Bsi INC FY2022 filing

Tax-deductible

Alexandria, VA501(c)(3)Since 1984EIN 23-2261841

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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.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
$799K 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

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $65K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$799K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Looks good: 3.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $102K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$7.9M
76% of total assets
Worth a look: liabilities are 76% of assets; over 65%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$9.8M
+16% vs prior year
Spent
$9.2M
To programs
87%
Net assets
$2.5M
By yearFY2020–FY2025
Revenue
$9.8M
FY2022▲ +16%
Revenue by fiscal year
FY2020$7.2M
FY2021$8.5M
FY2022$9.8M
FY2023$9.8M
FY2024$7.9M
FY2025$8.4M
Expenses
$9.2M
FY2022▲ +10%
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
FY2022▲ +33%
Net assets by fiscal year
FY2020$882K
FY2021$1.9M
FY2022$2.5M
FY2023$3.4M
FY2024$2.9M
FY2025$2.5M

From the FY2022 Form 990 (year ending August 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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

87 cents of each dollar spent went to programs.

Program services 87% · $8.0M Management & general 11% · $1.0M Fundraising 2% · $198K

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

19 people listed on the 990; $799K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
President/Head of School
$302,286Pt VII · Sec A
Treasurer/Business Manager (until June 19, 2022)
$165,376Pt VII · Sec A
Head of Middle School/Assistant Head of School
$125,833Pt VII · Sec A
Director of Advancement & Institutional Growth
$104,268Pt VII · Sec A
Director of Enrollment and Auxillary Programs
$101,417Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair/Trustee
$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.

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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 pre-K through 8th grade for competitive secondary schools.

Provided by the organization

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2 programs · $8.0M · in their own filed words · FY2021
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.

$7.9Mprogram expense
02

The Academy also offers a summer camp for eight weeks throughout the summer that operates on the entire 11 acre campus (approximately 480 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…

$129Kprogram 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 FY2022 990, line by line.

