THE FENN SCHOOL

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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

1929

Legal Domicile

Principal Officer

DEREK R BOONISAR

Phone

9783695800

Tax Period

2024-07-01 to 2025-06-30

THE FENN SCHOOL, founded in 1929, is a mid-sized nonprofit that reported $20.0M in total revenue in fiscal year 2024. Expenses of $22.9M exceeded revenue, resulting in a 14% operating deficit.

Mission

GUIDED BY OUR MOTTO, SUA SPONTE, AND INSPIRED BY OUR CORE VALUES OF HONESTY, RESPECT, EMPATHY, AND COURAGE, THE FENN SCHOOL CHALLENGES EACH BOY TO TAKE RESPONSIBILITY FOR HIMSELF, FOR HIS OWN EDUCATION, AND FOR THE WELL-BEING OF OTHERS. OUR BOYS THRIVE IN A DIVERSE COMMUNITY THAT CELEBRATES OUR SHARED HUMANITY AND EMBRACES DIFFERENCE. AS PART OF AN EVER-CHANGING, INTERDEPENDENT WORLD, FENN EMPOWERS EACH BOY TO DEVELOP STRONG CHARACTER AND LEAD WITH INTEGRITY.

Program Service Accomplishments

Program 1

Expenses: $8,925,675 Revenue: $8,935,847

ACADEMIC PROGRAM - THE SCHOOL IS AN ACCREDITED EDUCATIONAL INSTITUTION FOR APPROXIMATELY 315 BOYS, GRADES 4 THROUGH 9. THE SCHOOL PROVIDES A SOLID CURRICULUM IN ENGLISH, SCIENCE, SOCIAL STUDIES...

ACADEMIC PROGRAM - THE SCHOOL IS AN ACCREDITED EDUCATIONAL INSTITUTION FOR APPROXIMATELY 315 BOYS, GRADES 4 THROUGH 9. THE SCHOOL PROVIDES A SOLID CURRICULUM IN ENGLISH, SCIENCE, SOCIAL STUDIES, MATHEMATICS, AND LANGUAGES. MATHEMATICS AND LANGUAGE CURRICULA ALLOW FOR STANDARD-LEVEL AS WELL AS ADVANCED-LEVEL LEARNING, DEPENDING ON THE STUDENT'S ABILITIES. THE ENTIRE ACADEMIC PROGRAM IS AN UPWARD PROGRESSION TOWARD SOPHISTICATED COGNITIVE REASONING AND INTELLECTUAL CHALLENGES TO PREPARE BOYS FOR SECONDARY SCHOOL EDUCATION.

Program 2

Expenses: $4,462,837 Revenue: $4,467,923

ARTS PROGRAM - BEGINNING IN GRADE 4, THE STUDENTS ARE INTRODUCED TO A SIX-YEAR SEQUENTIAL CURRICULUM IN THE ARTS BEGINNING WITH STUDIO ART, DRAMA, MUSIC AND WOOD SHOP. AS THE STUDENT PROGRESSES...

ARTS PROGRAM - BEGINNING IN GRADE 4, THE STUDENTS ARE INTRODUCED TO A SIX-YEAR SEQUENTIAL CURRICULUM IN THE ARTS BEGINNING WITH STUDIO ART, DRAMA, MUSIC AND WOOD SHOP. AS THE STUDENT PROGRESSES THROUGH EACH GRADE OTHER ARTS PROGRAM OFFERINGS BECOME AVAILABLE, SUCH AS CERAMICS AND PHOTOGRAPHY. IN GRADES 8 AND 9, STUDENTS MAY SELECT FROM A BROAD ARRAY OF COURSES MENTIONED PLUS OTHERS SUCH AS PAINTING, CARTOONING, THEATER TECH, VIDEO PRODUCTION, STEEL DRUMS, GUITAR AND RHYTHM ENSEMBLE. STUDENTS ARE REQUIRED TO COMPLETE THREE ART REQUIREMENTS FOR GRADUATION: ONE EACH IN FINE ARTS, DRAMATIC ARTS AND MUSICAL ARTS.

Program 3

Expenses: $4,462,837 Revenue: $4,467,923

ATHLETICS PROGRAM - THIS PROGRAM PROMOTES ATHLETIC COMPETENCE, CONFIDENCE, AND ENJOYMENT FOR STUDENTS OF VARYING ATHLETIC ABILITIES AND INTERESTS. IT STRESSES LEARNING AND PRACTICING INDIVIDUAL AND TEAM SKILLS, AND IT OFFERS A VARIETY OF INDIVIDUAL AND TEAM ACTIVITIES WITH VARIOUS LEVELS OF COMPETITION. AT ALL LEVELS GOOD SPORTSMANSHIP IS EMPHASIZED AS THE PRIMARY LESSON TO BE LEARNED FROM A WELL ORGANIZED ATHLETIC PROGRAM. SPORTS OPTIONS, DEPENDING ON GRADE, INCLUDE SOCCER, FOOTBALL, CROSS COUNTRY, TRACK, BASKETBALL, WRESTLING, ICE HOCKEY, TENNIS, AND ALSO ALLOWS FOR SPORTS ALTERNATIVE WITH PARENTAL/SCHOOL APPROVAL.

