The Quad Preparatory School: FY2023 Nonprofit Profile & Form 990 (EIN 46-5652622)

Revenue by fiscal year
FY2020	$14.5M
FY2021	$18.6M
FY2022	$22.0M
FY2023	$24.2M
FY2024	$27.7M
FY2025	$31.2M

Expenses by fiscal year
FY2020	$16.9M
FY2021	$17.4M
FY2022	$22.8M
FY2023	$25.7M
FY2024	$28.4M
FY2025	$30.1M

Net assets by fiscal year
FY2020	−$4.1M
FY2021	−$2.9M
FY2022	−$3.9M
FY2023	−$5.4M
FY2024	−$6.1M
FY2025	−$5.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 2014.

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

Where the money goes

86 cents of each dollar spent went to programs.

86%

Program services 86% · $22.1M Management & general 11% · $2.8M Fundraising 3% · $720K

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

18 people listed on the 990; $1.6M 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

Kimberly Busi

Head of School

$437,983Pt VII · Sec A

Carol Starmack

Chief Operating Officer

$190,727Pt VII · Sec A

Anna Christodoulou

Dir. of Admissions & Outreach

$189,115Pt VII · Sec A

Emily Vizza

Dir. Clinical Aff.

$183,661Pt VII · Sec A

Francisco Cornejo

Assistant Hos

$183,360Pt VII · Sec A

Nicole Cavaliere

Lower School Academic Director

$137,692Pt VII · Sec A

Kathryn Geyer

Upper School Academic Director

$134,115Pt VII · Sec A

Melissa Wyse

Chief Advancement & Communications Off

$129,434Pt VII · Sec A

Kimberly Busi’s $493K as Head of School is at the 88th 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

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Kimberly Busi	$493,074	$465,026	$437,983	$400,434	$309,430	$301,284
Elmer Detres	$208,113	$209,585	—	—	—	—
Francisco Cornejo	$207,359	$199,402	$183,360	$165,013	$134,642	—
Carol Starmack	$180,221	$200,561	$190,727	—	—	—
Anna Christodoulou	—	—	$189,115	$155,385	$144,266	$117,652
Emily Vizza	$171,277	$171,294	$183,661	$161,958	$120,294	—
Rebecca Benghiat	—	—	—	$174,066	$166,595	$103,140
Nicole Cavaliere	$171,346	$153,461	$137,692	$120,193	$111,462	—

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 The Quad Preparatory School 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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates twice-exceptional students with social learning differences, transforming their educational experience.

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1 program · $22.1M · in their own filed words · FY2022

01

See schedule othe quad preparatory school isn't just a school, it is the epicenter of a larger movement, with implications far wider-reaching than the successes we have with our students. The quad prep commitment is to share its practices with others on a local, national and even international scale.

$22.1Mprogram 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

The Goldman Sachs Charitable Gift FundFY2024$203K

Fidelity Investments Charitable Gift FundFY2024$119K

Jewish Communal FundFY2024$111K

Gs Donor Advised Philanthropy Fund for Wealth Management INCFY2024$100K

Mjs Foundation INCFY2024$100K

National Philanthropic TrustFY2024$86K

Vanguard Charitable Endowment ProgramFY2024$75K

C&p Levinsohn Foundation INCFY2024$50K

Total grants receivedfrom 17 funders$983K

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By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$24.2M

