The Baylor School FY2023 filing

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Baylor's mission is to foster in its students both the ability and the desire to make a positive difference in the world.

501(c)(3) charity; gifts are tax-deductible.
81¢ of each $1 spent went to programs.
$2.6M 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $4.8M a year · 9% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
81%
of spending
Looks good: 81% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.6M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
8 mo
of spending, in cash
Plus $143.3M in investments, Pt X · Ln 11–13
Looks good: 8.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $26K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$39.5M
16% of total assets
Looks good: liabilities are 16% of assets; 50% or less.
Pt X · Ln 26
Independent board members
26
of 26 voting members
Looks good: 26 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$51.5M
-11% vs prior year
Spent
$50.8M
To programs
81%
Net assets
$210.1M
By yearFY2020–FY2025
Revenue
$51.5M
FY2023▼ -11%
Tap a bar for its year
Revenue by fiscal year
FY2020$43.5M
FY2021$47.7M
FY2022$57.6M
FY2023$51.5M
FY2024$67.4M
FY2025$63.6M
Expenses
$50.8M
FY2023▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$43.9M
FY2021$47.5M
FY2022$47.6M
FY2023$50.8M
FY2024$54.2M
FY2025$58.5M
Net assets
$210.1M
FY2023▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$188.4M
FY2021$229.8M
FY2022$199.2M
FY2023$210.1M
FY2024$227.8M
FY2025$244.6M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

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

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

Where the money goes

81 cents of each dollar spent went to programs.

Program services 81% · $41.0M Management & general 17% · $8.4M Fundraising 3% · $1.4M

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

39 people listed on the 990; $2.6M 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
Headmaster
$719,784Pt VII · Sec A
Treasurer & CFO
$336,695Pt VII · Sec A
Football Coach
$190,281Pt VII · Sec A
Chief Advancement Officer
$182,857Pt VII · Sec A
Assistant Headmaster
$182,604Pt VII · Sec A
Director of Physical Plant
$151,628Pt VII · Sec A
Athletic Director
$148,144Pt VII · Sec A
$147,528Pt VII · Sec A

Chris Angel’s $764K as Head of School is at the 97th 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Chris Angel$763,834$748,249$719,784$371,564——
Scott Wilson——$124,541$367,410$417,402$403,605
Dallas W Joseph JR$360,050$351,402$336,695$313,405$260,136$277,466
Shaw Wilson$195,108$192,285$182,604$179,639$170,942$170,742
Erik Kimrey$178,450$165,207$190,281———
Matt Lewis—$146,474$182,857$175,516$165,620$165,209
Dave Robinson$175,419—————
Elizabeth Forrester———$169,331——

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 Baylor School executive salaries →

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

Prepares students for college through rigorous academics and boarding life.

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1 program · $41.0M · in their own filed words · FY2022
01

Top Program Service Accomplishment

The baylor school educates students in grades 6-12; enrollment for the 2022/23 academic year was 1,040. Baylor fulfills it's mission by providing: a rich academic program; a school rooted in tradition yet, receptive to change; a wide variety of co-curricular experiences; and a balance of emphases on activities which encourages student…

