Waring School INC FY2024 filing

Tax-deductible

Beverly, MA501(c)(3)Since 1974EducationEIN 23-7123080

Quality education of children.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$351K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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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
2 of 5
filings with a surplus
Average surplus $201K a year · 3% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$351K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $268K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$2.1M
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
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
$10.0M
+35% vs prior year
Spent
$7.8M
To programs
80%
Net assets
$14.8M
By yearFY2021–FY2025
Revenue
$10.0M
FY2024▲ +35%
Revenue by fiscal year
FY2021$6.9M
FY2022$6.5M
FY2023$7.4M
FY2024$10.0M
FY2025$7.6M
Expenses
$7.8M
FY2024▲ +4%
Expenses by fiscal year
FY2021$6.6M
FY2022$7.3M
FY2023$7.5M
FY2024$7.8M
FY2025$8.3M
Net assets
$14.8M
FY2024▲ +1%
Net assets by fiscal year
FY2021$16.2M
FY2022$14.2M
FY2023$14.6M
FY2024$14.8M
FY2025$14.8M

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

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You’re viewing the FY2024 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 Sep 1971.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $6.2M Management & general 17% · $1.4M Fundraising 3% · $244K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

15 people listed on the 990; $351K 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
Head of School
$216,542Pt VII · Sec A
Director of Finance & Oper
$134,382Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Timothy Bakland’s $225K as Head of School is at the 88th percentile of top reported officer pay among 3394 $1–10M 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 · 5 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Timothy Bakland$225,189$216,542$211,431$205,000$195,000
William Potter$137,671$134,382$132,340$116,000—
Laura Bitler————$124,840
Jeanne Havens————$108,035
Robine Vaneck——$103,673$102,088—

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 Waring School INC executive salaries →

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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 middle and high school students through a rigorous liberal arts curriculum blending progressive pedagogy with experiential learning.

Provided by the organization

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1 program service account for $6.2M of program spending, described in the organization's own filed words · FY2023.
01

Waring School's education model cultivates the analytical mind and the expressive voice, at the individual and community level. A school driven by diverse ideas and a love of learning, Waring blends a progressive educational pedagogy with a rigorous liberal arts curriculum for grades 6 through 12.

$6.2Mprogram 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 · received and paid
Grants received · FY2024
See all 6 funders →
Grants paid · 3 grants · $2.7M · 2020–2021
Unitemized GrantFY2021$1,354,977
Unitemized GrantFY2020$1,300,336
Unitemized GrantFY2020$50,100

