We inspire tomorrow's ethical leaders by developing character, seeking knowledge, and building a community of lifelong learners from the heart of the colorado mountains to the world beyond.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$815K 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

FY2021 · 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
4 of 5
filings with a surplus
Average surplus $952K a year · 5% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$815K
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
5 mo
of spending, in cash
Looks good: 5.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $44K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$31.5M
56% of total assets
Fine: liabilities are 56% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
21
of 22 voting members
Looks good: 21 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$18.0M
Spent
$16.2M
To programs
80%
Net assets
$25.2M
By yearFY2021–FY2025
Revenue
$18.0M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$18.0M
FY2022$18.5M
FY2023$17.3M
FY2024$17.5M
FY2025$18.1M
Expenses
$16.2M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$16.2M
FY2022$16.2M
FY2023$17.3M
FY2024$17.5M
FY2025$17.4M
Net assets
$25.2M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$25.2M
FY2022$23.7M
FY2023$25.3M
FY2024$28.1M
FY2025$30.3M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Dec 1970.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $13.0M Management & general 18% · $2.9M Fundraising 2% · $366K

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

26 people listed on the 990; $815K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Head of School
$321,523Pt VII · Sec A
$143,132Pt VII · Sec A
Director of Upper School
$118,375Pt VII · Sec A
Director of Advancement
$117,229Pt VII · Sec A
Director of IT
$114,285Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Steve Bileca’s $242K as Head of School and Directo is at the 50th 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

NameFY2025FY2024FY2023FY2022FY2021
Michael Imperi———$348,552$321,523
Steve Bileca$242,024$248,326$141,634——
Mike Imperi——$167,933——
Kelly Young$167,580$161,142$154,471$154,001$143,132
Colleen Davis$136,476$136,476$130,586$135,836$117,229
Mary Pavlik$129,877$129,877$125,002$125,247$118,375
Dean Chambers$126,541$126,541$115,222$119,893$114,285
Kristin Douthitt$110,989$110,989$106,473$118,439—

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

Prepares students intellectually, emotionally, and ethically to thrive in college.

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Provided by the organization

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2 programs · $13.0M · in their own filed words · FY2020
01

Vail mountain school provides a sound academic education in a dynamic educational environment to 400+ students in grades kindergarten through twelve. The school also provides opportunities for personal exploration and interpersonal growth through its many co-curricular programs

$12.9Mprogram expense
02

Summerquest is a summer academic program for public school students in eagle county with great potential, but who are in need of additional support and positive role models. Not only is it a way for VMS to give back to the local community, the program also serves to mentor college and high school students who are aspiring educators.

$27Kprogram 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
Total grants receivedfrom 2 funders$44K

