Rutgers Preparatory School: Nonprofit Profile, Financials & Form 990 (EIN 22-1607926)

Revenue by fiscal year
FY2020	$26.2M
FY2021	$29.7M
FY2022	$30.6M
FY2023	$33.5M
FY2024	$34.0M
FY2025	$34.9M

Expenses by fiscal year
FY2020	$25.7M
FY2021	$25.2M
FY2022	$27.9M
FY2023	$29.7M
FY2024	$31.1M
FY2025	$32.6M

Net assets by fiscal year
FY2020	$42.0M
FY2021	$50.7M
FY2022	$49.7M
FY2023	$53.2M
FY2024	$58.6M
FY2025	$63.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in 0000.

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

Where the money goes

82 cents of each dollar spent went to programs.

82%

15%

Program services 82% · $26.8M Management & general 15% · $4.8M Fundraising 3% · $911K

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

24 people listed on the 990; $1.7M 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

Steven Loy

Head of School

$547,566Pt VII · Sec A

Robert Apgar

Chief Operating Officer

$245,791Pt VII · Sec A

Peter Richardson

Director of Campus Operations

$209,004Pt VII · Sec A

Todd Rutman

Director of Finance

$182,176Pt VII · Sec A

Patria Leroy

Dir. of Enrollment & Financial

$176,033Pt VII · Sec A

Joe Chodl

Upper School Principal

$171,809Pt VII · Sec A

Susan Gantz

Director of Advancement

$167,830Pt VII · Sec A

Nik Rao

Trustee

$0Pt VII · Sec A

Steven Loy’s $548K as Head of School is at the 92nd 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
Steven a Loy	—	$535,041	$646,174	$478,706	$467,498	$458,012
Steven Loy	$547,566	—	—	—	—	—
Robert Apgar	$245,791	$236,591	$230,596	$215,184	$198,509	$193,629
Peter Richardson	$209,004	$199,063	$205,227	$189,088	$179,778	$179,691
H Stewart Wheller III	—	—	—	—	—	$200,000
Kevin Merges	—	—	$185,269	$174,510	$174,727	$174,513
Todd Rutman	$182,176	$176,387	$172,711	$168,230	$158,131	$158,465
Patria Leroy	$176,033	$166,249	$163,223	$151,012	$148,116	$145,880

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 children from preschool through high school in an independent, co-educational setting.

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Provided by the organization

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3 programs · $26.8M · in their own filed words · FY2024

01

Education & Instruction

Education and instruction for approximately 702 students in grades pre-kindergarten through grade 12 serving somerset county and adjacent communities.

$22.6Mprogram expense

02

Auxiliary enterprises (including school store, cafeteria, international program, summer camps, after school programs, graduation).

$2.1Mprogram expense

03

Student Services

Activities (including athletics, student publications, drama, clubs etc.)

