Bsi INC FY2021 filing

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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, FY2021. 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.
$549K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · 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
$549K
to officers and key staff · 7% of spending
Pay to officers and key staff is 7% of spending.
Part VII, Section A
4.1 mo
of spending, in cash
4.1 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
$8.8M
83% of total assets
Liabilities are 83% of assets.
Pt X · Ln 26
Independent board members
14
of 14 voting members
14 of 14 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$8.5M
+18% vs prior year
Spent
$8.4M
To programs
88%
Net assets
$1.9M
By yearFY2020–FY2025
Revenue
$8.5M
FY2021▲ +18%
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
$8.4M
FY2021▲ +0.6%
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
$1.9M
FY2021▲ +112%
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 FY2021 Form 990 (year ending August 2021) · figures checked against the IRS filing · see the original

You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

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% · $7.4M Management & general 11% · $896K Fundraising 2% · $135K

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

17 people listed on the 990; $549K paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
President/Head of School
$293,212Pt VII · Sec A
Treasurer/Business Manager
$157,051Pt VII · Sec A
Director of Advancement & Institutional Growth
$99,111Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Chair/Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$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 · $7.4M · in their own filed words · FY2020
01

An unwavering commitment to academic excellence forms the cornerstone of the Academy's 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, FY2020. 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 296 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, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 23-2261841) · Dispute this line
$76Kprogram 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 FY2021 990, line by line.

