MONTCLAIR KIMBERLEY ACADEMY FOUNDATION

EIN: 237365263 501(c)(3) Education

MONTCLAIR, NJ

Total Revenue
$60,496,517
Total Expenses
$53,274,848
Total Assets
$126,603,472
Net Assets
$102,158,244
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Financial Trends

Organization Details

Formation Year
1974
Legal Domicile
NJ
Principal Officer
NIGEL D FURLONGE
Phone
9737469800
Tax Period
2024-07-01 to 2025-06-30

MONTCLAIR KIMBERLEY ACADEMY FOUNDATION, founded in 1974, is a mid-sized nonprofit in the Education sector that reported $60.5M in total revenue in fiscal year 2024. Expenses of $53.3M left a modest 12% surplus.

Mission

MKA'S CHALLENGING, ENGAGING AND INNOVATIVE ACADEMIC PROGRAM PROVIDES A VIBRANT AND TRANSFORMATIVE EDUCATION. OUR FACULTY'S DEEP AND GENUINE UNDERSTANDING OF OUR STUDENTS AS INDIVIDUALS AND LEARNERS FOSTERS THEIR ETHICAL DEVELOPMENT, INTELLECTUAL GROWTH AND PERSONAL SUCCESS. MKA'S DIVERSE, COLLABORATIVE AND INCLUSIVE COMMUNITY INSPIRES STUDENTS TO LEAD LIVES OF NOBLE CHARACTER, PURPOSE AND DISTINCTION. EVIDENCE OF OUR MISSION IS FOUND IN THE KNOWLEDGE, THE VISION AND THE INTEGRITY OF OUR STUDENTS AND OUR ALUMNI: KNOWLEDGE: ACADEMIC EXCELLENCE INTELLECTUAL INDEPENDENCE LOVE OF LEARNING. VISION: PERSONAL ENGAGEMENT WITH THE WORLD UNDERSTANDING OF HUMAN COMPLEXITY A SENSE OF HUMILITY AND COMPASSION. INTEGRITY: STRENGTH OF CHARACTER RESPONSIBILITY AS A CITIZEN AND LEAD AN HONORABLE AND GENEROUS LIFE.

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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 $4,223,926
Program Service Revenue $52,653,464
Investment Income $3,469,817
Other Revenue $149,310
TOTAL REVENUE $60,496,517

Expense Breakdown

Grants Paid $6,219,241
Salaries & Benefits $32,398,081
Fundraising Expenses $733,573
Program Expenses $43,641,899
Other Expenses $14,657,526
TOTAL EXPENSES $53,274,848

Year-over-Year Comparison

2024 2023 Change
Revenue $60,496,517 $57,361,999 +0.1%
Expenses $53,274,848 $51,992,856 +0.0%
Net Income $7,221,669 $5,369,143 +0.3%
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
29
Independent Members
28
Employees
484
Volunteers
400

