Calvert School Incorporated: Nonprofit Profile, Financials & Form 990 (EIN 52-0591510)

Revenue by fiscal year
FY2020	$25.2M
FY2021	$23.3M
FY2022	$30.1M
FY2023	$26.3M
FY2024	$32.5M
FY2025	$32.5M

Expenses by fiscal year
FY2020	$20.5M
FY2021	$21.4M
FY2022	$29.0M
FY2023	$24.9M
FY2024	$26.1M
FY2025	$27.7M

Net assets by fiscal year
FY2020	$92.1M
FY2021	$115.9M
FY2022	$107.8M
FY2023	$111.6M
FY2024	$117.1M
FY2025	$124.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1935.

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

Where the money goes

78 cents of each dollar spent went to programs.

78%

19%

Program services 78% · $21.7M Management & general 19% · $5.2M Fundraising 3% · $837K

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

30 people listed on the 990; $1.6M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Andrew Holmgren

Headmaster

$533,391Pt VII · Sec A

Thomas S Travers JR

Director of Finance & Operations

$242,508Pt VII · Sec A

Denise D Fiorucci

Director of Human Resources

$172,671Pt VII · Sec A

Sarah Crowley

Director of Academic Affairs

$168,489Pt VII · Sec A

Frederick M Buck

Head of Middle School

$149,262Pt VII · Sec A

Elizabeth Martin

Head of Lower School

$147,893Pt VII · Sec A

Nicole H Webster

Director of Admission

$136,756Pt VII · Sec A

Maisie Devine

Trustee

$0Pt VII · Sec A

Andrew Holmgren’s $533K as Headmaster is at the 91st 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
Andrew Holmgren	$533,391	$527,793	$523,675	$489,623	$443,827	$469,840
Thomas S Travers JR	$242,508	$239,353	$227,586	$182,829	$164,829	$147,479
Denise D Fiorucci	$172,671	$165,956	$169,841	$154,538	$151,301	$152,632
Sarah Crowley	$168,489	$162,996	$149,829	—	—	—
Frederick M Buck	$149,262	$141,279	—	—	—	—
Elizabeth Martin	$147,893	$148,868	$141,363	$138,098	$133,674	$129,369
Sarah Walton	—	—	$145,684	$136,347	$128,246	$124,977
F Matthew Buck	—	—	—	$141,483	$136,582	$130,868

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 boys and girls with a rigorous curriculum, fostering essential skills and lifelong learning.

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Provided by the organization

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2 programs · $21.7M · in their own filed words · FY2024

01

Calvert school is a coeducational institution providing instruction to students beginning with early childhood and continuing on through elementary and middle school grades.

$20.9Mprogram expense

02

After school care, summer camps and school clubs.

