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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.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
36 people listed on the 990; $1.5M paid to officers and key staff.
Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Head of School
$431,108Pt VII · Sec A
Chief Financial Officer
$221,735Pt VII · Sec A
Open Item
$214,819Pt VII · Sec A
Head of Middle School
$164,606Pt VII · Sec A
Open Item
$155,927Pt VII · Sec A
Open Item
$152,158Pt VII · Sec A
Director of Operations
$150,822Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Treasurer (outgoing)
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee (outgoing)
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee (outgoing)
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Board Chair
$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.
See Masters School executive salaries →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.
Questions for Masters School
Your first name shows with your question. Masters School answers here, for everyone.
1 program · $35.1M · in their own filed words · FY2019
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.
$35.1Mprogram 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 FY2020 990, line by line.
Download 990
1The main four
Money inPt VIII
$60.7M
Ln 12
Fees for servicesLn 2g$37.6M
Gifts and grantsLn 1h$19.2M
Investment incomeLn 3$3.8M
Money outPt IX
$41.8M
Ln 25
Programscol B$35.1M
Managementcol C$5.1M
Fundraisingcol D$1.6M
Owns and owesPt X
$135.0M
net assets · Ln 32
Cash and savingsLn 1–2$32.4M
Total assetsLn 16$172.0M
LiabilitiesLn 26$37.0M
PeoplePt VI, VII
36
listed · VII A
PaidVII A7
Voting boardVI 1a26
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$19.2M
Noncash giftsLn 1g$5.6M
Fees for servicesLn 2g$37.6M
Investment incomeLn 3$3.8M
Other incomeLn 4–11$109K
Gains on assetsLn 7$1.2M
Total revenueLn 12$60.7M
Assets in detailPt X, end of year
CashLn 1$14.2M
SavingsLn 2$18.2M
Cash and savings togetherLn 1–2$32.4M
InvestmentsLn 11–13$66.6M
Land, buildings, equipmentLn 10c$68.4M
Other assetsLn 15$462K
Total assetsLn 16$172.0M
LiabilitiesLn 26$37.0M
Net assetsLn 32$135.0M
OperationsPt I, VI
EmployeesI 5255
VolunteersI 621
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$27.5M
Bond issues listedSch K Pt I1
Raised by those issuesSch K Pt I$32.0M
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$5.6M
EndowmentSch D · Pt V
| Line | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|
| End of yearLn 1g | $66.7M | $59.8M | $56.8M | $51.3M | $39.9M |
| Given inLn 1b | $5.7M | $1.5M | $2.9M | $7.3M | $1.9M |
| SpentLn 1d–1f | $2.0M | $1.8M | $1.5M | $1.1M | $1.0M |
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $23.5M | $32.4M |
| InvestmentsLn 11–13 | $59.7M | $66.6M |
| Land, buildings, equipmentLn 10c | $67.3M | $68.4M |
| Total assetsLn 16 | $157.1M | $172.0M |
| LiabilitiesLn 26 | $40.7M | $37.0M |
| Net assetsLn 32 | $116.4M | $135.0M |
5Every line
Statement of functional expensesPt IX · every line
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic individualsLn 2 | $7.5M | $7.5M | ||
| Pay of current officers, directors and key staffLn 5 | $837K | $80K | $623K | $134K |
| Other salaries and wagesLn 7 | $16.1M | $13.0M | $2.2M | $828K |
| Pension plan contributionsLn 8 | $1.5M | $1.2M | $249K | $73K |
| Other employee benefitsLn 9 | $2.0M | $1.5M | $387K | $112K |
| Payroll taxesLn 10 | $1.5M | $1.1M | $293K | $81K |
| Legal feesLn 11b | $30K | $30K | ||
| Investment management feesLn 11f | $55K | $55K | ||
| Other fees for servicesLn 11g | $407K | $41K | $366K | |
| Advertising and promotionLn 12 | $132K | $132K | ||
| Office expensesLn 13 | $308K | $43K | $246K | $18K |
| OccupancyLn 16 | $1.1M | $1.1M | $21K | $10K |
| TravelLn 17 | $314K | $299K | $11K | $5K |
| Conferences, conventions and meetingsLn 19 | $49K | $3K | $46K | |
| InterestLn 20 | $854K | $854K | ||
| Depreciation, depletion and amortizationLn 22 | $2.7M | $2.7M | $55K | $27K |
| InsuranceLn 23 | $300K | $292K | $6K | $3K |
| Other expenses (24a–d)Ln 24 | $5.3M | $5.0M | $239K | $70K |
| All other expensesLn 24e | $716K | $425K | $52K | $239K |
| Total functional expensesLn 25 | $41.8M | $35.1M | $5.1M | $1.6M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 LatestFiled with the IRS Apr 24, 2026 | $66.1M | $55.3M | $10.8M | $198.2M | 990 PDF |
| FY2024Filed with the IRS May 14, 2025 | $54.8M | $52.5M | $2.3M | $181.6M | 990 PDF |
| FY2023Filed with the IRS Apr 2, 2024 | $66.9M | $48.4M | $18.6M | $171.8M | 990 PDF |
| FY2022Filed with the IRS May 15, 2023 | $59.4M | $46.8M | $12.6M | $149.7M | 990 PDF |
| FY2021Filed with the IRS May 10, 2022 | $50.8M | $40.7M | $10.1M | $149.3M | 990 PDF |
| FY2020 ViewingFiled with the IRS May 12, 2021 | $60.7M | $41.8M | $18.9M | $135.0M | 990 PDF |
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 FY2020 990 (6 parts)
Part I · Summary $60,700,540 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,098,743$19,162,255
I-9 Program service revenuePrior year $37,575,734$37,584,841
I-10 Investment incomePrior year $3,286,662$3,844,320
I-11 Other revenuePrior year $239,097$109,124
I-12 Total revenuePrior year $46,200,236$60,700,540
I-13 Grants and similar amounts paidPrior year $6,959,447$7,510,307
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $21,712,141$21,946,911
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $13,242,965$12,336,610
I-18 Total expensesPrior year $41,914,553$41,793,828
I-19 Revenue less expensesPrior year $4,285,683$18,906,712
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 $60,700,540 across 10 lines filed
Lines not itemized here account for $6,898 of total revenue; see the IRS return.
