The Madeira School: Nonprofit Profile, Financials & Form 990 (EIN 54-0505925)

Revenue by fiscal year
FY2020	$29.7M
FY2021	$36.7M
FY2022	$18.4M
FY2023	$37.6M
FY2024	$36.8M
FY2024	$96.8M

Expenses by fiscal year
FY2020	$24.7M
FY2021	$25.3M
FY2022	$26.8M
FY2023	$27.9M
FY2024	$29.2M
FY2024	$31.0M

Net assets by fiscal year
FY2020	$154.1M
FY2021	$181.7M
FY2022	$174.5M
FY2023	$185.3M
FY2024	$193.8M
FY2024	$259.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1951.

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

Where the money goes

80 cents of each dollar spent went to programs.

80%

14%

Program services 80% · $24.9M Management & general 14% · $4.5M Fundraising 5% · $1.6M

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

35 people listed on the 990; $1.9M paid to officers and key staff.

Part VII, Section A · reportable compensation

Christina Kyong

Head of School

$365,475Pt VII · Sec A

Mary Ann Mahoney

Dean of Academics

$190,249Pt VII · Sec A

Alexander Heiberger

Chief Fin. & Ops. Officer (jul-Aug)

$180,790Pt VII · Sec A

Scott Cohen

Asst CFO & Comptroller

$149,018Pt VII · Sec A

Louisa Pollard

Dean of Teaching/Learning

$146,842Pt VII · Sec A

Karen Joostema

Dir of Comms & Mktg

$137,587Pt VII · Sec A

Emily Reynolds

Dir of Enrollment Management

$136,169Pt VII · Sec A

Emily Kasof

Chief Advancement Ofr (until 6/2024)

$133,101Pt VII · Sec A

Christina Kyong’s $365K as Head of School is at the 76th 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	FY2024	FY2024	FY2023	FY2022	FY2021	FY2020
Christina Kyong	$365,475	$190,839	—	—	—	—
Gretchen Warner	—	—	$319,869	—	—	—
Gretchen Warner	—	$223,158	—	$317,999	—	—
Pilar Cabeza De Vaca	—	—	—	—	$237,298	$294,776
Alexander Heiberger	$180,790	$260,382	—	$248,299	—	—
Alexander Heiberger	—	—	$251,637	—	—	—
Alexander C Heiberger	—	—	—	—	$240,209	$228,411
Emily Kasof	$133,101	$234,946	—	—	—	—

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 Madeira 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 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates girls to become world-changing leaders through a boarding and day school program.

Provided by the organization

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1 program service account for $24.9M of program spending, described in the organization's own filed words · FY2024.

01

Boarding and day school for girls, providing high school education (340 students).

