Morristown-Beard School: Nonprofit Profile, Financials & Form 990 (EIN 22-1487252)

Revenue by fiscal year
FY2021	$33.0M
FY2022	$35.1M
FY2023	$35.0M
FY2024	$34.7M
FY2025	$41.5M

Expenses by fiscal year
FY2021	$30.6M
FY2022	$32.5M
FY2023	$34.0M
FY2024	$35.7M
FY2025	$37.7M

Net assets by fiscal year
FY2021	$68.0M
FY2022	$65.1M
FY2023	$67.7M
FY2024	$69.7M
FY2025	$76.7M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1943.

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

Where the money goes

75 cents of each dollar spent went to programs.

75%

21%

Program services 75% · $28.4M Management & general 21% · $8.0M Fundraising 3% · $1.3M

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

27 people listed on the 990; $1.9M paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation

Elizabeth Morrison

Head of School Thru June 2025

$500,064Pt VII · Sec A

Elizabeth Patterson

Director of Advancement

$236,847Pt VII · Sec A

Boni Luna

Dean of Faculty

$197,660Pt VII · Sec A

Ryan Liese

Head of Upper School

$192,992Pt VII · Sec A

Alonda Casselle

Head of Middle School

$162,830Pt VII · Sec A

Robert Mitchell

Director of Admission

$161,026Pt VII · Sec A

Paul Fisher

Technology Teacher

$151,616Pt VII · Sec A

Klarissa Karosen

Director of Dei

$148,740Pt VII · Sec A

Elizabeth Morrison’s $500K as Head of School Thru June 2025 is at the 89th 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
Elizabeth Morrison	$500,064	$485,595	$468,724	$230,088	—
Peter Caldwell	—	$270,000	$270,000	$332,700	$443,247
Elizabeth Patterson	$236,847	$227,581	$218,265	$217,488	$207,971
Darren Burns	—	—	$131,739	$206,311	$194,774
Philicia Levinson	—	$177,234	$201,872	$195,061	$172,988
Boni Luna	$197,660	$188,936	$181,503	$184,884	$173,521
Ryan Liese	$192,992	$186,791	$179,456	$183,280	$85,533
Paul Fisher	$151,616	$166,811	$141,053	$139,158	—

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 Morristown-Beard 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

Educates students in grades 6-12 for college success.

Questions for Morristown-Beard School

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1 program · $28.4M · in their own filed words · FY2024

01

Morristown Beard School is an independent, coeducational day School serving students from more than 85 communities and nine counties in northern new jersey. There are 600 students in grades 6-12, with an upper School enrollment of 460 and middle School of 140.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-1487252) · Dispute this line

