Bsi INC

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The Academy is a pre-kindergarten through grade eight independent school preparing girls and boys in the metropolitan Washington, DC area for competitive secondary schools. The Academy is a diverse independent day school committed to developing the whole child.

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-2261841) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
Run by 50 volunteers and 132 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $65K a year · 0.8% of revenue · last 6 filings
A surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
88%
of spending
88% of spending went to programs.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$880K
to officers and key staff · 10% of spending
Pay to officers and key staff is 10% of spending.
Part VII, Section A
1.4 mo
of spending, in cash
1.4 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $102K
2 funders name it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$7.3M
74% of total assets
Liabilities are 74% of assets.
Pt X · Ln 26
Independent board members
15
of 15 voting members
15 of 15 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$8.4M
+6% vs prior year
Spent
$8.8M
To programs
88%
Net assets
$2.5M
By yearFY2020–FY2025
Revenue
$8.4M
FY2025▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2020$7.2M
FY2021$8.5M
FY2022$9.8M
FY2023$9.8M
FY2024$7.9M
FY2025$8.4M
Expenses
$8.8M
FY2025▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$8.3M
FY2021$8.4M
FY2022$9.2M
FY2023$8.9M
FY2024$8.4M
FY2025$8.8M
Net assets
$2.5M
FY2025▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2020$882K
FY2021$1.9M
FY2022$2.5M
FY2023$3.4M
FY2024$2.9M
FY2025$2.5M

From the FY2025 Form 990 (year ending August 2025) · figures checked against the IRS filing · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1985.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $7.7M Management & general 9% · $764K Fundraising 4% · $314K

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

21 people listed on the 990; $880K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
President/Head of School
$335,791Pt VII · Sec A
CFO/Treasurer
$151,644Pt VII · Sec A
Director of Advancement & Institutional Growth
$123,947Pt VII · Sec A
Dir of Admissions
$105,427Pt VII · Sec A
Assoc Head of School
$104,689Pt VII · Sec A
Secretary/Executive Assistant
$58,039Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Peggy Otey$335,791$325,266$317,167$302,286$293,212$259,914
Ann Feeley-Leetz———$165,376$157,051$139,910
Kenneth Marter$151,644$146,647$76,736———
Bonita Lea—$128,063$124,060$125,833——
Mike Sasso$123,947$113,554$104,816$104,268$99,111$99,382
Steve Marshall$105,427——$101,417——
Kim McCue$104,689—————
Dora Edge$58,039—————

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 Bsi INC 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 children from pre-K through 8th grade for competitive secondary schools.

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2 programs · $7.7M · in their own filed words · FY2024
01

An unwavering commitment to academic excellence forms the cornerstone of the Academys educational philosophy. The School achieves this commitment by fostering a passion for lifelong learning and by channeling this passion into a rigorous educational program.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-2261841) · Dispute this line
$7.3Mprogram expense
02

The Academy also offers a summer camp for eight weeks throughout the summer that operates on the entire 11 acre campus (approximately 570 students). Camp attendees are offered various educational activities that are dedicated to providing a memorable experience for every camper in a safe, fun-filled and caring environment that fosters…

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-2261841) · Dispute this line
$442Kprogram 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 · FY2024
Total grants receivedfrom 2 funders$102K

