 12$42.0M

Assets in detailPt X, end of year

CashLn 1$243K

SavingsLn 2$12.9M

Cash and savings togetherLn 1–2$13.2M

InvestmentsLn 11–13$42.4M

Land, buildings, equipmentLn 10c$33.1M

Other assetsLn 15$1.6M

Total assetsLn 16$115.1M

LiabilitiesLn 26$40.6M

Net assetsLn 32$74.5M

OperationsPt I, VI

EmployeesI 5405

VolunteersI 697

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 FY23	End FY23
Cash and savingsLn 1–2	$11.9M	$13.2M
InvestmentsLn 11–13	$38.8M	$42.4M
Land, buildings, equipmentLn 10c	$34.7M	$33.1M
Total assetsLn 16	$109.8M	$115.1M
LiabilitiesLn 26	$38.8M	$40.6M
Net assetsLn 32	$71.1M	$74.5M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$4.7M	$4.7M
Pay of current officers, directors and key staffLn 5	$1.0M		$1.0M
Other salaries and wagesLn 7	$16.2M	$13.2M	$2.2M	$781K
Pension plan contributionsLn 8	$855K	$701K	$114K	$41K
Other employee benefitsLn 9	$3.6M	$2.9M	$548K	$170K
Payroll taxesLn 10	$1.2M	$935K	$218K	$55K
Legal feesLn 11b	$63K		$63K
Accounting feesLn 11c	$154K		$154K
Investment management feesLn 11f	$171K		$171K
Other fees for servicesLn 11g	$267K	$132K	$128K	$8K
Advertising and promotionLn 12	$450K	$16K	$428K	$5K
Information technologyLn 14	$940K	$414K	$526K
OccupancyLn 16	$2.4M	$2.2M	$264K
InterestLn 20	$144K	$144K
Depreciation, depletion and amortizationLn 22	$3.1M	$2.8M	$305K
InsuranceLn 23	$386K	$341K	$45K
Other expenses (24a–d)Ln 24	$5.4M	$4.6M	$554K	$274K
Total functional expensesLn 25	$41.1M	$33.0M	$6.8M	$1.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$49.7M	$46.7M	$3.0M	$88.3M	990 PDF
FY2024	$48.0M	$44.2M	$3.8M	$82.7M	990 PDF
FY2023 Viewing	$42.0M	$41.1M	$898K	$74.5M	990 PDF
FY2022	$41.2M	$38.0M	$3.1M	$71.1M	990 PDF
FY2021	$37.3M	$36.7M	$569K	$76.2M	990 PDF
FY2020	$37.4M	$34.2M	$3.3M	$68.5M	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 FY2023 990 (6 parts)

Part I · Summary $41,988,091 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,740,811$3,279,832

I-9 Program service revenuePrior year $33,649,645$36,345,866

I-10 Investment incomePrior year $4,641,287$2,161,347

I-11 Other revenuePrior year $145,589$201,046

I-12 Total revenuePrior year $41,177,332$41,988,091

I-13 Grants and similar amounts paidPrior year $4,399,564$4,685,470

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

I-15 Salaries and benefitsPrior year $22,109,225$22,845,847

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

I-17 Other expensesPrior year $11,526,498$13,558,279

I-18 Total expensesPrior year $38,035,287$41,089,596

I-19 Revenue less expensesPrior year $3,142,045$898,495

Part VI · Governance 26 of 26 board members independent, no flags

VI-1a Voting members of the governing body26

VI-1b Independent voting members26

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 $41,988,091 across 11 lines filed

VIII-1c Fundraising events$56,004

VIII-1f All other contributions, gifts and grants$3,223,828

VIII-1g Noncash contributions (included above)$277,288

VIII-1h Total contributions, gifts and grants$3,279,832

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $36,345,866$36,345,866

VIII-3 Investment incomeUnrelated business $9,026 · Excluded from tax $1,335,317$1,344,343

