Breck School FY2023 filing

Tax-deductible

Minneapolis, MN501(c)(3)Since 1886EducationEIN 41-0693894

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We create confident learners who lead lives of intellectual curiosity, self-knowledge, and social responsibility.

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
$2.2M 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

FY2023 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $17K a year · under 1% 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
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.2M
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
6 mo
of spending, in cash
Looks good: 6.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
34
named funders · $1.2M
Looks good: 34 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$34.6M
22% of total assets
Looks good: liabilities are 22% of assets; 50% or less.
Pt X · Ln 26
Independent board members
24
of 24 voting members
Looks good: 24 of 24 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$51.2M
+11% vs prior year
Spent
$52.5M
To programs
84%
Net assets
$120.2M
By yearFY2020–FY2024
Revenue
$51.2M
FY2023▲ +11%
Revenue by fiscal year
FY2020$46.2M
FY2021$50.4M
FY2022$46.2M
FY2023$51.2M
FY2024$55.8M
FY2024$56.5M
Expenses
$52.5M
FY2023▲ +6%
Expenses by fiscal year
FY2020$44.2M
FY2021$47.7M
FY2022$49.3M
FY2023$52.5M
FY2024$56.0M
FY2024$63.0M
Net assets
$120.2M
FY2023▲ +4%
Net assets by fiscal year
FY2020$107.2M
FY2021$123.7M
FY2022$115.9M
FY2023$120.2M
FY2024$125.5M
FY2024$124.6M

From the FY2023 Form 990 (year ending June 2023) · 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: FY2024. IRS ruling in Sep 1952.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $44.3M Management & general 13% · $7.0M Fundraising 2% · $1.2M

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

36 people listed on the 990; $2.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Head of School
$600,454Pt VII · Sec A
Chief Operating Officer
$218,018Pt VII · Sec A
Chief Stratey and Comm. Officer
$193,053Pt VII · Sec A
Director of Middle School
$176,685Pt VII · Sec A
Director of Admissions
$172,654Pt VII · Sec A
Chief Information Officer
$168,698Pt VII · Sec A
Athletic Director
$146,755Pt VII · Sec A
Director of College Counseling
$144,633Pt VII · Sec A

Natalia R Hernandez’s $732K as Head of School is at the 96th percentile of top reported officer pay among 3683 $10–100M 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 · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Natalia R Hernandez$732,497$757,553$600,454$510,431$503,911$487,451
Ted Forbath$236,084$226,780$218,018$211,839$207,795$203,131
Stacy Glaus$214,422$204,329$193,053—$142,908—
Wendy Engelman——$137,381$196,398$192,151$187,893
Troy M Baker$195,625$186,771————
Mark Garrison$194,963$176,172$168,698$161,160$155,699—
Schuyler Fauver$178,671$188,849$176,685$183,074$183,851$180,319
Margaret Bailey———$188,825$185,625$179,846

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 diverse students from pre-K through 12th grade in an Episcopal college-preparatory setting.

Provided by the organization

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1 program service account for $44.3M of program spending, described in the organization's own filed words · FY2022.
01

Breck School provides primary and secondary school academic programs for up to 1,200 students in grades pre-school through grade twelve. Breck also provides a wide range of activities for its students including athletics and academic extracurriculars, visual and performing arts, student publications and clubs.

$44.3Mprogram 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 34 funders →
Grants paid · 6 grants · $48.0M · 2019–2024
Unitemized GrantFY2024$9,074,195
Unitemized GrantFY2023$8,661,366
Unitemized GrantFY2022$8,023,203
Unitemized GrantFY2021$7,706,819
Unitemized GrantFY2020$7,721,485
Unitemized GrantFY2019$6,818,191

