Crystal Springs Uplands School Assets Reach $187.1 Million, Annual Contributions Surge 57.1% to $15.34 Million, and Closing at Record $39.77 Million Endowment
By Data Team | Published October 28, 2026
Crystal Springs Uplands School's total assets climbed 11.2% to $187.1 million in fiscal year 2025, supported by a $39.8 million endowment whose $1.41 million annual payout funds 3.4% of the school's $41.67 million operating budget, according to its latest IRS Form 990 filing. Across 570 enrolled students in grades 6 through 12, the San Francisco Peninsula independent school spent $59,792 per student in direct program services—and $73,108 per student in total institutional expenses—while awarding $5.51 million in financial aid.
The filing illustrates the distinct revenue model of a Silicon Valley independent day school compared with century-old New England boarding academies. While tuition and fees generate 67.4% ($36.26 million, or $63,396 per student in baseline tuition) of total revenue, a 57.1% surge in annual contributions ($15.34 million) funded both a $12.15 million operating surplus and the $13,316 per-student overhead gap between direct instructional services ($59,792) and full institutional expenditure ($73,108)—underpinning the academic resources evaluated in the Elite College Placement Index (ECPI).
Rather than relying on deep endowment draws to balance operations, Crystal Springs Uplands pairs high net-tuition realization with active parent and alumni philanthropy. That cash flow enables the school to service $26.93 million in tax-exempt campus bonds, fund tuition assistance for 22.1% of its student body, and maintain two specialized campuses in Hillsborough and Belmont.
Institutional & Governance Profile
Founded in 1952 and domiciled in Hillsborough, California, Crystal Springs Uplands School operates a dual-campus educational model serving approximately 570 students across an Upper School in Hillsborough and a dedicated Middle School campus in Belmont. Its governance pairs a 25-member board of trustees with an administrative cabinet overseeing $187.1 million in institutional assets.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1952 (EIN 94-1247265), the school issued 258 Form W-2s in calendar year 2024 and engaged 50 documented volunteers across two San Mateo County facilities.
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Executive Leadership: Head of School Kelly Sortino leads academic and institutional strategy alongside Chief Financial and Operating Officer (CFOO) Brian Talbott and Director of Finance Diane Isola.
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Governing Board (Part VI): The Board of Trustees comprises 25 voting members, 24 of whom are independent, led by Board Chair Cristal Waldrop, Vice President Julie Lee, Secretary Nicole Alston, and Treasurer Kevin Laws.
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Governance & Compliance Controls (Schedule O): The completed Form 990 is uploaded to the board portal for full trustee review prior to filing, and all trustees, officers, and key employees execute annual conflict-of-interest disclosures.
Top-Line Financials
In FY25 (covering July 1, 2024 through June 30, 2025), Crystal Springs Uplands School expanded its net assets by 15.6% to $123.29 million. While total operating expenses grew by a disciplined 1.9%, a $5.58 million jump in philanthropic contributions drove the school's operating surplus up 115.1% to $12.15 million.
Balance Sheet Strength
- Total Assets $187,097,313 (+11.2%)
- Total Liabilities $63,810,026 (+3.5%)
- Total Net Assets $123,287,287 (+15.6%)
- Donor-Restricted Net Assets $57,513,349 (46.7% of Total Net Assets)
- Unrestricted Net Assets $65,773,938 (53.3% of Total Net Assets)
Operating Performance
- Total Revenue $53,824,750 (+15.6%)
- Total Expenses $41,671,715 (+1.9%)
- Operating Surplus $12,153,035 (+115.1%)
- Unrealized Gains (Excluded) $4,530,197
Note: Combining the $12.15 million Form 990 operating surplus with $4.53 million in net unrealized investment gains accounts for the entire $16.68 million (+15.6%) increase in total net assets during FY25.
