Morristown-Beard School: FY2021 Nonprofit Profile & 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

71 cents of each dollar spent went to programs.

71%

25%

Program services 71% · $21.6M Management & general 25% · $7.7M Fundraising 4% · $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; $1.4M 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

Peter Caldwell

Head of School

$443,247Pt VII · Sec A

Elizabeth Patterson

Director of Advancement

$207,971Pt VII · Sec A

Darren Burns

Associate Head of School

$194,774Pt VII · Sec A

Boni Luna

Middle School Head

$173,521Pt VII · Sec A

Philicia Levinson

Chief Financial Officer

$172,988Pt VII · Sec A

Robert Mitchell

Director of Admissions

$136,123Pt VII · Sec A

Ryan Liese

Upper School Head

$85,533Pt VII · Sec A

Ravi Chopra

Treasurer

$0Pt 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.

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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 in grades 6-12 for college success.

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Provided by the organization

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1 program · $21.6M · in their own filed words · FY2020

01

Instructional and School Related Activities.

$21.6Mprogram 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 FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$33.0M

Ln 12

Fees for servicesLn 2g$27.3M

Other incomeLn 4–11$3.5M

Gifts and grantsLn 1h$1.8M

Money outPt IX

$30.6M

Ln 25

Programscol B$21.6M

Managementcol C$7.7M

Fundraisingcol D$1.3M

Owns and owesPt X

$68.0M

net assets · Ln 32

Cash and savingsLn 1–2$7.7M

Total assetsLn 16$74.8M

LiabilitiesLn 26$6.8M

PeoplePt VI, VII

33

listed · VII A

PaidVII A7

Voting boardVI 1a27

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.8M

Fundraising eventsLn 1c$39K

Fees for servicesLn 2g$27.3M

Investment incomeLn 3$413K

Other incomeLn 4–11$3.5M

Total revenueLn 12$33.0M

Assets in detailPt X, end of year

CashLn 1$846K

SavingsLn 2$6.9M

Cash and savings togetherLn 1–2$7.7M

InvestmentsLn 11–13$20.0M

Land, buildings, equipmentLn 10c$44.9M

Other assetsLn 15$623K

Total assetsLn 16$74.8M

LiabilitiesLn 26$6.8M

Net assetsLn 32$68.0M

OperationsPt I, VI

EmployeesI 5359

VolunteersI 6120

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	$7.1M	$7.7M
InvestmentsLn 11–13	$15.3M	$20.0M
Land, buildings, equipmentLn 10c	$46.6M	$44.9M
Total assetsLn 16	$71.6M	$74.8M
LiabilitiesLn 26	$10.5M	$6.8M
Net assetsLn 32	$61.1M	$68.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$4.1M	$4.1M
Other salaries and wagesLn 7	$13.5M	$8.6M	$4.0M	$947K
Pension plan contributionsLn 8	$1.1M	$701K	$346K	$67K
Other employee benefitsLn 9	$2.0M	$1.3M	$524K	$152K
Payroll taxesLn 10	$1.0M	$686K	$255K	$66K
Legal feesLn 11b	$47K	$0	$47K	$0
Accounting feesLn 11c	$26K	$0	$26K	$0
Other fees for servicesLn 11g	$273K	$0	$273K	$0
Advertising and promotionLn 12	$232K	$18K	$214K	$0
Office expensesLn 13	$831K	$587K	$197K	$46K
Information technologyLn 14	$436K	$221K	$215K	$0
OccupancyLn 16	$1.6M	$1.2M	$400K	$0
TravelLn 17	$21K	$6K	$15K	$0
Conferences, conventions and meetingsLn 19	$23K	$5K	$18K	$0
InterestLn 20	$125K	$0	$125K	$0
Depreciation, depletion and amortizationLn 22	$2.2M	$1.6M	$548K	$0
InsuranceLn 23	$335K	$0	$335K	$0
Other expenses (24a–d)Ln 24	$2.8M	$2.6M	$190K	$0
Total functional expensesLn 25	$30.6M	$21.6M	$7.7M	$1.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$41.5M	$37.7M	$3.7M	$76.7M	990 PDF
FY2024	$34.7M	$35.7M	−$977K	$69.7M	990 PDF
FY2023	$35.0M	$34.0M	$962K	$67.7M	990 PDF
FY2022	$35.1M	$32.5M	$2.5M	$65.1M	990 PDF
FY2021 Viewing	$33.0M	$30.6M	$2.3M	$68.0M	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 $32,953,028 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,952,717$1,772,251

