2025-04-29T12:25:14-05:00 2024-06-30 881478669 CBIZ ADVISORS LLC 1 MONTGOMERY STREET SUITE 1700 SAN FRANCISCO CA 94104 990 2023-07-01 943204137 MENLO SCHOOL MENL 6503302000 50 VALPARAISO AVENUE ATHERTON CA 94027 SHELLY GUPTA CFO 6503302000 2025-04-25 1 0 ROGER BULOSAN P00221282 4154326200 2025-04-25 2023 2025-03-06 01:10:19Z THAN HEALY 50 VALPARAISO AVENUE ATHERTON CA 94027 187609470 0 X WWW.MENLOSCHOOL.ORG X 1994 CA ESTABLISH AND OPERATE AS AN EDUCATIONAL INSTITUTION FOR THE EDUCATION OF YOUNG MEN AND WOMEN. 26 26 437 834 60889 11178 13504000 18240000 45063000 46830000 3013900 4053694 6529876 7574384 68110776 76698078 6600000 7645000 0 0 38478000 40414000 0 0 1958000 23095589 24086979 68173589 72145979 -62813 4552099 320747000 341387000 77793000 80858000 242954000 260529000 MENLO SCHOOL'S MISSION IS TO EMPOWER STUDENTS TO EXPLORE AND EXPAND THEIR INTERESTS, REACH THEIR FULLEST POTENTIAL, DEVELOP THE SKILLS NECESSARY FOR SUCCESS IN COLLEGE, AND BECOME ETHICAL, RESPONSIBLE, AND ENGAGED MEMBERS OF EVER WIDER COMMUNITIES. 0 0 66028000 7645000 54193000 INSTRUCTION FOR GRADES 6 TO 12 FOR APPROXIMATELY 795 STUDENTS. 66028000 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 1 146 0 1 437 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 1 1 1 1 0 CA X SHELLY GUPTA CFO 6503302000 50 VALPARAISO AVENUE ATHERTON CA 94027 KAREN KING CHAIR 2.00 X X 0 0 0 OMAR AGUILAR TRUSTEE 2.00 X 0 0 0 BRUCE BURKARD TRUSTEE 2.00 X 0 0 0 GRADY BURNETT TRUSTEE 2.00 X 0 0 0 PHIL DEUTCH TRUSTEE 2.00 X 0 0 0 SAMEER DHOLAKIA VICE CHAIR 2.00 X X 0 0 0 APRIL HOUSE SECRETARY 2.00 X X 0 0 0 LARA HOUSSER TRUSTEE 2.00 X 0 0 0 STEPHANIE M JACKSON TRUSTEE 2.00 X 0 0 0 LINDA WYTHES KNOLL TRUSTEE 2.00 X 0 0 0 JON LEVIN TRUSTEE 2.00 X 0 0 0 STEVE MILLER TRUSTEE 2.00 X 0 0 0 JEN MULLOY TRUSTEE 2.00 X 0 0 0 JORY STEELE TRUSTEE 2.00 X 0 0 0 NIKHIL BASU TRIVEDI TRUSTEE 2.00 X 0 0 0 DAMARIS AVILA TRUSTEE 2.00 X 0 0 0 PRIYANKA GOEL CHANDRASEKAR TRUSTEE 2.00 X 0 0 0 CHRISTY RICHARDSON TRUSTEE 2.00 X 0 0 0 ABBY DURBAN TRUSTEE 2.00 X 0 0 0 EDRIENNE BRANDON TRUSTEE 2.00 X 0 0 0 JERVIS WILLIAMS TRUSTEE 2.00 X 0 0 0 STACEY BISHOP TRUSTEE 2.00 X 0 0 0 DIPENDER SALUJA TRUSTEE 2.00 X 0 0 0 DENNIS YANG TRUSTEE 2.00 X 0 0 0 REEMA SHAH TRUSTEE 2.00 X 0 0 0 LAURA DHOLAKIA TRUSTEE 2.00 X 0 0 0 NATHANIEL HEALY HEAD OF SCHOOL 40.00 X 758732 0 82201 WILLIAM SILVER CFO (TO JUNE 2024) 40.00 X 142836 0 16285 JOHN SCHAFER DIRECTOR OF UPPER SCHOOL 40.00 X 294665 0 200414 CARLA DIEZ-CANSECO DIRECTOR OF HUMAN RESOURCES 40.00 X 227457 0 56381 LA VINA LOWERY MIDDLE SCHOOL DIRECTOR 40.00 X 240366 0 52347 EARL KOBERLEIN DIRECTOR OF ATHLETICS 40.00 X 231157 0 82897 LINDA BERTETTA DIRECTOR OF FINANCE 40.00 X 218346 0 40396 BRIDGETT LONGUST DEAN OF TEACHING & LEARNING 40.00 X 220552 0 49712 2334111 0 580633 139 0 1 0 DFWH ENTERPRISES CO DAVID FINKEL AND W 53 EASTERN DR NEW YORK NY 10502 ARTISTIC/MUSICAL 236162 MARCUM LLP 1 MONTGOMERY ST STE 1700 SAN FRANCISCO CA 94104 ACCOUNTING/AUDIT 189461 2 1290224 16949776 338000 