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$8.4M
Ln 12
Fees for servicesLn 2g$7.8M
Gifts and grantsLn 1h$539K
Investment incomeLn 3$49K
Money outPt IX
$8.8M
Ln 25
Programscol B$7.7M
Managementcol C$764K
Fundraisingcol D$314K
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$1.0M
Total assetsLn 16$9.9M
LiabilitiesLn 26$7.3M
PeoplePt VI, VII
21
listed · VII A
PaidVII A6
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$539K
Noncash giftsLn 1g$28K
Fundraising eventsLn 1c$329K
Fees for servicesLn 2g$7.8M
Investment incomeLn 3$49K
Other incomeLn 4–11$14K
Total revenueLn 12$8.4M
Assets in detailPt X, end of year
CashLn 1$405K
SavingsLn 2$604K
Cash and savings togetherLn 1–2$1.0M
Pledges and grants receivableLn 3$91K
Accounts receivableLn 4$70K
Prepaid expenses and deferred chargesLn 9$117K
Land, buildings, equipmentLn 10c$8.2M
InvestmentsLn 11–13$205K
Other assetsLn 15$139K
Total assetsLn 16$9.9M
LiabilitiesLn 26$7.3M
Net assetsLn 32$2.5M
OperationsPt I, VI
EmployeesI 5132
VolunteersI 650
Fiscal year endsHeaderAugust
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$28K
EndowmentSch D · Pt V
LineFY25FY24FY23FY22FY21
End of yearLn 1g$180K$159K$124K$96K$74K
AddedLn 1b$7K$9K$21K$26K$65K
SpentLn 1d–1f$0$0$0$0$0
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$1.8M$1.0M
InvestmentsLn 11–13$171K$205K
Land, buildings, equipmentLn 10c$8.5M$8.2M
Total assetsLn 16$10.9M$9.9M
LiabilitiesLn 26$8.0M$7.3M
Net assetsLn 32$2.9M$2.5M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$313K$313K
Pay of officers and key staff (Part IX, line 5)Ln 5$644K$402K$145K$97K
Other salaries and wagesLn 7$4.1M$3.7M$304K$96K
Pension plan contributionsLn 8$144K$139K$370$4K
Other employee benefitsLn 9$868K$723K$93K$52K
Payroll taxesLn 10$309K$286K$12K$12K
Legal feesLn 11b$25K$23K$2K$250
Other fees for servicesLn 11g$59K$54K$5K$595
Advertising and promotionLn 12$36K$36K$0$0
Office expensesLn 13$238K$203K$33K$2K
Information technologyLn 14$170K$157K$12K$1K
OccupancyLn 16$326K$293K$29K$3K
InterestLn 20$248K$223K$22K$2K
Depreciation, depletion and amortizationLn 22$532K$479K$48K$5K
InsuranceLn 23$71K$65K$5K$558
Other expenses (24a–d)Ln 24$659K$602K$52K$5K
All other expensesLn 24e$89K$57K$0$32K
Total functional expensesLn 25$8.8M$7.7M$764K$314K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS Mar 30, 2026 $8.4M$8.8M−$414K$2.5M 990 PDF
FY2024Filed with the IRS May 23, 2025 $7.9M$8.4M−$471K$2.9M 990 PDF
FY2023Filed with the IRS May 21, 2024 $9.8M$8.9M$880K$3.4M 990 PDF
FY2022Filed with the IRS May 16, 2023 $9.8M$9.2M$628K$2.5M 990 PDF
FY2021Filed with the IRS Jun 30, 2022 $8.5M$8.4M$115K$1.9M 990 PDF
FY2020Filed with the IRS Jul 14, 2021 $7.2M$8.3M−$1.1M$882K 990 PDF

