The College Preparatory School Assets Surpass $102 Million, Endowment Campaign up 175.9% to $5.88 Million, While Realized Investment Income Rose 53.4% to $3.58 Million
By Data Team | Published October 28, 2026
The College Preparatory School's total assets reached $102.12 million in fiscal year 2025, anchored by a $39.39 million endowment whose $1.20 million annual payout covers 5.1% of the Oakland day school's $23.67 million operating budget, according to its latest IRS filing. The school spends $47,877 per student in direct program services—and $63,453 per student in overall institutional expenditures—while awarding $3.42 million in need-based financial aid.
College Prep's finances illustrate how an urban independent day school pairs high tuition realization with targeted endowment and philanthropic growth to sustain low student-to-faculty ratios. While gross tuition and fees bring in $58,376 per student across 373 enrollees ($49,218 net of financial aid), the school relies on $5.88 million in annual contributions and $3.58 million in realized investment income to cover its $63,453 total per-student expenditure and support the academic environment behind its placement in the Elite College Placement Index (ECPI).
Unlike East Coast boarding academies that draw nearly half of their budgets from billion-dollar endowments, College Prep operates a disciplined day-school capital model with zero municipal bond debt. A dedicated endowment campaign lifted contributions by 175.9% year-over-year in FY25, driving a $7.82 million operating surplus and expanding the endowment by 23.0% in a single fiscal year.
Institutional & Governance Profile
Founded in 1960 and located at 6100 Broadway in Oakland, California, The College Preparatory School operates as a 501(c)(3) co-educational independent day school serving Grades 9 through 12. Its governance framework separates administrative execution from fiduciary oversight, pairing an executive leadership team with a fully independent Board of Trustees and an audited supporting organization.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1960 in Oakland, the school enrolled 373 students in FY25, issued 162 Form W-2s in calendar year 2024, and engaged 350 volunteers across campus programs and governance committees.
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Executive Leadership: Head of School Monique DeVane leads daily academic and institutional operations alongside Chief Financial Officer Thanh Tran and Assistant Head of School/Academic Dean Scott Mattoon.
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Governing Board (Part VI & Schedule O): At fiscal year-end, the governing body comprised 16 voting trustees, all 16 of whom are independent. Board leadership transitioned at the end of May/June 2025 from Mrunalini Parvataneni and Vice Chair/Secretary Liane Randolph to Board Chair Thomas Clifford.
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Audit & Conflict Oversight: The Executive Committee, CFO, Controller, Head of School, and Audit Committee Chair review the Form 990 in a live session with tax partner Hood & Strong LLP prior to full board distribution. Annual conflict-of-interest disclosures are enforced for all trustees, officers, and key employees.
Top-Line Financials
The College Preparatory School crossed the $100 million total asset mark in FY25 (covering July 1, 2024 through June 30, 2025), expanding total net assets by 13.0% to $82.25 million. Because 94.7% of the school's $19.87 million in liabilities consists of deferred tuition revenue collected in advance for the upcoming academic year rather than long-term debt, the balance sheet exhibits minimal financial leverage.
Balance Sheet Strength
- Total Assets $102,122,451 (+10.8%)
- Total Liabilities $19,873,766 (+2.6%)
- Total Net Assets $82,248,685 (+13.0%)
- Donor-Restricted Net Assets $39,379,060 (47.9% of Total Net Assets)
- Unrestricted Net Assets $42,869,625 (52.1% of Total Net Assets)
Operating Performance
- Total Revenue $31,493,027 (+25.5%)
- Total Expenses $23,668,097 (+4.4%)
- Operating Surplus $7,824,930 (+222.1%)
- Unrealized Gains (Excluded) $1,645,858
Note: The $7.82 million reported operating surplus reflects standard Form 990 parameters including $4.27 million in endowment campaign inflows; adding $1.65 million in unrealized investment gains accounts for the school's full $9.47 million net asset expansion in FY25.
