The Baldwin School: FY2024 Nonprofit Profile & Form 990 (EIN 23-1352619)

Lynne Macziewski’s $472K as Head of School is at the 86th 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
Marisa Porges	—	$430,096	$555,004	$530,074	$488,458
Lynne Macziewski	$472,337	$196,124	—	—	—
Laura Armstrong	$167,969	$170,961	$153,081	$153,014	$135,290
Madeline Perry	$159,800	$155,750	$148,062	$136,984	—
Dianna Collins	$159,524	$154,610	$147,548	$145,516	$107,926
Christopher Dwyer	—	$153,889	$141,578	$147,441	$122,675
Shauna Carter	$152,452	$150,692	$141,329	$139,734	—
Quenby Frimet	$141,132	$135,566	$139,153	—	$127,946

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 girls to become confident, visionary leaders with global understanding and balanced lives.

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1 program · $20.8M · in their own filed words · FY2023

01

Private school education to girls in grades pre-k through 12.

$20.8Mprogram 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

Montgomery County Scholarships INCFY2025$10K

Total grants receivedfrom 1 funder$10K

By the numbers

The FY2024 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$26.5M

Ln 12

Fees for servicesLn 2g$21.2M

Gifts and grantsLn 1h$3.3M

Investment incomeLn 3$1.2M

Money outPt IX

$26.2M

Ln 25

Programscol B$20.8M

Managementcol C$4.0M

Fundraisingcol D$1.4M

Owns and owesPt X

$65.3M

net assets · Ln 32

Cash and savingsLn 1–2$14.8M

Total assetsLn 16$83.7M

LiabilitiesLn 26$18.4M

PeoplePt VI, VII

38

listed · VII A

PaidVII A8

Voting boardVI 1a29

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.3M

Fees for servicesLn 2g$21.2M

Investment incomeLn 3$1.2M

Other incomeLn 4–11$832K

Total revenueLn 12$26.5M

Assets in detailPt X, end of year

SavingsLn 2$14.8M

Cash and savings togetherLn 1–2$14.8M

InvestmentsLn 11–13$41.0M

Land, buildings, equipmentLn 10c$26.1M

Other assetsLn 15$517K

Total assetsLn 16$83.7M

LiabilitiesLn 26$18.4M

Net assetsLn 32$65.3M

OperationsPt I, VI

EmployeesI 5237

VolunteersI 6341

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 FY24	End FY24
Cash and savingsLn 1–2	$14.8M	$14.8M
InvestmentsLn 11–13	$36.7M	$41.0M
Land, buildings, equipmentLn 10c	$27.2M	$26.1M
Total assetsLn 16	$80.6M	$83.7M
LiabilitiesLn 26	$19.1M	$18.4M
Net assetsLn 32	$61.4M	$65.3M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$3.2M	$3.2M
Pay of current officers, directors and key staffLn 5	$767K	$151K	$466K	$151K
Other salaries and wagesLn 7	$11.6M	$9.8M	$1.3M	$538K
Pension plan contributionsLn 8	$436K	$351K	$61K	$24K
Other employee benefitsLn 9	$1.5M	$1.2M	$205K	$81K
Payroll taxesLn 10	$929K	$717K	$163K	$49K
Legal feesLn 11b	$71K		$71K
Accounting feesLn 11c	$59K		$59K
Other fees for servicesLn 11g	$212K		$212K
Advertising and promotionLn 12	$224K	$196K	$23K	$6K
Information technologyLn 14	$305K	$267K	$31K	$8K
Conferences, conventions and meetingsLn 19	$189K	$69K	$79K	$40K
InterestLn 20	$589K		$589K
Depreciation, depletion and amortizationLn 22	$1.7M	$1.5M	$173K	$43K
InsuranceLn 23	$261K	$228K	$27K	$7K
Other expenses (24a–d)Ln 24	$3.3M	$2.6M	$469K	$207K
All other expensesLn 24e	$855K	$458K	$155K	$242K
Total functional expensesLn 25	$26.2M	$20.8M	$4.0M	$1.4M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$29.1M	$27.5M	$1.6M	$70.6M	990 PDF
FY2024 Viewing	$26.5M	$26.2M	$260K	$65.3M	990 PDF
FY2023	$27.9M	$24.9M	$2.9M	$61.4M	990 PDF
FY2022	$29.4M	$23.1M	$6.3M	$55.4M	990 PDF
FY2021	$35.1M	$23.1M	$12.0M	$52.1M	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 J · Pay O · Explanations

See the full FY2024 990 (6 parts)

Part I · Summary $26,475,887 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $5,487,026$3,256,711