$2.1Mprogram 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

Fidelity Investments Charitable Gift FundFY2024$40K

Morgan Stanley Global Impact Funding Trust INCFY2024$31K

Ernest Christian Klipstein FoundationFY2024$26K

Brighter Future FoundationFY2024$10K

American Online Giving Foundation INCFY2024$8K

Robert Wood Johnson FoundationFY2024$8K

Pfizer Foundation INCFY2024$2K

Total grants receivedfrom 7 funders$125K

See all 7 funders →

Grants paid · 6 grants · $36.8M · 2019–2024

Unitemized GrantFY2024$6,185,156

Unitemized GrantFY2023$6,341,519

Unitemized GrantFY2022$6,478,506

Unitemized GrantFY2021$6,179,379

Unitemized GrantFY2020$6,030,678

Unitemized GrantFY2019$5,543,786

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$34.9M

Ln 12

Fees for servicesLn 2g$31.9M

Investment incomeLn 3$1.8M

Gifts and grantsLn 1h$763K

Money outPt IX

$32.6M

Ln 25

Programscol B$26.8M

Managementcol C$4.8M

Fundraisingcol D$911K

Owns and owesPt X

$63.3M

net assets · Ln 32

Cash and savingsLn 1–2$21.1M

Total assetsLn 16$72.8M

LiabilitiesLn 26$9.5M

PeoplePt VI, VII

24

listed · VII A

PaidVII A7

Voting boardVI 1a17

IndependentVI 1b17

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$763K

Noncash giftsLn 1g$77K

Fees for servicesLn 2g$31.9M

Investment incomeLn 3$1.8M

Other incomeLn 4–11$446K

Gains on assetsLn 7$821

Total revenueLn 12$34.9M

Assets in detailPt X, end of year

CashLn 1$20.4M

SavingsLn 2$633K

Cash and savings togetherLn 1–2$21.1M

InvestmentsLn 11–13$34.6M

Land, buildings, equipmentLn 10c$15.1M

Other assetsLn 15$1.6M

Total assetsLn 16$72.8M

LiabilitiesLn 26$9.5M

Net assetsLn 32$63.3M

OperationsPt I, VI

EmployeesI 5320

VolunteersI 617

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	$19.0M	$21.1M
InvestmentsLn 11–13	$31.3M	$34.6M
Land, buildings, equipmentLn 10c	$15.9M	$15.1M
Total assetsLn 16	$67.7M	$72.8M
LiabilitiesLn 26	$9.1M	$9.5M
Net assetsLn 32	$58.6M	$63.3M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$6.2M	$6.2M
Pay of current officers, directors and key staffLn 5	$866K	$638K	$193K	$34K
Pay of disqualified personsLn 6	$102K	$75K	$23K	$4K
Other salaries and wagesLn 7	$15.0M	$11.6M	$2.9M	$511K
Pension plan contributionsLn 8	$889K	$678K	$178K	$33K
Other employee benefitsLn 9	$1.8M	$1.4M	$366K	$68K
Payroll taxesLn 10	$1.3M	$979K	$257K	$48K
Legal feesLn 11b	$16K		$16K
Accounting feesLn 11c	$84K		$84K
Professional fundraising feesLn 11e	$38K			$38K
Advertising and promotionLn 12	$115K		$115K
Office expensesLn 13	$237K	$85K	$120K	$32K
Information technologyLn 14	$205K	$185K	$16K	$4K
RoyaltiesLn 15	$17K	$17K
OccupancyLn 16	$774K	$764K	$2K	$8K
TravelLn 17	$15K	$14K	$599	$150
Conferences, conventions and meetingsLn 19	$33K	$5K	$28K	$628
Depreciation, depletion and amortizationLn 22	$1.2M	$1.1M	$47K	$12K
InsuranceLn 23	$308K		$308K
Other expenses (24a–d)Ln 24	$2.3M	$2.3M	$1K
All other expensesLn 24e	$996K	$731K	$147K	$118K
Total functional expensesLn 25	$32.6M	$26.8M	$4.8M	$911K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$34.9M	$32.6M	$2.4M	$63.3M	990 PDF
FY2024	$34.0M	$31.1M	$2.9M	$58.6M	990 PDF
FY2023	$33.5M	$29.7M	$3.7M	$53.2M	990 PDF
FY2022	$30.6M	$27.9M	$2.7M	$49.7M	990 PDF
FY2021	$29.7M	$25.2M	$4.5M	$50.7M	990 PDF
FY2020	$26.2M	$25.7M	$469K	$42.0M	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 $34,905,286 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $896,027$762,690

I-9 Program service revenuePrior year $31,159,012$31,927,577

I-10 Investment incomePrior year $1,565,791$1,769,045

I-11 Other revenuePrior year $342,293$445,974

I-12 Total revenuePrior year $33,963,123$34,905,286

I-13 Grants and similar amounts paidPrior year $6,341,519$6,185,156

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

I-15 Salaries and benefitsPrior year $18,604,880$20,015,847

I-16a Professional fundraising feesPrior year $65,000$38,500

I-17 Other expensesPrior year $6,079,916$6,311,157

I-18 Total expensesPrior year $31,091,315$32,550,660

I-19 Revenue less expensesPrior year $2,871,808$2,354,626

Part VI · Governance 17 of 17 board members independent, no flags

VI-1a Voting members of the governing body17

VI-1b Independent voting members17

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 $34,905,286 across 9 lines filed

Lines not itemized here account for $28,186 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$762,690