Revenue Breakdown
Crystal Springs Uplands School derives 95.9% of its $53.82 million in total revenue from two primary engines: tuition-driven program services ($36.26 million) and charitable contributions ($15.34 million). Unlike heavily endowed boarding institutions that rely on realized capital gains, Crystal Springs Uplands captures Silicon Valley wealth through direct annual giving and appreciated stock gifts.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 4.2% YoY$36,255,076 (67.4%)
- Tuition & Fees $36,135,838
- Auxiliary & Summer Programs $61,608
- Other Program Service Income $57,630
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Contributions & Grants Up 57.1% YoY$15,344,036 (28.5%)
- Direct Gifts & Campaign Grants $15,270,882
- Gala Fundraising Event Contributions $73,154
- Noncash Publicly Traded Stock Gifts (45 gifts) $854,212
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Investment Income Down 2.1% YoY$2,282,487 (4.2%)
- Dividends & Interest $2,284,339
- Net Realized Security Loss ($1,852)
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Other Revenue (Net Special Events) Net Loss($56,849) (-0.1%)
Endowment Performance and Asset Allocation
Crystal Springs Uplands School closed FY25 with a $39.77 million endowment ($69,772 per student), sitting inside a broader $61.11 million securities portfolio and $24.13 million in cash and temporary savings. Rather than locking capital into illiquid offshore hedge funds, the school maintains a highly liquid, transparent investment posture: 97.1% of its $61.11 million securities portfolio is held in publicly traded equities, U.S. Treasury bills, and mutual funds.
That conservative liquidity allocation keeps investment management fees remarkably low at $103,226 (just 0.17% of total investment securities) while generating $5.11 million in net endowment investment gains during FY25. As a secondary school described in IRC Section 170(b)(1)(A)(ii), Crystal Springs Uplands is also statutorily exempt from the federal IRC Section 4968 excise tax on net investment income.
Portfolio Performance & Asset Allocation ($61.11M Securities Portfolio)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $39,769,793 (up 10.7% YoY), representing $69,772 per student across 570 enrolled students.
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Net Endowment Investment Gains: $5,114,450 (yielding a 14.2% return on the $35.92M beginning endowment balance).
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Liquid Domestic Posture: 97.1% of the $61.11M investment portfolio is valued at fair market value in public equities, Treasury bills, and mutual funds, with $0 in foreign or offshore structures.
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Annual Endowment Payout: $1,411,217 directed to tuition assistance and general operations, covering 3.4% of the $41.67M Form 990 operating budget (3.9% of the $36.06M GAAP budget).
Detailed Asset Mix
5-Year Endowment History
Tracking Schedule D, Part V across a five-year window shows steady compounding in Crystal Springs Uplands School's endowment. Starting at $27.32 million in FY21, the fund absorbed $3.86 million in direct endowment gifts and $15.03 million in cumulative net investment gains—rebounding from a $5.21 million market drawdown in FY22 with three consecutive years of strong appreciation. Over the same period, the school withdrew $6.43 million (roughly 3.8% to 4.1% annually) to support tuition assistance and general operations, closing FY25 at a record $39.77 million (73% permanent donor-restricted endowment and 27% board-designated quasi-endowment).
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 | $35,918,760 | $32,287,504 | $29,328,638 | $34,291,361 | $27,315,471 |
| 1b. Contributions | $147,800 | $236,526 | $983,493 | $1,507,554 | $982,000 |
| 1c. Net investment earnings | $5,114,450 | $4,727,304 | $3,289,606 | ($5,209,280) | $7,102,979 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($1,411,217) | ($1,332,574) | ($1,314,233) | ($1,260,997) | ($1,109,089) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $39,769,793 | $35,918,760 | $32,287,504 | $29,328,638 | $34,291,361 |
Per-Student Spending and True Cost
Examining Crystal Springs Uplands School's functional expenses alongside its 570-student enrollment highlights the economics of an elite Bay Area day school. In FY25, the school spent $34,081,316 on direct program services ($59,792 per student; $50,132 net of financial aid grants) and $41,671,715 in total institutional expenses ($73,108 per student when incorporating $5.45 million in management and general administration and $2.14 million in fundraising overhead).
