Bsi INC FY2024 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.
89¢ of each $1 spent went to programs.
$714K 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

FY2024 · 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
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$714K
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
Fine: 2.6 months of spending in cash; 1 to 3.
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
$8.0M
73% of total assets
Worth a look: liabilities are 73% of assets; over 65%.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.9M
-19% vs prior year
Spent
$8.4M
To programs
89%
Net assets
$2.9M
By yearFY2020–FY2025
Revenue
$7.9M
FY2024▼ -19%
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
FY2024▼ -6%
Expenses by fiscal year
FY2020$8.3M
FY2021$8.4M
FY2022$9.2M
FY2023$8.9M
FY2024$8.4M
FY2025$8.8M
Net assets
$2.9M
FY2024▼ -13%
Net assets by fiscal year
FY2020$882K
FY2021$1.9M
FY2022$2.5M
FY2023$3.4M
FY2024$2.9M
FY2025$2.5M

From the FY2024 Form 990 (year ending August 2024) · figures checked against the IRS filing · see the original

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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

89 cents of each dollar spent went to programs.

Program services 89% · $7.5M Management & general 8% · $685K Fundraising 3% · $222K

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; $714K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President/Head of School
$325,266Pt VII · Sec A
CFO/Treasurer
$146,647Pt VII · Sec A
Head of Middle School/Assistant Head of School
$128,063Pt VII · Sec A
Director of Advancement & Institutional Growth
$113,554Pt VII · Sec A
$0Pt VII · Sec A
$0Pt 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.

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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 program services account for $7.5M of program spending, described in the organization's own filed words · FY2023.
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.

$7.0Mprogram expense
02

The Academy also offers a summer camp for eight weeks throughout the summer that operates on the entire 11 acre campus (approximately 518 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…

$479Kprogram expense

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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 FY2024 990, line by line.

