Norwood School INC: Nonprofit Profile, Financials & Form 990 (EIN 52-0901098)

Revenue by fiscal year
FY2020	$21.5M
FY2021	$24.2M
FY2022	$22.9M
FY2023	$23.6M
FY2024	$23.3M
FY2025	$28.7M

Expenses by fiscal year
FY2020	$18.5M
FY2021	$17.9M
FY2022	$19.9M
FY2023	$21.9M
FY2024	$22.9M
FY2025	$24.0M

Net assets by fiscal year
FY2020	$33.8M
FY2021	$43.8M
FY2022	$42.0M
FY2023	$45.4M
FY2024	$47.1M
FY2025	$48.3M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1968.

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

Where the money goes

79 cents of each dollar spent went to programs.

79%

18%

Program services 79% · $19.1M Management & general 18% · $4.3M Fundraising 3% · $613K

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

27 people listed on the 990; $1.5M 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

Matthew a Gould

Head of School

$531,990Pt VII · Sec A

William C Teachum

Director of Finance & Operations

$205,994Pt VII · Sec A

Abigail Williams

Director of Development

$177,540Pt VII · Sec A

Michael Risen

Assoc. Head of School & Middle School

$171,732Pt VII · Sec A

A Fielding Winters

Head of Lower School

$141,238Pt VII · Sec A

Alexander Ragone

Director of Admission

$140,970Pt VII · Sec A

Juan Ramirez

Director of Technology

$135,998Pt VII · Sec A

Alicia Davis

Trustee

$0Pt VII · Sec A

Matthew a Gould’s $532K as Head of School 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
Matthew a Gould	$531,990	$509,188	$476,644	$473,154	$426,763	$445,339
William C Teachum	$205,994	$191,662	$180,399	$170,211	$163,452	$161,036
Michele Claeys	—	—	—	—	$200,798	$195,046
Abigail Williams	$177,540	$170,010	—	—	—	—
Michael Risen	$171,732	$162,345	$154,546	$140,788	$133,344	$134,432
Dennis Campbell	—	$159,196	$152,558	—	—	—
Catherine Voeks	—	—	—	$153,836	$147,992	$143,178
A Fielding Winters	$141,238	—	—	—	—	—

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

Inspires confident, compassionate, independent, and creative thinkers who embrace lifelong learning.

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Provided by the organization

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1 program · $19.1M · in their own filed words · FY2024

01

Founded in 1952, norwood school is a coeducational independent school for grades PK-8. The school's approach to instruction and learning begins with a team of teachers whose first priority is to fully understand each and every student.