Revenue Breakdown
As an independent day school, College Prep derives 69.1% of its $31.49 million in total revenue from tuition and fees. However, FY25 marked a major inflection in non-tuition inflows: an active endowment campaign propelled contributions up 175.9% year-over-year to $5.88 million, while realized investment income rose 53.4% to $3.58 million, reducing tuition's share of total revenue from 81.8% in FY24 to 69.1% in FY25.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 6.1% YoY$21,774,070 (69.1%)
- Tuition & Fees (373 Enrolled Students) $21,774,070
- Prior Year Tuition & Fees (FY24) $20,523,565
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Contributions & Grants Up 175.9% YoY$5,878,555 (18.7%)
- Direct Gifts & Endowment Campaign Contributions $5,610,513
- Fundraising Events Contributions (Spring Benefit & Book Fair) $268,042
- Noncash Publicly Traded Stock Gifts (38 Contributors) $1,647,023
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Investment Income Up 53.4% YoY$3,577,726 (11.4%)
- Realized Capital Gains ($15.61M Gross Sales) $2,143,662
- Dividends & Interest $1,434,064
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Other Revenue Up 148.2% YoY$262,676 (0.8%)
- Refunds, Events & Miscellaneous Revenue $135,738
- Net Fundraising Events ($232,423 Gross Less $114,490 Expenses) $117,933
- Net Gaming/Raffle Income ($15,100 Gross Less $6,095 Prizes) $9,005
Endowment Performance and Asset Allocation
In contrast to boarding schools that commit over half of their portfolios to illiquid hedge funds and offshore private partnerships, The College Preparatory School maintains a liquid, public-market investment posture. Across its $62.06 million in total cash and financial holdings on Part X, 71.0% ($44.08 million) is invested in publicly traded securities and 28.9% ($17.97 million) sits in cash and temporary savings, with zero holdings in alternative securities or foreign investment vehicles.
College Prep's $39.39 million endowment expanded by 23.0% in FY25 ($105,615 per student), propelled by $4.27 million in new gifts and $4.31 million in net investment returns. Its $1.20 million annual endowment payout covers 5.1% of the school's $23.67 million total operating budget (and 6.7% of direct program services), while total realized investment income ($3.58 million) equals 15.1% of total expenses. As a secondary school under IRC Section 170(b)(1)(A)(ii), College Prep is exempt from the federal IRC Section 4968 endowment excise tax.
Portfolio Performance & Asset Allocation ($62.1M Liquid & Financial Holdings)
Part X Financial Asset Mix
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Endowment Balance (EOY): $39,394,290 (up 23.0% YoY), representing $105,615 per enrolled student across 373 students.
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Endowment Net Investment Gains: $4,310,818 on Schedule D (alongside $2.14M in total realized gains, $1.43M in dividends/interest, and $1.65M in unrealized gains across all funds).
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Public-Market Liquidity: 100% of financial assets are held in publicly traded securities ($44.08M) and cash/savings ($17.97M), with $0 in Schedule D Part VII alternative funds or offshore partnerships.
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Total Endowment Payout: $1,202,640 (covering 5.1% of the $23.67M total operating budget and 6.7% of the $17.86M direct program budget, supporting financial aid, drama, debate, and faculty salaries).
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of College Prep's endowment across its Schedule D, Part V disclosures. Starting from a $24.77 million beginning balance in FY21, the endowment absorbed $6.59 million in cumulative donor contributions—highlighted by a $4.27 million campaign surge in FY25—alongside $13.49 million in net investment gains, rebounding strongly from a $4.33 million market contraction in FY22. Across this five-year window, the school distributed $5.45 million from the endowment to support financial aid, debate, drama, and faculty salaries while growing the ending balance by 59.1% to $39.39 million (comprising 54.91% permanent endowment at $21.63 million, 43.41% term endowment at $17.10 million, and 1.68% board-designated quasi-endowment at $0.66 million).
