Carlthorp School FY2024 filing

Tax-deductible

Santa Monica, CA501(c)(3)Since 1939EducationEIN 95-3512203

Carlthorp school is an independent, nonprofit day school for children in grades k-6. Carlthorp school provides a strong academic foundation in a diverse and nurturing school community that emphasizes traditional values, disciplined work habits, and excellence in order to prepare our students to achieve their highest potential in education and life.carlthorp school, established in 1939, is the oldest independent school in santa monica. Though the breadth of our curriculum has radically expanded in the last 86 years, our basic philosophy remains the same. We focus on the child as a whole, helping the child to grow academically, socially, and ethically - all within the framework of a traditionally academic school. The school's traditional approach to education, coupled with positive reinforcement in a caring wholesome environment prepares children to excel in today's competitive society.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
$1.7M 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

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Is it a real charity?
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
Are gifts tax-deductible?
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Is it filing on time?
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 years looks good.
IRS e-file · Filing history
Is it financially stable?
2 of 5
years in the black
Concern: 3 of the last 5 filings show a deficit.
Pt I · Ln 19 · 5 filings
How much reaches the programs?
83%
of spending
Looks good: 83% of spending went to programs; 75% or more looks good.
Pt IX · Ln 25 · col B
What are leaders paid?
$1.7M
to officers and key staff · 12% of spending
Looks good: leaders' pay is 12% of spending; 15% or less looks good.
Pt VII · Sec A
Do they have reserves?
16 mo
of spending, in cash
Looks good: 15.7 months of spending in cash; 3 or more looks good.
Pt X · Ln 1–2 · Pt I · Ln 18
Who is supporting them already?
18
named funders · $1.2M
Looks good: 18 funders name it on their filings; 3 or more looks good.
Funders’ Sch. I, 990-PF
Do they carry debt?
$9.9M
liabilities
Looks good: debts are 16% of assets; 50% or less looks good.
Pt X · Ln 26
Who oversees it?
15
independent of 16 voting board members
Looks good: 15 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodWorth a lookConcernTap a box for the reason.
Revenue
$21.2M
+51% vs prior year
Spent
$14.6M
To programs
83%
Net assets
$51.1M
By yearFY2020–FY2024
Revenue
$21.2M
FY2024▲ +51%
Revenue by fiscal year
FY2020$11.6M
FY2021$11.1M
FY2022$12.6M
FY2023$14.1M
FY2024$21.2M
FY2024$16.6M
Expenses
$14.6M
FY2024▲ +13%
Expenses by fiscal year
FY2020$12.3M
FY2021$13.2M
FY2022$12.6M
FY2023$13.0M
FY2024$14.6M
FY2024$16.8M
Net assets
$51.1M
FY2024▲ +28%
Net assets by fiscal year
FY2020$37.4M
FY2021$40.2M
FY2022$36.8M
FY2023$40.1M
FY2024$51.1M
FY2024$54.2M

From the FY2024 Form 990 (year ending August 2024) · figures checked against the IRS filing · see the original

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Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CCarlthorp School
EINHdr · item D95-3512203
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFFeb 1981
Year of formationHdr · item L1939
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CSanta Monica, CA
NTEE classificationIRS BMFEducation (B24Z)
WebsiteHdr · item Jwww.carlthorp.org

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.83 Management & general $0.13 Fundraising $0.04
Program services83%$12.1M
Management & general13%$1.9M
Fundraising4%$541K
Total functional expensesLn 25$14.6M

Financial health

Is it on solid ground?

Program efficiency
83%
of spending reaches programs
Operating runway
36.8mo
months of highly liquid reserves at operating expense rate
Surplus margin
+31%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$61.0M
FY2024▲ +23%
Total assets by fiscal year
FY2020$45.3M
FY2021$48.4M
FY2022$45.7M
FY2023$49.6M
FY2024$61.0M
FY2024$64.2M
Total liabilities
$9.9M
FY2024▲ +3%
Total liabilities by fiscal year
FY2020$8.0M
FY2021$8.2M
FY2022$8.9M
FY2023$9.6M
FY2024$9.9M
FY2024$10.0M
Revenue less expensesPt I · Ln 19$6.6M
Total assetsPt X · Ln 16$61.0M
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 316
Independent voting membersPt I · Ln 415