1The main four
Money inPt VIII
$8.5M
Ln 12
Fees for servicesLn 2g$8.0M
Gifts and grantsLn 1h$539K
Investment incomeLn 3$5K
Money outPt IX
$8.4M
Ln 25
Programscol B$7.4M
Managementcol C$896K
Fundraisingcol D$135K
Owns and owesPt X
$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$2.9M
Total assetsLn 16$10.7M
LiabilitiesLn 26$8.8M
PeoplePt VI, VII
17
listed · VII A
PaidVII A3
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$539K
Government grantsLn 1e$113K
Noncash giftsLn 1g$26K
Fundraising eventsLn 1c$220K
Fees for servicesLn 2g$8.0M
Investment incomeLn 3$5K
Gains on assetsLn 7−$20
Total revenueLn 12$8.5M
Assets in detailPt X, end of year
CashLn 1$2.2M
SavingsLn 2$625K
Cash and savings togetherLn 1–2$2.9M
Accounts receivableLn 4$80K
Prepaid expenses and deferred chargesLn 9$87K
Land, buildings, equipmentLn 10c$7.7M
Other assetsLn 15$5K
Total assetsLn 16$10.7M
LiabilitiesLn 26$8.8M
Net assetsLn 32$1.9M
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
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$6.2M
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$26K
Investment feesPt IX, Sch D
Investment fees, as reportedPt IX 11f$175
Share of the $74K endowmentSch D 1g0.24%
Typical, median of 2,202 orgs0.44%
EndowmentSch D · Pt V
LineFY21FY20FY19FY18
End of yearLn 1g$74K$9K$10K$10K
AddedLn 1b$65K$0$10K
SpentLn 1d–1f$0$0$0$0
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.4M$2.9M
Land, buildings, equipmentLn 10c$7.8M$7.7M
Total assetsLn 16$9.6M$10.7M
LiabilitiesLn 26$8.7M$8.8M
Net assetsLn 32$882K$1.9M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.7M$1.7M
Pay of officers and key staff (Part IX, line 5)Ln 5$540K$165K$375K$0
Other salaries and wagesLn 7$3.3M$3.0M$166K$88K
Pension plan contributionsLn 8$130K$116K$9K$5K
Other employee benefitsLn 9$494K$379K$106K$9K
Payroll taxesLn 10$263K$226K$32K$6K
Legal feesLn 11b$9K$0$9K$0
Investment management feesLn 11f$175$0$175$0
Other fees for servicesLn 11g$24K$0$24K$0
Advertising and promotionLn 12$54K$54K$0$0
Office expensesLn 13$151K$95K$56K$1K
Information technologyLn 14$174K$156K$16K$2K
OccupancyLn 16$89K$80K$8K$892
InterestLn 20$202K$182K$18K$2K
Depreciation, depletion and amortizationLn 22$436K$393K$39K$4K
InsuranceLn 23$63K$57K$6K$632
Other expenses (24a–d)Ln 24$689K$652K$33K$4K
All other expensesLn 24e$34K$21K$0$13K
Total functional expensesLn 25$8.4M$7.4M$896K$135K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled 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
FY2021 ViewingFiled 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 FY2021 990
Part I · Summary $8,503,997 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $364,740$538,993
I-9 Program service revenuePrior year $6,836,503$7,984,852
I-10 Investment incomePrior year $6,846$4,699
I-11 Other revenuePrior year $6,982−$24,547
I-12 Total revenuePrior year $7,215,071$8,503,997
I-13 Grants and similar amounts paidPrior year $1,705,206$1,743,194
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $4,711,733$4,720,070
I-16a Professional fundraising feesPrior year $7,250$0
I-17 Other expensesPrior year $1,916,864$1,925,621
I-18 Total expensesPrior year $8,341,053$8,388,885
I-19 Revenue less expensesPrior year −$1,125,982$115,112
Part VI · Governance 14 of 14 board members independent, no flags
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
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 $8,503,997 across 10 lines filed
VIII-1c Fundraising events$219,521
VIII-1e Government grants$112,590
VIII-1f All other contributions, gifts and grants$206,882
VIII-1g Noncash contributions (included above)$25,626
VIII-1h Total contributions, gifts and grants$538,993
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$7,984,852
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $4,719$4,719
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax −$20−$20
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$24,547−$24,547
VIII-12 Total revenueRelated to mission $7,984,852 · Unrelated business $0 · Excluded from tax −$19,848$8,503,997
Part IX · Statement of functional expenses $8,388,885 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $1,743,194$1,743,194
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $165,070 · Management $374,949 · Fundraising $0$540,019
IX-7 Other salaries and wagesPrograms $3,038,991 · Management $165,540 · Fundraising $88,362$3,292,893
IX-8 Pension plan contributionsPrograms $116,092 · Management $9,368 · Fundraising $4,695$130,155
IX-9 Other employee benefitsPrograms $378,618 · Management $106,206 · Fundraising $8,818$493,642
IX-10 Payroll taxesPrograms $225,823 · Management $31,876 · Fundraising $5,662$263,361
IX-11b Legal feesPrograms $0 · Management $8,702 · Fundraising $0$8,702
IX-11f Investment management feesPrograms $0 · Management $175 · Fundraising $0$175
IX-11g Other fees for servicesPrograms $0 · Management $23,934 · Fundraising $0$23,934
IX-12 Advertising and promotionPrograms $53,802 · Management $0 · Fundraising $0$53,802
IX-13 Office expensesPrograms $94,605 · Management $55,691 · Fundraising $1,072$151,368
IX-14 Information technologyPrograms $156,393 · Management $15,639 · Fundraising $1,738$173,770
IX-16 OccupancyPrograms $80,253 · Management $8,025 · Fundraising $892$89,170
IX-20 InterestPrograms $182,249 · Management $18,225 · Fundraising $2,025$202,499
IX-22 Depreciation, depletion and amortizationPrograms $392,540 · Management $39,254 · Fundraising $4,362$436,156
IX-23 InsurancePrograms $56,854 · Management $5,685 · Fundraising $632$63,171
IX-24 Other expenses (24a–d)Programs $652,387 · Management $33,022 · Fundraising $3,669$689,078
IX-24e All other expensesPrograms $20,604 · Management $0 · Fundraising $13,192$33,796
IX-25 Total functional expensesPrograms $7,357,475 · Management $896,291 · Fundraising $135,119$8,388,885
Part X · Balance sheet $10,717,747 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $892,343$2,235,753
X-2 Savings and temporary cash investmentsStart of year $556,052$624,777
X-4 Accounts receivableStart of year $205,321$80,059
X-9 Prepaid expenses and deferred chargesStart of year $53,947$87,189
X-10c Land, buildings and equipment, netStart of year $7,844,674$7,684,969
X-15 Other assetsStart of year $15,000$5,000
X-16 Total assetsStart of year $9,567,337$10,717,747
X-17 Accounts payable and accrued expensesStart of year $205,907$305,435
X-19 Deferred revenueStart of year $1,348,262$1,509,702
X-20 Tax-exempt bond liabilitiesStart of year $6,167,180$6,177,692
X-24 Unsecured notes and loans payableStart of year $834,957$787,154
X-25 Other liabilitiesStart of year $128,639$65,770
X-26 Total liabilitiesStart of year $8,684,945$8,845,753
X-27 Net assets without donor restrictionsStart of year $753,868$1,699,940
X-28 Net assets with donor restrictionsStart of year $128,524$172,054
X-32 Total net assets or fund balancesStart of year $882,392$1,871,994
X-33 Total liabilities and net assetsStart of year $9,567,337$10,717,747
Part XI · Reconciliation of net assets $1,871,994 net assets at year end
XI-1 Total revenue$8,503,997
XI-2 Total expenses$8,388,885
XI-3 Revenue less expenses$115,112
XI-4 Net assets at start of year$882,392
XI-8 Prior period adjustments$834,957
XI-9 Other changes in net assets$39,533
XI-10 Net assets at end of year$1,871,994

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

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