$41.0Mprogram 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 · FY2025
See all 3 funders →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$51.5M
Ln 12
Fees for servicesLn 2g$37.7M
Gifts and grantsLn 1h$11.3M
Investment incomeLn 3$1.6M
Money outPt IX
$50.8M
Ln 25
Programscol B$41.0M
Managementcol C$8.4M
Fundraisingcol D$1.4M
Owns and owesPt X
$210.1M
net assets · Ln 32
Cash and savingsLn 1–2$34.7M
Total assetsLn 16$249.6M
LiabilitiesLn 26$39.5M
PeoplePt VI, VII
39
listed · VII A
PaidVII A12
Voting boardVI 1a26
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$11.3M
Noncash giftsLn 1g$1.7M
Fundraising eventsLn 1c$428K
Fees for servicesLn 2g$37.7M
Investment incomeLn 3$1.6M
Other incomeLn 4–11$878K
Gains on assetsLn 7−$194K
Total revenueLn 12$51.5M
Assets in detailPt X, end of year
SavingsLn 2$34.7M
Cash and savings togetherLn 1–2$34.7M
Pledges and grants receivableLn 3$2.1M
Accounts receivableLn 4$57K
Inventories for sale or useLn 8$236K
Prepaid expenses and deferred chargesLn 9$656K
Land, buildings, equipmentLn 10c$66.1M
InvestmentsLn 11–13$143.3M
Other assetsLn 15$2.5M
Total assetsLn 16$249.6M
LiabilitiesLn 26$39.5M
Net assetsLn 32$210.1M
OperationsPt I, VI
EmployeesI 5618
VolunteersI 6500
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$17.9M
Bond issues listedSch K Pt I1
Raised by those issuesSch K Pt I$22.9M
Abroad and in kindSch F, M
Grants to other countriesSch F Pt II–III$780K
Noncash gifts receivedSch M Pt I$1.7M
Investment feesPt IX, Sch D
Investment fees, as reportedPt IX 11f$320K
Share of the $139.4M endowmentSch D 1g0.23%
Typical, median of 2,202 orgs0.44%
EndowmentSch D · Pt V
LineFY23FY22FY21FY20FY19
End of yearLn 1g$139.4M$134.1M$164.2M$127.6M$129.4M
Given inLn 1b$1.4M$2.4M$2.3M$2.7M$947K
SpentLn 1d–1f$5.8M$2.2M$5.5M$5.3M$5.6M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$35.4M$34.7M
InvestmentsLn 11–13$133.8M$143.3M
Land, buildings, equipmentLn 10c$61.0M$66.1M
Total assetsLn 16$238.7M$249.6M
LiabilitiesLn 26$39.5M$39.5M
Net assetsLn 32$199.2M$210.1M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$5.3M$5.3M
Grants and assistance to foreign recipientsLn 3$780K$780K
Pay of current officers, directors and key staffLn 5$1.5M$1.1M$296K$63K
Other salaries and wagesLn 7$20.8M$15.9M$4.1M$871K
Pension plan contributionsLn 8$1.2M$930K$240K$51K
Other employee benefitsLn 9$240K$182K$47K$10K
Payroll taxesLn 10$1.4M$1.1M$207K$53K
Investment management feesLn 11f$320K$320K
Other fees for servicesLn 11g$833K$375K$458K$35
Office expensesLn 13$2.1M$1.6M$409K$118K
Information technologyLn 14$11K$3K$7K$613
TravelLn 17$1.3M$1.1M$207K$19K
InterestLn 20$543K$3K$541K
Depreciation, depletion and amortizationLn 22$4.4M$4.3M$119K$9K
InsuranceLn 23$468K$468K
Other expenses (24a–d)Ln 24$7.8M$6.7M$928K$239K
All other expensesLn 24e$1.7M$1.6M$46K$3K
Total functional expensesLn 25$50.8M$41.0M$8.4M$1.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 14, 2026 $63.6M$58.5M$5.1M$244.6M 990 PDF
FY2024Filed with the IRS May 15, 2025 $67.4M$54.2M$13.2M$227.8M 990 PDF
FY2023 ViewingFiled with the IRS May 14, 2024 $51.5M$50.8M$708K$210.1M 990 PDF
FY2022 $57.6M$47.6M$10.0M$199.2M 990 PDF
FY2021Filed with the IRS Feb 4, 2022 $47.7M$47.5M$200K$229.8M 990 PDF
FY2020Filed with the IRS May 17, 2021 $43.5M$43.9M−$453K$188.4M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign M · Noncash J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $51,496,426 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $9,452,011$11,296,940
I-9 Program service revenuePrior year $37,867,655$37,713,023
I-10 Investment incomePrior year $10,028,402$1,608,907
I-11 Other revenuePrior year $257,425$877,556
I-12 Total revenuePrior year $57,605,493$51,496,426
I-13 Grants and similar amounts paidPrior year $7,427,414$6,077,650
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $22,257,300$25,181,365
I-16a Professional fundraising feesPrior year $4,751$0
I-17 Other expensesPrior year $17,950,682$19,529,814
I-18 Total expensesPrior year $47,640,147$50,788,829
I-19 Revenue less expensesPrior year $9,965,346$707,597
Part VI · Governance 26 of 26 board members independent, 1 to look at
VI-1a Voting members of the governing body26
VI-1b Independent voting members26
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 $51,496,426 across 10 lines filed