Balance Sheet

Part X · end of year
CashLn 1$19.2M
Total assetsLn 16$61.0M
Total liabilitiesLn 26$9.9M
Total net assetsLn 32$51.1M
Months of cash on handcomputed15.7

Statement of Revenue

Part VIII
Program service revenue$11.3M · 53%
Contributions & grants$7.8M · 37%
Investment income$1.5M · 7%
Other revenue$560K · 3%
Program service revenue53%$11.3M
Contributions & grants37%$7.8M
Investment income7%$1.5M
Other revenue3%$560K
Total revenueLn 12$21.2M

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $43.3M · Operating expenses (Pt IX) $14.6M · Less non-cash grants $521K · Cash operating expenses/yr $14.1M
36.8 months
Where the money goes
Program services
Program services $12.1M · Total expenses $14.6M
83%
Management & General
Management & general $1.9M · Total expenses $14.6M
13%
Fundraising
Fundraising $541K · Total expenses $14.6M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $486K · Solicited contributions (3-yr avg) $4.1M
$0.12 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $7.8M · Total revenue $21.2M
37%
Government reliance
Government grants — · Total revenue $21.2M
—
Earned-income share
Program service revenue $11.3M · Total revenue $21.2M
53%
Investment reliance
Investment income $1.5M · Total revenue $21.2M
+7%
Program self-sufficiency
Program service revenue $11.3M · Total expenses $14.6M
78%
Growth & trend
Revenue growth (YoY)
This year $21.2M · Prior year $14.1M
+51%
Revenue CAGR
FY2019 $11.6M · FY2023 $21.2M
+16%
Net-asset trend (YoY)
End of year $51.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $21.2M · Expenses $14.6M
+31%
Liabilities-to-Assets
Total liabilities — · Total assets $61.0M
—
Net-asset ratio
Net assets $51.1M · Total assets $61.0M
84%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $24.1M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $61.0M
39%
People & payroll
Highest Reported Total Compensation
Individual Nola Rae Cronan · Reported title HEAD OF SCHOOL · Highest reported compensation $440K · Total expenses $14.6M
3%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $10.6M · Total expenses $14.6M
72%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 83%——
Overhead ratio 13%——
Fundraising cost ratio 7%——
Revenue growth 51%——
Legal fee ratio 0.6%——
Accounting fee ratio 0.2%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Head of School
$440,269Pt VII · Sec A
Associate Head of School
$302,229Pt VII · Sec A
Secretary/Treasurer
$261,281Pt VII · Sec A
Director of Admissions
$192,975Pt VII · Sec A
Dean of Academics
$189,633Pt VII · Sec A
Director of Advancement
$186,458Pt VII · Sec A
Head of Science, Innovation & Special Programs
$140,057Pt VII · Sec A
$0Pt VII · Sec A

Nola Rae Cronan’s $481K as Head of School is at the 87th 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Timothy Kusserow————$278,944$497,942
Nola Rae Cronan$480,990$440,269$419,353$196,000——
Steven Springer$303,732$302,229$301,818$283,877$227,835—
Kenneth Parr$278,204$261,281$276,025$273,678$265,505$252,900
Amanda Sasso$207,608$189,633$185,767$146,500$122,677—
Maureen Pollack$203,567$186,458$173,445$159,932$153,012$131,461
Lynn Wagmeister———$199,496$190,166$179,833
Stephen Milich—$192,975————

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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Governance & Policies

Part VI
  • 16Voting board membersPt VI · Ln 1a
  • 15Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Educates children in kindergarten through sixth grade.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $12.1M of program spending, described in the organization's own filed words · FY2023.
01

Carlthorp school is accredited by the national association of independent schools, the california association of independent schools and the western association of schools and colleges. Carlthorp school received the "no child left behind" national blue ribbon of excellence award.

$12.1Mprogram 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 · FY2024
See all 18 funders →
Grants paid · 6 grants · $3.6M · 2019–2024
Unitemized GrantFY2024$944,370
Unitemized GrantFY2023$647,378
Unitemized GrantFY2022$419,985
Unitemized GrantFY2021$461,221
Unitemized GrantFY2020$587,422
Unitemized GrantFY2019$560,882

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Viewing $21.2M$14.6M+51% 990 PDF
FY2023 $14.1M$13.0M+12% 990 PDF
FY2022 $12.6M$12.6M+14% 990 PDF
FY2021 $11.1M$13.2M-5% 990 PDF
FY2020 $11.6M$12.3M 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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