$19.1Mprogram 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$20K

Koonce Foundation INCFY2025$3K

Hansan Family Foundation INCFY2025$500

Total grants receivedfrom 3 funders$24K

See all 3 funders →

Grants paid · 25 grants · $14.9M · 2019–2024

Unitemized GrantFY2024$2,587,814

Unitemized GrantFY2024$71,554

Unitemized GrantFY2024$58,810

Unitemized GrantFY2024$15,172

Unitemized GrantFY2024$9,514

Unitemized GrantFY2023$2,568,661

Unitemized GrantFY2023$83,399

Unitemized GrantFY2023$51,368

Unitemized GrantFY2023$16,551

Unitemized GrantFY2023$10,347

Unitemized GrantFY2022$2,528,330

Unitemized GrantFY2022$106,076

Unitemized GrantFY2022$52,082

Unitemized GrantFY2022$12,137

Unitemized GrantFY2021$2,298,584

Unitemized GrantFY2021$65,987

Unitemized GrantFY2021$57,316

Unitemized GrantFY2021$6,765

See all 25 grants →

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$28.7M

Ln 12

Fees for servicesLn 2g$20.8M

Investment incomeLn 3$6.3M

Gifts and grantsLn 1h$1.2M

Money outPt IX

$24.0M

Ln 25

Programscol B$19.1M

Managementcol C$4.3M

Fundraisingcol D$613K

Owns and owesPt X

$48.3M

net assets · Ln 32

Cash and savingsLn 1–2$7.6M

Total assetsLn 16$77.3M

LiabilitiesLn 26$29.1M

PeoplePt VI, VII

27

listed · VII A

PaidVII A7

Voting boardVI 1a20

IndependentVI 1b19

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.2M

Noncash giftsLn 1g$9K

Fundraising eventsLn 1c$67K

Fees for servicesLn 2g$20.8M

Investment incomeLn 3$6.3M

Other incomeLn 4–11$356K

Gains on assetsLn 7$5.4M

Total revenueLn 12$28.7M

Assets in detailPt X, end of year

CashLn 1$500

SavingsLn 2$7.6M

Cash and savings togetherLn 1–2$7.6M

InvestmentsLn 11–13$28.0M

Land, buildings, equipmentLn 10c$31.5M

Other assetsLn 15$287K

Total assetsLn 16$77.3M

LiabilitiesLn 26$29.1M

Net assetsLn 32$48.3M

OperationsPt I, VI

EmployeesI 5217

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 FY25	End FY25
Cash and savingsLn 1–2	$6.7M	$7.6M
InvestmentsLn 11–13	$28.2M	$28.0M
Land, buildings, equipmentLn 10c	$30.5M	$31.5M
Total assetsLn 16	$70.5M	$77.3M
LiabilitiesLn 26	$23.4M	$29.1M
Net assetsLn 32	$47.1M	$48.3M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.7M	$2.7M
Pay of current officers, directors and key staffLn 5	$848K	$658K	$165K	$25K
Other salaries and wagesLn 7	$11.2M	$8.6M	$2.2M	$344K
Pension plan contributionsLn 8	$683K	$536K	$133K	$14K
Other employee benefitsLn 9	$1.3M	$896K	$361K	$22K
Payroll taxesLn 10	$847K	$664K	$164K	$18K
Legal feesLn 11b	$5K		$5K
Accounting feesLn 11c	$58K		$58K
Investment management feesLn 11f	$92K		$92K
Other fees for servicesLn 11g	$1.5M	$1.1M	$332K	$78K
Advertising and promotionLn 12	$36K	$12K	$23K
Office expensesLn 13	$963K	$630K	$303K	$30K
OccupancyLn 16	$1.0M	$856K	$140K	$25K
TravelLn 17	$252K	$215K	$36K	$1K
InterestLn 20	$222K	$189K	$27K	$6K
Depreciation, depletion and amortizationLn 22	$1.6M	$1.3M	$193K	$41K
InsuranceLn 23	$162K	$138K	$20K	$4K
Other expenses (24a–d)Ln 24	$632K	$526K	$102K	$4K
Total functional expensesLn 25	$24.0M	$19.1M	$4.3M	$613K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$28.7M	$24.0M	$4.7M	$48.3M	990 PDF
FY2024	$23.3M	$22.9M	$339K	$47.1M	990 PDF
FY2023	$23.6M	$21.9M	$1.7M	$45.4M	990 PDF
FY2022	$22.9M	$19.9M	$3.0M	$42.0M	990 PDF
FY2021	$24.2M	$17.9M	$6.3M	$43.8M	990 PDF
FY2020	$21.5M	$18.5M	$3.0M	$33.8M	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 FY2025 990 (6 parts)

Part I · Summary $28,711,323 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,671,922$1,234,486

I-9 Program service revenuePrior year $19,948,664$20,845,253

I-10 Investment incomePrior year $1,284,129$6,275,776

I-11 Other revenuePrior year $356,567$355,808

I-12 Total revenuePrior year $23,261,282$28,711,323

I-13 Grants and similar amounts paidPrior year $2,730,326$2,742,864

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

I-15 Salaries and benefitsPrior year $14,516,380$14,820,644

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

I-17 Other expensesPrior year $5,675,397$6,485,749

I-18 Total expensesPrior year $22,922,103$24,049,257

I-19 Revenue less expensesPrior year $339,179$4,662,066

Part VI · Governance 19 of 20 board members independent, no flags

VI-1a Voting members of the governing body20

VI-1b Independent voting members19

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 $28,711,323 across 11 lines filed

Lines not itemized here account for $10,245 of total revenue; see the IRS return.