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$18.0M
Ln 12
Fees for servicesLn 2g$15.0M
Gifts and grantsLn 1h$1.8M
Investment incomeLn 3$1.2M
Money outPt IX
$16.2M
Ln 25
Programscol B$13.0M
Managementcol C$2.9M
Fundraisingcol D$366K
Owns and owesPt X
$25.2M
net assets · Ln 32
Cash and savingsLn 1–2$7.0M
Total assetsLn 16$56.7M
LiabilitiesLn 26$31.5M
PeoplePt VI, VII
26
listed · VII A
PaidVII A5
Voting boardVI 1a22
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.8M
Fundraising eventsLn 1c$616K
Fees for servicesLn 2g$15.0M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$33K
Gains on assetsLn 7$135K
Total revenueLn 12$18.0M
Assets in detailPt X, end of year
CashLn 1$446K
SavingsLn 2$6.6M
Cash and savings togetherLn 1–2$7.0M
InvestmentsLn 11–13$25.1M
Land, buildings, equipmentLn 10c$19.6M
Other assetsLn 15$100K
Total assetsLn 16$56.7M
LiabilitiesLn 26$31.5M
Net assetsLn 32$25.2M
OperationsPt I, VI
EmployeesI 5153
VolunteersI 6400
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
LineStart FY21End FY21
Cash and savingsLn 1–2$5.4M$7.0M
InvestmentsLn 11–13$21.7M$25.1M
Land, buildings, equipmentLn 10c$20.3M$19.6M
Total assetsLn 16$48.8M$56.7M
LiabilitiesLn 26$28.0M$31.5M
Net assetsLn 32$20.8M$25.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.6M$2.6M
Pay of current officers, directors and key staffLn 5$993K$368K$412K$213K
Other salaries and wagesLn 7$5.1M$3.9M$1.3M
Other employee benefitsLn 9$2.6M$1.7M$750K$93K
Management feesLn 11a$12K$12K
Accounting feesLn 11c$35K$35K
Investment management feesLn 11f$106K$106K
Advertising and promotionLn 12$135K$33K$102K
Office expensesLn 13$72K$38K$33K
Information technologyLn 14$94K$67K$27K
OccupancyLn 16$540K$519K$16K$5K
TravelLn 17$13K$13K
Conferences, conventions and meetingsLn 19$14K$10K$4K
InterestLn 20$933K$895K$28K$9K
Depreciation, depletion and amortizationLn 22$1.1M$1.1M$33K$11K
InsuranceLn 23$185K$178K$6K$2K
Other expenses (24a–d)Ln 24$1.6M$1.6M$38K$33K
Total functional expensesLn 25$16.2M$13.0M$2.9M$366K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $18.1M$17.4M$721K$30.3M 990 PDF
FY2024 $17.5M$17.5M$10K$28.1M 990 PDF
FY2023 $17.3M$17.3M−$23K$25.3M 990 PDF
FY2022 $18.5M$16.2M$2.3M$23.7M 990 PDF
FY2021 Viewing $18.0M$16.2M$1.8M$25.2M 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 J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $17,984,280 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,543,151$1,840,660
I-9 Program service revenuePrior year $12,833,738$14,957,982
I-10 Investment incomePrior year $1,214,646$1,152,357
I-11 Other revenuePrior year $9,291$33,281
I-12 Total revenuePrior year $15,600,826$17,984,280
I-13 Grants and similar amounts paidPrior year $1,487,261$2,633,796
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $8,173,779$8,695,456
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,051,457$4,877,034
I-18 Total expensesPrior year $14,712,497$16,206,286
I-19 Revenue less expensesPrior year $888,329$1,777,994
Part VI · Governance 21 of 22 board members independent, no flags
VI-1a Voting members of the governing body22
VI-1b Independent voting members21
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 $17,984,280 across 9 lines filed
VIII-1c Fundraising events$615,772
VIII-1f All other contributions, gifts and grants$1,224,888
VIII-1h Total contributions, gifts and grants$1,840,660
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,957,982$14,957,982
VIII-3 Investment incomeExcluded from tax $1,017,496$1,017,496
VIII-6 Net rental income or lossRelated to mission $83,265$83,265
VIII-7 Net gain or loss on sales of assetsExcluded from tax $134,861$134,861
VIII-8 Net income from fundraising eventsExcluded from tax −$49,984−$49,984
VIII-12 Total revenueRelated to mission $15,041,247 · Unrelated business $0 · Excluded from tax $1,102,373$17,984,280
Part IX · Statement of functional expenses $16,206,286 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $2,633,796$2,633,796
IX-5 Pay of current officers, directors and key staffPrograms $367,808 · Management $411,917 · Fundraising $212,985$992,710
IX-7 Other salaries and wagesPrograms $3,851,263 · Management $1,271,703$5,122,966
IX-9 Other employee benefitsPrograms $1,736,992 · Management $749,934 · Fundraising $92,854$2,579,780
IX-11a Management feesManagement $12,425$12,425
IX-11c Accounting feesManagement $35,375$35,375
IX-11f Investment management feesManagement $106,365$106,365
IX-12 Advertising and promotionPrograms $32,778 · Management $101,868$134,646
IX-13 Office expensesPrograms $38,406 · Management $33,349$71,755
IX-14 Information technologyPrograms $66,692 · Management $27,241$93,933
IX-16 OccupancyPrograms $518,868 · Management $16,215 · Fundraising $5,405$540,488
IX-17 TravelPrograms $12,960$12,960
IX-19 Conferences, conventions and meetingsPrograms $9,909 · Management $4,048$13,957
IX-20 InterestPrograms $895,232 · Management $27,976 · Fundraising $9,325$932,533
IX-22 Depreciation, depletion and amortizationPrograms $1,052,745 · Management $32,898 · Fundraising $10,966$1,096,609
IX-23 InsurancePrograms $177,684 · Management $5,553 · Fundraising $1,851$185,088
IX-24 Other expenses (24a–d)Programs $1,569,628 · Management $38,321 · Fundraising $32,951$1,640,900
IX-25 Total functional expensesPrograms $12,964,761 · Management $2,875,188 · Fundraising $366,337$16,206,286
Part X · Balance sheet $56,713,678 assets, 19 lines filed
X-1 Cash, non-interest-bearingStart of year $401,576$446,259
X-2 Savings and temporary cash investmentsStart of year $4,968,122$6,554,602
X-3 Pledges and grants receivableStart of year $664,819$565,663
X-4 Accounts receivableStart of year $494,780$4,279,843
X-9 Prepaid expenses and deferred chargesStart of year $152,699$117,834
X-10c Land, buildings and equipment, netStart of year $20,343,000$19,575,892
X-11 Publicly traded securitiesStart of year $21,248,297$24,730,681
X-12 Other securitiesStart of year $442,582$342,686
X-15 Other assetsStart of year $84,815$100,218
X-16 Total assetsStart of year $48,800,690$56,713,678
X-17 Accounts payable and accrued expensesStart of year $1,031,425$984,146
X-19 Deferred revenueStart of year $5,868,465$10,993,646
X-20 Tax-exempt bond liabilitiesStart of year $18,936,540$18,647,721
X-25 Other liabilitiesStart of year $84,815$100,218
X-26 Total liabilitiesStart of year $28,013,045$31,485,731
X-27 Net assets without donor restrictionsStart of year $14,873,630$17,822,694
X-28 Net assets with donor restrictionsStart of year $5,914,015$7,405,253
X-32 Total net assets or fund balancesStart of year $20,787,645$25,227,947
X-33 Total liabilities and net assetsStart of year $48,800,690$56,713,678
Part XI · Reconciliation of net assets $25,227,947 net assets at year end
XI-1 Total revenue$17,984,280
XI-2 Total expenses$16,206,286
XI-3 Revenue less expenses$1,777,994
XI-4 Net assets at start of year$20,787,645
XI-5 Net unrealized gains (losses) on investments$2,662,310
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$25,227,947

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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