18240000 STUDENT TUITION 611600 46830000 46830000 46830000 3517889 60889 3457000 207000 0 207000 207000 207000 111213000 110677195 535805 535805 535805 211114 1290224 211114 0 27467 23083 4384 4384 MUSIC@MENLO 611600 4159000 4159000 OTHER 611600 2125000 2125000 PARENT ASSOCIATION, NET 611600 1079000 1079000 7363000 76698078 54193000 60889 4204189 7645000 7645000 1379445 1035973 171736 171736 28684187 26216203 1629492 838492 3156492 2871022 185735 99735 5057876 4596802 299037 162037 2136000 1937000 128000 71000 429979 429979 1247000 1208000 16000 23000 1042000 1006000 15000 21000 7551000 7293000 109000 149000 436000 422000 6000 8000 CURRICULUM AND STUDENT 8222000 8222000 FACILITIES AND MAINTENA 3146000 3048000 38000 60000 OTHER GENERAL EXPENSES 1265000 252000 663000 350000 BAD DEBT EXPENSE 463000 463000 285000 275000 6000 4000 72145979 66028000 4159979 1958000 42251000 41137000 6986000 7137000 10119000 10676000 1940000 1940000 408000 521000 224813000 88234000 140209000 136579000 88911000 112325000 27179000 29892000 2744000 1180000 320747000 341387000 5454000 6410000 40133000 42325000 32206000 32123000 77793000 80858000 X 174070000 173598000 68884000 86931000 242954000 260529000 320747000 341387000 X 4552099 13082355 -59454 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 92880000 12311000 9904000 3329000 111766000 81303000 8844000 5759000 3025000 92881000 84922000 7048000 -7938000 2729000 81303000 66184000 1726000 19759000 2747000 84922000 64667000 2102000 1999000 2584000 66184000 0.30890 0.52630 0.16480 0 0 32700000 32700000 165116000 72041000 93075000 6367000 3217000 3150000 15001000 10308000 4693000 5629000 2668000 2961000 136579000 INVESTMENTS MEASURED AT COST 975000 C INVESTMENTS MEASURED AT NAV 28917000 F 29892000 X 81646000 13082355 13082355 68563645 429979 7704454 8134433 76698078 64071000 0 64071000 429979 7645000 8074979 72145979 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF APPROXIMATELY 85 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE SCHOOL HAS THIRTY-SIX MENLO VENTURE CAPITAL ENDOWMENT FUNDS THAT INVEST PRIMARILY IN OTHER DOMESTIC VENTURE CAPITAL PARTNERSHIPS AND NEW AND EMERGING COMPANIES. AS REQUIRED BY U.S. GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES CONSIDERS BOARD DESIGNATED ENDOWMENT FUNDS TO BE ASSETS FUNCTIONING AS ENDOWMENTS, NET OF ASSOCIATED LIABILITIES. THE BOARD OF TRUSTEES HAS INTERPRETED CALIFORNIA'S ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT OF 2006 ("UPMIFA") AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, THE SCHOOL CLASSIFIES AS NET ASSETS WITH DONOR RESTRICTIONS TO BE HELD IN PERPETUITY (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NET ASSETS WITH DONOR RESTRICTIONS TO BE HELD IN PERPETUITY, IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. IN ACCORDANCE WITH UPMIFA, THE SCHOOL CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: (1) THE DURATION AND PRESERVATION OF THE FUND. (2) THE PURPOSES OF THE SCHOOL AND THE DONOR-RESTRICTED ENDOWMENT