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in millions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $32,015,964 | $29,261,287 | $26,610,535 | $31,357,875 | $24,768,268 |
| 1b. Contributions | $4,270,148 | $458,148 | $1,121,671 | $569,171 | $170,364 |
| 1c. Net investment earnings | $4,310,818 | $3,381,419 | $2,670,271 | ($4,326,444) | $7,451,906 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($1,202,640) | ($1,084,890) | ($1,141,190) | ($990,067) | ($1,032,663) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $39,394,290 | $32,015,964 | $29,261,287 | $26,610,535 | $31,357,875 |
Per-Student Spending and True Cost
Examining both direct program service expenses and overall functional expenditures highlights how College Prep allocates capital across its 373 students. On a direct instructional basis (Form 990, Part IX, Column B), the school spends $17,858,184, or $47,877 per student ($38,720 net after deducting $3.42 million in financial aid grants).
When factoring in $4,300,746 in management and general expenses and $1,509,167 in fundraising costs, total institutional spending reaches $23,668,097, or $63,453 per student ($54,296 net of financial aid). Because gross tuition and fees average $58,376 per student ($49,218 net of financial aid), total institutional expenditures exceed gross tuition by $5,077 per student and exceed net tuition by $14,235 per student—a structural gap bridged by endowment distributions, investment income, and annual giving.
Operations vs. Revenue
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Regular Session Program Spend: $17,858,184 across 373 students in Grades 9–12 ($47,877 gross program spend per student; $38,720 net excluding $3,415,753 in financial aid grants).
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Overall Total Institutional Spend: $23,668,097 across all functional categories ($63,453 gross total spend per student; $54,296 net excluding financial aid), including $4.30M in management overhead and $1.51M in fundraising.
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Tuition & Fee Revenue: $21,774,070 ($58,376 gross per student before financial aid discounts; $49,218 net per student after aid). Endowment draws and investment income cover the remaining $5,077 per-student gap above gross tuition ($14,235 above net tuition).
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Experiential & Intraterm Study (Schedule F): $411,491 in conferences, conventions, and meetings plus $183,903 in program travel, including $10,746 for a faculty-led week-long Intraterm cultural immersion and preschool volunteering trip in Mexico for 12 students.
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Senior Class Outcomes (Part III, Line 4a): In June 2025, 90 seniors graduated from College Prep, with 89 matriculating to U.S. universities and 1 matriculating to an international university.
Financial Aid: How College Prep Spends $3.42M on Access
College Prep's Schedule I disclosures detail how the school deploys need-based aid across its Oakland day-school population. In FY25, the school awarded $3,415,753 in financial aid grants to 90 students—representing 24.1% of the 373-student body (reported as 24% on Part III, Line 4a)—up 6.7% from $3.20 million in FY24.
Per Schedule I, Part IV, College Prep monitors grant funds by applying awards directly to tuition owed as well as supplemental school-related expenses such as textbooks and field trips. Beyond its own high school enrollment, College Prep operates a controlled 501(c)(3) supporting affiliate, The Partners Program (EIN 20-2973102), which provides a tuition-free summer session and academic-year mentoring to underserved Oakland public middle school students.
Internal Student Support
- Aided Student Share 24.1% (90 students)
- Need-Based Financial Aid Grants $3,415,753
- Average Grant per Aided Student $37,953
- Share of Gross Tuition Covered by Avg. Grant 65.0%
- Interested Person Tuition Remission (Sch. L) $28,800
Public Outreach Programs
- The Partners Program Affiliate ($515,248 Shared Volume) Controlled 501(c)(3) supporting organization at 6100 Broadway providing tuition-free summer instruction and school-year mentoring to local middle schoolers.
- Schedule R Inter-Entity Support Breakdown Includes $88,129 in shared campus facilities/equipment, $70,507 in shared paid employees, and $356,612 in operating expense reimbursements.
Executive and Administrative Team Compensation
Unlike billion-dollar boarding schools that employ in-house Chief Investment Officers earning seven-figure bonuses, College Prep concentrates its executive compensation within its core academic and operational cabinet. Personnel costs represent the largest expenditure on the school's income statement, totaling $14.58 million across 162 W-2 employees—or 61.6% of total functional expenses.
