THE FAY SCHOOL INC

EIN: 042103573 501(c)(3) Education

SOUTHBOROUGH, MA

Total Revenue
$38,921,534
Total Expenses
$38,552,549
Total Assets
$133,013,098
Net Assets
$69,054,098
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Financial Trends

Organization Details

Formation Year
1866
Legal Domicile
MA
Principal Officer
SUSANNA WATERS
Phone
5084850100
Tax Period
2024-07-01 to 2025-06-30

THE FAY SCHOOL INC, founded in 1866, is a mid-sized nonprofit in the Education sector that reported $38.9M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion.

Mission

TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE.

Program Service Accomplishments

Program 1
Expenses: $30,206,413 Revenue: $28,611,868

INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 499 STUDENTS' GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY...

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INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 499 STUDENTS' GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY LEARNING CENTER FROM AGES 2.9 TO 5, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN EMPHASIZED THROUGH THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS.LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AN ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS.HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUND THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY. IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD.

Program 2
Expenses: $1,189,906 Revenue: $1,813,378

SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP, AN INTERNATIONAL STUDENT BOARDING ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM, FOR CHILDREN AGES THREE THROUGH FIFTEEN. OUR PROGRAM...

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SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP, AN INTERNATIONAL STUDENT BOARDING ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM, FOR CHILDREN AGES THREE THROUGH FIFTEEN. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NURTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONG CHILDREN AND ADULTS.THE INTERNATIONAL STUDENT BOARDING ENGLISH LANGUAGE PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICIENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $4,723,235
Program Service Revenue $30,325,393
Investment Income $3,679,298
Other Revenue $193,608
TOTAL REVENUE $38,921,534

Expense Breakdown

Grants Paid $4,711,140
Salaries & Benefits $19,953,104
Fundraising Expenses $861,431
Program Expenses $31,396,319
Other Expenses $13,888,305
TOTAL EXPENSES $38,552,549

Year-over-Year Comparison

2024 2023 Change
Revenue $38,921,534 $35,127,973 +0.1%
Expenses $38,552,549 $35,714,637 +0.1%
Net Income $368,985 $-586,664 -1.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
21
Independent Members
21
Employees
317
Volunteers
100

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$746,543
Total Directors
21
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SUSANNA WATERS HEAD OF SCHOOL 37.50
Officer
$251,119 $97,931 $349,050
DIANE BYRNE ASST. HEAD OF SCHOOL FOR OPERATIONS 37.50
Officer
$334,053 $63,440 $397,493
ROBERT GUSTAVSON FORMER HEAD OF SCHOOL 37.50
$768,661 $95,857 $864,518
ELIZABETH WHITNEY ASSOCIATE HEAD OF SCHOOL 37.50
Highest
$309,029 $113,436 $422,465
ROBERT CRAWFORD DIRECTOR OF ADVANCEMENT 37.50
Highest
$244,004 $103,671 $347,675
JUDI ANN O'BRIEN ASSTISTANT HEAD OF SCHOOL FOR THE EDUCATIONAL PROG 37.50
Highest
$265,343 $31,112 $296,455
JOHN SUMNER HEAD OF UPPER SCHOOL 37.50
Highest
$173,730 $86,511 $260,241
PETER FEAREY DIRECTOR OF INNOVATION 37.50
Highest
$231,906 $16,810 $248,716
ANN LAQUERRE PRESIDENT 2.00
Officer Director
$0 $0 $0
ALEX CURTIS VICE PRESIDENT 2.00
Officer Director
$0 $0 $0
LAURIE VANCE TREASURER 2.00
Officer Director
$0 $0 $0
SARA R MARS SECRETARY 2.00
Officer Director
$0 $0 $0
PETER BAUER TRUSTEE 2.00
Director
$0 $0 $0
MELISSA BOIS TRUSTEE 2.00
Director
$0 $0 $0
ELEANOR BROWN TRUSTEE 2.00
Director
$0 $0 $0
BRENDON GIBLIN TRUSTEE 2.00
Director
$0 $0 $0
HEATHER R GIROLAMO TRUSTEE 2.00
Director
$0 $0 $0
DAVID HARRIS TRUSTEE 2.00
Director
$0 $0 $0
JAE HOON KIM TRUSTEE 2.00
Director
$0 $0 $0
HELEN LIN TRUSTEE 2.00
Director
$0 $0 $0
DOUG LOUD TRUSTEE 2.00
Director
$0 $0 $0
SEAN LU TRUSTEE 2.00
Director
$0 $0 $0
JESSICA MOORAJ TRUSTEE 2.00
Director
$0 $0 $0
WILLIAM PICARDI TRUSTEE 2.00
Director
$0 $0 $0
JOHN SIMON TRUSTEE 2.00
Director
$0 $0 $0
JEAN SUNG TRUSTEE 2.00
Director
$0 $0 $0
ARTHUR TING TRUSTEE 2.00
Director
$0 $0 $0
FAITH WALLACE-GADSDEN TRUSTEE 2.00
Director
$0 $0 $0
GILBERT ZAWAIRA TRUSTEE 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $38,921,534 $38,552,549 $133,013,098 $368,985
2024 $35,127,973 $35,714,637 $131,497,899 $-586,664
2023 $34,224,651 $32,744,817 $128,851,326 $1,479,834
2022 $32,779,683 $29,761,079 $128,787,216 $3,018,604
2021 $32,644,090 $28,436,910 $132,674,309 $4,207,180
2020 $28,014,225 $29,980,893 $107,158,040 $-1,966,668
2020 $28,014,225 $29,980,893 $107,158,040 $-1,966,668
2019 $29,894,835 $29,851,163 $112,743,659 $43,672
2018 $29,237,635 $28,919,295 $112,791,352 $318,340
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