Schedules filed Part IV

A · Public support D · Assets and endowments I · Grants J · Pay M · Noncash O · Explanations
See the full FY2025 990
Part I · Summary $8,378,558 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $424,468$538,856
I-9 Program service revenuePrior year $7,367,380$7,776,757
I-10 Investment incomePrior year $106,760$49,301
I-11 Other revenuePrior year $2,544$13,644
I-12 Total revenuePrior year $7,901,152$8,378,558
I-13 Grants and similar amounts paidPrior year $448,950$313,028
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $5,690,668$6,025,283
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,232,433$2,454,596
I-18 Total expensesPrior year $8,372,051$8,792,907
I-19 Revenue less expensesPrior year −$470,899−$414,349
Part VI · Governance 15 of 15 board members independent, no flags
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
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 $8,378,558 across 10 lines filed
VIII-1c Fundraising events$329,290
VIII-1f All other contributions, gifts and grants$209,566
VIII-1g Noncash contributions (included above)$28,035
VIII-1h Total contributions, gifts and grants$538,856
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$7,776,757
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $49,301$49,301
VIII-6 Net rental income or lossExcluded from tax $32,572$32,572
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$30,872−$30,872
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $11,944 · Unrelated business $0 · Excluded from tax $0$11,944
VIII-12 Total revenueRelated to mission $7,788,701 · Unrelated business $0 · Excluded from tax $51,001$8,378,558
Part IX · Statement of functional expenses $8,792,907 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $313,028$313,028
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $402,049 · Management $144,546 · Fundraising $97,270$643,865
IX-7 Other salaries and wagesPrograms $3,660,380 · Management $303,998 · Fundraising $95,749$4,060,127
IX-8 Pension plan contributionsPrograms $139,284 · Management $370 · Fundraising $4,208$143,862
IX-9 Other employee benefitsPrograms $723,329 · Management $93,249 · Fundraising $51,751$868,329
IX-10 Payroll taxesPrograms $285,524 · Management $11,788 · Fundraising $11,788$309,100
IX-11b Legal feesPrograms $22,541 · Management $2,254 · Fundraising $250$25,045
IX-11g Other fees for servicesPrograms $53,537 · Management $5,354 · Fundraising $595$59,486
IX-12 Advertising and promotionPrograms $36,196 · Management $0 · Fundraising $0$36,196
IX-13 Office expensesPrograms $202,863 · Management $33,231 · Fundraising $2,253$238,347
IX-14 Information technologyPrograms $156,590 · Management $12,047 · Fundraising $1,339$169,976
IX-16 OccupancyPrograms $293,478 · Management $29,348 · Fundraising $3,261$326,087
IX-20 InterestPrograms $223,387 · Management $22,339 · Fundraising $2,482$248,208
IX-22 Depreciation, depletion and amortizationPrograms $478,697 · Management $47,869 · Fundraising $5,319$531,885
IX-23 InsurancePrograms $65,358 · Management $5,018 · Fundraising $558$70,934
IX-24 Other expenses (24a–d)Programs $602,217 · Management $52,470 · Fundraising $4,659$659,346
IX-24e All other expensesPrograms $57,054 · Management $0 · Fundraising $32,032$89,086
IX-25 Total functional expensesPrograms $7,715,512 · Management $763,881 · Fundraising $313,514$8,792,907
Part X · Balance sheet $9,865,437 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $243,627$405,005
X-2 Savings and temporary cash investmentsStart of year $1,550,586$603,876
X-3 Pledges and grants receivableStart of year $43,000$91,171
X-4 Accounts receivableStart of year $141,654$69,650
X-9 Prepaid expenses and deferred chargesStart of year $140,973$117,493
X-10c Land, buildings and equipment, netStart of year $8,508,219$8,234,009
X-11 Publicly traded securitiesStart of year $170,767$204,766
X-15 Other assetsStart of year $119,500$139,467
X-16 Total assetsStart of year $10,918,326$9,865,437
X-17 Accounts payable and accrued expensesStart of year $390,360$389,207
X-19 Deferred revenueStart of year $1,514,193$1,030,846
X-23 Secured mortgages and notes payableStart of year $6,003,234$5,854,930
X-25 Other liabilitiesStart of year $79,706$60,555
X-26 Total liabilitiesStart of year $7,987,493$7,335,538
X-27 Net assets without donor restrictionsStart of year $2,761,792$2,076,006
X-28 Net assets with donor restrictionsStart of year $169,041$453,893
X-32 Total net assets or fund balancesStart of year $2,930,833$2,529,899
X-33 Total liabilities and net assetsStart of year $10,918,326$9,865,437
Part XI · Reconciliation of net assets $2,529,899 net assets at year end
XI-1 Total revenue$8,378,558
XI-2 Total expenses$8,792,907
XI-3 Revenue less expenses−$414,349
XI-4 Net assets at start of year$2,930,833
XI-5 Net unrealized gains (losses) on investments$13,415
XI-10 Net assets at end of year$2,529,899

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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