NICHOLS SCHOOL OF BUFFALO

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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

1892

Legal Domicile

Principal Officer

DANIEL DOLAN

Phone

7163326300

Tax Period

2023-07-01 to 2024-06-30

NICHOLS SCHOOL OF BUFFALO, founded in 1892, is a mid-sized nonprofit in the Education sector that reported $23.1M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. Net assets of $100.8M represent 52 months of operating reserves.

Mission

OUR AIM IS TO TRAIN MINDS, BODIES AND HEARTS FOR THE WORK OF LIFE AND TO CARRY INTO ALL WE DO THE HIGHEST IDEALS OF CHARACTER AND SERVICE.

Program Service Accomplishments

Program 1

Expenses: $8,703,113 Revenue: $16,841,213

EDUCATION/FACULTY - NICHOLS SCHOOL'S EXCELLENCE BEGINS WITH ITS FACULTY. WE SPEND THE MAJORITY OF THE SCHOOL'S RESOURCES TO ENSURE WE RECRUIT, HIRE AND RETAIN THE HIGHEST QUALIFIED FACULTY. WE ALSO BELIEVE IN ON-GOING TRAINING FOR OUR FACULTY BY INVESTING IN A WIDE VARIETY OF CONTINUING EDUCATION PROGRAMS. THIS ENHANCES THEIR TEACHING ABILITIES AND RENEWS THEIR COMMITMENT TO THEIR FIELD. THIS ESTABLISHES THE SCHOOL AS A LEADER IN QUALITY EDUCATION WHICH ATTRACTS THE BEST AND BRIGHTEST STUDENTS NOT ONLY IN THE WNY AREA, BUT FROM AROUND THE WORLD. WE HAVE SEVERAL INTERNATIONAL STUDENTS AND EXCHANGE PROGRAMS.

Program 2

Expenses: $4,890,938

FINANCIAL AID - NICHOLS SCHOOL PROVIDES FINANCIAL AID TO 53% OF ITS STUDENTS. THIS ENSURES DIVERSITY WITHIN THE STUDENT BODY AND PROVIDES THE OPPORTUNITY OF A PRIVATE SCHOOL EDUCATION TO THOSE WHO...

FINANCIAL AID - NICHOLS SCHOOL PROVIDES FINANCIAL AID TO 53% OF ITS STUDENTS. THIS ENSURES DIVERSITY WITHIN THE STUDENT BODY AND PROVIDES THE OPPORTUNITY OF A PRIVATE SCHOOL EDUCATION TO THOSE WHO OTHERWISE MAY NOT BE ABLE TO AFFORD IT. THROUGH THE STRATEGIC PLANNING PROCESS AND THE FUNDS AVAILABLE THROUGH OUR ENDOWMENT, WE HAVE BEEN ABLE TO SUSTAIN OUR ENROLLMENT WHILE MAINTAINING OUR GOAL FOR THE PERCENTAGE OF FINANCIAL AID DOLLARS AVAILABLE AND THE PERCENTAGE OF STUDENTS RECEIVING THOSE DOLLARS. THIS PROCESS IS CRITICAL TO MAINTAINING A DIVERSE STUDENT POPULATION INTO THE FUTURE.

Program 3

Expenses: $403,814

FACILITIES - THE CAMPUS CONSISTS OF SIX SEPARATE BUILDINGS LINKED BY TREE LINED SIDEWALKS ON 30 ACRES OF CITY PROPERTY. THIS INCLUDES A PERFORMING ARTS CENTER AND AN ICE RINK. BY PROVIDING WELL...

