2026-05-11T13:48:01-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 200 BRICKSTONE SQUARE SUITE 103 ANDOVER MA 01810 990 2024-07-01 210727645 PRINCETON DAY SCHOOL INC PRIN 6099246700 650 GREAT ROAD PRINCETON NJ 08540 DULANY H GIBSON ASST HOS FOR FINANCE 6099246700 2026-05-11 1 0 LUKE BURNETT P01079018 9786202000 2026-04-15 2024 2025-03-06 01:10:19Z KELLEY NICHOLSON-FLYNN 650 GREAT ROAD PRINCETON NJ 08540 55699963 0 1 X HTTPS://WWW.PDS.ORG/ X 1965 NJ CULTIVATING INTELLECTUAL VITALITY AND STRENGTH OF CHARACTER WITHIN A COMMUNITY 20 18 469 300 0 0 2337204 3496066 42730522 45268688 2973220 3100265 -211011 -243773 47829935 51621246 6289888 6668255 0 0 33938423 35191262 4000 10750 2070202 10513562 11053049 50745873 52923316 -2915938 -1302070 187009335 198519902 59130252 62654429 127879083 135865473 PRINCETON DAY SCHOOL CULTIVATES INTELLECTUAL VITALITY AND STRENGTH OF CHARACTER WITHIN A COMMUNITY OF COMPASSION,SHARED RESPONSIBILITY, AND PLAY. 0 0 43647494 6668255 45269908 PRINCETON DAY SCHOOL IS AN INDEPENDENT PREK TO 12 INSTITUTION DEDICATED TO SERVING APPROXIMATELY 970 STUDENTS. WE FOSTER HUMANITY, CREATIVITY, INTELLECT, JOY, AND STEWARDSHIP IN EACH OF OUR STUDENTS AND STRIVE TO EMPOWER EVERY LEARNER TO ACT WITH WISDOM AND PURPOSE. 43647494 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 81 0 1 469 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 18 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 NJ X DULANY H GIBSON 6099246700 650 GREAT ROAD PRINCETON NJ 08540 X KELLEY NICHOLSON-FLYNN HEAD OF SCHOOL 40.00 X X 503335 0 164815 DULANY H GIBSON ASSISTANT HOS FINANCE & OPERATIONS 40.00 X 280273 0 106999 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 40.00 X 260250 0 30099 JONATHAN CORMIER DIRECTOR OF ADVANCEMENT 40.00 X 259001 0 138969 JON OSTENDORF CHIEF INFORMATION OFFICER 40.00 X 245568 0 105874 RENEE PRICE ASST HOS/HEAD OF MIDDLE SCHOOL 40.00 X 229938 0 89804 SANDY WANG HEAD OF LOWER SCHOOL 40.00 X 229109 0 34304 PAUL J STELLATO FORMER HEAD OF SCHOOL 0.00 X 125000 0 0 CHRISTOPHER BOBBITT CHAIR 5.00 X X 0 0 0 ASHLEY AITKEN-DAVIES VICE CHAIR 2.00 X X 0 0 0 JACOB SILVERMAN TREASURER 2.00 X X 0 0 0 ANNA HORNER SECRETARY 2.00 X X 0 0 0 SANFORD BING TRUSTEE 1.00 X 0 0 0 JIXIN DAI TRUSTEE 1.00 X 0 0 0 BETH GETER-DOUGLASS TRUSTEE 1.00 X 0 0 0 GEORGIA B GOSNELL TRUSTEE 1.00 X 0 0 0 DYLAN LEITH TRUSTEE 1.00 X 0 0 0 CYNTHIA LINVILLE TRUSTEE 1.00 X 0 0 0 AMANDA MAHER TRUSTEE 1.00 X 0 0 0 WESLEY MARKHAM TRUSTEE 1.00 X 0 0 0 LEE MASCHLER TRUSTEE 2.00 X 0 0 0 PARIS MCLEAN TRUSTEE 1.00 X 0 0 0 KAVITA MORRIS TRUSTEE 1.00 X 0 0 0 HOWARD POWERS TRUSTEE 1.00 X 0 0 0 STEPHANIE RICHMAN TRUSTEE 1.00 X 0 0 0 SHEFALI SHAH TRUSTEE 1.00 X 0 0 0 JOHN C WELLEMEYER TRUSTEE 1.00 X 0 0 0 