$723Kprogram expense

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 · FY2025

T Rowe Price Program for Charitable Giving INCFY2025$47K

The Winston Foundation IncorporatedFY2025$13K

Foundation for the Promotion of Individual Opportunity INCFY2025$11K

Bahl Family FoundationFY2025$8K

Hebb Family Private FoundationFY2025$2K

Total grants receivedfrom 5 funders$82K

See all 5 funders →

Grants paid · 6 grants · $15.6M · 2019–2024

Unitemized GrantFY2024$2,958,949

Unitemized GrantFY2023$2,722,023

Unitemized GrantFY2022$2,586,135

Unitemized GrantFY2021$2,504,122

Unitemized GrantFY2020$2,596,396

Unitemized GrantFY2019$2,244,336

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$32.5M

Ln 12

Fees for servicesLn 2g$23.1M

Investment incomeLn 3$6.8M

Gifts and grantsLn 1h$2.5M

Money outPt IX

$27.7M

Ln 25

Programscol B$21.7M

Managementcol C$5.2M

Fundraisingcol D$837K

Owns and owesPt X

$124.6M

net assets · Ln 32

Cash and savingsLn 1–2$1.0M

Total assetsLn 16$140.3M

LiabilitiesLn 26$15.7M

PeoplePt VI, VII

30

listed · VII A

PaidVII A7

Voting boardVI 1a20

IndependentVI 1b20

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.5M

Noncash giftsLn 1g$111K

Fundraising eventsLn 1c$151K

Fees for servicesLn 2g$23.1M

Investment incomeLn 3$6.8M

Other incomeLn 4–11$178K

Gains on assetsLn 7$2.3M

Total revenueLn 12$32.5M

Assets in detailPt X, end of year

CashLn 1$3K

SavingsLn 2$1.0M

Cash and savings togetherLn 1–2$1.0M

InvestmentsLn 11–13$82.9M

Land, buildings, equipmentLn 10c$48.4M

Other assetsLn 15$6.4M

Total assetsLn 16$140.3M

LiabilitiesLn 26$15.7M

Net assetsLn 32$124.6M

OperationsPt I, VI

EmployeesI 5277

VolunteersI 6205

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 FY25	End FY25
Cash and savingsLn 1–2	$1.3M	$1.0M
InvestmentsLn 11–13	$75.6M	$82.9M
Land, buildings, equipmentLn 10c	$50.0M	$48.4M
Total assetsLn 16	$134.5M	$140.3M
LiabilitiesLn 26	$17.4M	$15.7M
Net assetsLn 32	$117.1M	$124.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$3.0M	$3.0M
Pay of current officers, directors and key staffLn 5	$826K	$604K	$186K	$36K
Pay of disqualified personsLn 6	$119K	$119K
Other salaries and wagesLn 7	$10.9M	$8.0M	$2.5M	$480K
Pension plan contributionsLn 8	$535K	$391K	$120K	$23K
Other employee benefitsLn 9	$2.8M	$2.1M	$640K	$123K
Payroll taxesLn 10	$844K	$617K	$190K	$37K
Legal feesLn 11b	$70K		$70K
Accounting feesLn 11c	$76K		$76K
Investment management feesLn 11f	$174K		$174K
Other fees for servicesLn 11g	$133K	$49K	$84K
Advertising and promotionLn 12	$206K		$197K	$9K
Office expensesLn 13	$924K	$723K	$181K	$20K
Information technologyLn 14	$483K	$362K	$97K	$24K
OccupancyLn 16	$1.5M	$1.3M	$142K
Conferences, conventions and meetingsLn 19	$190K	$113K	$50K	$27K
InterestLn 20	$362K	$319K	$43K
Depreciation, depletion and amortizationLn 22	$2.2M	$2.0M	$267K
InsuranceLn 23	$337K	$296K	$40K
Other expenses (24a–d)Ln 24	$1.9M	$1.7M	$77K	$56K
All other expensesLn 24e	$93K	$22K	$69K	$2K
Total functional expensesLn 25	$27.7M	$21.7M	$5.2M	$837K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$32.5M	$27.7M	$4.8M	$124.6M	990 PDF
FY2024	$32.5M	$26.1M	$6.3M	$117.1M	990 PDF
FY2023	$26.3M	$24.9M	$1.4M	$111.6M	990 PDF
FY2022	$30.1M	$29.0M	$1.1M	$107.8M	990 PDF
FY2021	$23.3M	$21.4M	$1.8M	$115.9M	990 PDF
FY2020	$25.2M	$20.5M	$4.7M	$92.1M	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 FY2025 990 (6 parts)

Part I · Summary $32,489,955 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,144,437$2,469,375

I-9 Program service revenuePrior year $21,784,032$23,059,257

I-10 Investment incomePrior year $8,409,775$6,783,599

I-11 Other revenuePrior year $112,852$177,724

I-12 Total revenuePrior year $32,451,096$32,489,955

I-13 Grants and similar amounts paidPrior year $2,722,023$2,958,949

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

I-15 Salaries and benefitsPrior year $15,156,991$16,067,496

I-16a Professional fundraising feesPrior year $32,158$35,829

I-17 Other expensesPrior year $8,223,298$8,639,358

I-18 Total expensesPrior year $26,134,470$27,701,632

I-19 Revenue less expensesPrior year $6,316,626$4,788,323

Part VI · Governance 20 of 20 board members independent, no flags

VI-1a Voting members of the governing body20

VI-1b Independent voting members20

VI-2 Family or business relationship among officers or directorsNo

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 $32,489,955 across 11 lines filed

Lines not itemized here account for $9,607 of total revenue; see the IRS return.

