Santa Fe Preparatory School is an independent co-educational college Preparatory day School, grades 7 through 12, dedictaed to educational excellence.

501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
$1.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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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
1 of 6
filings with a surplus
Average deficit $1.8M a year · 9% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.4M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
7 mo
of spending, in cash
Plus $25.6M in investments, Pt X · Ln 11–13
Looks good: 6.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $500
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$20.4M
26% of total assets
Looks good: liabilities are 26% of assets; 50% or less.
Pt X · Ln 26
Independent board members
20
of 20 voting members
Looks good: 20 of 20 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$36.1M
+143% vs prior year
Spent
$19.2M
To programs
85%
Net assets
$58.7M
By yearFY2020–FY2025
Revenue
$36.1M
FY2021▲ +143%
Tap a bar for its year
Revenue by fiscal year
FY2020$14.9M
FY2021$36.1M
FY2022$20.7M
FY2023$15.2M
FY2024$11.0M
FY2025$21.8M
Expenses
$19.2M
FY2021▲ +15%
Tap a bar for its year
Expenses by fiscal year
FY2020$16.6M
FY2021$19.2M
FY2022$21.2M
FY2023$19.7M
FY2024$19.4M
FY2025$34.5M
Net assets
$58.7M
FY2021▲ +56%
Tap a bar for its year
Net assets by fiscal year
FY2020$37.6M
FY2021$58.7M
FY2022$52.7M
FY2023$49.5M
FY2024$42.1M
FY2025$31.0M

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 Sep 1963.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $16.3M Management & general 13% · $2.5M Fundraising 2% · $370K

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; $1.4M 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
Past Head of
$843,276Pt VII · Sec A
Head of Scho
$149,492Pt VII · Sec A
Director of
$135,471Pt VII · Sec A
Director of
$116,711Pt VII · Sec A
Dir of Techn
$110,189Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Aaron Schubach’s $337K as Head of Scho is at the 71st 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
James Leonard————$843,276$248,251
Aaron Schubach$336,784$314,862$284,784$274,227$149,492—
Bruce Sachs$144,079$131,221—$120,679$116,711$112,612
Susan Matthews————$135,471$131,962
Ashley Satterthwaite$131,482—————
John Utsey$131,111$120,415—$112,927$110,189$106,941
Michael McNeill$125,515$130,172————
Catherine McKenzie—$105,256————

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 students in grades 7-12 for college success.

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Provided by the organization

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2 programs · $16.3M · in their own filed words · FY2020
01

Davis new mexico scholars and breakthrough santa fe (breakthrough): breakthrough is a prep program that assists students in grades 7 through 12 from underserved public schools to become the first in their families to go to college.

$8.7Mprogram expense
02

The school provides a college preparatory education to 330 students in grades 7 through 12. The school also hosts the ee ford summer teachers colloquium serving 40 teachers.