I-9 Program service revenuePrior year $20,918,858$21,224,707

I-10 Investment incomePrior year $681,614$1,162,776

I-11 Other revenuePrior year $768,354$831,693

I-12 Total revenuePrior year $27,855,852$26,475,887

I-13 Grants and similar amounts paidPrior year $3,176,730$3,232,615

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

I-15 Salaries and benefitsPrior year $14,405,852$15,243,501

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

I-17 Other expensesPrior year $7,349,365$7,740,114

I-18 Total expensesPrior year $24,931,947$26,216,230

I-19 Revenue less expensesPrior year $2,923,905$259,657

Part VI · Governance 27 of 29 board members independent, no flags

VI-1a Voting members of the governing body29

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 $26,475,887 across 8 lines filed

VIII-1f All other contributions, gifts and grants$3,256,711

VIII-1h Total contributions, gifts and grants$3,256,711

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $21,224,707$21,224,707

VIII-3 Investment incomeExcluded from tax $1,162,776$1,162,776

VIII-6 Net rental income or lossExcluded from tax −$121,064−$121,064

VIII-8 Net income from fundraising eventsExcluded from tax $153,486$153,486

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $799,271$799,271

VIII-12 Total revenueRelated to mission $21,224,707 · Unrelated business $0 · Excluded from tax $1,994,469$26,475,887

Part IX · Statement of functional expenses $26,216,230 across 17 lines filed

IX-2 Grants to domestic individualsPrograms $3,232,615$3,232,615

IX-5 Pay of current officers, directors and key staffPrograms $150,750 · Management $465,512 · Fundraising $150,750$767,012

IX-7 Other salaries and wagesPrograms $9,839,639 · Management $1,266,963 · Fundraising $538,086$11,644,688

IX-8 Pension plan contributionsPrograms $350,928 · Management $60,856 · Fundraising $24,196$435,980

IX-9 Other employee benefitsPrograms $1,181,040 · Management $204,809 · Fundraising $81,433$1,467,282

IX-10 Payroll taxesPrograms $717,219 · Management $162,553 · Fundraising $48,767$928,539

IX-11b Legal feesManagement $70,629$70,629

IX-11c Accounting feesManagement $58,916$58,916

IX-11g Other fees for servicesManagement $212,037$212,037

IX-12 Advertising and promotionPrograms $195,593 · Management $22,763 · Fundraising $5,691$224,047

IX-14 Information technologyPrograms $266,580 · Management $31,024 · Fundraising $7,756$305,360

IX-19 Conferences, conventions and meetingsPrograms $69,401 · Management $79,025 · Fundraising $40,198$188,624

IX-20 InterestManagement $588,652$588,652

IX-22 Depreciation, depletion and amortizationPrograms $1,484,029 · Management $172,712 · Fundraising $43,177$1,699,918

IX-23 InsurancePrograms $227,922 · Management $26,526 · Fundraising $6,631$261,079

IX-24 Other expenses (24a–d)Programs $2,600,689 · Management $468,927 · Fundraising $206,578$3,276,194

IX-24e All other expensesPrograms $457,570 · Management $155,467 · Fundraising $241,621$854,658

IX-25 Total functional expensesPrograms $20,773,975 · Management $4,047,371 · Fundraising $1,394,884$26,216,230

Part X · Balance sheet $83,744,055 assets, 18 lines filed

X-2 Savings and temporary cash investmentsStart of year $14,786,756$14,796,419

X-3 Pledges and grants receivableStart of year $833,797$652,659

X-4 Accounts receivableStart of year $21,014$34,729

X-8 Inventories for sale or useStart of year $99,461$140,422

X-9 Prepaid expenses and deferred chargesStart of year $413,961$515,584

X-10c Land, buildings and equipment, netStart of year $27,214,421$26,058,925

X-11 Publicly traded securitiesStart of year $36,699,427$41,028,313

X-15 Other assetsStart of year $485,965$517,004

X-16 Total assetsStart of year $80,554,802$83,744,055

X-17 Accounts payable and accrued expensesStart of year $2,623,646$2,814,970

X-19 Deferred revenueStart of year $4,183,146$4,766,905

X-20 Tax-exempt bond liabilitiesStart of year $11,255,113$10,585,542

X-25 Other liabilitiesStart of year $1,064,669$274,754

X-26 Total liabilitiesStart of year $19,126,574$18,442,171

X-27 Net assets without donor restrictionsStart of year $26,111,939$26,298,580

X-28 Net assets with donor restrictionsStart of year $35,316,289$39,003,304

X-32 Total net assets or fund balancesStart of year $61,428,228$65,301,884

X-33 Total liabilities and net assetsStart of year $80,554,802$83,744,055

Part XI · Reconciliation of net assets $65,301,884 net assets at year end

XI-1 Total revenue$26,475,887

XI-2 Total expenses$26,216,230

XI-3 Revenue less expenses$259,657

XI-4 Net assets at start of year$61,428,228

XI-5 Net unrealized gains (losses) on investments$3,808,938

XI-9 Other changes in net assets−$194,939

XI-10 Net assets at end of year$65,301,884

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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The Baldwin School FY2024 filing

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