2132474 0 670864 66 1 1 0 CIMCO REFRIGERATION INC 2502 COMMERCIAL PARK DRIVE MOBILE AL 36606 RINK CHILLER AND INSTALLATION 685457 FLIK INDEPENDENT SCHOOLS PO BOX 417632 BOSTON MA 02241 FOOD SERVICE 361709 FOUR SEASONS TRANSPORTATION LLC 20 IRVEN STREET TRENTON NJ 08638 TRANSPORTATION 140160 3 214149 3281917 129288 3496066 TUITION 611600 44046202 44046202 SUMMER PROGRAMS 611600 917933 917933 STAY & PLAY 611600 99092 99092 AFTER SCHOOL COURSES 611600 98899 98899 MUSIC LESSONS 611600 42794 42794 63768 63768 45268688 2559703 2559703 761826 1085385 -323559 -323559 -323559 3425813 2885251 540562 540562 540562 186647 108081 78566 78566 OTHER REVENUE 900099 1220 1220 1220 51621246 45269908 0 2855272 6668255 6668255 893441 263500 550891 79050 24849258 20236446 3574727 1038085 1883008 1508156 287197 87655 5765674 4571408 825363 368903 1799881 1453635 275389 70857 54954 54954 46913 46913 10750 10750 123158 123158 33793 33793 138091 6371 131720 2288438 1461991 574547 251900 1118549 955983 131959 30607 791592 656853 107791 26948 268105 195018 64828 8259 32593 32593 833059 833059 2628381 2435648 154186 38547 486822 403958 66291 16573 REPAIRS AND MAINTENANCE 1842538 1632196 168274 42068 PROF. DEVELOPMENT 284517 250878 33639 AUXILIARY SUPPLIES 81546 81546 52923316 43647494 7205620 2070202 3862618 5832495 1649141 1588796 816113 773153 26691603 29756174 163247 180556 576328 1194799 95315766 40876754 57344993 54439012 94671859 103596513 1233433 1158404 187009335 198519902 3272926 3222670 35608191 39192876 19136876 19014781 1112259 1224102 59130252 62654429 X 63744384 65265701 64134699 70599772 127879083 135865473 187009335 198519902 X -1302070 9411142 -122682 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 7.50 1 0 50.00 89910124 868259 12108253 1384775 2288868 99212993 81053411 1138343 11386162 1399121 2268671 89910124 75053419 986412 8505857 1306780 2185497 81053411 90223641 766314 -12734490 1208440 1993606 75053419 66463406 6385301 20110293 902837 1832522 90223641 0.31638 0.68362 0 0 2615094 2615094 83019132 33219702 49799430 9638442 7657052 1981390 43098 43098 54439012 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 1139326 LEASE LIABILITY 84776 1224102 55311759 9411142 -5597471 3813671 51498088 123158 123158 51621246 47325369 1193466 1193466 46131903 123158 6668255 6791413 52923316 PART II, LINE 9: THE SCHOOL'S CONSERVATION EASEMENT REPRESENTS 7.5 ACRES OF LAND PURCHASED IN JUNE 2001. WHILE THE SCHOOL HAS AGREED TO KEEP THE LAND AS OPEN SPACE, IN 2012 AN OUTDOOR CLASSROOM WAS BUILT THAT MEETS THE INTENT OF THE CONSERVATION AND AGRICULTURAL EASEMENT AND WAS APPROVED BY THE D&R GREENWAY LAND TRUST WHO HOLDS THE EASEMENT ON THE PROPERTY. THE LAND IS INCLUDED IN THE PROPERTY, PLANT AND