Menlo School: Nonprofit Profile, Financials & Form 990 (EIN 94-3204137)

Revenue by fiscal year
FY2020	$63.0M
FY2021	$64.3M
FY2022	$66.1M
FY2023	$68.1M
FY2024	$76.7M
FY2025	$97.9M

Expenses by fiscal year
FY2020	$58.5M
FY2021	$60.6M
FY2022	$65.5M
FY2023	$68.2M
FY2024	$72.1M
FY2025	$78.0M

Net assets by fiscal year
FY2020	$220.8M
FY2021	$244.7M
FY2022	$235.6M
FY2023	$243.0M
FY2024	$260.5M
FY2025	$271.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1994.

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

Where the money goes

92 cents of each dollar spent went to programs.

92%

Program services 92% · $71.3M Management & general 6% · $4.5M Fundraising 3% · $2.1M

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

34 people listed on the 990; $2.4M 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

Nathaniel Than Healy

Head of School

$790,870Pt VII · Sec A

John Schafer

Director of Upper School

$281,958Pt VII · Sec A

La Vina Lowery

Middle School Director

$250,498Pt VII · Sec A

Earl Koberlein

Director of Athletics

$242,940Pt VII · Sec A

Carla Diez-Canseco

Director of Human Resources

$235,637Pt VII · Sec A

Loren Arms

Director of Facilities

$224,583Pt VII · Sec A

Linda Bertetta

Director of Finance

$215,932Pt VII · Sec A

Shelly Gupta

CFO/Business Manager

$143,129Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Nathaniel Than Healy	$790,870	—	—	—	—	—
Nathaniel Healy	—	$758,732	$729,451	$705,008	$661,318	$604,842
John Schafer	$281,958	$294,665	$270,269	$252,993	—	$242,598
La Vina Lowery	$250,498	$240,366	$236,129	$227,058	$219,310	$209,880
Earl Koberlein	$242,940	$231,157	$228,490	$211,888	$200,481	$195,261
Carla Diez-Canseco	$235,637	$227,457	—	—	—	—
Tony Lapolla	—	—	—	—	$227,429	$217,755
Loren Arms	$224,583	—	$211,137	$199,308	$192,466	$184,896

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
Loans to or from officersSch L · Pt II1 listed

Programs and updates

Educates young men and women through an established institution.

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Provided by the organization

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2 programs · $71.3M · in their own filed words · FY2024

01

Menlo school provides instruction for approximately 805 students in grades 6-12, offering a curriculum that fosters academic excellence and personal growth. In middle school, students are guided by the habits of the heart and mind and the habits of learning, supported by teachers who inspire, challenge, and nurture them.

$68.7Mprogram expense

02

Menlo school provides fiscal sponsorship for music@menlo. Under this arrangement, menlo school maintains control over funds and activities and provides administrative, financial, and compliance oversight to ensure all activities further charitable and educational PURPOSES.THE mission of music@menlo is to engage and sustain an audience…