$24.9Mprogram 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 · FY2025

T Rowe Price Program for Charitable Giving INCFY2025$26K

Total grants receivedfrom 1 funder$26K

Grants paid · 6 grants · $22.9M · 2019–2024

Unitemized GrantFY2024$4,036,083

Unitemized GrantFY2023$4,054,584

Unitemized GrantFY2022$3,953,624

Unitemized GrantFY2021$3,818,986

Unitemized GrantFY2020$3,567,524

Unitemized GrantFY2019$3,423,468

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$96.8M

Ln 12

Gifts and grantsLn 1h$63.9M

Fees for servicesLn 2g$24.9M

Investment incomeLn 3$8.0M

Money outPt IX

$31.0M

Ln 25

Programscol B$24.9M

Managementcol C$4.5M

Fundraisingcol D$1.6M

Owns and owesPt X

$259.6M

net assets · Ln 32

Cash and savingsLn 1–2$30.3M

Total assetsLn 16$274.1M

LiabilitiesLn 26$14.6M

PeoplePt VI, VII

35

listed · VII A

PaidVII A12

Voting boardVI 1a23

IndependentVI 1b23

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$63.9M

Noncash giftsLn 1g$54.3M

Fees for servicesLn 2g$24.9M

Investment incomeLn 3$8.0M

Other incomeLn 4–11$103K

Gains on assetsLn 7$7.1M

Total revenueLn 12$96.8M

Assets in detailPt X, end of year

CashLn 1$25K

SavingsLn 2$30.3M

Cash and savings togetherLn 1–2$30.3M

InvestmentsLn 11–13$142.3M

Land, buildings, equipmentLn 10c$98.3M

Other assetsLn 15$823K

Total assetsLn 16$274.1M

LiabilitiesLn 26$14.6M

Net assetsLn 32$259.6M

OperationsPt I, VI

EmployeesI 5312

VolunteersI 6270

Fiscal year endsHeaderDecember

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 FY24	End FY24
Cash and savingsLn 1–2	$21.5M	$30.3M
InvestmentsLn 11–13	$84.4M	$142.3M
Land, buildings, equipmentLn 10c	$98.9M	$98.3M
Total assetsLn 16	$208.0M	$274.1M
LiabilitiesLn 26	$14.2M	$14.6M
Net assetsLn 32	$193.8M	$259.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$4.0M	$4.0M
Pay of current officers, directors and key staffLn 5	$1.3M	$966K	$277K	$104K
Other salaries and wagesLn 7	$9.4M	$6.8M	$1.9M	$722K
Pension plan contributionsLn 8	$772K	$540K	$169K	$63K
Other employee benefitsLn 9	$657K	$476K	$126K	$55K
Payroll taxesLn 10	$823K	$608K	$154K	$60K
Legal feesLn 11b	$111K		$111K
Accounting feesLn 11c	$71K		$71K
Other fees for servicesLn 11g	$2.6M	$2.1M	$473K	$40K
Advertising and promotionLn 12	$87K	$11K	$75K	$1K
Office expensesLn 13	$880K	$599K	$168K	$113K
Information technologyLn 14	$591K	$296K	$235K	$61K
OccupancyLn 16	$147K	$46K	$46K	$55K
TravelLn 17	$846K	$493K	$195K	$158K
Conferences, conventions and meetingsLn 19	$195K	$109K	$76K	$10K
InterestLn 20	$257K	$249K	$5K	$3K
Depreciation, depletion and amortizationLn 22	$2.5M	$2.4M	$21K	$25K
InsuranceLn 23	$319K	$209K	$89K	$22K
Other expenses (24a–d)Ln 24	$5.2M	$4.9M	$261K	$119K
All other expensesLn 24e	$111K	$85K	$259	$25K
Total functional expensesLn 25	$31.0M	$24.9M	$4.5M	$1.6M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024	$36.8M	$29.2M	$7.6M	$193.8M	990 PDF
FY2023	$37.6M	$27.9M	$9.8M	$185.3M	990 PDF
FY2022	$18.4M	$26.8M	−$8.4M	$174.5M	990 PDF
FY2021	$36.7M	$25.3M	$11.4M	$181.7M	990 PDF
FY2020	$29.7M	$24.7M	$5.0M	$154.1M	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 $96,815,172 across 8 lines filed

VIII-1f All other contributions, gifts and grants$63,888,510

VIII-1g Noncash contributions (included above)$54,349,433

VIII-1h Total contributions, gifts and grants$63,888,510

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $24,852,533 · Unrelated business $15,076$24,867,609

VIII-3 Investment incomeUnrelated business −$11,791 · Excluded from tax $901,523$889,732

VIII-7 Net gain or loss on sales of assetsExcluded from tax $7,065,925$7,065,925

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $103,396$103,396

VIII-12 Total revenueRelated to mission $24,852,533 · Unrelated business $3,285 · Excluded from tax $8,070,844$96,815,172

Part IX · Statement of functional expenses $30,985,217 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $4,036,083$4,036,083

IX-5 Pay of current officers, directors and key staffPrograms $966,014 · Management $276,987 · Fundraising $103,828$1,346,829