$7.6Mprogram 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
Total grants receivedfrom 1 funder$500
Grants paid · 91 grants · $65.4M · 2019–2024
Unitemized GrantFY2024$21,985,587
Santa Fe Preparatory SchoolNM · FY2024$85,000
Upward Bound EspanolaFY2024$30,000
Highland High SchoolFY2024$15,000
The Masters ProgramFY2024$15,000
South Valley AcademyFY2024$15,000
Santa Fe Public Schools Avid PrograFY2024$15,000
Pojoaque Valley SchoolsFY2024$15,000
Academy for Technology andFY2024$15,000
University of DenverCO · FY2024$14,300
St Edwards UniversityTX · FY2024$8,400
University of PortlandOR · FY2024$7,900
Occidental CollegeCA · FY2024$7,000
Southwestern UniversityTX · FY2024$5,600
See all 91 grants →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$36.1M
Ln 12
Gifts and grantsLn 1h$26.3M
Fees for servicesLn 2g$8.2M
Investment incomeLn 3$1.7M
Money outPt IX
$19.2M
Ln 25
Programscol B$16.3M
Managementcol C$2.5M
Fundraisingcol D$370K
Owns and owesPt X
$58.7M
net assets · Ln 32
Cash and savingsLn 1–2$10.7M
Total assetsLn 16$79.1M
LiabilitiesLn 26$20.4M
PeoplePt VI, VII
26
listed · VII A
PaidVII A5
Voting boardVI 1a20
IndependentVI 1b20
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$26.3M
Government grantsLn 1e$855K
Noncash giftsLn 1g$29K
Fundraising eventsLn 1c$81K
Fees for servicesLn 2g$8.2M
Investment incomeLn 3$1.7M
Gains on assetsLn 7$1.3M
Total revenueLn 12$36.1M
Assets in detailPt X, end of year
CashLn 1$10.7M
SavingsLn 2$62K
Cash and savings togetherLn 1–2$10.7M
InvestmentsLn 11–13$25.6M
Land, buildings, equipmentLn 10c$8.7M
Other assetsLn 15$19K
Total assetsLn 16$79.1M
LiabilitiesLn 26$20.4M
Net assetsLn 32$58.7M
OperationsPt I, VI
EmployeesI 5155
VolunteersI 6100
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$8.9M$10.7M
InvestmentsLn 11–13$20.3M$25.6M
Land, buildings, equipmentLn 10c$9.2M$8.7M
Total assetsLn 16$56.0M$79.1M
LiabilitiesLn 26$18.4M$20.4M
Net assetsLn 32$37.6M$58.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$268K$268K
Grants to domestic individualsLn 2$9.2M$9.2M
Pay of current officers, directors and key staffLn 5$483K$165K$286K$32K
Other salaries and wagesLn 7$5.0M$3.8M$1.1M$191K
Pension plan contributionsLn 8$280K$209K$61K$11K
Other employee benefitsLn 9$1.3M$929K$282K$49K
Payroll taxesLn 10$400K$288K$96K$16K
Legal feesLn 11b$20K$20K
Accounting feesLn 11c$40K$40K
Investment management feesLn 11f$32K$32K
Other fees for servicesLn 11g$65K$33K$32K$298
Advertising and promotionLn 12$104K$9K$95K$700
Office expensesLn 13$499K$172K$304K$23K
Information technologyLn 14$107K$89K$18K
RoyaltiesLn 15$12K$11K$810
OccupancyLn 16$296K$216K$68K$12K
TravelLn 17$20K$14K$5K$805
Conferences, conventions and meetingsLn 19$38K$26K$9K$3K
Depreciation, depletion and amortizationLn 22$553K$506K$41K$6K
InsuranceLn 23$95K$67K$23K$4K
Other expenses (24a–d)Ln 24$222K$205K$11K$7K
All other expensesLn 24e$124K$84K$25K$15K
Total functional expensesLn 25$19.2M$16.3M$2.5M$370K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $21.8M$34.5M−$12.7M$31.0M 990 PDF
FY2024 $11.0M$19.4M−$8.4M$42.1M 990 PDF
FY2023 $15.2M$19.7M−$4.5M$49.5M 990 PDF
FY2022 $20.7M$21.2M−$548K$52.7M 990 PDF
FY2021 Viewing $36.1M$19.2M$16.9M$58.7M 990 PDF
FY2020 $14.9M$16.6M−$1.8M$37.6M 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 FY2021 990 (6 parts)
Part I · Summary $36,111,805 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,691,401$26,318,682
I-9 Program service revenuePrior year $7,812,943$8,155,637
I-10 Investment incomePrior year $1,312,575$1,660,250
I-11 Other revenuePrior year $46,665−$22,764
I-12 Total revenuePrior year $14,863,584$36,111,805
I-13 Grants and similar amounts paidPrior year $6,964,230$9,467,149
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $6,981,492$7,470,028
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,682,649$2,227,014
I-18 Total expensesPrior year $16,628,371$19,164,191
I-19 Revenue less expensesPrior year −$1,764,787$16,947,614
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 $36,111,805 across 13 lines filed
VIII-1c Fundraising events$80,995
VIII-1e Government grants$855,277
VIII-1f All other contributions, gifts and grants$25,382,410
VIII-1g Noncash contributions (included above)$29,402
VIII-1h Total contributions, gifts and grants$26,318,682
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,155,637$8,155,637