Ln 12

Fees for servicesLn 2g$22.5M

Gifts and grantsLn 1h$1.6M

Other incomeLn 4–11$106K

Money outPt IX

$25.7M

Ln 25

Programscol B$22.1M

Managementcol C$2.8M

Fundraisingcol D$720K

Owns and owesPt X

−$5.4M

net assets · Ln 32

Cash and savingsLn 1–2$4.0M

Total assetsLn 16$49.6M

LiabilitiesLn 26$55.1M

PeoplePt VI, VII

18

listed · VII A

PaidVII A8

Voting boardVI 1a10

IndependentVI 1b10

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.6M

Noncash giftsLn 1g$113K

Fundraising eventsLn 1c$740K

Fees for servicesLn 2g$22.5M

Investment incomeLn 3$5K

Other incomeLn 4–11$106K

Total revenueLn 12$24.2M

Assets in detailPt X, end of year

CashLn 1$4.0M

Cash and savings togetherLn 1–2$4.0M

Land, buildings, equipmentLn 10c$6.0M

Other assetsLn 15$37.4M

Total assetsLn 16$49.6M

LiabilitiesLn 26$55.1M

Net assetsLn 32−$5.4M

OperationsPt I, VI

EmployeesI 5287

VolunteersI 6250

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

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$4.6M	$4.0M
Land, buildings, equipmentLn 10c	$6.8M	$6.0M
Total assetsLn 16	$16.4M	$49.6M
LiabilitiesLn 26	$20.4M	$55.1M
Net assetsLn 32	−$3.9M	−$5.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$865K	$358K	$415K	$92K
Other salaries and wagesLn 7	$14.2M	$12.7M	$1.2M	$299K
Pension plan contributionsLn 8	$115K	$106K	$7K	$2K
Other employee benefitsLn 9	$812K	$718K	$73K	$20K
Payroll taxesLn 10	$1.4M	$1.2M	$140K	$36K
Legal feesLn 11b	$62K		$62K
Accounting feesLn 11c	$61K		$61K
Other fees for servicesLn 11g	$994K	$906K	$72K	$16K
Advertising and promotionLn 12	$27K		$27K
Office expensesLn 13	$595K	$539K	$45K	$11K
Information technologyLn 14	$80K	$70K	$8K	$2K
OccupancyLn 16	$4.8M	$4.2M	$492K	$125K
TravelLn 17	$88K	$77K	$9K	$2K
Conferences, conventions and meetingsLn 19	$620	$620
InterestLn 20	$313K	$273K	$32K	$8K
Depreciation, depletion and amortizationLn 22	$820K	$715K	$84K	$21K
InsuranceLn 23	$134K	$117K	$14K	$3K
Other expenses (24a–d)Ln 24	$259K	$178K	$16K	$65K
All other expensesLn 24e	$80K	$21K	$42K	$17K
Total functional expensesLn 25	$25.7M	$22.1M	$2.8M	$720K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$31.2M	$30.1M	$1.1M	−$5.0M	990 PDF
FY2024	$27.7M	$28.4M	−$700K	−$6.1M	990 PDF
FY2023 Viewing	$24.2M	$25.7M	−$1.5M	−$5.4M	990 PDF
FY2022	$22.0M	$22.8M	−$864K	−$3.9M	990 PDF
FY2021	$18.6M	$17.4M	$1.1M	−$2.9M	990 PDF
FY2020	$14.5M	$16.9M	−$2.4M	−$4.1M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $24,173,186 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,801,026$1,588,466

I-9 Program service revenuePrior year $20,089,576$22,474,441

I-10 Investment incomePrior year $0$4,760

I-11 Other revenuePrior year $85,183$105,519

I-12 Total revenuePrior year $21,975,785$24,173,186

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $14,932,216$17,338,668

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $7,907,278$8,339,266

I-18 Total expensesPrior year $22,839,494$25,677,934

I-19 Revenue less expensesPrior year −$863,709−$1,504,748

Part VI · Governance 10 of 10 board members independent, 1 to look at

VI-1a Voting members of the governing body10

VI-1b Independent voting members10

VI-2 Family or business relationship among officers or directorsYes

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 $24,173,186 across 10 lines filed

VIII-1c Fundraising events$740,332

VIII-1f All other contributions, gifts and grants$848,134

VIII-1g Noncash contributions (included above)$113,263

VIII-1h Total contributions, gifts and grants$1,588,466

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $22,474,441$22,474,441

VIII-3 Investment incomeExcluded from tax $4,760$4,760

VIII-6 Net rental income or lossExcluded from tax $81,619$81,619

VIII-8 Net income from fundraising events$0

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $23,900$23,900

VIII-12 Total revenueRelated to mission $22,474,441 · Unrelated business $0 · Excluded from tax $110,279$24,173,186