IX-7 Other salaries and wagesPrograms $6,783,782 · Management $1,938,179 · Fundraising $721,850$9,443,811

IX-8 Pension plan contributionsPrograms $540,026 · Management $168,504 · Fundraising $63,045$771,575

IX-9 Other employee benefitsPrograms $476,481 · Management $125,534 · Fundraising $55,003$657,018

IX-10 Payroll taxesPrograms $608,411 · Management $154,404 · Fundraising $60,041$822,856

IX-11b Legal feesManagement $111,281$111,281

IX-11c Accounting feesManagement $70,672$70,672

IX-11g Other fees for servicesPrograms $2,088,825 · Management $473,471 · Fundraising $40,428$2,602,724

IX-12 Advertising and promotionPrograms $10,896 · Management $74,927 · Fundraising $1,002$86,825

IX-13 Office expensesPrograms $599,029 · Management $167,952 · Fundraising $113,115$880,096

IX-14 Information technologyPrograms $295,518 · Management $235,159 · Fundraising $60,536$591,213

IX-16 OccupancyPrograms $45,882 · Management $45,949 · Fundraising $54,974$146,805

IX-17 TravelPrograms $492,833 · Management $195,057 · Fundraising $158,477$846,367

IX-19 Conferences, conventions and meetingsPrograms $109,176 · Management $76,383 · Fundraising $9,637$195,196

IX-20 InterestPrograms $248,632 · Management $4,772 · Fundraising $3,182$256,586

IX-22 Depreciation, depletion and amortizationPrograms $2,406,544 · Management $20,982 · Fundraising $24,885$2,452,411

IX-23 InsurancePrograms $208,686 · Management $89,097 · Fundraising $21,663$319,446

IX-24 Other expenses (24a–d)Programs $4,856,958 · Management $260,522 · Fundraising $119,320$5,236,800

IX-24e All other expensesPrograms $85,380 · Management $259 · Fundraising $24,984$110,623

IX-25 Total functional expensesPrograms $24,859,156 · Management $4,490,091 · Fundraising $1,635,970$30,985,217

Part X · Balance sheet $274,119,750 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $2,030$25,393

X-2 Savings and temporary cash investmentsStart of year $21,544,378$30,292,855

X-3 Pledges and grants receivableStart of year $984,702$893,452

X-4 Accounts receivableStart of year $743,814$739,539

X-9 Prepaid expenses and deferred chargesStart of year $701,056$750,621

X-10c Land, buildings and equipment, netStart of year $98,910,530$98,266,555

X-11 Publicly traded securitiesStart of year $43,029,281$92,775,859

X-12 Other securitiesStart of year $41,351,238$49,552,783

X-15 Other assetsStart of year $693,163$822,693

X-16 Total assetsStart of year $207,960,192$274,119,750

X-17 Accounts payable and accrued expensesStart of year $2,547,187$3,028,124

X-19 Deferred revenueStart of year $6,785,719$6,758,279

X-20 Tax-exempt bond liabilitiesStart of year $4,665,446$4,591,296

X-25 Other liabilitiesStart of year $211,004$188,415

X-26 Total liabilitiesStart of year $14,209,356$14,566,114

X-27 Net assets without donor restrictionsStart of year $113,069,507$136,900,172

X-28 Net assets with donor restrictionsStart of year $80,681,329$122,653,464

X-32 Total net assets or fund balancesStart of year $193,750,836$259,553,636

X-33 Total liabilities and net assetsStart of year $207,960,192$274,119,750

Part XI · Reconciliation of net assets $259,553,636 net assets at year end

XI-1 Total revenue$96,815,172

XI-2 Total expenses$30,985,217

XI-3 Revenue less expenses$65,829,955

XI-4 Net assets at start of year$193,750,836

XI-5 Net unrealized gains (losses) on investments−$79,232

XI-9 Other changes in net assets$52,077

XI-10 Net assets at end of year$259,553,636

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

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