VIII-3 Investment incomeExcluded from tax $346,433$346,433
VIII-5 RoyaltiesExcluded from tax $899$899
VIII-6 Net rental income or lossExcluded from tax $1,500$1,500
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,313,817$1,313,817
VIII-8 Net income from fundraising eventsExcluded from tax −$18,952−$18,952
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission −$1,118 · Excluded from tax −$5,093−$6,211
VIII-12 Total revenueRelated to mission $8,154,519 · Excluded from tax $1,638,604$36,111,805
Part IX · Statement of functional expenses $19,164,191 across 22 lines filed
IX-1 Grants to domestic organizationsPrograms $267,975$267,975
IX-2 Grants to domestic individualsPrograms $9,199,174$9,199,174
IX-5 Pay of current officers, directors and key staffPrograms $165,393 · Management $285,642 · Fundraising $31,739$482,774
IX-7 Other salaries and wagesPrograms $3,793,339 · Management $1,062,680 · Fundraising $190,817$5,046,836
IX-8 Pension plan contributionsPrograms $208,860 · Management $60,580 · Fundraising $10,595$280,035
IX-9 Other employee benefitsPrograms $929,093 · Management $282,309 · Fundraising $48,886$1,260,288
IX-10 Payroll taxesPrograms $288,427 · Management $95,707 · Fundraising $15,961$400,095
IX-11b Legal feesManagement $20,402$20,402
IX-11c Accounting feesManagement $40,291$40,291
IX-11f Investment management feesManagement $31,622$31,622
IX-11g Other fees for servicesPrograms $32,690 · Management $32,025 · Fundraising $298$65,013
IX-12 Advertising and promotionPrograms $8,851 · Management $94,732 · Fundraising $700$104,283
IX-13 Office expensesPrograms $171,621 · Management $303,730 · Fundraising $23,353$498,704
IX-14 Information technologyPrograms $89,066 · Management $17,901$106,967
IX-15 RoyaltiesPrograms $10,963 · Management $810$11,773
IX-16 OccupancyPrograms $216,422 · Management $67,936 · Fundraising $11,844$296,202
IX-17 TravelPrograms $14,435 · Management $4,616 · Fundraising $805$19,856
IX-19 Conferences, conventions and meetingsPrograms $26,234 · Management $9,081 · Fundraising $3,113$38,428
IX-22 Depreciation, depletion and amortizationPrograms $505,839 · Management $41,462 · Fundraising $5,528$552,829
IX-23 InsurancePrograms $67,482 · Management $23,326 · Fundraising $4,067$94,875
IX-24 Other expenses (24a–d)Programs $204,618 · Management $10,543 · Fundraising $6,744$221,905
IX-24e All other expensesPrograms $83,520 · Management $25,001 · Fundraising $15,343$123,864
IX-25 Total functional expensesPrograms $16,284,002 · Management $2,510,396 · Fundraising $369,793$19,164,191
Part X · Balance sheet $79,113,849 assets, 18 lines filed
Asset lines not itemized here account for $134,353; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $8,841,467$10,684,312
X-2 Savings and temporary cash investmentsStart of year $75,458$61,726
X-3 Pledges and grants receivableStart of year $16,172,440$33,292,816
X-4 Accounts receivableStart of year $104,879$106,959
X-9 Prepaid expenses and deferred chargesStart of year $132,117$397,166
X-10c Land, buildings and equipment, netStart of year $9,163,275$8,707,795
X-11 Publicly traded securitiesStart of year $20,268,485$25,602,011
X-14 Intangible assetsStart of year $113,565$107,256
X-15 Other assetsStart of year $1,002,499$19,455
X-16 Total assetsStart of year $56,010,684$79,113,849
X-17 Accounts payable and accrued expensesStart of year $725,148$712,914
X-18 Grants payableStart of year $14,300,268$17,235,890
X-19 Deferred revenueStart of year $2,026,032$2,447,801
X-26 Total liabilitiesStart of year $18,426,725$20,396,605
X-27 Net assets without donor restrictionsStart of year $6,864,594$23,202,098
X-28 Net assets with donor restrictionsStart of year $30,719,365$35,515,146
X-32 Total net assets or fund balancesStart of year $37,583,959$58,717,244
X-33 Total liabilities and net assetsStart of year $56,010,684$79,113,849
Part XI · Reconciliation of net assets $58,717,244 net assets at year end
XI-1 Total revenue$36,111,805
XI-2 Total expenses$19,164,191
XI-3 Revenue less expenses$16,947,614
XI-4 Net assets at start of year$37,583,959
XI-5 Net unrealized gains (losses) on investments$4,185,671
XI-10 Net assets at end of year$58,717,244

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

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