Competitive Bay Area labor markets are reflected across the school's salary distribution: 55 employees earned more than $100,000 in reportable compensation during calendar year 2024. Head of School Monique DeVane led all earners at $889,938 in total compensation, which includes a $125,000 contribution to a Section 457(f) nonqualified deferred retirement plan and mandatory residence in the school-owned Jenks-Willis House.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: College Prep paid $14,577,864 in total employee compensation and benefits in FY25 (accounting for 61.6% of all institutional expenses) across 162 W-2 employees, with 55 staff members earning over $100,000.
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Top Executive Packages: Head of School Monique DeVane received $889,938 in total compensation (including $524,926 base salary and $234,505 in retirement/deferred benefits incorporating a $125,000 457(f) plan contribution), followed by CFO Thanh Tran at $367,203 and Assistant Head/Academic Dean Scott Mattoon at $269,836.
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Jenks-Willis House & Severance Disclosures: Purchased in December 2013, the school-owned Jenks-Willis House is provided to the Head of School as a mandatory condition of employment and valued at $7,900 per month ($94,800 annually) in nontaxable benefits. Former Director of Advancement Joy Kruger (through 6/28/24) received a $23,238 severance payment within her $40,554 of other reportable compensation.
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Board Benchmarking (Schedule O): The Board of Trustees sets the Head of School's contract using performance evaluations, compensation surveys, and peer school data published by Cal-ISBOA and NAIS, while Part VI Line 15b indicates formal board comparability review is not separately checked for other officers.
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Form 990, Schedule J, Part II: Compensation Breakdown (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Monique DeVaneHead of School | $524,926 | $0 | $12,074 | $234,505 | $118,433 | $889,938 | $0 |
| Thanh TranChief Financial Officer | $308,375 | $2,500 | $1,900 | $21,726 | $32,702 | $367,203 | $0 |
| Scott MattoonAssistant HOS / Academic Dean | $243,134 | $10,000 | $1,900 | $12,168 | $2,634 | $269,836 | $0 |
| Steve ChabonDean of Students | $185,949 | $0 | $2,400 | $15,762 | $48,637 | $252,748 | $0 |
| Edwin KirimiDirector of Technology | $167,500 | $0 | $600 | $15,078 | $11,810 | $194,988 | $0 |
| Alexandria Osei-AmoakoDean of Equity & Belonging | $167,861 | $0 | $600 | $9,312 | $13,857 | $191,630 | $0 |
| Rosanna LlorensDirector of College Counseling | $162,684 | $0 | $600 | $8,778 | $13,174 | $185,236 | $0 |
| Joy KrugerDir. of Advancement (Thru 6/28/24) | $98,575 | $0 | $40,554 | $5,040 | $6,633 | $150,802 | $0 |
Facilities, Debt, and Municipal Relations
Situated along Oakland's Upper Broadway corridor in the Rockridge district, College Prep maintains a compact urban campus valued at $43.90 million in gross cost basis ($28.67 million net of accumulated depreciation). Unlike large boarding schools that issue tens of millions in tax-exempt municipal bonds, College Prep operates with zero bond debt and just $263,729 in secured notes payable.
On Schedule I, Part II (Grants and Other Assistance to Domestic Organizations and Domestic Governments), College Prep reported $0 in municipal Payment in Lieu of Taxes (PILOT) disbursements to the City of Oakland. Rather than making cash PILOT grants to local government agencies, the school channels its municipal engagement through shared campus facilities and staffing for The Partners Program and contracts with local Bay Area transportation and facilities vendors.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: College Prep holds $43,901,721 in gross land, buildings, and equipment ($39.66M in buildings, $2.84M in equipment, $1.30M in other assets, and $95,489 in historic land basis), carrying a $28,668,272 net book value after $15.23M in accumulated depreciation. Annual occupancy costs totaled $465,236 alongside $1,319,928 in depreciation.
