Tower School in Marblehead Inc

Nonprofit profile at a glance

EIN
042105750
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Marblehead, MA, USA
Phone
7816315800
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Kindergarten, Preschool, Nursery School, Early Admissions

Official website

Reported finances

Revenue
$12,277,079
Expenses
$12,147,694
Assets
$24,569,720
Liabilities
$14,543,087

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

Leadership & pay

23 people listed

Highest reported compensation

  • TODD EVELETH (HEAD OF SCHOOL): $281,033 total reported compensation
  • MARGE PIERCE (DIRECTOR OF FINANCE AND OPERATIONS): $195,125 total reported compensation
  • ELIZABETH BUCHAN (HEAD OF LOWER SCHOOL): $167,322 total reported compensation

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

Overview

Mission

We teach our students to think critically and creatively, to develop joyful curiosity, to embrace challenge and apply their knowledge with confidence, and to thrive within a community rich with diverse perspectives and talents.

What it reported doing in 2024

The school operates as a coeducational independent day school offering a broad liberal curriculum for grades pre-kindergarten through eight. Educated 269 students, graduated 20 students and placed them in numerous quality public and private secondary schools.

Operating model

Revenue model
Earned-program. 89% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 70% for direct work, and 30% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - 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: 68
  • Transparency & Controls: 69
  • Accountability: 83
  • Sustainability: 44
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.5%; rating input score 75
  • Program expense ratio: 78.7%; rating input score 79
  • Fundraising efficiency: $1.11 raised per $1 spent on fundraising; rating input score 3; 3rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 81.8%; rating input score 82; 17th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 78.9%; rating input score 79; 15th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.1%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 2.02; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 6.3%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 18th percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 20th percentile among comparable filings
  • Asset growth: 2.8% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 75.5% of revenue deployed · 78.7% of spending went to programs
  • Governance: 15 of 19 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $9.6M in reported program spending
  • Leadership: top reported pay $281K · 23 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 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 3/100.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.