MIDDLESEX SCHOOL (EIN 042103821) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1901

Legal Domicile

Principal Officer

ELIZABETH SPEERS

Phone

9783692550

Tax Period

2024-07-01 to 2025-06-30

MIDDLESEX SCHOOL, founded in 1901, is a mid-sized nonprofit in the Education sector that reported $59.0M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $54.7M left a modest 7% surplus.

Mission

MIDDLESEX SCHOOL IS A COLLEGE-PREPARATORY SCHOOL FOR GRADES 9 THROUGH 12.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $14,814,823

Program Service Revenue $30,105,880

Investment Income $12,243,171

Other Revenue $1,857,483

TOTAL REVENUE $59,021,357

Expense Breakdown

Grants Paid $8,297,320

Salaries & Benefits $22,343,851

Fundraising Expenses $2,984,163

Program Expenses $40,236,285

Other Expenses $24,050,966

TOTAL EXPENSES $54,692,137

Year-over-Year Comparison

	2024	2023	Change
Revenue	$59,021,357	$48,448,306	+0.2%
Expenses	$54,692,137	$50,025,587	+0.1%
Net Income	$4,329,220	$-1,577,281	-3.7%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

260

Volunteers

220

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

$1,750,127

Total Directors

$836,149

Key Employees

$581,368

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELIZABETH SPEERS	HEAD OF SCHOOL	80.00	Officer Director	$703,610	$132,539	$836,149
ALEXANDER C BANKER	TRUSTEE	5.00	Director	$0	$0	$0
AFUA OFOSU-BARKO	TRUSTEE	5.00	Director	$0	$0	$0
MARY LOU BOUTWELL	TRUSTEE	5.00	Director	$0	$0	$0
JOHANNA BOYNTON	TRUSTEE	5.00	Director	$0	$0	$0
JOY CONNOLLY	TRUSTEE	5.00	Director	$0	$0	$0
CAROLINE COUNSELMAN	TRUSTEE	5.00	Director	$0	$0	$0
JAMES F CURTIS III	TRUSTEE	5.00	Director	$0	$0	$0
MADELINE DEMOULAS	TRUSTEE	5.00	Director	$0	$0	$0
ABIGAIL MARR DOFT	TRUSTEE	5.00	Director	$0	$0	$0
SAMANTHA DU	TRUSTEE	5.00	Director	$0	$0	$0
JENNIFER BURNES FULTON	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM J HO	TRUSTEE	5.00	Director	$0	$0	$0
ROBERT W IULIANO	TRUSTEE	5.00	Director	$0	$0	$0
CHARLES MADDOCK	TRUSTEE	5.00	Director	$0	$0	$0
PATRICIA A MELTON	TRUSTEE	5.00	Director	$0	$0	$0
FREDDIE PANTOJA	TRUSTEE	5.00	Director	$0	$0	$0
DR COURTNEY PORTLOCK	TRUSTEE	5.00	Director	$0	$0	$0
MARY PRYSHLAK	TRUSTEE	5.00	Director	$0	$0	$0
JASMINE RICHARDS	TRUSTEE	5.00	Director	$0	$0	$0
ALEX RUSSELL	TRUSTEE	5.00	Director	$0	$0	$0
JUAN SABATER	TRUSTEE	5.00	Director	$0	$0	$0
BRET STEPHENS	TRUSTEE	5.00	Director	$0	$0	$0
CASS SUNSTEIN	TRUSTEE	5.00	Director	$0	$0	$0
STANOY S TASSEV	TRUSTEE	5.00	Director	$0	$0	$0
DUNE THORNE	TRUSTEE	5.00	Director	$0	$0	$0
ROBERT C TRUMBULL	TRUSTEE	5.00	Director	$0	$0	$0
JASON ROBART	PRESIDENT	5.00	Officer Director	$0	$0	$0
ALLEN J MODEL	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
ANNE T BASS	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
ROBERT M BASS	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
ANDREW PITTS	TREASURER	5.00	Officer Director	$0	$0	$0
SARAH LEARY	SECRETARY	5.00	Officer Director	$0	$0	$0
KARLYN MCNALL	ASSOCIATE HEAD OF SCHOOL	80.00	Officer	$402,584	$115,435	$518,019
THERESE CUNNINGHAM	CFO	60.00	Officer	$300,605	$95,354	$395,959
HEATHER PARKER	CHIEF ADVANCEMENT OFFICER	60.00	Key Emp	$219,998	$24,551	$244,549
GEORGE NOBLE	CHIEF ADVANCEMENT OFFICER	60.00	Key Emp	$218,277	$118,542	$336,819
DOUGLAS PRICE	DEAN OF ADMISSIONS & FINANCIAL AID	60.00	Highest	$181,109	$53,579	$234,688
KURTIS LACROIX	DIRECTOR OF PROJECTS & SAFETY	60.00	Highest	$177,978	$57,560	$235,538
MARC CARTER	CHIEF INNOVATION OFFICER	60.00	Highest	$159,453	$77,151	$236,604
JOFFREY BREMOND	CONTROLLER	60.00	Highest	$144,757	$31,313	$176,070
MATTHEW DEGREEFF DEAN OF	COLLEGE COUNS. & STUDENT ENRICHMENT	60.00	Highest	$135,543	$72,526	$208,069

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	$59,021,357	$54,692,137	$556,036,805	$4,329,220
2024	No data	No data	No data	No data
2023	$42,360,502	$47,028,564	$434,288,156	$-4,668,062
2022	$51,673,207	$46,626,306	$434,598,457	$5,046,901
2021	$51,739,388	$42,792,209	$485,283,896	$8,947,179
2020	$48,353,374	$41,913,982	$383,090,796	$6,439,392
2019	$52,067,485	$42,358,097	$394,714,693	$9,709,388
2018	$46,813,883	$39,077,395	$354,476,430	$7,736,488

MIDDLESEX SCHOOL