$28.4Mprogram 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 · FY2024

Donor Advised Charitable Giving INCFY2024$214K

Fidelity Investments Charitable Gift FundFY2024$119K

The Ravi Chopra Foundation INCFY2024$61K

The A D Philanthropic Fund INCFY2024$50K

Florence & Paul Derosa Memorial Fund for the Arts INCFY2024$37K

Jewish Community Foundation of Greater Metrowest NJFY2024$22K

Thomas & Sarah Macmahon Fam Char Fdtn TrFY2024$20K

The Lester M and Sally Entin FoundationFY2024$16K

Total grants receivedfrom 24 funders$620K

See all 24 funders →

Grants paid · 5 grants · $20.4M · 2020–2024

Unitemized GrantFY2024$4,576,895

Unitemized GrantFY2023$4,011,405

Unitemized GrantFY2022$3,849,321

Unitemized GrantFY2021$3,877,876

Unitemized GrantFY2020$4,054,304

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$41.5M

Ln 12

Fees for servicesLn 2g$34.2M

Gifts and grantsLn 1h$6.0M

Investment incomeLn 3$1.3M

Money outPt IX

$37.7M

Ln 25

Programscol B$28.4M

Managementcol C$8.0M

Fundraisingcol D$1.3M

Owns and owesPt X

$76.7M

net assets · Ln 32

Cash and savingsLn 1–2$9.0M

Total assetsLn 16$84.2M

LiabilitiesLn 26$7.5M

PeoplePt VI, VII

27

listed · VII A

PaidVII A10

Voting boardVI 1a18

IndependentVI 1b16

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$6.0M

Noncash giftsLn 1g$256K

Fundraising eventsLn 1c$45K

Fees for servicesLn 2g$34.2M

Investment incomeLn 3$1.3M

Other incomeLn 4–11$51K

Gains on assetsLn 7−$27

Total revenueLn 12$41.5M

Assets in detailPt X, end of year

CashLn 1$2.5M

SavingsLn 2$6.5M

Cash and savings togetherLn 1–2$9.0M

Pledges and grants receivableLn 3$710K

Accounts receivableLn 4$401K

Inventories for sale or useLn 8$56K

Prepaid expenses and deferred chargesLn 9$48K

Land, buildings, equipmentLn 10c$39.3M

InvestmentsLn 11–13$34.2M

Other assetsLn 15$368K

Total assetsLn 16$84.2M

LiabilitiesLn 26$7.5M

Net assetsLn 32$76.7M

OperationsPt I, VI

EmployeesI 5359

VolunteersI 6120

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$77K

Bond issues listedSch K Pt I1

Raised by those issuesSch K Pt I$9.0M

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$256K

Investment feesPt IX, Sch D

Investment fees, as reportedPt IX 11f$42K

Share of the $33.0M endowmentSch D 1g0.13%

Typical, median of 2,202 orgs0.44%

EndowmentSch D · Pt V

Line	FY25	FY24	FY23	FY22	FY21
End of yearLn 1g	$33.0M	$28.7M	$25.2M	$23.2M	$23.6M
AddedLn 1b	$804K	$36K	$65K	$3.0M	$3.2M
SpentLn 1d–1f	$455K	$406K	$453K	$315K	$172K

4Year over year

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$5.5M	$9.0M
InvestmentsLn 11–13	$29.6M	$34.2M
Land, buildings, equipmentLn 10c	$40.1M	$39.3M
Total assetsLn 16	$76.5M	$84.2M
LiabilitiesLn 26	$6.8M	$7.5M
Net assetsLn 32	$69.7M	$76.7M

Business incomeForm 990-T, Part I

Line	FY25
Gross	$43K
Net	$43K
Tax	$9K

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$4.6M	$4.6M
Pay of officers and key staff (Part IX, line 5)Ln 5	$2.0M	$425K	$1.4M	$138K
Other salaries and wagesLn 7	$15.2M	$11.9M	$2.5M	$841K
Pension plan contributionsLn 8	$970K	$797K	$115K	$57K
Other employee benefitsLn 9	$3.2M	$2.6M	$473K	$149K
Payroll taxesLn 10	$1.3M	$1.0M	$237K	$74K
Legal feesLn 11b	$42K		$42K
Accounting feesLn 11c	$89K		$89K
Investment management feesLn 11f	$42K		$42K
Other fees for servicesLn 11g	$954K	$621K	$333K
Advertising and promotionLn 12	$136K	$6K	$130K
Office expensesLn 13	$779K	$458K	$321K
Information technologyLn 14	$720K	$195K	$525K
OccupancyLn 16	$524K	$394K	$130K
TravelLn 17	$591K	$489K	$102K
Conferences, conventions and meetingsLn 19	$114K	$57K	$58K
InterestLn 20	$6K	$6K
Depreciation, depletion and amortizationLn 22	$2.4M	$1.8M	$598K
InsuranceLn 23	$395K	$54K	$341K
Other expenses (24a–d)Ln 24	$3.1M	$2.5M	$554K
All other expensesLn 24e	$570K	$493K	$41K	$36K
Total functional expensesLn 25	$37.7M	$28.4M	$8.0M	$1.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest ViewingFiled with the IRS May 12, 2026	$41.5M	$37.7M	$3.7M	$76.7M	990 PDF
FY2024Filed with the IRS May 15, 2025	$34.7M	$35.7M	−$977K	$69.7M	990 PDF
FY2023Filed with the IRS Feb 14, 2024	$35.0M	$34.0M	$962K	$67.7M	990 PDF
FY2022Filed with the IRS Apr 5, 2023	$35.1M	$32.5M	$2.5M	$65.1M	990 PDF
FY2021Filed with the IRS Nov 17, 2021	$33.0M	$30.6M	$2.3M	$68.0M	990 PDF

Schedules filed Part IV

A · Public support B · Donors D · Assets and endowments E · Schools G · Fundraising I · Grants J · Pay K · Bonds L · Interested persons M · Noncash O · Explanations

See the full FY2025 990

Part I · Summary $41,455,342 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,534,560$5,971,532

I-9 Program service revenuePrior year $32,179,478$34,178,857

I-10 Investment incomePrior year $942,293$1,253,763

I-11 Other revenuePrior year $37,350$51,190

I-12 Total revenuePrior year $34,693,681$41,455,342

I-13 Grants and similar amounts paidPrior year $4,011,405$4,576,895

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

I-15 Salaries and benefitsPrior year $21,164,168$22,707,463

I-16a Professional fundraising feesPrior year $7,949$0

I-17 Other expensesPrior year $10,487,615$10,436,763

I-18 Total expensesPrior year $35,671,137$37,721,121

I-19 Revenue less expensesPrior year −$977,456$3,734,221

Part VI · Governance 16 of 18 board members independent, no flags

VI-1a Voting members of the governing body18

VI-1b Independent voting members16

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 $41,455,342 across 10 lines filed

Lines not itemized here account for −$2,915 of total revenue; see the IRS return.