FACILITIES - THE CAMPUS CONSISTS OF SIX SEPARATE BUILDINGS LINKED BY TREE LINED SIDEWALKS ON 30 ACRES OF CITY PROPERTY. THIS INCLUDES A PERFORMING ARTS CENTER AND AN ICE RINK. BY PROVIDING WELL MAINTAINED AND VARIED ACADEMIC, ARTS AND ATHLETIC FACILITIES, IT DEMONSTRATES THE SUPPORT AND COMMITMENT TO THE FACULTY, COACHES AND STUDENTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $3,007,543

Program Service Revenue $17,587,327

Investment Income $2,159,379

Other Revenue $321,021

TOTAL REVENUE $23,075,270

Expense Breakdown

Grants Paid $4,890,938

Salaries & Benefits $11,277,806

Fundraising Expenses $1,500,095

Program Expenses $18,929,384

Other Expenses $6,554,055

TOTAL EXPENSES $22,722,799

Year-over-Year Comparison

	2023	2022	Change
Revenue	$23,075,270	$20,989,636	+0.1%
Expenses	$22,722,799	$21,543,495	+0.1%
Net Income	$352,471	$-553,859	-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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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

232

Volunteers

125

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

$695,169

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THEODORE BK WALSH	CHAIR	2.00	Officer Director	$0	$0	$0
MONTGOMERY POOLEY	VICE-CHAIR	2.00	Officer Director	$0	$0	$0
ALYSON SPAULDING	VICE-CHAIR	2.00	Officer Director	$0	$0	$0
ANDREW FORS	TREASURER	2.00	Officer Director	$0	$0	$0
KRISTAN CARLSON ANDERSEN	SECRETARY	2.00	Officer Director	$0	$0	$0
MELISSA BALBACH	TRUSTEE	2.00	Director	$0	$0	$0
JONATHON BLUMHAGEN	TRUSTEE	2.00	Director	$0	$0	$0
MARAGARET BOSCARINO	TRUSTEE	2.00	Director	$0	$0	$0
THOMAS CHAMBERS	TRUSTEE	2.00	Director	$0	$0	$0
JODI PRISELAC DE RISZNER	TRUSTEE	2.00	Director	$0	$0	$0
GREGORY DESAUTELS	TRUSTEE	2.00	Director	$0	$0	$0
BRIGID DOHERTY	TRUSTEE	2.00	Director	$0	$0	$0
SONJA GALLEN-KALLELA-SIREN	TRUSTEE	2.00	Director	$0	$0	$0
COLLEEN HEIDINGER	TRUSTEE	2.00	Director	$0	$0	$0
LISA JACKSON	TRUSTEE	2.00	Director	$0	$0	$0
GEORGE T LAUB	TRUSTEE	2.00	Director	$0	$0	$0
BRIDGET LETT	TRUSTEE	2.00	Director	$0	$0	$0
MATTHEW D MILLER	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL F NEWMAN	TRUSTEE	2.00	Director	$0	$0	$0
BONNIE PADWA	TRUSTEE	2.00	Director	$0	$0	$0
SCOTT SOCHA	TRUSTEE	2.00	Director	$0	$0	$0
NICHOLAS TZETZO	TRUSTEE	2.00	Director	$0	$0	$0
CYNTHIA VANCE	TRUSTEE	2.00	Director	$0	$0	$0
CHRISTOPHER D BURNER	HEAD OF SCHOOL	50.00	Officer	$418,730	$42,638	$461,368
DANIEL DOLAN	CHIEF FINANCIAL OFFICER	50.00	Officer	$197,313	$36,488	$233,801
LESLIE GARCIA	ASST HEAD OF SCHOOL - ADVANCEMENT	50.00	Highest	$157,399	$19,696	$177,095
PETER WICKMAN	DEAN OF ENROLLMENT	50.00	Highest	$147,909	$13,552	$161,461
ARANYA MARITIME	DEAN OF ACADEMICS	50.00	Highest	$126,222	$7,528	$133,750
MICHAEL SULLIVAN	DIRECTOR OF TECHNOLOGY	50.00	Highest	$123,466	$6,519	$129,985
ROBERT STEWART	DIRECTOR OF ATHLETICS	50.00	Highest	$114,423	$27,941	$142,364

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	$23,075,270	$22,722,799	$108,711,314	$352,471
2023	$20,989,636	$21,543,495	$103,494,019	$-553,859
2022	$33,650,078	$20,282,166	$98,993,345	$13,367,912
2021	$42,213,694	$18,835,830	$102,003,479	$23,377,864
2020	$19,092,147	$17,304,870	$76,188,863	$1,787,277
2019	$19,378,722	$17,163,628	$73,611,341	$2,215,094
2018	$19,818,127	$18,096,770	$69,305,557	$1,721,357