Part IX · Statement of functional expenses $25,677,934 across 19 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $357,881 · Management $415,222 · Fundraising $91,604$864,707

IX-7 Other salaries and wagesPrograms $12,655,498 · Management $1,222,262 · Fundraising $298,916$14,176,676

IX-8 Pension plan contributionsPrograms $105,868 · Management $6,577 · Fundraising $2,105$114,550

IX-9 Other employee benefitsPrograms $718,248 · Management $73,330 · Fundraising $19,961$811,539

IX-10 Payroll taxesPrograms $1,195,683 · Management $139,862 · Fundraising $35,651$1,371,196

IX-11b Legal feesManagement $61,815$61,815

IX-11c Accounting feesManagement $61,200$61,200

IX-11g Other fees for servicesPrograms $905,805 · Management $71,836 · Fundraising $15,988$993,629

IX-12 Advertising and promotionManagement $26,805$26,805

IX-13 Office expensesPrograms $538,766 · Management $44,653 · Fundraising $11,160$594,579

IX-14 Information technologyPrograms $69,546 · Management $8,134 · Fundraising $2,074$79,754

IX-16 OccupancyPrograms $4,208,221 · Management $492,247 · Fundraising $125,474$4,825,942

IX-17 TravelPrograms $76,849 · Management $8,989 · Fundraising $2,291$88,129

IX-19 Conferences, conventions and meetingsPrograms $620$620

IX-20 InterestPrograms $273,014 · Management $31,935 · Fundraising $8,140$313,089

IX-22 Depreciation, depletion and amortizationPrograms $714,882 · Management $83,622 · Fundraising $21,315$819,819

IX-23 InsurancePrograms $117,057 · Management $13,693 · Fundraising $3,490$134,240

IX-24 Other expenses (24a–d)Programs $178,245 · Management $16,212 · Fundraising $64,809$259,266

IX-24e All other expensesPrograms $21,306 · Management $42,048 · Fundraising $17,025$80,379

IX-25 Total functional expensesPrograms $22,137,489 · Management $2,820,442 · Fundraising $720,003$25,677,934

Part X · Balance sheet $49,630,062 assets, 16 lines filed

X-1 Cash, non-interest-bearingStart of year $4,640,666$4,014,422

X-3 Pledges and grants receivableStart of year $900,508$317,710

X-4 Accounts receivableStart of year $1,770,655$1,650,955

X-9 Prepaid expenses and deferred chargesStart of year $478,006$213,982

X-10c Land, buildings and equipment, netStart of year $6,802,424$6,042,463

X-15 Other assetsStart of year $1,837,404$37,390,530

X-16 Total assetsStart of year $16,429,663$49,630,062

X-17 Accounts payable and accrued expensesStart of year $981,632$621,789

X-19 Deferred revenueStart of year $10,001,273$10,520,694

X-24 Unsecured notes and loans payableStart of year $5,886,160$5,590,691

X-25 Other liabilitiesStart of year $3,503,451$38,344,489

X-26 Total liabilitiesStart of year $20,372,516$55,077,663

X-27 Net assets without donor restrictionsStart of year −$4,567,475−$5,733,374

X-28 Net assets with donor restrictionsStart of year $624,622$285,773

X-32 Total net assets or fund balancesStart of year −$3,942,853−$5,447,601

X-33 Total liabilities and net assetsStart of year $16,429,663$49,630,062

Part XI · Reconciliation of net assets −$5,447,601 net assets at year end

XI-1 Total revenue$24,173,186

XI-2 Total expenses$25,677,934

XI-3 Revenue less expenses−$1,504,748

XI-4 Net assets at start of year−$3,942,853

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year−$5,447,601

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

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The Quad Preparatory School FY2023 filing

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