EQUIPMENT SECTION OF THE AUDITED FINANCIAL STATEMENTS. LAND IS A NON-DEPRECIABLE ASSET, THEREFORE, THERE ARE NO EFFECTS ON THE REVENUE AND EXPENSE STATEMENT. MONITORING OF EASEMENT COMPLIANCE IS DONE BY THE DIRECTOR OF FACILITIES AND MEMBERS OF FACILITIES STAFF MONTHLY. PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF FUNDS THAT HAVE BEEN ESTABLISHED BY DONORS AND THE SCHOOL TO SUPPORT FINANCIAL AID, FACULTY COMPENSATION, PROFESSIONAL DEVELOPMENT, AND OTHER GENERAL OPERATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED -6,668,255. DIRECT RENTAL EXPENSES 1,085,385. BOOKSTORE COST OF GOODS SOLD 108,081. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -146,178. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 23,496. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 1,085,385. BOOKSTORE COST OF GOODS SOLD 108,081. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED 6,668,255. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S NONDISCRIMINATORY POLICY IS PUBLISHED ON THEIR HOMEPAGE AND IN VARIOUS NEWSPAPERS AND PROMOTIONAL MATERIALS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES PROGRAMMATIC TRIP 23453 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PROGRAMMATIC TRIP 13366 0 0 0 0 0 0 36819 0 36819 0 0 0 0 0 0 PART I, LINE 2: NO GRANTS OUTSIDE US. 1 NEED-BASED SCHOLARSHIPS 236 6668255 CASH VALUE NEED-BASED SCHOLARSHIPS CREDITED TO STUDENT ACCOUNTS PART I, LINE 2: NEED-BASED SCHOLARSHIPS ARE CREDITED TO INDIVIDUAL STUDENT ACCOUNTS, REDUCING THE AMOUNT DUE. RECIPIENTS ARE REQUIRED TO FILE A FINANCIAL STATEMENT WITH AN INDEPENDENT AGENCY WHO EVALUATES THE STATEMENT AND MAKES A RECOMMENDATION TO THE SCHOOL OF THE AMOUNT OF SCHOLARSHIP THE APPLICANT SHOULD RECEIVE. THE SCHOOL CONSIDERS THE RECOMMENDATION TOGETHER WITH THE TOTAL FUNDS AVAILABLE FOR SCHOLARSHIPS AND MAKES AWARDS ACCORDINGLY BASED UPON THE NEED OF THE STUDENT AND THE AVAILABILITY OF FUNDS. X X 1 1 X X X 1 1 0 0 0 0 0 1 1 1 KELLEY NICHOLSON-FLYNN HEAD OF SCHOOL 475535 0 0 0 27800 0 30000 0 134815 0 668150 0 0 0 DULANY H GIBSON ASSISTANT HOS FINANCE & OPERATIONS 279106 0 1167 0 0 0 30000 0 76999 0 387272 0 0 0 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 258438 0 1812 0 0 0 27258 0 2841 0 290349 0 0 0 JONATHAN CORMIER DIRECTOR OF ADVANCEMENT 257960 0 1041 0 0 0 19500 0 119469 0 397970 0 0 0 JON OSTENDORF CHIEF INFORMATION OFFICER 244006 0 1562 0 0 0 25018 0 80856 0 351442 0 0 0 RENEE PRICE ASST HOS/HEAD OF MIDDLE SCHOOL 228795 0 1143 0 0 0 17496 0 72308 0 319742 0 0 0 SANDY WANG HEAD OF LOWER SCHOOL 227966 0 1143 0 0 0 17535 0 16769 0 263413 0 0 0 PAUL J STELLATO FORMER HEAD OF SCHOOL 0 0 0 0 125000 0 0 0 0 0 125000 0 0 0 PART I, LINE 1A HOUSING IS PROVIDED TO THE HEAD OF SCHOOL (HOS), ASSISTANT HOS FOR FINANCE & OPERATIONS, AND THE CHIEF INFORMATION OFFICER, AS THE BOARD OF TRUSTEES FEELS THE RESPONSIBILITIES OF THESE POSITIONS REQUIRE A CONTINUOUS PRESENCE ON CAMPUS. THIS HOUSING MEETS THE INTERNAL REVENUE SERVICE GUIDELINES FOR EXCLUSION FROM TAXABLE INCOME. HOUSE CLEANING IS PROVIDED TO THE HOS AND ASSISTANT HOS FOR FINANCE & OPERATIONS AS PART OF A CONTINUOUS MAINTENANCE PROGRAM FOR THE HOUSES AND IS NOT INCLUDED IN TAXABLE INCOME. PART I, LINES 4A-B PAUL STELLATO, FORMER HEAD OF SCHOOL- $125,000 SEVERANCE PAYMENT KELLEY NICHOLSON- FLYNN, HEAD OF SCHOOL - $20,000 457(F) CONTRIBUTION PART I, LINE 7 BONUSES WERE PAID DURING THE YEAR. THESE WERE APPROVED BY THE HEAD OF SCHOOL, WHO DID NOT PARTICIPATE IN THIS BONUS. BONUSES WERE INCLUDED IN TAXABLE COMPENSATION AND ARE REPORTED IN SCHEDULE J, PART II, COLUMN B(II). PART I, LINE 8 COMPENSATION FOR KELLEY NICHOLSON-FLYNN, HEAD OF SCHOOL, IS SUBJECT TO AN INITIAL WRITTEN EMPLOYMENT AGREEMENT FOR THE PERIOD JULY 1, 2023 TO JUNE 30, 2027. A PUBLIC FINANCE AUTHORITY 273866124 2016-09-13 30535375 REFUND PRIOR ISSUE, CONSTRUCTION 0 0 0 A 456681 30535375 535375 4444625 15000000 2021 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 1 0 1 1 BANK OF NEW YORK MELLON 30.000000000000 0 0 0 0 0 A 0 SCHEDULE K, PART II, LINE 3A: THE ISSUE PRICE CONSISTS OF TWO COMPONENTS. (1) $15,000,000 REFUNDING OF A PRIOR ISSUE, WHICH HAS BEEN ISSUED AND IS OUTSTANDING AS OF JUNE 30, 2025. (2) $15,535,375 NEW LOAN WITH A FIVE-YEAR DRAW PERIOD, AS OF JUNE 30, 2025, $4,980,000 HAS BEEN DRAWN DOWN AND THE FINAL ALLOCATION OF PROCEEDS HAS BEEN MADE. 38000 NEED-BASED SCHOLARSHIPS X 10 129288 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE FIGURE IN THIS COLUMN REPRESENTS THE NUMBER OF CONTRIBUTIONS IN EACH CATEGORY. FORM 990, PART IV, LINE 11F: THE ORGANIZATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740) SO THIS DISCLOSURE IS NO LONGER REQUIRED BASED ON RECENT GUIDANCE BY THE AICPA. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF NOT FEWER THAN SEVEN NOR MORE THAN ELEVEN MEMBERS WHICH SHALL INCLUDE THE CHAIR, THE VICE CHAIR(S), THE TREASURER, THE SECRETARY, THE HEAD OF SCHOOL AND SUCH OTHER MEMBERS OF THE BOARD AS THE CHAIR OF THE BOARD SHALL APPOINT. DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE MAY EXERCISE THE POWERS OF THE BOARD OF TRUSTEES EXCEPT THAT THE COMMITTEE SHALL NOT HAVE THE POWER TO: (1) MAKE, ALTER OR REPEAL ANY BYLAWS, ELECT OR APPOINT ANY TRUSTEE, (2) REMOVE ANY OFFICER OR TRUSTEE, OR (3) REPEAL OR AMEND ANY RESOLUTION PREVIOUSLY ADOPTED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES IS PROVIDED A PUBLIC DISCLOSURE COPY OF THE FORM 990 AND ALL REQUIRED SCHEDULES PRIOR TO ITS FILING. THE FORM 990 AND ALL REQUIRED SCHEDULES THAT ARE AVAILABLE TO THE PUBLIC ARE REVIEWED AND APPROVED AT A MEETING OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES PRIOR TO BEING MADE AVAILABLE TO THE ENTIRE BOARD. ANY QUESTIONS REGARDING THE CONTENTS OF THE RETURN ARE ADDRESSED AT THAT MEETING. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD OF TRUSTEE AND NON-TRUSTEE BOARD COMMITTEE MEMBER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. TRUSTEES AND COMMITTEE MEMBERS ARE ALSO REQUIRED TO REVIEW AND SIGN A COMPLIANCE QUESTIONNAIRE IN REGARDS TO THE CONFLICT OF INTEREST POLICY. TRUSTEES AND COMMITTEE MEMBERS ARE EXPECTED TO KEEP THE BOARD CHAIR INFORMED OF ANY POTENTIAL CONFLICTS OF INTEREST REGARDING BUSINESS AFFAIRS OF THE SCHOOL. WHETHER A CONFLICT OF INTEREST EXISTS SHALL BE DETERMINED BY THE BOARD CHAIR IN CONSULT WITH THE CHAIR OF THE COMMITTEE ON TRUSTEES. IF ONE DOES EXIST, THAT TRUSTEE OR COMMITTEE MEMBER MUST DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. SAID TRUSTEE OR COMMITTEE MEMBER MAY NOT PARTICIPATE IN THE BOARD'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND RESPOND TO QUESTIONS. FORM 990, PART VI, SECTION B, LINE 15 COMPARABLE SALARY INFORMATION IS GATHERED FROM NATIONAL AND REGIONAL ASSOCIATIONS AND IS USED IN DETERMINING THE SALARIES FOR THE HEAD OF SCHOOL AND SENIOR LEADERSHIP TEAM. THE REVIEW OF COMPENSATION IS DONE ON AN ANNUAL BASIS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH DETERMINING COMPENSATION FOR THE HEAD OF SCHOOL BASED ON DATA FROM OTHER COMPARABLE INSTITUTIONS AND ON EVALUATION OF THE HEAD OF SCHOOL'S PERFORMANCE. THE HEAD OF SCHOOL'S PERFORMANCE IS EVALUATED ANNUALLY THROUGH A PROCESS MANAGED BY THE BOARD CHAIR WITH INPUT FROM ALL MEMBERS OF THE BOARD. SALARY FOR THE SENIOR LEADERSHIP TEAM IS DETERMINED ON AN ANNUAL BASIS AS PART OF A FORMAL PERFORMANCE APPRAISAL. COMPARABLE SALARY INFORMATION IS GATHERED BY THE HEAD OF SCHOOL WHO PERFORMS THE ANNUAL PERFORMANCE APPRAISAL AND DETERMINES AN APPROPRIATE SALARY. EMPLOYEES ARE REQUIRED TO SIGN AN EMPLOYMENT CONTRACT WITH PRINCETON DAY SCHOOL ON AN ANNUAL BASIS THAT INCLUDES COMPENSATION INFORMATION. THE CONTRACT IS MAINTAINED IN THE EMPLOYEE'S PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025 FOR SENIOR LEADERSHIP AND THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST TO THE SCHOOL. FORM 990, PART VI, SECTION B, LINE 14: ALTHOUGH THE SCHOOL DOES NOT HAVE A FORMAL, WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY, THE SCHOOL USES FEDERAL AND STATE GUIDELINES IN REGARDS TO MAINTAINING ALL BUSINESS DOCUMENTATION. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP -146,178. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 23,496.