Masters School: Nonprofit Profile, Financials & Form 990 (EIN 13-1740472)

Revenue by fiscal year
FY2020	$60.7M
FY2021	$50.8M
FY2022	$59.4M
FY2023	$66.9M
FY2024	$54.8M
FY2025	$66.1M

Expenses by fiscal year
FY2020	$41.8M
FY2021	$40.7M
FY2022	$46.8M
FY2023	$48.4M
FY2024	$52.5M
FY2025	$55.3M

Net assets by fiscal year
FY2020	$135.0M
FY2021	$149.3M
FY2022	$149.7M
FY2023	$171.8M
FY2024	$181.6M
FY2025	$198.2M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1925.

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

Where the money goes

84 cents of each dollar spent went to programs.

84%

12%

Program services 84% · $46.4M Management & general 12% · $6.7M Fundraising 4% · $2.2M

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; $2.1M 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

Laura Danforth

Head of School

$722,056Pt VII · Sec A

Seth Marx

Assoc. Head of School, Inst. Advancement

$312,678Pt VII · Sec A

Andrew Schneider

Assoc. Head for Finac. & Operat.

$303,386Pt VII · Sec A

Emma Katznelson

Assoc. Head for Enroll. & Strat.

$197,676Pt VII · Sec A

Sam Savage

Assoc. Head for Faculty & Academics

$194,230Pt VII · Sec A

Daniel Pereira

Director of Operations

$192,064Pt VII · Sec A

Tasha Elsbach

Head of Middle School

$190,984Pt VII · Sec A

Jonathan Resnick

Trustee

$0Pt VII · Sec A

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

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Laura Danforth	$722,056	$668,101	$646,761	$1,161,018	$463,236	$431,108
Seth Marx	$312,678	$293,996	$266,314	$234,678	$243,450	$214,819
Andrew Schneider	$303,386	$301,527	$151,730	—	—	—
Edward Biddle	—	—	$191,251	$226,118	$223,470	$221,735
Emma Katznelson	$197,676	$191,011	$179,511	$170,336	$162,853	$152,158
Daniel Pereira	$192,064	$197,142	$182,166	$162,519	$153,974	$150,822
Sam Savage	$194,230	—	—	—	—	—
Tasha Elsbach	$190,984	$185,795	$174,423	$171,087	$166,101	$164,606

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

Fosters active learning, deep understanding, and meaningful connections for a diverse community.

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Provided by the organization

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1 program · $46.4M · in their own filed words · FY2024

01

The masters school is an independent day and boarding school, for students in grades 5 through 12, that empowers independent thinkers through an expansive and innovative curriculum based on active intellectual exploration.

$46.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2025

The Ayco Charitable FoundationFY2025$15K

Total grants receivedfrom 1 funder$15K

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$66.1M

Ln 12

Fees for servicesLn 2g$44.9M

Gifts and grantsLn 1h$15.5M

Investment incomeLn 3$5.4M

Money outPt IX

$55.3M

Ln 25

Programscol B$46.4M

Managementcol C$6.7M

Fundraisingcol D$2.2M

Owns and owesPt X

$198.2M

net assets · Ln 32

Cash and savingsLn 1–2$33.0M

Total assetsLn 16$239.5M

LiabilitiesLn 26$41.3M

PeoplePt VI, VII

33

listed · VII A

PaidVII A7

Voting boardVI 1a21

IndependentVI 1b21

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$15.5M

Noncash giftsLn 1g$704K

Fees for servicesLn 2g$44.9M

Investment incomeLn 3$5.4M

Other incomeLn 4–11$357K

Gains on assetsLn 7$1.1M

Total revenueLn 12$66.1M

Assets in detailPt X, end of year

CashLn 1$2.2M

SavingsLn 2$30.8M

Cash and savings togetherLn 1–2$33.0M

InvestmentsLn 11–13$90.4M

Land, buildings, equipmentLn 10c$105.9M

Other assetsLn 15$760K

Total assetsLn 16$239.5M

LiabilitiesLn 26$41.3M

Net assetsLn 32$198.2M

OperationsPt I, VI

EmployeesI 5255

VolunteersI 621

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	$34.4M	$33.0M
InvestmentsLn 11–13	$82.5M	$90.4M
Land, buildings, equipmentLn 10c	$96.7M	$105.9M
Total assetsLn 16	$218.8M	$239.5M
LiabilitiesLn 26	$37.3M	$41.3M
Net assetsLn 32	$181.6M	$198.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$8.8M	$8.8M
Pay of current officers, directors and key staffLn 5	$1.8M	$218K	$1.2M	$363K
Other salaries and wagesLn 7	$20.2M	$16.6M	$2.7M	$1.0M
Pension plan contributionsLn 8	$1.1M	$933K	$130K	$35K
Other employee benefitsLn 9	$3.6M	$2.6M	$725K	$230K
Payroll taxesLn 10	$1.7M	$1.3M	$361K	$111K
Investment management feesLn 11f	$107K		$107K
Other fees for servicesLn 11g	$375K	$80K	$295K
Advertising and promotionLn 12	$123K		$123K
Office expensesLn 13	$332K	$37K	$279K	$16K
OccupancyLn 16	$1.9M	$1.9M	$38K	$18K
TravelLn 17	$817K	$785K	$22K	$10K
Conferences, conventions and meetingsLn 19	$84K	$11K	$73K
InterestLn 20	$718K	$718K
Depreciation, depletion and amortizationLn 22	$3.7M	$3.6M	$72K	$34K
InsuranceLn 23	$882K	$857K	$17K	$8K
Other expenses (24a–d)Ln 24	$8.0M	$7.5M	$477K	$60K
All other expensesLn 24e	$955K	$587K	$50K	$317K
Total functional expensesLn 25	$55.3M	$46.4M	$6.7M	$2.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$66.1M	$55.3M	$10.8M	$198.2M	990 PDF
FY2024	$54.8M	$52.5M	$2.3M	$181.6M	990 PDF
FY2023	$66.9M	$48.4M	$18.6M	$171.8M	990 PDF
FY2022	$59.4M	$46.8M	$12.6M	$149.7M	990 PDF
FY2021	$50.8M	$40.7M	$10.1M	$149.3M	990 PDF
FY2020	$60.7M	$41.8M	$18.9M	$135.0M	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 $66,094,079 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,694,534$15,501,516

