The Spence School
The Spence School reported $63.8 million in revenue and $72.0 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $84.30 went to program services, $11.60 to management and general costs and $4.10 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 84.5% of the total. The highest compensation it reported for one person was $954,143 (HEAD OF SCHOOL). 134 people received more than $100,000 in reportable compensation. Revenue fell 12% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $72MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $64MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 84.3% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 11.6% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 4.1% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.50 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 9.3% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.9% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 84.5% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $954,143 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.33% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 134 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 57.1 | 13.3 |
| Independent voting board members Part VI 1a–1b | 29 of 29 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseHighest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| HEAD OF SCHOOL Officer, 40.00 hrs/week | $829,470 | $0 | $124,673 | $954,143 |
| DIRECTOR FINANCE & OPERATIONS Officer, 40.00 hrs/week | $533,604 | $0 | $45,740 | $579,344 |
| HEAD OF MIDDLE SCHOOL Key employee, 40.00 hrs/week | $521,562 | $0 | $36,132 | $557,694 |
| DIRECTOR OF TEACHING/LEARNING Highest compensated employee, 40.00 hrs/week | $326,996 | $0 | $57,084 | $384,080 |
| DIRECTOR OF CURRICULUM Highest compensated employee, 40.00 hrs/week | $317,482 | $0 | $60,841 | $378,323 |
| HEAD OF LOWER SCHOOL Key employee, 40.00 hrs/week | $331,476 | $0 | $46,341 | $377,817 |
| CO-DIR. COLLEGE COUNSELING Highest compensated employee, 40.00 hrs/week | $287,586 | $0 | $53,035 | $340,621 |
| HEAD OF UPPER SCHOOL Key employee, 40.00 hrs/week | $278,830 | $0 | $59,084 | $337,914 |
134 people received more than $100,000 in reportable compensation from The Spence School (Part VII, line 2). Compensation of current officers, directors and key employees totaled $2.7M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b29 · 29 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5421
- Volunteers Part I, line 6400
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| SCIAME CONSTRUCTION LLC Construction | $5,406,827 |
| BUILDING CARE SOLUTIONS INC Cleaning services | $817,870 |
| NOVA CONSTRUCTION SERVICES LLC Construction | $718,015 |
| THORNTON TOMASETTI INC Construction | $435,029 |
| MARIO'S TRANSPORTATION INC Transportation | $322,169 |
Individuals listed as contractors are left out. 22 contractors were paid more than $100,000 in all.
Private foundation grants it received
54 private foundations reported grants to The Spence School totaling $2.7M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from The Spence School's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for The Spence School, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 The Spence School spent in FY2025, $84.30 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Madonna UniversityLivonia, MI · revenue $64M · programs 91.6% · FY2025
- Asbury CollegeWilmore, KY · revenue $64M · programs 87.9% · FY2025
- Belmont Abbey CollegeBelmont, NC · revenue $64M · programs 76.2% · FY2025
- Fisk UniversityNashville, TN · revenue $64M · programs 63.0% · FY2025
- Baylor SchoolChattanooga, TN · revenue $64M · programs 81.9% · FY2025
Questions people ask
How much of The Spence School's spending goes to programs?
In the fiscal year ending June 30, 2025, The Spence School reported that 84.3% of its $72.0 million in expenses went to program services, 11.6% to management and general and 4.1% to fundraising (Form 990, Part IX).
How much does The Spence School pay its top executive?
The largest total compensation The Spence School reported for one person in the fiscal year ending June 30, 2025 was $954,143, for the role of HEAD OF SCHOOL (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Spence School get its money?
Of $63.8 million in revenue in the fiscal year ending June 30, 2025, 9.3% came from contributions and grants (including 0.9% from government grants) and 84.5% from program service revenue (Form 990, Part VIII).
Is The Spence School a registered charity?
The IRS lists EIN 13-1635286 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202631219349300728 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202531329349304778 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202411159349300026 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311219349301601 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202231089349300613 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202111119349300021 · read the filing
All filings for EIN 13-1635286: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.