Lines not itemized here account for $78,880 of total revenue; see the IRS return.
VIII-1c Fundraising events$428,000
VIII-1f All other contributions, gifts and grants$10,868,940
VIII-1g Noncash contributions (included above)$1,709,609
VIII-1h Total contributions, gifts and grants$11,296,940
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $37,713,023$37,713,023
VIII-3 Investment incomeExcluded from tax $1,803,317$1,803,317
VIII-6 Net rental income or lossExcluded from tax $40,505$40,505
VIII-7 Net gain or loss on sales of assetsUnrelated business −$62,858 · Excluded from tax −$131,552−$194,410
VIII-8 Net income from fundraising eventsExcluded from tax $758,171$758,171
VIII-12 Total revenueRelated to mission $37,791,903 · Unrelated business −$62,858 · Excluded from tax $2,470,441$51,496,426
Part IX · Statement of functional expenses $50,788,829 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $5,297,851$5,297,851
IX-3 Grants and assistance to foreign recipientsPrograms $779,799$779,799
IX-5 Pay of current officers, directors and key staffPrograms $1,146,074 · Management $295,580 · Fundraising $62,921$1,504,575
IX-7 Other salaries and wagesPrograms $15,870,749 · Management $4,093,166 · Fundraising $871,322$20,835,237
IX-8 Pension plan contributionsPrograms $929,957 · Management $239,842 · Fundraising $51,056$1,220,855
IX-9 Other employee benefitsPrograms $182,492 · Management $47,066 · Fundraising $10,019$239,577
IX-10 Payroll taxesPrograms $1,121,316 · Management $206,961 · Fundraising $52,844$1,381,121
IX-11f Investment management feesManagement $320,270$320,270
IX-11g Other fees for servicesPrograms $374,579 · Management $458,486 · Fundraising $35$833,100
IX-13 Office expensesPrograms $1,608,562 · Management $409,348 · Fundraising $117,768$2,135,678
IX-14 Information technologyPrograms $3,276 · Management $7,190 · Fundraising $613$11,079
IX-17 TravelPrograms $1,072,970 · Management $207,267 · Fundraising $18,896$1,299,133
IX-20 InterestPrograms $2,550 · Management $540,722$543,272
IX-22 Depreciation, depletion and amortizationPrograms $4,264,907 · Management $119,495 · Fundraising $8,786$4,393,188
IX-23 InsuranceManagement $467,771$467,771
IX-24 Other expenses (24a–d)Programs $6,663,517 · Management $928,453 · Fundraising $238,995$7,830,965
IX-24e All other expensesPrograms $1,645,853 · Management $46,114 · Fundraising $3,391$1,695,358
IX-25 Total functional expensesPrograms $40,964,452 · Management $8,387,731 · Fundraising $1,436,646$50,788,829
Part X · Balance sheet $249,622,163 assets, 18 lines filed
X-2 Savings and temporary cash investmentsStart of year $35,392,495$34,684,913
X-3 Pledges and grants receivableStart of year $4,051,282$2,124,160
X-4 Accounts receivableStart of year $1,724,110$56,577
X-8 Inventories for sale or useStart of year $245,078$235,663
X-9 Prepaid expenses and deferred chargesStart of year $269,794$656,469
X-10c Land, buildings and equipment, netStart of year $61,024,814$66,081,770
X-12 Other securitiesStart of year $133,792,616$143,259,422
X-15 Other assetsStart of year $2,216,944$2,523,189
X-16 Total assetsStart of year $238,717,133$249,622,163
X-17 Accounts payable and accrued expensesStart of year $2,553,008$2,777,269
X-19 Deferred revenueStart of year $18,386,188$18,234,133
X-20 Tax-exempt bond liabilitiesStart of year $17,847,725$17,850,275
X-25 Other liabilitiesStart of year $736,288$676,029
X-26 Total liabilitiesStart of year $39,523,209$39,537,706
X-27 Net assets without donor restrictionsStart of year $133,076,446$137,425,726
X-28 Net assets with donor restrictionsStart of year $66,117,478$72,658,731
X-32 Total net assets or fund balancesStart of year $199,193,924$210,084,457
X-33 Total liabilities and net assetsStart of year $238,717,133$249,622,163
Part XI · Reconciliation of net assets $210,084,457 net assets at year end
XI-1 Total revenue$51,496,426
XI-2 Total expenses$50,788,829
XI-3 Revenue less expenses$707,597
XI-4 Net assets at start of year$199,193,924
XI-5 Net unrealized gains (losses) on investments$9,468,466
XI-9 Other changes in net assets$714,470
XI-10 Net assets at end of year$210,084,457

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

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