I-9 Program service revenuePrior year $44,212,600$44,868,287

I-10 Investment incomePrior year $3,024,535$5,367,558

I-11 Other revenuePrior year $838,707$356,718

I-12 Total revenuePrior year $54,770,376$66,094,079

I-13 Grants and similar amounts paidPrior year $8,545,360$8,753,910

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

I-15 Salaries and benefitsPrior year $26,979,587$28,453,963

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

I-17 Other expensesPrior year $16,982,241$18,092,767

I-18 Total expensesPrior year $52,507,188$55,300,640

I-19 Revenue less expensesPrior year $2,263,188$10,793,439

Part VI · Governance 21 of 21 board members independent, no flags

VI-1a Voting members of the governing body21

VI-1b Independent voting members21

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 $66,094,079 across 9 lines filed

Lines not itemized here account for $19,110 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$15,501,516

VIII-1g Noncash contributions (included above)$703,688

VIII-1h Total contributions, gifts and grants$15,501,516

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $44,849,177$44,849,177

VIII-3 Investment incomeExcluded from tax $4,238,392$4,238,392

VIII-6 Net rental income or lossExcluded from tax $276,610$276,610

VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,129,166$1,129,166

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $80,108$80,108

VIII-12 Total revenueRelated to mission $44,948,395 · Unrelated business $0 · Excluded from tax $5,644,168$66,094,079

Part IX · Statement of functional expenses $55,300,640 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $8,753,910$8,753,910

IX-5 Pay of current officers, directors and key staffPrograms $217,931 · Management $1,240,233 · Fundraising $363,218$1,821,382

IX-7 Other salaries and wagesPrograms $16,551,239 · Management $2,666,508 · Fundraising $1,011,578$20,229,325

IX-8 Pension plan contributionsPrograms $933,308 · Management $129,583 · Fundraising $35,398$1,098,289

IX-9 Other employee benefitsPrograms $2,627,701 · Management $724,814 · Fundraising $229,745$3,582,260

IX-10 Payroll taxesPrograms $1,250,950 · Management $360,687 · Fundraising $111,070$1,722,707

IX-11f Investment management feesManagement $107,323$107,323

IX-11g Other fees for servicesPrograms $79,979 · Management $294,656$374,635

IX-12 Advertising and promotionManagement $122,783$122,783

IX-13 Office expensesPrograms $36,978 · Management $279,000 · Fundraising $15,721$331,699

IX-16 OccupancyPrograms $1,874,527 · Management $37,556 · Fundraising $17,647$1,929,730

IX-17 TravelPrograms $784,812 · Management $22,235 · Fundraising $9,840$816,887

IX-19 Conferences, conventions and meetingsPrograms $10,759 · Management $72,840$83,599

IX-20 InterestPrograms $718,079$718,079

IX-22 Depreciation, depletion and amortizationPrograms $3,618,364 · Management $72,495 · Fundraising $34,064$3,724,923

IX-23 InsurancePrograms $856,933 · Management $17,169 · Fundraising $8,067$882,169

IX-24 Other expenses (24a–d)Programs $7,509,119 · Management $476,970 · Fundraising $60,327$8,046,416

IX-24e All other expensesPrograms $587,229 · Management $50,476 · Fundraising $316,819$954,524

IX-25 Total functional expensesPrograms $46,411,818 · Management $6,675,328 · Fundraising $2,213,494$55,300,640

Part X · Balance sheet $239,458,528 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $2,026,472$2,163,640

X-2 Savings and temporary cash investmentsStart of year $32,333,286$30,808,019

X-3 Pledges and grants receivableStart of year $3,697,529$8,691,878

X-4 Accounts receivableStart of year $102,624$118,138

X-8 Inventories for sale or useStart of year $83,116$86,058

X-9 Prepaid expenses and deferred chargesStart of year $525,103$517,842

X-10c Land, buildings and equipment, netStart of year $96,738,666$105,869,813

X-11 Publicly traded securitiesStart of year $82,522,703$90,442,734

X-15 Other assetsStart of year $819,991$760,406

X-16 Total assetsStart of year $218,849,490$239,458,528

X-17 Accounts payable and accrued expensesStart of year $3,496,173$6,914,928

X-19 Deferred revenueStart of year $9,770,198$11,308,010

X-20 Tax-exempt bond liabilitiesStart of year $24,017,024$23,074,614

X-26 Total liabilitiesStart of year $37,283,395$41,297,552

X-27 Net assets without donor restrictionsStart of year $102,761,737$102,568,194

X-28 Net assets with donor restrictionsStart of year $78,804,358$95,592,782

X-32 Total net assets or fund balancesStart of year $181,566,095$198,160,976

X-33 Total liabilities and net assetsStart of year $218,849,490$239,458,528

Part XI · Reconciliation of net assets $198,160,976 net assets at year end

XI-1 Total revenue$66,094,079

XI-2 Total expenses$55,300,640

XI-3 Revenue less expenses$10,793,439

XI-4 Net assets at start of year$181,566,095

XI-5 Net unrealized gains (losses) on investments$5,801,442

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$198,160,976

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

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