I-9 Program service revenuePrior year $27,237,155$27,274,294

I-10 Investment incomePrior year $467,745$413,028

I-11 Other revenuePrior year $259,380$3,493,455

I-12 Total revenuePrior year $29,916,997$32,953,028

I-13 Grants and similar amounts paidPrior year $4,010,040$4,054,304

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $17,709,117$17,625,124

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $8,114,125$8,934,184

I-18 Total expensesPrior year $29,833,282$30,613,612

I-19 Revenue less expensesPrior year $83,715$2,339,416

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 $32,953,028 across 8 lines filed

VIII-1c Fundraising events$38,562

VIII-1f All other contributions, gifts and grants$1,772,251

VIII-1h Total contributions, gifts and grants$1,772,251

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$27,274,294

VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $413,028$413,028

VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,493,455 · Unrelated business $0 · Excluded from tax $0$3,493,455

VIII-12 Total revenueRelated to mission $30,767,749 · Unrelated business $0 · Excluded from tax $413,028$32,953,028

Part IX · Statement of functional expenses $30,613,612 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $4,054,304$4,054,304

IX-7 Other salaries and wagesPrograms $8,636,297 · Management $3,956,899 · Fundraising $947,237$13,540,433

IX-8 Pension plan contributionsPrograms $701,105 · Management $346,320 · Fundraising $67,221$1,114,646

IX-9 Other employee benefitsPrograms $1,286,669 · Management $523,585 · Fundraising $152,126$1,962,380

IX-10 Payroll taxesPrograms $686,307 · Management $255,044 · Fundraising $66,314$1,007,665

IX-11b Legal feesPrograms $0 · Management $47,256 · Fundraising $0$47,256

IX-11c Accounting feesPrograms $0 · Management $25,700 · Fundraising $0$25,700

IX-11g Other fees for servicesPrograms $0 · Management $272,893 · Fundraising $0$272,893

IX-12 Advertising and promotionPrograms $18,144 · Management $214,000 · Fundraising $0$232,144

IX-13 Office expensesPrograms $587,381 · Management $196,761 · Fundraising $46,449$830,591

IX-14 Information technologyPrograms $220,803 · Management $215,050 · Fundraising $0$435,853

IX-16 OccupancyPrograms $1,177,609 · Management $400,298 · Fundraising $0$1,577,907

IX-17 TravelPrograms $5,502 · Management $15,303 · Fundraising $0$20,805

IX-19 Conferences, conventions and meetingsPrograms $4,634 · Management $18,185 · Fundraising $0$22,819

IX-20 InterestPrograms $0 · Management $124,879 · Fundraising $0$124,879

IX-22 Depreciation, depletion and amortizationPrograms $1,644,368 · Management $548,122 · Fundraising $0$2,192,490

IX-23 InsurancePrograms $0 · Management $334,504 · Fundraising $0$334,504

IX-24 Other expenses (24a–d)Programs $2,626,629 · Management $189,714 · Fundraising $0$2,816,343

IX-25 Total functional expensesPrograms $21,649,752 · Management $7,684,513 · Fundraising $1,279,347$30,613,612

Part X · Balance sheet $74,759,879 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $843,798$845,968

X-2 Savings and temporary cash investmentsStart of year $6,258,931$6,857,599

X-3 Pledges and grants receivableStart of year $1,887,573$1,343,706

X-4 Accounts receivableStart of year $199,050$201,769

X-8 Inventories for sale or useStart of year $47,450$43,848

X-10c Land, buildings and equipment, netStart of year $46,636,055$44,858,368

X-11 Publicly traded securitiesStart of year $15,319,844$19,985,174

X-15 Other assetsStart of year $401,712$623,447

X-16 Total assetsStart of year $71,594,413$74,759,879

X-17 Accounts payable and accrued expensesStart of year $2,407,853$2,653,772

X-19 Deferred revenueStart of year $2,058,239$2,764,913

X-24 Unsecured notes and loans payableStart of year $5,999,507$1,331,914

X-25 Other liabilities$0

X-26 Total liabilitiesStart of year $10,465,599$6,750,599

X-27 Net assets without donor restrictionsStart of year $45,425,606$47,417,232

X-28 Net assets with donor restrictionsStart of year $15,703,208$20,592,048

X-32 Total net assets or fund balancesStart of year $61,128,814$68,009,280

X-33 Total liabilities and net assetsStart of year $71,594,413$74,759,879

Part XI · Reconciliation of net assets $68,009,280 net assets at year end

XI-1 Total revenue$32,953,028

XI-2 Total expenses$30,613,612

XI-3 Revenue less expenses$2,339,416

XI-4 Net assets at start of year$61,128,814

XI-5 Net unrealized gains (losses) on investments$4,541,050

XI-10 Net assets at end of year$68,009,280

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

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Morristown-Beard School FY2021 filing

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