FUND. (3) GENERAL ECONOMIC CONDITIONS. (4) THE POSSIBLE EFFECT OF INFLATION AND DEFLATION. (5) THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS. (6) OTHER RESOURCES OF THE SCHOOL. (7) THE INVESTMENT POLICIES OF THE SCHOOL. THE SCHOOL HAS ADOPTED AN INVESTMENT AND SPENDING POLICY FOR ITS REGULAR ENDOWMENT AND TERM ENDOWMENT ASSETS THAT ATTEMPTS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENTS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR DONOR-SPECIFIED PERIODS AS WELL AS BOARD DESIGNATED FUNDS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE SCHOOL HAS AN OBJECTIVE TO INVEST THE REGULAR ENDOWMENT SO THAT, AT APPROPRIATE LEVELS OF RISK, IT PROVIDES A PAYOUT OF 4% OF THE FAIR MARKET VALUE OF THE PREVIOUS 12 QUARTERS TO THE OPERATING BUDGET OF THE SCHOOL WHILE GROWING THE CORPUS SO AS TO MEET OR EXCEED THE RATE OF INFLATION AND COVER THE EXPENSES NECESSARY TO MANAGE IT. THE RETURNS FROM THE MENLO SCHOOL EDUCATORS FUND, SUBJECT TO MEETING CERTAIN CRITERIA, WILL BE USED TO FUND BONUSES FOR FACULTY AND STAFF. THE TERM ENDOWMENT DISTRIBUTION POLICY IS TO DISTRIBUTE FUNDS AS NEEDED TO SUPPORT THE STUDENTS OR PROGRAMS THE FUNDS HAVE BEEN ASSIGNED TO. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR OR UPMIFA REQUIRES THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. THE SCHOOL HAS A POLICY THAT PERMITS SPENDING FROM UNDERWATER ENDOWMENT FUNDS DEPENDING ON THE DEGREE TO WHICH THE FUND IS UNDERWATER, UNLESS OTHERWISE PRECLUDED BY DONOR INTENT OR RELEVANT LAWS AND REGULATIONS. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2024. PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTON 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE THE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE SCHOOL HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE-LIKELY-THAN-NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THAT IT MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR UNKNOWN INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE SCHOOL'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES; HOWEVER, THERE ARE NO EXAMINATIONS IN PROGRESS NOR ARE THERE ANY PENDING. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -1,435. UNRELATED BUSINESS INCOME 60,889. FINANCIAL AID AND SCHOLARSHIPS (NETTED AGAINST TUITION) 7,645,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS (NETTED AGAINST TUITION) 7,645,000. ROUNDING 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 RACIAL NONDISCRIMINATORY POLICY IS STATED IN ITS WEBSITE: HTTPS://WWW.MENLOSCHOOL.ORG/. THE POLICY IS ALSO STATED ON THE SCHOOL'S ADMISSIONS MATERIALS. AUCTION EVENT 1501338 1290224 211114 54923 103175 53016 1501338 1290224 211114 54923 103175 53016 211114 0 1 FINANCIAL AID 163 7645000 FMV GRANTING OF FINANCIAL AID PART I, LINE 2: FINANCIAL AID: THESE ARE ALL FINANCIAL AID AWARDS, AND THE AWARDS ARE APPLIED DIRECTLY BY THE SCHOOL TO THE RECIPIENTS' TUITION BALANCE. THERE IS NO POSSIBILITY THAT THE AWARD COULD BE