VIII-1g Noncash contributions (included above)$76,504

VIII-1h Total contributions, gifts and grants$762,690

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $31,927,577$31,927,577

VIII-3 Investment incomeExcluded from tax $1,768,224$1,768,224

VIII-6 Net rental income or lossExcluded from tax $187,708$187,708

VIII-7 Net gain or loss on sales of assetsExcluded from tax $821$821

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $230,080$230,080

VIII-12 Total revenueRelated to mission $32,185,843 · Unrelated business $0 · Excluded from tax $1,956,753$34,905,286

Part IX · Statement of functional expenses $32,550,660 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $6,185,156$6,185,156

IX-5 Pay of current officers, directors and key staffPrograms $638,254 · Management $193,330 · Fundraising $34,018$865,602

IX-6 Pay of disqualified personsPrograms $75,132 · Management $22,536 · Fundraising $3,980$101,648

IX-7 Other salaries and wagesPrograms $11,641,456 · Management $2,891,504 · Fundraising $511,333$15,044,293

IX-8 Pension plan contributionsPrograms $678,257 · Management $177,834 · Fundraising $33,077$889,168

IX-9 Other employee benefitsPrograms $1,397,417 · Management $366,391 · Fundraising $68,149$1,831,957

IX-10 Payroll taxesPrograms $978,809 · Management $256,636 · Fundraising $47,734$1,283,179

IX-11b Legal feesManagement $15,753$15,753

IX-11c Accounting feesManagement $83,955$83,955

IX-11e Professional fundraising feesFundraising $38,500$38,500

IX-12 Advertising and promotionManagement $115,261$115,261

IX-13 Office expensesPrograms $84,968 · Management $120,105 · Fundraising $31,571$236,644

IX-14 Information technologyPrograms $184,750 · Management $16,422 · Fundraising $4,106$205,278

IX-15 RoyaltiesPrograms $17,443$17,443

IX-16 OccupancyPrograms $763,942 · Management $1,845 · Fundraising $8,042$773,829

IX-17 TravelPrograms $14,227 · Management $599 · Fundraising $150$14,976

IX-19 Conferences, conventions and meetingsPrograms $4,670 · Management $28,077 · Fundraising $628$33,375

IX-22 Depreciation, depletion and amortizationPrograms $1,121,695 · Management $47,229 · Fundraising $11,807$1,180,731

IX-23 InsuranceManagement $307,633$307,633

IX-24 Other expenses (24a–d)Programs $2,328,593 · Management $1,250$2,329,843

IX-24e All other expensesPrograms $730,795 · Management $147,336 · Fundraising $118,305$996,436

IX-25 Total functional expensesPrograms $26,845,564 · Management $4,793,696 · Fundraising $911,400$32,550,660

Part X · Balance sheet $72,781,680 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $18,463,847$20,420,584

X-2 Savings and temporary cash investmentsStart of year $555,107$633,084

X-3 Pledges and grants receivableStart of year $431,267$165,013

X-4 Accounts receivableStart of year $21,787$54,893

X-8 Inventories for sale or useStart of year $120,259$109,550

X-9 Prepaid expenses and deferred chargesStart of year $212,210$148,540

X-10c Land, buildings and equipment, netStart of year $15,936,542$15,114,944

X-11 Publicly traded securitiesStart of year $31,286,134$34,571,268

X-15 Other assetsStart of year $681,037$1,563,804

X-16 Total assetsStart of year $67,708,190$72,781,680

X-17 Accounts payable and accrued expensesStart of year $1,995,312$2,218,539

X-19 Deferred revenueStart of year $6,956,198$7,078,464

X-25 Other liabilitiesStart of year $164,912$180,022

X-26 Total liabilitiesStart of year $9,116,422$9,477,025

X-27 Net assets without donor restrictionsStart of year $50,652,780$55,595,111

X-28 Net assets with donor restrictionsStart of year $7,938,988$7,709,544

X-32 Total net assets or fund balancesStart of year $58,591,768$63,304,655

X-33 Total liabilities and net assetsStart of year $67,708,190$72,781,680

Part XI · Reconciliation of net assets $63,304,655 net assets at year end

XI-1 Total revenue$34,905,286

XI-2 Total expenses$32,550,660

XI-3 Revenue less expenses$2,354,626

XI-4 Net assets at start of year$58,591,768

XI-5 Net unrealized gains (losses) on investments$2,358,261

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$63,304,655

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

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