VIII-6 Net rental income or lossExcluded from tax $19,800$19,800

VIII-7 Net gain or loss on sales of assetsUnrelated business $1,184 · Excluded from tax $815,820$817,004

VIII-8 Net income from fundraising eventsExcluded from tax −$20,473−$20,473

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $201,719$201,719

VIII-12 Total revenueRelated to mission $36,345,866 · Unrelated business $10,210 · Excluded from tax $2,352,183$41,988,091

Part IX · Statement of functional expenses $41,089,596 across 17 lines filed

IX-2 Grants to domestic individualsPrograms $4,685,470$4,685,470

IX-5 Pay of current officers, directors and key staffManagement $1,018,216$1,018,216

IX-7 Other salaries and wagesPrograms $13,182,794 · Management $2,223,799 · Fundraising $781,382$16,187,975

IX-8 Pension plan contributionsPrograms $700,520 · Management $113,862 · Fundraising $40,942$855,324

IX-9 Other employee benefitsPrograms $2,858,592 · Management $547,808 · Fundraising $170,017$3,576,417

IX-10 Payroll taxesPrograms $934,600 · Management $217,919 · Fundraising $55,396$1,207,915

IX-11b Legal feesManagement $63,281$63,281

IX-11c Accounting feesManagement $153,713$153,713

IX-11f Investment management feesManagement $170,961$170,961

IX-11g Other fees for servicesPrograms $131,851 · Management $127,519 · Fundraising $7,800$267,170

IX-12 Advertising and promotionPrograms $16,418 · Management $428,340 · Fundraising $5,401$450,159

IX-14 Information technologyPrograms $414,435 · Management $525,708$940,143

IX-16 OccupancyPrograms $2,178,150 · Management $264,109$2,442,259

IX-20 InterestPrograms $144,350$144,350

IX-22 Depreciation, depletion and amortizationPrograms $2,799,296 · Management $304,700$3,103,996

IX-23 InsurancePrograms $341,190 · Management $44,562$385,752

IX-24 Other expenses (24a–d)Programs $4,608,460 · Management $553,704 · Fundraising $274,331$5,436,495

IX-25 Total functional expensesPrograms $32,996,126 · Management $6,758,201 · Fundraising $1,335,269$41,089,596

Part X · Balance sheet $115,105,975 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $2,383,772$242,946

X-2 Savings and temporary cash investmentsStart of year $9,477,504$12,910,080

X-3 Pledges and grants receivableStart of year $1,210,340$1,194,836

X-4 Accounts receivableStart of year $21,728,148$23,043,215

X-9 Prepaid expenses and deferred chargesStart of year $415,618$593,708

X-10c Land, buildings and equipment, netStart of year $34,682,074$33,129,599

X-11 Publicly traded securitiesStart of year $27,597,406$29,515,052

X-12 Other securitiesStart of year $11,203,087$12,896,902

X-15 Other assetsStart of year $1,129,655$1,579,637

X-16 Total assetsStart of year $109,827,604$115,105,975

X-17 Accounts payable and accrued expensesStart of year $4,758,911$3,948,780

X-19 Deferred revenueStart of year $28,257,849$31,175,820

X-20 Tax-exempt bond liabilitiesStart of year $5,759,996$5,456,994

X-26 Total liabilitiesStart of year $38,776,756$40,581,594

X-27 Net assets without donor restrictionsStart of year $63,921,857$66,423,193

X-28 Net assets with donor restrictionsStart of year $7,128,991$8,101,188

X-32 Total net assets or fund balancesStart of year $71,050,848$74,524,381

X-33 Total liabilities and net assetsStart of year $109,827,604$115,105,975

Part XI · Reconciliation of net assets $74,524,381 net assets at year end

XI-1 Total revenue$41,988,091

XI-2 Total expenses$41,089,596

XI-3 Revenue less expenses$898,495

XI-4 Net assets at start of year$71,050,848

XI-5 Net unrealized gains (losses) on investments$2,575,038

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$74,524,381

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

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King School Incorporated FY2023 filing

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