MISAPPLIED. X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 NATHANIEL HEALY HEAD OF SCHOOL 643695 0 115037 0 0 0 39600 0 42601 0 840933 0 0 0 JOHN SCHAFER DIRECTOR OF UPPER SCHOOL 248179 0 26486 0 20000 0 31837 0 168577 0 495079 0 0 0 EARL KOBERLEIN DIRECTOR OF ATHLETICS 207157 0 0 0 24000 0 25344 0 57553 0 314054 0 0 0 LA VINA LOWERY MIDDLE SCHOOL DIRECTOR 240366 0 0 0 0 0 28832 0 23515 0 292713 0 0 0 CARLA DIEZ-CANSECO DIRECTOR OF HUMAN RESOURCES 203457 0 0 0 24000 0 25144 0 31237 0 283838 0 0 0 BRIDGETT LONGUST DEAN OF TEACHING & LEARNING 205742 0 14810 0 0 0 24864 0 24848 0 270264 0 0 0 LINDA BERTETTA DIRECTOR OF FINANCE 202887 0 15459 0 0 0 25173 0 15223 0 258742 0 0 0 WILLIAM SILVER CFO (TO JUNE 2024) 135709 0 7127 0 0 0 16285 0 0 0 159121 0 0 0 PART I, LINE 1A THAN HEALY (HEAD OF SCHOOL) RESIDES AT THE HEAD OF SCHOOL HOUSE, OWNED BY THE SCHOOL. A CALIFONIA ENTERPRISE DEVELOPMENT AUTHORITY 352273601 2017-03-27 33000000 REFINANCE, PAY COST OF ISSUANCE 0 0 0 A 33000000 255178 14736809 18008013 2017 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 LA VINA LOWERY DIRECTOR OF MIDDLE SCHOOL PURCHASE OF HOME X 290000 290000 0 1 1 290000 DEBORAH BLAKE SPOUSE OF THAN HEALY, HEAD OF SCHOOL. 48845 EVENTS MANAGEMENT SERVICES 0 X 45 180786 FMV X AUCTION ITEMS, GIK 210 157545 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES REQUESTS NOMINATIONS FOR NEW TRUSTEES FROM THE BOARD OF TRUSTEES. THE NOMINEES ARE VETTED BY THE GOVERNANCE COMMITTEE AND PRESENTED TO THE BOARD IN THE APRIL MEETING. THE BOARD ELECTS NEW TRUSTEES IN THE MAY BOARD MEETING. ONLY TRUSTEES ELECT NEW TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY CERTIFIED PUBLIC ACCOUNTANTS, MARCUM, LLP. IT IS REVIEWED BY THE CFO AND DIRECTOR OF FINANCE PRIOR TO FILING. THE PUBLIC DISCLOSURE COPY OF THE FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CFO SIGNS ALL CHECKS AND KNOWS THE VENDORS WE DO BUSINESS WITH. HE KNOWS WHO OUR BOARD MEMBERS ARE AND IS ALWAYS MINDFUL AND AWARE OF ANY POTENTIAL CONFLICTS OF INTEREST. IF THERE WERE ANY RELATIONSHIPS BETWEEN BOARD MEMBERS AND VENDORS WE WOULD GO THROUGH THE PROCESS OF ENSURING THAT ALL TRANSACTIONS WERE AT ARMS LENGTH. WE HAVE STRENUOUSLY ENDEAVORED TO BE SURE THAT THERE ARE NO CONFLICTS AND MONITOR OUR ACCOUNTS PAYABLE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR HEAD OF SCHOOL AND CFO IS APPROVED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE BY REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE IN THE BOARD SECRETARY'S OFFICE. FINANCIAL STATEMENTS ARE IN THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9: ROUNDING EXPENSE 1,435. UNRELATED BUSINESS INCOME -60,889. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR. MENLO SCHOOL AND MENLO COLLEGE C/O MENLO SCHOOL 50 VALPARAISO AVEN ATHERTON CA 94027 941156656 SUPPORT ACTIVITIES OF ITS AFFILIATED ORGANIZATIONS, MENLO SCHOOL AND COLLEGE CA 501(C)(3) LINE 12A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 MENLO SCHOOL AND MENLO COLLEGE P 192000