VIII-1c Fundraising events$67,400

VIII-1f All other contributions, gifts and grants$1,167,086

VIII-1g Noncash contributions (included above)$9,062

VIII-1h Total contributions, gifts and grants$1,234,486

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $20,845,253$20,845,253

VIII-3 Investment incomeExcluded from tax $916,441$916,441

VIII-6 Net rental income or lossExcluded from tax $233,698$233,698

VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,359,335$5,359,335

VIII-8 Net income from fundraising eventsExcluded from tax $108,655$108,655

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $3,210$3,210

VIII-12 Total revenueRelated to mission $20,845,253 · Unrelated business $0 · Excluded from tax $6,631,584$28,711,323

Part IX · Statement of functional expenses $24,049,257 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $2,742,864$2,742,864

IX-5 Pay of current officers, directors and key staffPrograms $658,334 · Management $164,972 · Fundraising $25,188$848,494

IX-7 Other salaries and wagesPrograms $8,649,144 · Management $2,171,175 · Fundraising $344,390$11,164,709

IX-8 Pension plan contributionsPrograms $536,093 · Management $132,585 · Fundraising $14,262$682,940

IX-9 Other employee benefitsPrograms $895,534 · Management $360,619 · Fundraising $21,832$1,277,985

IX-10 Payroll taxesPrograms $664,497 · Management $164,341 · Fundraising $17,678$846,516

IX-11b Legal feesManagement $4,886$4,886

IX-11c Accounting feesManagement $58,254$58,254

IX-11f Investment management feesManagement $91,986$91,986

IX-11g Other fees for servicesPrograms $1,059,567 · Management $332,379 · Fundraising $77,807$1,469,753

IX-12 Advertising and promotionPrograms $12,216 · Management $23,323$35,539

IX-13 Office expensesPrograms $629,686 · Management $303,054 · Fundraising $30,014$962,754

IX-16 OccupancyPrograms $856,313 · Management $139,508 · Fundraising $25,280$1,021,101

IX-17 TravelPrograms $215,340 · Management $35,870 · Fundraising $1,140$252,350

IX-20 InterestPrograms $188,826 · Management $27,253 · Fundraising $5,840$221,919

IX-22 Depreciation, depletion and amortizationPrograms $1,338,160 · Management $193,137 · Fundraising $41,386$1,572,683

IX-23 InsurancePrograms $138,247 · Management $19,953 · Fundraising $4,276$162,476

IX-24 Other expenses (24a–d)Programs $525,776 · Management $102,365 · Fundraising $3,907$632,048

IX-25 Total functional expensesPrograms $19,110,597 · Management $4,325,660 · Fundraising $613,000$24,049,257

Part X · Balance sheet $77,343,970 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $500$500

X-2 Savings and temporary cash investmentsStart of year $6,703,373$7,586,404

X-3 Pledges and grants receivableStart of year $1,009,273$415,870

X-4 Accounts receivableStart of year $3,536,940$9,321,345

X-9 Prepaid expenses and deferred chargesStart of year $303,429$284,701

X-10c Land, buildings and equipment, netStart of year $30,549,958$31,496,308

X-11 Publicly traded securitiesStart of year $28,160,544$16,395,777

X-12 Other securities$11,555,889

X-15 Other assetsStart of year $245,532$287,176

X-16 Total assetsStart of year $70,509,549$77,343,970

X-17 Accounts payable and accrued expensesStart of year $1,612,661$2,072,824

X-19 Deferred revenueStart of year $11,826,264$17,264,955

X-20 Tax-exempt bond liabilitiesStart of year $9,788,122$9,513,019

X-25 Other liabilitiesStart of year $169,915$211,559

X-26 Total liabilitiesStart of year $23,396,962$29,062,357

X-27 Net assets without donor restrictionsStart of year $28,457,272$29,548,790

X-28 Net assets with donor restrictionsStart of year $18,655,315$18,732,823

X-32 Total net assets or fund balancesStart of year $47,112,587$48,281,613

X-33 Total liabilities and net assetsStart of year $70,509,549$77,343,970

Part XI · Reconciliation of net assets $48,281,613 net assets at year end

XI-1 Total revenue$28,711,323

XI-2 Total expenses$24,049,257

XI-3 Revenue less expenses$4,662,066

XI-4 Net assets at start of year$47,112,587

XI-5 Net unrealized gains (losses) on investments−$3,493,040

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$48,281,613

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

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