1The main four
Money inPt VIII
$7.9M
Ln 12
Fees for servicesLn 2g$7.4M
Gifts and grantsLn 1h$424K
Investment incomeLn 3$107K
Money outPt IX
$8.4M
Ln 25
Programscol B$7.5M
Managementcol C$685K
Fundraisingcol D$222K
Owns and owesPt X
$2.9M
net assets · Ln 32
Cash and savingsLn 1–2$1.8M
Total assetsLn 16$10.9M
LiabilitiesLn 26$8.0M
PeoplePt VI, VII
21
listed · VII A
PaidVII A4
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$424K
Noncash giftsLn 1g$26K
Fundraising eventsLn 1c$260K
Fees for servicesLn 2g$7.4M
Investment incomeLn 3$107K
Other incomeLn 4–11$3K
Total revenueLn 12$7.9M
Assets in detailPt X, end of year
CashLn 1$244K
SavingsLn 2$1.6M
Cash and savings togetherLn 1–2$1.8M
InvestmentsLn 11–13$171K
Land, buildings, equipmentLn 10c$8.5M
Other assetsLn 15$120K
Total assetsLn 16$10.9M
LiabilitiesLn 26$8.0M
Net assetsLn 32$2.9M
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 FY24End FY24
Cash and savingsLn 1–2$3.1M$1.8M
InvestmentsLn 11–13$124K$171K
Land, buildings, equipmentLn 10c$7.4M$8.5M
Total assetsLn 16$11.2M$10.9M
LiabilitiesLn 26$7.8M$8.0M
Net assetsLn 32$3.4M$2.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$449K$449K
Pay of current officers, directors and key staffLn 5$514K$173K$340K$0
Other salaries and wagesLn 7$4.0M$3.8M$67K$105K
Pension plan contributionsLn 8$171K$160K$5K$7K
Other employee benefitsLn 9$689K$556K$83K$50K
Payroll taxesLn 10$315K$281K$26K$7K
Legal feesLn 11b$23K$21K$2K$228
Other fees for servicesLn 11g$27K$25K$2K$273
Advertising and promotionLn 12$32K$32K$0$0
Office expensesLn 13$228K$198K$28K$2K
Information technologyLn 14$77K$69K$7K$761
OccupancyLn 16$313K$281K$28K$3K
InterestLn 20$252K$227K$23K$3K
Depreciation, depletion and amortizationLn 22$548K$495K$48K$5K
InsuranceLn 23$65K$61K$4K$482
Other expenses (24a–d)Ln 24$583K$556K$21K$6K
All other expensesLn 24e$84K$52K$0$32K
Total functional expensesLn 25$8.4M$7.5M$685K$222K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $8.4M$8.8M−$414K$2.5M 990 PDF
FY2024 Viewing $7.9M$8.4M−$471K$2.9M 990 PDF
FY2023 $9.8M$8.9M$880K$3.4M 990 PDF
FY2022 $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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $7,901,152 across 10 lines filed
VIII-1c Fundraising events$259,687
VIII-1f All other contributions, gifts and grants$164,781
VIII-1g Noncash contributions (included above)$25,900
VIII-1h Total contributions, gifts and grants$424,468
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$7,367,380
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $106,760$106,760
VIII-6 Net rental income or lossExcluded from tax $26,030$26,030
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$37,400−$37,400
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $13,914 · Unrelated business $0 · Excluded from tax $0$13,914
VIII-12 Total revenueRelated to mission $7,381,294 · Unrelated business $0 · Excluded from tax $95,390$7,901,152
Part IX · Statement of functional expenses $8,372,051 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $448,950$448,950
IX-5 Pay of current officers, directors and key staffPrograms $173,375 · Management $340,340 · Fundraising $0$513,715
IX-7 Other salaries and wagesPrograms $3,829,024 · Management $67,481 · Fundraising $104,878$4,001,383
IX-8 Pension plan contributionsPrograms $159,882 · Management $4,904 · Fundraising $6,573$171,359
IX-9 Other employee benefitsPrograms $556,178 · Management $82,873 · Fundraising $50,409$689,460
IX-10 Payroll taxesPrograms $281,314 · Management $26,081 · Fundraising $7,356$314,751
IX-11b Legal feesPrograms $20,527 · Management $2,053 · Fundraising $228$22,808
IX-11g Other fees for servicesPrograms $24,521 · Management $2,452 · Fundraising $273$27,246
IX-12 Advertising and promotionPrograms $31,849 · Management $0 · Fundraising $0$31,849
IX-13 Office expensesPrograms $198,500 · Management $27,792 · Fundraising $2,208$228,500
IX-14 Information technologyPrograms $68,968 · Management $6,849 · Fundraising $761$76,578
IX-16 OccupancyPrograms $281,332 · Management $28,133 · Fundraising $3,126$312,591
IX-20 InterestPrograms $227,015 · Management $22,701 · Fundraising $2,522$252,238
IX-22 Depreciation, depletion and amortizationPrograms $494,699 · Management $47,902 · Fundraising $5,323$547,924
IX-23 InsurancePrograms $60,650 · Management $4,336 · Fundraising $482$65,468
IX-24 Other expenses (24a–d)Programs $556,362 · Management $20,895 · Fundraising $6,181$583,438
IX-24e All other expensesPrograms $52,176 · Management $0 · Fundraising $31,617$83,793
IX-25 Total functional expensesPrograms $7,465,322 · Management $684,792 · Fundraising $221,937$8,372,051
Part X · Balance sheet $10,918,326 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $1,834,461$243,627
X-2 Savings and temporary cash investmentsStart of year $1,231,127$1,550,586
X-3 Pledges and grants receivableStart of year $26,057$43,000
X-4 Accounts receivableStart of year $114,599$141,654
X-9 Prepaid expenses and deferred chargesStart of year $350,500$140,973
X-10c Land, buildings and equipment, netStart of year $7,444,098$8,508,219
X-11 Publicly traded securitiesStart of year $124,206$170,767
X-15 Other assetsStart of year $58,812$119,500
X-16 Total assetsStart of year $11,183,860$10,918,326
X-17 Accounts payable and accrued expensesStart of year $250,507$390,360
X-19 Deferred revenueStart of year $1,366,323$1,514,193
X-25 Other liabilitiesStart of year $36,461$79,706
X-26 Total liabilitiesStart of year $7,797,927$7,987,493
X-27 Net assets without donor restrictionsStart of year $3,062,104$2,761,792
X-28 Net assets with donor restrictionsStart of year $323,829$169,041
X-32 Total net assets or fund balancesStart of year $3,385,933$2,930,833
X-33 Total liabilities and net assetsStart of year $11,183,860$10,918,326
Part XI · Reconciliation of net assets $2,930,833 net assets at year end
XI-1 Total revenue$7,901,152
XI-2 Total expenses$8,372,051
XI-3 Revenue less expenses−$470,899
XI-4 Net assets at start of year$3,385,933
XI-5 Net unrealized gains (losses) on investments$15,799
XI-10 Net assets at end of year$2,930,833

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

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