Potomac School
- Assets
- $221.7m
- Revenue
- $57.0m
- Investments
- $43.0m
- Employees
- 476
- Location
- Mclean, VA
- Founding
- 05/1931
- Data as of
- 06/2022
- EIN
- 54-0562160
Organization Overview
Potomac School is located in Mclean, VA. The organization was established in 1931. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Potomac School employed 476 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Potomac School is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Potomac School generated $57.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $53.8m during the year ending 06/2022. While expenses have increased by 3.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
AT THE POTOMAC SCHOOL, WE BELIEVE THAT INTELLECTUAL DEVELOPMENT, LOVE OF LEARNING, AND STRENGTH OF CHARACTER ARE COMPLEMENTARY, AND EQUALLY ESSENTIAL, EDUCATIONAL GOALS. WITH A FIRM COMMITMENT TO OUR CORE VALUES AND A RIGOROUS ACADEMIC PROGRAM, WE PREPARE STUDENTS TO LEAD LIVES OF PURPOSE, ACHIEVEMENT, AND GENEROSITY OF SPIRIT.
Describe the Organization's Program Activity:
PROVIDING EDUCATION FROM KINDERGARTEN TO THE TWELFTH GRADE FOR APPROXIMATELY 1065 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sameer Bhargava Chair | OfficerTrustee | 2 | $0 |
Norma C Ramsey Vice Chair | OfficerTrustee | 2 | $0 |
Karen Sonneborn Secretary | OfficerTrustee | 2 | $0 |
Thomas J Rietano Treasurer | OfficerTrustee | 2 | $0 |
Noha Abdalla Trustee | Trustee | 2 | $0 |
Natalie F Bush Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meriwether Godsey Inc Food Service | 6/29/22 | $697,476 |
Cannon Washington Inc Architect | 6/29/22 | $304,382 |
Red Coats Inc Janitorial | 6/29/22 | $669,001 |
Bright View Landscape Services Inc Landscaping | 6/29/22 | $289,931 |
Game Day Inc Landscaping | 6/29/22 | $230,540 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $15,984 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,347,604 |
| Noncash contributions included in lines 1a–1f | $497,393 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,363,588 |
| Total Program Service Revenue | $49,814,692 |
| Investment income | $59,297 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,305,535 |
| Net Income from Fundraising Events | $1,315,163 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,983,758 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,326,323 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,279,290 |
| Compensation of current officers, directors, key employees. | $116,125 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,472,691 |
| Pension plan accruals and contributions | $1,614,341 |
| Other employee benefits | $3,668,442 |
| Payroll taxes | $1,676,061 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $83,988 |
| Fees for services: Accounting | $76,753 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $79,400 |
| Fees for services: Investment Management | $129,826 |
| Fees for services: Other | $1,589,477 |
| Advertising and promotion | $60,961 |
| Office expenses | $621,118 |
| Information technology | $928,786 |
| Royalties | $0 |
| Occupancy | $1,657,858 |
| Travel | $322,503 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $429,552 |
| Interest | $1,117,756 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,708,589 |
| Insurance | $379,487 |
| All other expenses | $803,924 |
| Total functional expenses | $53,794,709 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $51,264,048 |
| Pledges and grants receivable | $2,175,389 |
| Accounts receivable, net | $225,377 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $71,333 |
| Prepaid expenses and deferred charges | $743,580 |
| Net Land, buildings, and equipment | $103,327,330 |
| Investments—publicly traded securities | $27,037 |
| Investments—other securities | $43,013,233 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,846,532 |
| Total assets | $221,694,159 |
| Accounts payable and accrued expenses | $3,917,544 |
| Grants payable | $0 |
| Deferred revenue | $23,816,861 |
| Tax-exempt bond liabilities | $21,828,255 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $3,620,800 |
| Other liabilities | $21,914,435 |
| Total liabilities | $75,097,895 |
| Net assets without donor restrictions | $138,315,109 |
| Net assets with donor restrictions | $8,281,155 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $221,694,159 |