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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 $1,753,995

Program Service Revenue $17,841,757

Investment Income $346,155

Other Revenue $33,022

TOTAL REVENUE $19,974,929

Expense Breakdown

Grants Paid $2,092,739

Salaries & Benefits $13,386,225

Fundraising Expenses $1,411,326

Program Expenses $17,851,349

Other Expenses $7,155,615

TOTAL EXPENSES $22,853,717

Year-over-Year Comparison

	2024	2023	Change
Revenue	$19,974,929	$19,313,382	+0.0%
Expenses	$22,853,717	$21,919,030	+0.0%
Net Income	$-2,878,788	$-2,605,648	+0.1%

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

222

Volunteers

300

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

$916,478

Total Directors

$582,945

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DEREK R BOONISAR	HEAD OF SCHOOL	40.00	Officer Director	$423,135	$159,810	$582,945
JEFFREY W ADAMS	TRUSTEE	5.00	Director	$0	$0	$0
CHRISTOPHER ANDERSON	TRUSTEE	5.00	Director	$0	$0	$0
ELIZABETH CHANG	ASSISTANT TREASURER	5.00	Officer Director	$0	$0	$0
ANDREA DARLING	CHAIR	10.00	Officer Director	$0	$0	$0
MELISSA DER	CLERK	5.00	Officer Director	$0	$0	$0
EDWARD GILLICK JR	TRUSTEE	5.00	Director	$0	$0	$0
JEFFREY GOWER	TRUSTEE	5.00	Director	$0	$0	$0
G ZACHARY GUND	TRUSTEE	5.00	Director	$0	$0	$0
LAURA C JOHNSON	TRUSTEE	5.00	Director	$0	$0	$0
MATTHEW KILMARTIN	ASSISTANT CLERK	5.00	Officer Director	$0	$0	$0
RACHEL J KRAMER	VICE-CHAIR	5.00	Officer Director	$0	$0	$0
MARYELLEN LACAMERA	TRUSTEE	5.00	Director	$0	$0	$0
GINA LAROCHE	TRUSTEE	5.00	Director	$0	$0	$0
NEVILLE MCCAGHREN	TRUSTEE	5.00	Director	$0	$0	$0
MELISSA MCCRAY	TRUSTEE	5.00	Director	$0	$0	$0
CAROL C MORIARTY	TRUSTEE	5.00	Director	$0	$0	$0
TARAGH T MULVANY	CHAIR	5.00	Officer Director	$0	$0	$0
TINA MURDOUGH	TRUSTEE	5.00	Director	$0	$0	$0
TANYA OBLAK	TREASURER	5.00	Officer Director	$0	$0	$0
EDWARD V PARSONS	TRUSTEE	5.00	Director	$0	$0	$0
HARRIS ROSENHEIM	EX-OFFICIO	5.00	Director	$0	$0	$0
HILARY N STEINERT	TRUSTEE	5.00	Director	$0	$0	$0
COLLINS A TABIRI	TRUSTEE	5.00	Director	$0	$0	$0
PATRICIA WOODWARD	TRUSTEE	5.00	Director	$0	$0	$0
DAVID A PLATT	ASSOC. HEAD FOR FINANCE & OPERATIONS	40.00	Officer	$256,006	$77,527	$333,533
REBECCA LOMBARDO	DIRECTOR OF ADVANCEMENT	40.00	Highest	$172,312	$43,438	$215,750
NATHANIEL CARR	ASST. HEAD OF SCHOOL	40.00	Highest	$147,736	$67,054	$214,790
DAVID IRWIN	HEAD OF UPPER SCHOOL	40.00	Highest	$143,313	$14,538	$157,851
JENNIFER SHEEHY	DIR. OF MARKETING/COMMUNICATIONS	40.00	Highest	$130,979	$58,979	$189,958
KATE WADE	MS DIVISION HEAD	40.00	Highest	$128,780	$51,566	$180,346

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	$19,974,929	$22,853,717	$103,780,268	$-2,878,788
2024	$19,313,382	$21,919,030	$98,344,775	$-2,605,648
2023	$20,455,686	$20,901,430	$94,702,471	$-445,744
2022	$22,524,934	$20,039,772	$90,491,152	$2,485,162
2021	$20,241,981	$18,514,833	$99,819,486	$1,727,148
2020	$22,251,144	$18,734,836	$88,053,581	$3,516,308
2019	$20,689,461	$18,336,990	$88,973,016	$2,352,471
2018	$22,019,052	$18,044,890	$85,794,655	$3,974,162