THE SPENCE SCHOOL (EIN 131635286) - 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

1928

Legal Domicile

Principal Officer

FELICIA A WILKS

Phone

2122895940

Tax Period

2022-07-01 to 2023-06-30

THE SPENCE SCHOOL, founded in 1928, is a mid-sized nonprofit in the Education sector that reported $58.1M in total revenue in fiscal year 2022. Revenue decreased 8% compared to the prior year. Expenses of $68.3M exceeded revenue, resulting in a 18% operating deficit.

Mission

TO PREPARE A DIVERSE COMMUNITY OF GIRLS/YOUNG WOMEN FOR THE TRANSFORMATION OF SELF AND THE WORLD.

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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 (2022)

Revenue Breakdown

Contributions & Grants $6,093,282

Program Service Revenue $49,201,094

Investment Income $2,017,525

Other Revenue $745,766

TOTAL REVENUE $58,057,667

Expense Breakdown

Grants Paid $7,798,750

Salaries & Benefits $40,527,912

Fundraising Expenses $2,585,124

Program Expenses $57,620,014

Other Expenses $19,944,812

TOTAL EXPENSES $68,272,073

Year-over-Year Comparison

	2022	2021	Change
Revenue	$58,057,667	$63,085,145	-0.1%
Expenses	$68,272,073	$64,088,012	+0.1%
Net Income	$-10,214,406	$-1,002,867	+9.2%

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

388

Volunteers

200

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

$2,209,880

Total Directors

Key Employees

$984,094

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM L JACOB III	PRESIDENT	10.00	Officer Director	$0	$0	$0
ANAND DESAI	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
KIMBERLY KRAVIS	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
AKUEZUNKPA UDE WELCOME	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
ARTHUR CHU	SECRETARY	2.00	Officer Director	$0	$0	$0
HEATHER BERGER	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL P CLIFFORD	TRUSTEE	2.00	Director	$0	$0	$0
VANESSA CORNELL	TRUSTEE	2.00	Director	$0	$0	$0
ERICA DESAI	TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH DRAYTON	TRUSTEE	2.00	Director	$0	$0	$0
JUDITH JOSEPH JENKINS	TRUSTEE	2.00	Director	$0	$0	$0
ALEXIS MCGILL JOHNSON	TRUSTEE	2.00	Director	$0	$0	$0
DANA WALLACH JONES	TRUSTEE	2.00	Officer Director	$0	$0	$0
KATHRYN KOCH	TRUSTEE	2.00	Director	$0	$0	$0
MEREDITH RUBEL LIPSHER	TRUSTEE	2.00	Director	$0	$0	$0
BRYCE MARKUS	TRUSTEE	2.00	Director	$0	$0	$0
AHRIN MISHAN	TRUSTEE	2.00	Director	$0	$0	$0
C CYBELE RAVER	TRUSTEE	2.00	Director	$0	$0	$0
ANYA HERZ SHIVA	TRUSTEE	2.00	Officer Director	$0	$0	$0
JAMES SHULMAN	TRUSTEE	2.00	Director	$0	$0	$0
EMILY SPEYER	TRUSTEE	2.00	Director	$0	$0	$0
JOSE TAVAREZ	TRUSTEE	2.00	Director	$0	$0	$0
BROOKE WILLIAMS	TRUSTEE	2.00	Director	$0	$0	$0
DARYL WOUT	TRUSTEE	2.00	Director	$0	$0	$0
ELLANOR N BRIZENDINE	HEAD OF SCHOOL (THRU 6/30/22)	40.00	Officer	$740,093	$147,686	$887,779
ELYSE WATERHOUSE	DIR. OF FIN. & OP. (THRU 6/30/22)	40.00	Officer	$560,169	$42,178	$602,347
FELICIA WILKS	HEAD OF SCHOOL (AS OF 7/1/22)	40.00	Officer	$381,500	$77,912	$459,412
BRUCE OREM	DIRECTOR OF FIN. & OP. (AS OF 7/1/22)	40.00	Officer	$240,000	$20,342	$260,342
KAREN SULLIVAN	HEAD OF MIDDLE SCHOOL	40.00	Key Emp	$305,324	$43,160	$348,484
ELIZABETH CAUSEY	HEAD OF LOWER SCHOOL	40.00	Key Emp	$303,674	$43,160	$346,834
RACHAEL FLORES	HEAD OF UPPER SCHOOL	40.00	Key Emp	$235,529	$53,247	$288,776
ERIC ZAHLER	DIR. OF TEACHING / LEARNING	40.00	Highest	$304,024	$43,160	$347,184
MICHELE MURPHY	DIRECTOR OF CURRICULUM	40.00	Highest	$290,616	$56,650	$347,266
ELIZABETH PILI	CO-DIR. OF COLLEGE COUNSEL	40.00	Highest	$272,246	$38,993	$311,239
EMILY FINCKE	DIRECTOR OF DEVELOPMENT	40.00	Highest	$275,666	$42,076	$317,742
SUSAN PARKER	DIRECTOR OF ADMISSIONS	40.00	Highest	$269,107	$50,199	$319,306

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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$58,057,667	$68,272,073	$386,719,759	$-10,214,406
2022	$63,085,145	$64,088,012	$392,567,317	$-1,002,867
2021	$72,977,566	$58,803,465	$416,454,517	$14,174,101
2020	$72,675,705	$52,850,040	$336,674,392	$19,825,665
2019	$49,945,595	$52,538,876	$319,595,733	$-2,593,281
2018	$54,352,113	$51,308,707	$316,380,748	$3,043,406

THE SPENCE SCHOOL