VIII-1a Federated campaigns$150,376
VIII-1f All other contributions, gifts and grants$19,011,879
VIII-1g Noncash contributions (included above)$5,583,290
VIII-1h Total contributions, gifts and grants$19,162,255
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $37,577,943$37,577,943
VIII-3 Investment incomeExcluded from tax $2,661,194$2,661,194
VIII-6 Net rental income or lossExcluded from tax $69,940$69,940
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,183,126$1,183,126
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $39,184$39,184
VIII-12 Total revenueRelated to mission $37,624,025 · Unrelated business $0 · Excluded from tax $3,914,260$60,700,540
Part IX · Statement of functional expenses $41,793,828 across 19 lines filed
IX-2 Grants to domestic individualsPrograms $7,510,307$7,510,307
IX-5 Pay of current officers, directors and key staffPrograms $80,373 · Management $622,806 · Fundraising $133,954$837,133
IX-7 Other salaries and wagesPrograms $13,027,886 · Management $2,247,381 · Fundraising $828,042$16,103,309
IX-8 Pension plan contributionsPrograms $1,182,089 · Management $248,812 · Fundraising $73,218$1,504,119
IX-9 Other employee benefitsPrograms $1,538,826 · Management $386,533 · Fundraising $111,884$2,037,243
IX-10 Payroll taxesPrograms $1,090,466 · Management $293,202 · Fundraising $81,439$1,465,107
IX-11b Legal feesManagement $30,380$30,380
IX-11f Investment management feesManagement $54,748$54,748
IX-11g Other fees for servicesPrograms $41,231 · Management $365,648$406,879
IX-12 Advertising and promotionManagement $132,129$132,129
IX-13 Office expensesPrograms $43,407 · Management $245,802 · Fundraising $18,400$307,609
IX-16 OccupancyPrograms $1,064,149 · Management $21,320 · Fundraising $10,018$1,095,487
IX-17 TravelPrograms $298,525 · Management $10,931 · Fundraising $4,628$314,084
IX-19 Conferences, conventions and meetingsPrograms $3,024 · Management $45,762$48,786
IX-20 InterestPrograms $854,153$854,153
IX-22 Depreciation, depletion and amortizationPrograms $2,653,306 · Management $54,707 · Fundraising $27,354$2,735,367
IX-23 InsurancePrograms $291,601 · Management $5,907 · Fundraising $2,776$300,284
IX-24 Other expenses (24a–d)Programs $5,031,664 · Management $238,567 · Fundraising $70,428$5,340,659
IX-24e All other expensesPrograms $424,702 · Management $52,228 · Fundraising $239,115$716,045
IX-25 Total functional expensesPrograms $35,135,709 · Management $5,056,863 · Fundraising $1,601,256$41,793,828
Part X · Balance sheet $171,952,059 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $7,246,674$14,244,723
X-2 Savings and temporary cash investmentsStart of year $16,233,544$18,169,486
X-3 Pledges and grants receivableStart of year $5,204,175$3,539,185
X-4 Accounts receivableStart of year $15,953$255,213
X-8 Inventories for sale or useStart of year $71,330$74,402
X-9 Prepaid expenses and deferred chargesStart of year $356,126$265,618
X-10c Land, buildings and equipment, netStart of year $67,291,600$68,386,511
X-11 Publicly traded securitiesStart of year $59,650,304$66,554,724
X-15 Other assetsStart of year $1,025,314$462,197
X-16 Total assetsStart of year $157,095,020$171,952,059
X-17 Accounts payable and accrued expensesStart of year $2,689,294$3,200,648
X-19 Deferred revenueStart of year $9,689,122$6,241,664
X-20 Tax-exempt bond liabilitiesStart of year $28,315,413$27,509,094
X-26 Total liabilitiesStart of year $40,693,829$36,951,406
X-27 Net assets without donor restrictionsStart of year $59,361,120$61,997,963
X-28 Net assets with donor restrictionsStart of year $57,040,071$73,002,690
X-32 Total net assets or fund balancesStart of year $116,401,191$135,000,653
X-33 Total liabilities and net assetsStart of year $157,095,020$171,952,059
Part XI · Reconciliation of net assets $135,000,653 net assets at year end
XI-1 Total revenue$60,700,540
XI-2 Total expenses$41,793,828
XI-3 Revenue less expenses$18,906,712
XI-4 Net assets at start of year$116,401,191
XI-5 Net unrealized gains (losses) on investments−$307,250
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$135,000,653
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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