VIII-1c Fundraising events$151,212

VIII-1f All other contributions, gifts and grants$2,318,163

VIII-1g Noncash contributions (included above)$111,265

VIII-1h Total contributions, gifts and grants$2,469,375

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $23,059,257$23,059,257

VIII-3 Investment incomeUnrelated business −$728 · Excluded from tax $4,483,128$4,482,400

VIII-6 Net rental income or lossExcluded from tax $102,845$102,845

VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,301,199$2,301,199

VIII-8 Net income from fundraising eventsExcluded from tax −$35,002−$35,002

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $100,274$100,274

VIII-12 Total revenueRelated to mission $23,059,257 · Unrelated business −$728 · Excluded from tax $6,962,051$32,489,955

Part IX · Statement of functional expenses $27,701,632 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $2,958,949$2,958,949

IX-5 Pay of current officers, directors and key staffPrograms $604,118 · Management $186,017 · Fundraising $35,829$825,964

IX-6 Pay of disqualified personsPrograms $118,563$118,563

IX-7 Other salaries and wagesPrograms $7,967,069 · Management $2,489,611 · Fundraising $479,529$10,936,209

IX-8 Pension plan contributionsPrograms $391,219 · Management $120,483 · Fundraising $23,207$534,909

IX-9 Other employee benefitsPrograms $2,079,744 · Management $640,497 · Fundraising $123,368$2,843,609

IX-10 Payroll taxesPrograms $617,332 · Management $190,120 · Fundraising $36,619$844,071

IX-11b Legal feesManagement $70,179$70,179

IX-11c Accounting feesManagement $75,614$75,614

IX-11f Investment management feesManagement $173,555$173,555

IX-11g Other fees for servicesPrograms $48,846 · Management $84,432$133,278

IX-12 Advertising and promotionManagement $197,118 · Fundraising $8,995$206,113

IX-13 Office expensesPrograms $723,261 · Management $180,551 · Fundraising $20,295$924,107

IX-14 Information technologyPrograms $362,291 · Management $96,611 · Fundraising $24,153$483,055

IX-16 OccupancyPrograms $1,342,689 · Management $141,609$1,484,298

IX-19 Conferences, conventions and meetingsPrograms $113,085 · Management $50,308 · Fundraising $26,870$190,263

IX-20 InterestPrograms $318,563 · Management $43,441$362,004

IX-22 Depreciation, depletion and amortizationPrograms $1,957,139 · Management $266,883$2,224,022

IX-23 InsurancePrograms $296,365 · Management $40,413$336,778

IX-24 Other expenses (24a–d)Programs $1,749,996 · Management $77,240 · Fundraising $56,135$1,883,371

IX-24e All other expensesPrograms $21,657 · Management $68,636 · Fundraising $2,428$92,721

IX-25 Total functional expensesPrograms $21,670,886 · Management $5,193,318 · Fundraising $837,428$27,701,632

Part X · Balance sheet $140,313,273 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $2,558$2,667

X-2 Savings and temporary cash investmentsStart of year $1,305,331$1,042,565

X-3 Pledges and grants receivableStart of year $579,822$237,454

X-4 Accounts receivableStart of year $277,384$358,953

X-8 Inventories for sale or useStart of year $77,311$79,551

X-9 Prepaid expenses and deferred chargesStart of year $475,121$888,403

X-10c Land, buildings and equipment, netStart of year $49,970,508$48,373,058

X-11 Publicly traded securitiesStart of year $58,798,939$67,097,494

X-12 Other securitiesStart of year $16,817,325$15,850,637

X-15 Other assetsStart of year $6,233,571$6,382,491

X-16 Total assetsStart of year $134,537,870$140,313,273

X-17 Accounts payable and accrued expensesStart of year $1,719,444$1,453,207

X-19 Deferred revenueStart of year $4,035,082$4,672,054

X-20 Tax-exempt bond liabilitiesStart of year $5,479,332$4,991,332

X-25 Other liabilitiesStart of year $4,344,360$4,272,168

X-26 Total liabilitiesStart of year $17,443,672$15,676,682

X-27 Net assets without donor restrictionsStart of year $100,445,313$106,867,106

X-28 Net assets with donor restrictionsStart of year $16,648,885$17,769,485

X-32 Total net assets or fund balancesStart of year $117,094,198$124,636,591

X-33 Total liabilities and net assetsStart of year $134,537,870$140,313,273

Part XI · Reconciliation of net assets $124,636,591 net assets at year end

XI-1 Total revenue$32,489,955

XI-2 Total expenses$27,701,632

XI-3 Revenue less expenses$4,788,323

XI-4 Net assets at start of year$117,094,198

XI-5 Net unrealized gains (losses) on investments$2,754,070

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$124,636,591

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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