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$51.2M
Ln 12
Fees for servicesLn 2g$46.4M
Gifts and grantsLn 1h$3.2M
Investment incomeLn 3$1.5M
Money outPt IX
$52.5M
Ln 25
Programscol B$44.3M
Managementcol C$7.0M
Fundraisingcol D$1.2M
Owns and owesPt X
$120.2M
net assets · Ln 32
Cash and savingsLn 1–2$27.0M
Total assetsLn 16$154.8M
LiabilitiesLn 26$34.6M
PeoplePt VI, VII
36
listed · VII A
PaidVII A11
Voting boardVI 1a24
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.2M
Government grantsLn 1e$194K
Noncash giftsLn 1g$168K
Fundraising eventsLn 1c$393K
Fees for servicesLn 2g$46.4M
Investment incomeLn 3$1.5M
Other incomeLn 4–11$141K
Gains on assetsLn 7$171K
Total revenueLn 12$51.2M
Assets in detailPt X, end of year
CashLn 1$24.3M
SavingsLn 2$2.7M
Cash and savings togetherLn 1–2$27.0M
InvestmentsLn 11–13$68.0M
Land, buildings, equipmentLn 10c$47.2M
Other assetsLn 15$239K
Total assetsLn 16$154.8M
LiabilitiesLn 26$34.6M
Net assetsLn 32$120.2M
OperationsPt I, VI
EmployeesI 5539
VolunteersI 61,000
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 FY23End FY23
Cash and savingsLn 1–2$21.2M$27.0M
InvestmentsLn 11–13$65.8M$68.0M
Land, buildings, equipmentLn 10c$48.5M$47.2M
Total assetsLn 16$150.1M$154.8M
LiabilitiesLn 26$34.1M$34.6M
Net assetsLn 32$115.9M$120.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$8.0M$8.0M
Grants and assistance to foreign recipientsLn 3$47K$47K
Pay of current officers, directors and key staffLn 5$1.7M$279K$1.4M
Other salaries and wagesLn 7$21.1M$18.8M$1.7M$676K
Pension plan contributionsLn 8$1.5M$1.4M$59K$50K
Other employee benefitsLn 9$3.8M$2.7M$850K$211K
Payroll taxesLn 10$1.6M$1.4M$211K$48K
Legal feesLn 11b$101K$101K
Accounting feesLn 11c$49K$49K
Investment management feesLn 11f$383K$383K
Other fees for servicesLn 11g$3.0M$2.6M$409K$34K
Advertising and promotionLn 12$159K$16K$142K$1K
Office expensesLn 13$654K$450K$177K$27K
Information technologyLn 14$450K$165K$242K$43K
RoyaltiesLn 15$2K$2K
OccupancyLn 16$1.9M$1.6M$245K$22K
TravelLn 17$409K$405K$4K
Conferences, conventions and meetingsLn 19$583K$452K$120K$11K
InterestLn 20$260K$246K$13K$1K
Depreciation, depletion and amortizationLn 22$3.4M$3.2M$128K$18K
InsuranceLn 23$510K$93K$416K
Other expenses (24a–d)Ln 24$2.1M$2.0M$44K$35K
All other expensesLn 24e$769K$370K$327K$72K
Total functional expensesLn 25$52.5M$44.3M$7.0M$1.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $55.8M$56.0M−$195K$125.5M 990 PDF
FY2023 Viewing $51.2M$52.5M−$1.3M$120.2M 990 PDF
FY2022 $46.2M$49.3M−$3.1M$115.9M 990 PDF
FY2021 $50.4M$47.7M$2.8M$123.7M 990 PDF
FY2020 $46.2M$44.2M$1.9M$107.2M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $51,222,101 across 10 lines filed
Lines not itemized here account for $1,308,428 of total revenue; see the IRS return.
VIII-1c Fundraising events$392,690
VIII-1e Government grants$193,894
VIII-1f All other contributions, gifts and grants$2,612,716
VIII-1g Noncash contributions (included above)$168,306
VIII-1h Total contributions, gifts and grants$3,199,300
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $45,286,177$45,286,177
VIII-3 Investment incomeUnrelated business $673,164 · Excluded from tax $605,819$1,278,983
VIII-7 Net gain or loss on sales of assetsExcluded from tax $171,063$171,063
VIII-8 Net income from fundraising eventsExcluded from tax −$21,850−$21,850
VIII-12 Total revenueRelated to mission $46,431,664 · Unrelated business $673,164 · Excluded from tax $917,973$51,222,101
Part IX · Statement of functional expenses $52,516,686 across 23 lines filed
IX-2 Grants to domestic individualsPrograms $8,023,203$8,023,203
IX-3 Grants and assistance to foreign recipientsPrograms $46,654$46,654
IX-5 Pay of current officers, directors and key staffPrograms $278,736 · Management $1,434,000$1,712,736