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$10.0M
Ln 12
Fees for servicesLn 2g$6.2M
Investment incomeLn 3$3.2M
Other incomeLn 4–11$298K
Money outPt IX
$7.8M
Ln 25
Programscol B$6.2M
Managementcol C$1.4M
Fundraisingcol D$244K
Owns and owesPt X
$14.8M
net assets · Ln 32
Cash and savingsLn 1–2$819K
Total assetsLn 16$16.9M
LiabilitiesLn 26$2.1M
PeoplePt VI, VII
15
listed · VII A
PaidVII A2
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$288K
Fees for servicesLn 2g$6.2M
Investment incomeLn 3$3.2M
Other incomeLn 4–11$298K
Gains on assetsLn 7$3.0M
Total revenueLn 12$10.0M
Assets in detailPt X, end of year
CashLn 1$819K
Cash and savings togetherLn 1–2$819K
InvestmentsLn 11–13$7.7M
Land, buildings, equipmentLn 10c$8.2M
Other assetsLn 15$0
Total assetsLn 16$16.9M
LiabilitiesLn 26$2.1M
Net assetsLn 32$14.8M
OperationsPt I, VI
EmployeesI 587
VolunteersI 665
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
LineStart FY24End FY24
Cash and savingsLn 1–2$811K$819K
InvestmentsLn 11–13$6.9M$7.7M
Land, buildings, equipmentLn 10c$8.7M$8.2M
Total assetsLn 16$17.2M$16.9M
LiabilitiesLn 26$2.6M$2.1M
Net assetsLn 32$14.6M$14.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.7M$1.7M
Other salaries and wagesLn 7$3.0M$2.2M$563K$171K
Pension plan contributionsLn 8$93K$93K
Other employee benefitsLn 9$395K$274K$92K$28K
Payroll taxesLn 10$232K$175K$44K$13K
Legal feesLn 11b$30K$30K
Accounting feesLn 11c$16K$16K
Investment management feesLn 11f$23K$23K
Advertising and promotionLn 12$28K$25K$3K
Office expensesLn 13$76K$177$61K$16K
Information technologyLn 14$100K$100K
OccupancyLn 16$119K$119K
Conferences, conventions and meetingsLn 19$15K$15K
InterestLn 20$52K$52K
Depreciation, depletion and amortizationLn 22$513K$504K$7K$2K
InsuranceLn 23$87K$77K$10K
Other expenses (24a–d)Ln 24$1.1M$837K$232K
All other expensesLn 24e$326K$216K$99K$12K
Total functional expensesLn 25$7.8M$6.2M$1.4M$244K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $7.6M$8.3M−$683K$14.8M 990 PDF
FY2024 Viewing $10.0M$7.8M$2.2M$14.8M 990 PDF
FY2023 $7.4M$7.5M−$65K$14.6M 990 PDF
FY2022 $6.5M$7.3M−$797K$14.2M 990 PDF
FY2021 $6.9M$6.6M$346K$16.2M 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 $10,005,459 across 8 lines filed
VIII-1f All other contributions, gifts and grants$287,657
VIII-1h Total contributions, gifts and grants$287,657
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $6,221,943$6,221,943
VIII-3 Investment incomeExcluded from tax $213,278$213,278
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,984,624$2,984,624
VIII-8 Net income from fundraising eventsExcluded from tax $57,622$57,622
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $240,335$240,335
VIII-12 Total revenueRelated to mission $6,462,278 · Unrelated business $0 · Excluded from tax $3,255,524$10,005,459
Part IX · Statement of functional expenses $7,803,095 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $1,655,957$1,655,957
IX-7 Other salaries and wagesPrograms $2,241,357 · Management $562,660 · Fundraising $170,712$2,974,729
IX-8 Pension plan contributionsPrograms $92,781$92,781
IX-9 Other employee benefitsPrograms $274,417 · Management $92,180 · Fundraising $27,967$394,564
IX-10 Payroll taxesPrograms $174,817 · Management $43,885 · Fundraising $13,315$232,017
IX-11b Legal feesManagement $29,989$29,989
IX-11c Accounting feesManagement $15,675$15,675
IX-11f Investment management feesManagement $23,013$23,013
IX-12 Advertising and promotionManagement $25,401 · Fundraising $2,907$28,308
IX-13 Office expensesPrograms $177 · Management $60,550 · Fundraising $15,747$76,474
IX-14 Information technologyManagement $99,794$99,794
IX-16 OccupancyPrograms $118,516$118,516
IX-19 Conferences, conventions and meetingsPrograms $14,585$14,585
IX-20 InterestManagement $51,555$51,555
IX-22 Depreciation, depletion and amortizationPrograms $503,867 · Management $7,150 · Fundraising $2,169$513,186
IX-23 InsurancePrograms $76,853 · Management $9,879$86,732
IX-24 Other expenses (24a–d)Programs $837,134 · Management $231,722$1,068,856
IX-24e All other expensesPrograms $215,822 · Management $98,917 · Fundraising $11,625$326,364
IX-25 Total functional expensesPrograms $6,206,283 · Management $1,352,370 · Fundraising $244,442$7,803,095
Part X · Balance sheet $16,857,317 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $811,349$818,684
X-3 Pledges and grants receivableStart of year $47,342$42,550
X-4 Accounts receivableStart of year $29,707$5,862
X-9 Prepaid expenses and deferred chargesStart of year $18,529$80,643
X-10c Land, buildings and equipment, netStart of year $8,734,062$8,236,252
X-11 Publicly traded securitiesStart of year $6,864,764$7,673,326
X-15 Other assetsStart of year $729,476$0
X-16 Total assetsStart of year $17,235,229$16,857,317
X-17 Accounts payable and accrued expensesStart of year $76,258$111,964
X-19 Deferred revenueStart of year $1,195,232$1,162,624
X-20 Tax-exempt bond liabilitiesStart of year $491,514$268,698
X-25 Other liabilitiesStart of year $78,063$48,688
X-26 Total liabilitiesStart of year $2,631,812$2,082,870
X-27 Net assets without donor restrictionsStart of year $14,132,352$14,325,784
X-28 Net assets with donor restrictionsStart of year $471,065$448,663
X-32 Total net assets or fund balancesStart of year $14,603,417$14,774,447
X-33 Total liabilities and net assetsStart of year $17,235,229$16,857,317
Part XI · Reconciliation of net assets $14,774,447 net assets at year end
XI-1 Total revenue$10,005,459
XI-2 Total expenses$7,803,095
XI-3 Revenue less expenses$2,202,364
XI-4 Net assets at start of year$14,603,417
XI-5 Net unrealized gains (losses) on investments−$2,031,334
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$14,774,447

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

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