$2.6Mprogram 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

The Ayco Charitable FoundationFY2025$140K

Yu Impact FoundationFY2025$18K

Total grants receivedfrom 2 funders$158K

Grants paid · 3 grants · $66K · 2019–2021

Unitemized GrantFY2021$9,375

Unitemized GrantFY2020$18,750

Unitemized GrantFY2019$37,500

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$97.9M

Ln 12

Fees for servicesLn 2g$51.6M

Investment incomeLn 3$28.7M

Gifts and grantsLn 1h$16.4M

Money outPt IX

$78.0M

Ln 25

Programscol B$71.3M

Managementcol C$4.5M

Fundraisingcol D$2.1M

Owns and owesPt X

$271.0M

net assets · Ln 32

Cash and savingsLn 1–2$41.2M

Total assetsLn 16$355.8M

LiabilitiesLn 26$84.8M

PeoplePt VI, VII

34

listed · VII A

PaidVII A8

Voting boardVI 1a23

IndependentVI 1b23

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$16.4M

Government grantsLn 1e$4.8M

Noncash giftsLn 1g$356K

Fundraising eventsLn 1c$2.0M

Fees for servicesLn 2g$51.6M

Investment incomeLn 3$28.7M

Other incomeLn 4–11$1.2M

Gains on assetsLn 7$23.7M

Total revenueLn 12$97.9M

Assets in detailPt X, end of year

CashLn 1$41.2M

Cash and savings togetherLn 1–2$41.2M

InvestmentsLn 11–13$161.9M

Land, buildings, equipmentLn 10c$132.3M

Other assetsLn 15$540K

Total assetsLn 16$355.8M

LiabilitiesLn 26$84.8M

Net assetsLn 32$271.0M

OperationsPt I, VI

EmployeesI 5454

VolunteersI 6839

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	$41.1M	$41.2M
InvestmentsLn 11–13	$142.2M	$161.9M
Land, buildings, equipmentLn 10c	$136.6M	$132.3M
Total assetsLn 16	$341.4M	$355.8M
LiabilitiesLn 26	$80.9M	$84.8M
Net assetsLn 32	$260.5M	$271.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$8.1M	$8.1M
Pay of current officers, directors and key staffLn 5	$1.7M	$1.4M	$138K	$206K
Other salaries and wagesLn 7	$30.8M	$28.2M	$1.8M	$871K
Pension plan contributionsLn 8	$3.5M	$3.1M	$203K	$106K
Other employee benefitsLn 9	$5.5M	$5.0M	$321K	$170K
Payroll taxesLn 10	$2.3M	$2.1M	$137K	$76K
Legal feesLn 11b	$145K		$145K
Accounting feesLn 11c	$177K		$177K
Investment management feesLn 11f	$448K		$448K
Advertising and promotionLn 12	$445K	$69K	$231K	$145K
Office expensesLn 13	$76K	$12K	$40K	$25K
Information technologyLn 14	$1.3M	$1.2M	$18K	$28K
TravelLn 17	$112K	$17K	$58K	$37K
InterestLn 20	$1.0M	$999K	$15K	$21K
Depreciation, depletion and amortizationLn 22	$7.6M	$7.4M	$110K	$151K
InsuranceLn 23	$455K	$439K	$7K	$9K
Other expenses (24a–d)Ln 24	$13.4M	$13.0M	$406K	$76K
All other expensesLn 24e	$778K	$323K	$281K	$174K
Total functional expensesLn 25	$78.0M	$71.3M	$4.5M	$2.1M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$97.9M	$78.0M	$19.9M	$271.0M	990 PDF
FY2024	$76.7M	$72.1M	$4.6M	$260.5M	990 PDF
FY2023	$68.1M	$68.2M	−$63K	$243.0M	990 PDF
FY2022	$66.1M	$65.5M	$543K	$235.6M	990 PDF
FY2021	$64.3M	$60.6M	$3.7M	$244.7M	990 PDF
FY2020	$63.0M	$58.5M	$4.4M	$220.8M	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 FY2025 990 (6 parts)

Part I · Summary $97,871,272 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $18,240,000$16,387,450

I-9 Program service revenuePrior year $46,830,000$51,557,496

I-10 Investment incomePrior year $4,053,694$28,721,285

I-11 Other revenuePrior year $7,574,384$1,205,041

I-12 Total revenuePrior year $76,698,078$97,871,272

I-13 Grants and similar amounts paidPrior year $7,645,000$8,141,643

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

I-15 Salaries and benefitsPrior year $40,414,000$43,783,981

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

I-17 Other expensesPrior year $24,086,979$26,037,279

I-18 Total expensesPrior year $72,145,979$77,962,903

I-19 Revenue less expensesPrior year $4,552,099$19,908,369

Part VI · Governance 23 of 23 board members independent, no flags

VI-1a Voting members of the governing body23

VI-1b Independent voting members23

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 $97,871,272 across 12 lines filed

Lines not itemized here account for $10,387 of total revenue; see the IRS return.