1The main four
Money inPt VIII
$9.8M
Ln 12
Fees for servicesLn 2g$8.3M
Gifts and grantsLn 1h$1.5M
Investment incomeLn 3$2K
Money outPt IX
$9.2M
Ln 25
Programscol B$8.0M
Managementcol C$1.0M
Fundraisingcol D$198K
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$2.4M
Total assetsLn 16$10.4M
LiabilitiesLn 26$7.9M
PeoplePt VI, VII
19
listed · VII A
PaidVII A5
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.5M
Government grantsLn 1e$1.0M
Noncash giftsLn 1g$105K
Fundraising eventsLn 1c$249K
Fees for servicesLn 2g$8.3M
Investment incomeLn 3$2K
Total revenueLn 12$9.8M
Assets in detailPt X, end of year
CashLn 1$1.9M
SavingsLn 2$552K
Cash and savings togetherLn 1–2$2.4M
InvestmentsLn 11–13$92K
Land, buildings, equipmentLn 10c$7.5M
Other assetsLn 15$9K
Total assetsLn 16$10.4M
LiabilitiesLn 26$7.9M
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
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$2.9M$2.4M
InvestmentsLn 11–13$92K
Land, buildings, equipmentLn 10c$7.7M$7.5M
Total assetsLn 16$10.7M$10.4M
LiabilitiesLn 26$8.8M$7.9M
Net assetsLn 32$1.9M$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.6M$1.6M
Pay of current officers, directors and key staffLn 5$566K$173K$393K$0
Other salaries and wagesLn 7$3.6M$3.3M$252K$100K
Pension plan contributionsLn 8$151K$132K$14K$5K
Other employee benefitsLn 9$515K$420K$53K$42K
Payroll taxesLn 10$288K$244K$38K$6K
Legal feesLn 11b$12K$0$12K$0
Investment management feesLn 11f$906$0$906$0
Other fees for servicesLn 11g$26K$0$26K$0
Advertising and promotionLn 12$72K$72K$0$0
Office expensesLn 13$203K$124K$77K$2K
Information technologyLn 14$172K$155K$15K$2K
OccupancyLn 16$80K$72K$7K$798
InterestLn 20$258K$233K$23K$3K
Depreciation, depletion and amortizationLn 22$490K$441K$44K$5K
InsuranceLn 23$70K$63K$6K$701
Other expenses (24a–d)Ln 24$966K$917K$43K$5K
All other expensesLn 24e$52K$25K$133$27K
Total functional expensesLn 25$9.2M$8.0M$1.0M$198K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $8.4M$8.8M−$414K$2.5M 990 PDF
FY2024 $7.9M$8.4M−$471K$2.9M 990 PDF
FY2023 $9.8M$8.9M$880K$3.4M 990 PDF
FY2022 Viewing $9.8M$9.2M$628K$2.5M 990 PDF
FY2021 $8.5M$8.4M$115K$1.9M 990 PDF
FY2020 $7.2M$8.3M−$1.1M$882K 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 FY2022 990 (4 parts)
Part VIII · Statement of revenue $9,824,282 across 9 lines filed
VIII-1c Fundraising events$249,436
VIII-1e Government grants$1,013,264
VIII-1f All other contributions, gifts and grants$280,469
VIII-1g Noncash contributions (included above)$105,034
VIII-1h Total contributions, gifts and grants$1,543,169
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$8,329,942
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $1,508$1,508
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$50,337−$50,337
VIII-12 Total revenueRelated to mission $8,329,942 · Unrelated business $0 · Excluded from tax −$48,829$9,824,282
Part IX · Statement of functional expenses $9,196,298 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $1,635,255$1,635,255
IX-5 Pay of current officers, directors and key staffPrograms $172,756 · Management $393,024 · Fundraising $0$565,780
IX-7 Other salaries and wagesPrograms $3,285,837 · Management $252,448 · Fundraising $99,770$3,638,055
IX-8 Pension plan contributionsPrograms $131,580 · Management $14,265 · Fundraising $5,104$150,949
IX-9 Other employee benefitsPrograms $420,315 · Management $52,648 · Fundraising $42,211$515,174
IX-10 Payroll taxesPrograms $243,727 · Management $38,002 · Fundraising $6,224$287,953
IX-11b Legal feesPrograms $0 · Management $12,003 · Fundraising $0$12,003
IX-11f Investment management feesPrograms $0 · Management $906 · Fundraising $0$906
IX-11g Other fees for servicesPrograms $0 · Management $26,311 · Fundraising $0$26,311
IX-12 Advertising and promotionPrograms $72,280 · Management $0 · Fundraising $0$72,280
IX-13 Office expensesPrograms $124,249 · Management $77,212 · Fundraising $1,624$203,085
IX-14 Information technologyPrograms $154,544 · Management $15,454 · Fundraising $1,717$171,715
IX-16 OccupancyPrograms $71,826 · Management $7,183 · Fundraising $798$79,807
IX-20 InterestPrograms $232,549 · Management $23,255 · Fundraising $2,584$258,388
IX-22 Depreciation, depletion and amortizationPrograms $441,366 · Management $44,137 · Fundraising $4,904$490,407
IX-23 InsurancePrograms $63,121 · Management $6,312 · Fundraising $701$70,134
IX-24 Other expenses (24a–d)Programs $917,462 · Management $43,489 · Fundraising $4,832$965,783
IX-24e All other expensesPrograms $25,147 · Management $133 · Fundraising $27,033$52,313
IX-25 Total functional expensesPrograms $7,992,014 · Management $1,006,782 · Fundraising $197,502$9,196,298
Part X · Balance sheet $10,406,201 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $2,235,753$1,881,153
X-2 Savings and temporary cash investmentsStart of year $624,777$551,862
X-3 Pledges and grants receivable$40,000
X-4 Accounts receivableStart of year $80,059$158,933
X-9 Prepaid expenses and deferred chargesStart of year $87,189$201,187
X-10c Land, buildings and equipment, netStart of year $7,684,969$7,471,397
X-11 Publicly traded securities$92,178
X-15 Other assetsStart of year $5,000$9,491
X-16 Total assetsStart of year $10,717,747$10,406,201
X-17 Accounts payable and accrued expensesStart of year $305,435$167,782
X-19 Deferred revenueStart of year $1,509,702$1,494,484
X-20 Tax-exempt bond liabilitiesStart of year $6,177,692$0
X-25 Other liabilitiesStart of year $65,770$55,257
X-26 Total liabilitiesStart of year $8,845,753$7,910,188
X-27 Net assets without donor restrictionsStart of year $1,699,940$2,222,112
X-28 Net assets with donor restrictionsStart of year $172,054$273,901
X-32 Total net assets or fund balancesStart of year $1,871,994$2,496,013
X-33 Total liabilities and net assetsStart of year $10,717,747$10,406,201
Part XI · Reconciliation of net assets $2,496,013 net assets at year end
XI-1 Total revenue$9,824,282
XI-2 Total expenses$9,196,298
XI-3 Revenue less expenses$627,984
XI-4 Net assets at start of year$1,871,994
XI-5 Net unrealized gains (losses) on investments−$3,965
XI-10 Net assets at end of year$2,496,013

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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