VIII-1c Fundraising events$45,469

VIII-1f All other contributions, gifts and grants$5,926,063

VIII-1g Noncash contributions (included above)$255,887

VIII-1h Total contributions, gifts and grants$5,971,532

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $34,178,857$34,178,857

VIII-3 Investment incomeUnrelated business $43,184 · Excluded from tax $1,210,606$1,253,790

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$27−$27

VIII-8 Net income from fundraising eventsExcluded from tax $47,366$47,366

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $6,739$6,739

VIII-12 Total revenueRelated to mission $34,173,692 · Unrelated business $43,184 · Excluded from tax $1,266,934$41,455,342

Part IX · Statement of functional expenses $37,721,121 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $4,576,895$4,576,895

IX-5 Pay of officers and key staff (Part IX, line 5)Programs $424,537 · Management $1,411,176 · Fundraising $137,565$1,973,278

IX-7 Other salaries and wagesPrograms $11,909,292 · Management $2,460,570 · Fundraising $841,417$15,211,279

IX-8 Pension plan contributionsPrograms $797,419 · Management $115,057 · Fundraising $57,078$969,554

IX-9 Other employee benefitsPrograms $2,585,979 · Management $473,080 · Fundraising $149,341$3,208,400

IX-10 Payroll taxesPrograms $1,034,256 · Management $236,849 · Fundraising $73,847$1,344,952

IX-11b Legal feesManagement $42,472$42,472

IX-11c Accounting feesManagement $88,650$88,650

IX-11f Investment management feesManagement $42,184$42,184

IX-11g Other fees for servicesPrograms $621,140 · Management $332,768$953,908

IX-12 Advertising and promotionPrograms $5,882 · Management $130,425$136,307

IX-13 Office expensesPrograms $457,656 · Management $321,298$778,954

IX-14 Information technologyPrograms $194,683 · Management $525,244$719,927

IX-16 OccupancyPrograms $394,303 · Management $129,572$523,875

IX-17 TravelPrograms $489,256 · Management $101,938$591,194

IX-19 Conferences, conventions and meetingsPrograms $56,841 · Management $57,552$114,393

IX-20 InterestPrograms $6,117$6,117

IX-22 Depreciation, depletion and amortizationPrograms $1,794,148 · Management $598,049$2,392,197

IX-23 InsurancePrograms $54,240 · Management $340,505$394,745

IX-24 Other expenses (24a–d)Programs $2,527,937 · Management $553,852$3,081,789

IX-24e All other expensesPrograms $493,113 · Management $40,598 · Fundraising $36,340$570,051

IX-25 Total functional expensesPrograms $28,423,694 · Management $8,001,839 · Fundraising $1,295,588$37,721,121

Part X · Balance sheet $84,170,096 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $257,793$2,485,118

X-2 Savings and temporary cash investmentsStart of year $5,266,572$6,525,027

X-3 Pledges and grants receivableStart of year $333,673$709,745

X-4 Accounts receivableStart of year $344,538$401,201

X-8 Inventories for sale or useStart of year $63,255$55,704

X-9 Prepaid expenses and deferred chargesStart of year $82,285$47,975

X-10c Land, buildings and equipment, netStart of year $40,146,687$39,349,629

X-11 Publicly traded securitiesStart of year $28,749,097$33,418,332

X-12 Other securitiesStart of year $809,100$809,100

X-15 Other assetsStart of year $487,014$368,265

X-16 Total assetsStart of year $76,540,014$84,170,096

X-17 Accounts payable and accrued expensesStart of year $2,241,389$2,922,439

X-19 Deferred revenueStart of year $4,299,266$4,458,411

X-20 Tax-exempt bond liabilitiesStart of year $302,826$76,855

X-26 Total liabilitiesStart of year $6,843,481$7,457,705

X-27 Net assets without donor restrictionsStart of year $43,788,035$44,111,193

X-28 Net assets with donor restrictionsStart of year $25,908,498$32,601,198

X-32 Total net assets or fund balancesStart of year $69,696,533$76,712,391

X-33 Total liabilities and net assetsStart of year $76,540,014$84,170,096

Part XI · Reconciliation of net assets $76,712,391 net assets at year end

XI-1 Total revenue$41,455,342

XI-2 Total expenses$37,721,121

XI-3 Revenue less expenses$3,734,221

XI-4 Net assets at start of year$69,696,533

XI-5 Net unrealized gains (losses) on investments$3,148,852

XI-9 Other changes in net assets$132,785

XI-10 Net assets at end of year$76,712,391

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

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Morristown-Beard School

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