VIII-1c Fundraising events$1,966,759

VIII-1e Government grants$4,757,958

VIII-1f All other contributions, gifts and grants$9,662,733

VIII-1g Noncash contributions (included above)$356,406

VIII-1h Total contributions, gifts and grants$16,387,450

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $51,557,496$51,557,496

VIII-3 Investment incomeUnrelated business $191,420 · Excluded from tax $4,874,767$5,066,187

VIII-6 Net rental income or lossExcluded from tax $239,684$239,684

VIII-7 Net gain or loss on sales of assetsExcluded from tax $23,655,098$23,655,098

VIII-8 Net income from fundraising events$0

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $844,970 · Excluded from tax $110,000$954,970

VIII-12 Total revenueRelated to mission $52,412,853 · Unrelated business $191,420 · Excluded from tax $28,879,549$97,871,272

Part IX · Statement of functional expenses $77,962,903 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $8,141,643$8,141,643

IX-5 Pay of current officers, directors and key staffPrograms $1,367,872 · Management $137,762 · Fundraising $205,739$1,711,373

IX-7 Other salaries and wagesPrograms $28,162,688 · Management $1,788,211 · Fundraising $870,652$30,821,551

IX-8 Pension plan contributionsPrograms $3,149,638 · Management $202,544 · Fundraising $105,576$3,457,758

IX-9 Other employee benefitsPrograms $4,979,661 · Management $321,281 · Fundraising $170,300$5,471,242

IX-10 Payroll taxesPrograms $2,109,124 · Management $137,200 · Fundraising $75,733$2,322,057

IX-11b Legal feesManagement $145,103$145,103

IX-11c Accounting feesManagement $176,564$176,564

IX-11f Investment management feesManagement $448,000$448,000

IX-12 Advertising and promotionPrograms $69,394 · Management $230,548 · Fundraising $145,307$445,249

IX-13 Office expensesPrograms $11,922 · Management $39,610 · Fundraising $24,965$76,497

IX-14 Information technologyPrograms $1,238,629 · Management $17,995 · Fundraising $27,992$1,284,616

IX-17 TravelPrograms $17,482 · Management $58,080 · Fundraising $36,606$112,168

IX-20 InterestPrograms $998,857 · Management $14,998 · Fundraising $20,997$1,034,852

IX-22 Depreciation, depletion and amortizationPrograms $7,377,092 · Management $110,001 · Fundraising $151,002$7,638,095

IX-23 InsurancePrograms $439,180 · Management $7,003 · Fundraising $9,004$455,187

IX-24 Other expenses (24a–d)Programs $12,960,428 · Management $406,482 · Fundraising $75,996$13,442,906

IX-24e All other expensesPrograms $323,117 · Management $280,917 · Fundraising $174,008$778,042

IX-25 Total functional expensesPrograms $71,346,727 · Management $4,522,299 · Fundraising $2,093,877$77,962,903

Part X · Balance sheet $355,784,161 assets, 17 lines filed

Asset lines not itemized here account for $2,440,000; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $41,137,000$41,185,391

X-3 Pledges and grants receivableStart of year $7,137,000$4,289,425

X-4 Accounts receivableStart of year $10,676,000$11,943,303

X-9 Prepaid expenses and deferred chargesStart of year $521,000$1,159,318

X-10c Land, buildings and equipment, netStart of year $136,579,000$132,324,355

X-11 Publicly traded securitiesStart of year $112,325,000$129,844,564

X-12 Other securitiesStart of year $29,892,000$32,057,408

X-15 Other assetsStart of year $1,180,000$540,397

X-16 Total assetsStart of year $341,387,000$355,784,161

X-17 Accounts payable and accrued expensesStart of year $6,410,000$6,923,101

X-19 Deferred revenueStart of year $42,325,000$45,793,744

X-20 Tax-exempt bond liabilitiesStart of year $32,123,000$32,034,417

X-26 Total liabilitiesStart of year $80,858,000$84,751,262

X-27 Net assets without donor restrictionsStart of year $173,598,000$176,912,899

X-28 Net assets with donor restrictionsStart of year $86,931,000$94,120,000

X-32 Total net assets or fund balancesStart of year $260,529,000$271,032,899

X-33 Total liabilities and net assetsStart of year $341,387,000$355,784,161

Part XI · Reconciliation of net assets $271,032,899 net assets at year end

XI-1 Total revenue$97,871,272

XI-2 Total expenses$77,962,903

XI-3 Revenue less expenses$19,908,369

XI-4 Net assets at start of year$260,529,000

XI-5 Net unrealized gains (losses) on investments−$9,404,101

XI-9 Other changes in net assets−$369

XI-10 Net assets at end of year$271,032,899

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

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