Forman School Inc

Nonprofit profile at a glance

EIN
060646648
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Litchfield, CT, USA
Phone
8605671807
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$23,568,387
Expenses
$23,717,831
Assets
$51,299,139
Liabilities
$15,627,643

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • MICHAEL COOK (PRESIDENT & TRUSTEE)
  • ANNE QUILHOT BUCKLEY (VICE PRESIDENT & TRUSTEE)
  • BARBARA CHACE (VICE PRESIDENT & TRUSTEE)

Highest reported compensation

  • ADAM MAN (FORMER HEAD OF SCHOOL (UNTIL 06/24)): $569,981 total reported compensation
  • EDWARD KOWALCHICK (ASSOC. HEAD OF SCHOOL (UNTIL 06/25)): $359,963 total reported compensation
  • AMY CLEMONS (HEAD OF SCHOOL (AS OF 07/24)): $313,797 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The forman school is an independent, coeducational college preparatory school for boarding and day students with identified learning differences. Forman develops the whole student so that all graduates become educated, confident, self-advocates throughout life.

What it reported doing in 2024

Operate and maintain a private school (grades 9-12) for children with specific learning differences and to prepare them for a college curriculum.

Operating model

Revenue model
Earned-program. 80% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 84% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 91
  • Accountability: 100
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.5%; rating input score 75
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: $3.31 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.6%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 2.16; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 9.4%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 5.9% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 47th percentile among comparable filings
  • Asset growth: 5.9% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 75.5% of revenue deployed · 78.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $18.7M in reported program spending
  • Leadership: top reported pay $570K · 22 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $2M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • High — Sustainability: Operating margin scored 28/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.