IX-7 Other salaries and wagesPrograms $18,792,798 · Management $1,653,105 · Fundraising $676,183$21,122,086
IX-8 Pension plan contributionsPrograms $1,419,921 · Management $59,093 · Fundraising $49,996$1,529,010
IX-9 Other employee benefitsPrograms $2,708,081 · Management $849,805 · Fundraising $211,206$3,769,092
IX-10 Payroll taxesPrograms $1,385,869 · Management $211,354 · Fundraising $48,095$1,645,318
IX-11b Legal feesManagement $100,980$100,980
IX-11c Accounting feesManagement $49,377$49,377
IX-11f Investment management feesManagement $383,469$383,469
IX-11g Other fees for servicesPrograms $2,587,013 · Management $408,750 · Fundraising $33,801$3,029,564
IX-12 Advertising and promotionPrograms $15,754 · Management $141,899 · Fundraising $1,225$158,878
IX-13 Office expensesPrograms $450,055 · Management $176,952 · Fundraising $26,860$653,867
IX-14 Information technologyPrograms $164,911 · Management $241,541 · Fundraising $43,301$449,753
IX-15 RoyaltiesPrograms $2,351$2,351
IX-16 OccupancyPrograms $1,586,575 · Management $244,828 · Fundraising $21,580$1,852,983
IX-17 TravelPrograms $404,832 · Management $3,924$408,756
IX-19 Conferences, conventions and meetingsPrograms $451,699 · Management $120,140 · Fundraising $10,821$582,660
IX-20 InterestPrograms $245,754 · Management $13,482 · Fundraising $1,190$260,426
IX-22 Depreciation, depletion and amortizationPrograms $3,226,596 · Management $128,288 · Fundraising $17,557$3,372,441
IX-23 InsurancePrograms $93,039 · Management $416,468$509,507
IX-24 Other expenses (24a–d)Programs $2,005,461 · Management $44,459 · Fundraising $35,106$2,085,026
IX-24e All other expensesPrograms $369,527 · Management $326,558 · Fundraising $72,464$768,549
IX-25 Total functional expensesPrograms $44,258,829 · Management $7,008,472 · Fundraising $1,249,385$52,516,686
Part X · Balance sheet $154,838,556 assets, 19 lines filed
Asset lines not itemized here account for $119,915; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $18,563,377$24,284,529
X-2 Savings and temporary cash investmentsStart of year $2,663,815$2,716,482
X-3 Pledges and grants receivableStart of year $530,126$1,439,782
X-4 Accounts receivableStart of year $10,974,855$7,408,556
X-8 Inventories for sale or useStart of year $104,212$133,966
X-9 Prepaid expenses and deferred chargesStart of year $2,725,394$3,322,445
X-10c Land, buildings and equipment, netStart of year $48,479,016$47,201,580
X-12 Other securitiesStart of year $65,787,524$67,972,745
X-15 Other assetsStart of year $229,044$238,556
X-16 Total assetsStart of year $150,075,486$154,838,556
X-17 Accounts payable and accrued expensesStart of year $2,678,942$3,095,972
X-19 Deferred revenueStart of year $21,639,444$22,404,293
X-20 Tax-exempt bond liabilitiesStart of year $7,706,586$7,081,586
X-25 Other liabilitiesStart of year $1,207,091$1,547,766
X-26 Total liabilitiesStart of year $34,139,703$34,629,137
X-27 Net assets without donor restrictionsStart of year $53,311,938$53,998,895
X-28 Net assets with donor restrictionsStart of year $62,623,845$66,210,524
X-32 Total net assets or fund balancesStart of year $115,935,783$120,209,419
X-33 Total liabilities and net assetsStart of year $150,075,486$154,838,556
Part XI · Reconciliation of net assets $120,209,419 net assets at year end
XI-1 Total revenue$51,222,101
XI-2 Total expenses$52,516,686
XI-3 Revenue less expenses−$1,294,585
XI-4 Net assets at start of year$115,935,783
XI-5 Net unrealized gains (losses) on investments$4,671,045
XI-9 Other changes in net assets$897,176
XI-10 Net assets at end of year$120,209,419

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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