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Zero Bond Debt & Minimal Notes Payable: The school carries $0 in tax-exempt bond liabilities (Part X, Line 20). Secured mortgages and notes payable declined 23.0% year-over-year from $342,369 to $263,729, generating just $9,948 in total annual interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Per Form 990 Part IV Line 21 and Schedule I Part II, College Prep made $0 in cash grants or voluntary PILOT payments to domestic governments in FY25, focusing its local public benefit on $515,248 in shared resources with Oakland middle school outreach affiliate The Partners Program.
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Top 5 Independent Contractors (Part VII, Section B): Five vendors received over $100,000: Hines Service Inc ($939,589 for facilities maintenance, custodial, and security), Overaa ($158,661 for construction), Wells Fargo Vendor Financial Services LLC ($151,441 for student laptop leases), Bay Area Charters ($141,067 for charter bus service), and Community Counseling Service ($132,054 on Part VII / $150,054 on Schedule G for endowment campaign consulting).
Editorial Note
All financial figures in this report derive from The College Preparatory School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 373 regular-session students) and have been reviewed by the data team.
While College Prep spends $47,877 per student in direct program services ($63,453 per student in total institutional expenditures), Chicardgo School does not imply that financial expenditure mathematically causes higher placement into Ivy+, Top 25 National University, or Top 15 Liberal Arts College tiers. Rather, these financial resources fund the faculty compensation, need-based financial aid access, and academic programming that operate alongside College Prep's historical matriculation outcomes.
Accounting Reconciliation: Per Form 990 Part IV Line 12b and Part XII Line 2b, College Prep's financial statements were audited by Hood & Strong LLP on a consolidated basis alongside its controlled affiliate, The Partners Program (leaving Schedule D Parts XI and XII blank per IRS rules). Readers comparing standalone Form 990 figures to GAAP financial statements will note that Form 990 reports $23.67M in total expenses (recording $3.42M in student financial aid grants as an operating expense), whereas standard GAAP presentation nets financial aid directly against gross tuition revenue ($21.77M), resulting in $20.25M in standalone net operating expenses and $18.36M in net tuition revenue. Form 990 revenue ($31.49M) also excludes $1.65M in net unrealized investment gains reported on Part XI, Line 5.
Frequently Asked Questions: College Prep's Form 990 Financials
As of Fiscal Year 2025, The College Preparatory School's endowment stands at $39.39 million ($39,394,290), up 23.0% year-over-year ($105,615 per student). Its $1.20 million annual endowment payout covers 5.1% of the school's $23.67 million operating budget (and 6.7% of direct program service expenses), while total realized investment income ($3.58 million) equals 15.1% of total expenses.
College Prep spends $47,877 per student annually in direct program service expenditures ($17,858,184 across 373 students, or $38,720 net of financial aid). When including management overhead ($4.30 million) and fundraising ($1.51 million), overall institutional spending reaches $63,453 per student ($23,668,097 total, or $54,296 net of financial aid), compared to $58,376 per student in gross tuition and fees ($49,218 net of aid).
College Prep disbursed $3,415,753 in need-based financial aid grants in FY25 to 90 domestic students, supporting 24.1% (reported as 24% on Form 990 Part III) of its student body with an average grant of $37,953 applied toward tuition, books, and field trips.
The highest-paid employee is Head of School Monique DeVane, who received $889,938 in total compensation in FY25, including $524,926 in base compensation, $234,505 in retirement and deferred compensation (including a $125,000 contribution to a 457(f) plan), and $118,433 in nontaxable benefits including mandatory residence in the Jenks-Willis House ($94,800 annual value).
Yes. Because federal tax law classifies College Prep as a secondary school under IRC Section 170(b)(1)(A)(ii) rather than a college or university, it is exempt from the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
College Prep's total assets reached $102.12 million ($102,122,451) in fiscal year 2025, up 10.8% year-over-year, anchored by $44.08 million in publicly traded securities, $28.67 million in net campus land, buildings, and equipment, and $17.97 million in cash and savings.
Further Reading
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Financial analysis of San Francisco University High School's FY25 Form 990, revealing $213.4 million in total assets, $56,678 in per-student program spending, $43.9 million in endowment funds, and executive compensation breakdowns.
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