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
7
$1,103,917
Total Directors
34
$683,239
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
NIGEL D FURLONGE HEAD OF SCHOOL 65.00
Officer Director
$391,015 $292,224 $683,239
CRAIG SOLOMON MEMBER TRUSTEE 5.00
Director
$0 $0 $0
JEFFREY G SZILAGYI MEMBER TRUSTEE 5.00
Director
$0 $0 $0
JENNIFER BARBETTA MEMBER TRUSTEE 5.00
Director
$0 $0 $0
MARGARET WAGER MEMBER TRUSTEE 5.00
Director
$0 $0 $0
KATHLEEN M LOGAN HONORARY TRUSTEE 5.00
Director
$0 $0 $0
LUKE A SARSFIELD III OFFICER: VICE PRESIDENT 5.00
Officer Director
$0 $0 $0
LAUREN KAPLAN MEMBER TRUSTEE 5.00
Director
$0 $0 $0
MERRICK G ANDLINGER OFFICER: TREASURER 5.00
Officer Director
$0 $0 $0
NAVEEN BALLEM OFFICER: PRESIDENT 5.00
Officer Director
$0 $0 $0
PAIGE L COTTINGHAM-STREATER OFFICER: VICE PRESIDENT 5.00
Officer Director
$0 $0 $0
ROBERT RUBERTON MEMBER TRUSTEE 5.00
Director
$0 $0 $0
SYBIL ENG MEMBER TRUSTEE 5.00
Director
$0 $0 $0
MATTHEW SHERMAN MEMBER TRUSTEE 5.00
Director
$0 $0 $0
STEPHANIE SALZMAN OFFICER: SECRETARY 5.00
Officer Director
$0 $0 $0
SOLOMON STEPLIGHT MEMBER TRUSTEE 5.00
Director
$0 $0 $0
ANYA BARRETT MEMBER TRUSTEE 5.00
Director
$0 $0 $0
ALISON SLONE MEMBER TRUSTEE 5.00
Director
$0 $0 $0
HEATHER BENJAMIN MEMBER TRUSTEE 5.00
Director
$0 $0 $0
DAN CESAREO MEMBER TRUSTEE 5.00
Director
$0 $0 $0
AUBIN AMES HONORARY TRUSTEE 5.00
Director
$0 $0 $0
JOHN GARIPPA HONORARY TRUSTEE 5.00
Director
$0 $0 $0
ALICE HIRSH HONORARY TRUSTEE 5.00
Director
$0 $0 $0
MICHAEL V JOHNSON HONORARY TRUSTEE 5.00
Director
$0 $0 $0
NEWTON SCHOTT HONORARY TRUSTEE 5.00
Director
$0 $0 $0
BRIAN GLATT MEMBER TRUSTEE 5.00
Director
$0 $0 $0
LAUREN TABAK FASS MEMBER TRUSTEE 5.00
Director
$0 $0 $0
DENNIS GOLDSTEIN MEMBER TRUSTEE 5.00
Director
$0 $0 $0
KAREN HEATH-WADE MEMBER TRUSTEE 5.00
Director
$0 $0 $0
SCOTT ROSENBERG MEMBER TRUSTEE 5.00
Director
$0 $0 $0
MOUSHUMI SANGHAVI KHUBLALL MEMBER TRUSTEE 5.00
Director
$0 $0 $0
LIZA HELWIG MEMBER TRUSTEE 5.00
Director
$0 $0 $0
STUART HARWOOD MEMBER TRUSTEE 5.00
Director
$0 $0 $0
DAVID HARRISON MEMBER TRUSTEE 5.00
Director
$0 $0 $0
KATHRYN DAVISON CHIEF FINANCIAL & OPERATION 65.00
Officer
$317,949 $102,729 $420,678
DAVID FLOCCO HEAD, UPPER SCHOOL 55.00
Highest
$209,899 $240,244 $450,143
JAMES CASTELLI DIRECTOR, PHYSICAL PLANT 55.00
Highest
$176,655 $115,589 $292,244
KAREN NEWMAN ASST. HEAD OF SCHOOL 55.00
Highest
$180,259 $51,358 $231,617
STEPHEN VALENTINE ASSOCIATE HEAD OF SCHOOL 55.00
Highest
$197,189 $99,713 $296,902
CARLAINA BELL HEAD, MIDDLE CAMPUS 55.00
Highest
$169,670 $106,432 $276,102
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 $60,496,517 $53,274,848 $126,603,472 $7,221,669
2024 $57,361,999 $51,992,856 $102,321,822 $5,369,143
2023 $53,487,855 $49,131,523 $92,287,846 $4,356,332
2022 $51,589,426 $46,541,061 $86,504,754 $5,048,365
2021 $53,739,455 $43,909,436 $89,226,686 $9,830,019
2020 $50,825,172 $44,307,593 $76,637,358 $6,517,579
2019 $44,391,882 $41,903,958 $71,614,062 $2,487,924
2018 $44,468,670 $41,944,797 $64,630,512 $2,523,873
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