While gross tuition and fees ($36.14 million, or $63,396 per student) cover 106.0% of direct instructional program spend, subtracting $5.51 million in financial aid discounts lowers net tuition revenue to $30.63 million ($53,736 per student). That leaves a $6,056 per-student gap against direct program costs ($59,792) and a $19,372 per-student gap against total institutional spending ($73,108)—subsidized each year by parent philanthropy and endowment payouts.
Operations vs. Revenue
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Regular Session Program Spend: $34,081,316 across 570 students in Grades 6–12 ($59,792 gross direct program spend per student; $50,132 net excluding $5.51M in financial aid grants).
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Overall Total Institutional Spend: $41,671,715 ($73,108 per student on Form 990; $63,267 per student on GAAP audited statements), including $5,454,081 in management/general and $2,136,318 in fundraising expenses.
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Tuition & Fee Revenue: $36,135,838 gross ($63,396 per student before financial aid; $53,736 net per student after $5.51M in tuition assistance).
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Dining, Travel & Student Activities: $1,998,690 in campus dining and hospitality (including $1.63M to Epicurean Group), $1,582,385 in student travel and busing (including $997,745 to CYO Transportation and $568,073 to WorldStrides), and $850,002 in co-curricular student activities.
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Auxiliary & Summer Programs: $61,608 in auxiliary and summer program revenue alongside $57,630 in other program service income.
Financial Aid: How Crystal Springs Uplands Spends $5.51M on Access
According to Schedule I, Part III and Part IX, Line 2, Crystal Springs Uplands School committed $5,506,348 to domestic student financial assistance in FY25. The school awarded need-based tuition assistance to 126 students—representing 22.1% of its 570-student enrollment—via $5,356,010 in direct credits posted to student tuition accounts, supplemented by $150,338 in additional student assistance.
With an average tuition grant of $42,508 per aided student ($43,701 including supplemental assistance), financial aid covers roughly two-thirds of the average per-student tuition charge. On Schedule I, Part II (Grants to Domestic Organizations and Domestic Governments), the school reported $0 in external organizational or municipal grant disbursements, concentrating 100% of its Schedule I assistance directly on enrolled students.
Internal Student Support
- Aided Student Share 22.1% (126 of 570 students)
- Total Student Financial Aid (Part IX) $5,506,348
- Direct Tuition Account Credits (Sch. I) $5,356,010
- Average Tuition Grant per Aided Student $42,508 ($43,701 Total)
- Supplemental Student Assistance $150,338
Aid Governance & External Grants
- Need-Based Award Methodology (Schedule I, Part IV) Financial aid is awarded strictly on demonstrated financial need following an annual review of family income and assets, with awards credited directly to student tuition balances.
- Schedule I, Part II Organizational & Municipal Grants ($0) Crystal Springs Uplands reported $0 in grants exceeding $5,000 to external domestic 501(c)(3) organizations or local municipal governments on Part IX, Line 1.
Executive and Administrative Compensation
Operating in the high-cost San Francisco Peninsula labor market, Crystal Springs Uplands School allocated $21.81 million—or 52.3% of its entire $41.67 million expense budget—to employee salaries, benefits, and payroll taxes in FY25. Out of 258 W-2 employees, 82 staff members (31.8% of the workforce) earned more than $100,000 in reportable compensation.
Head of School Kelly Sortino topped the school's Schedule J disclosures with $725,701 in total compensation, followed by Director of Finance Diane Isola ($310,324) and Chief Advancement Officer Elizabeth Berman ($282,316). Because no employee received over $1 million in remuneration, the school was not subject to the federal IRC Section 4960 excise tax on excess executive compensation.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Crystal Springs Uplands paid $21,806,181 in total employee compensation in FY25 (up 4.3% YoY and representing 52.3% of all expenses) across 258 W-2 employees, with 82 staff members earning over $100,000.
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Top Executive Packages: Head of School Kelly Sortino earned $725,701 in total compensation (including $514,274 base salary, a $50,000 bonus, and $96,000 in other reportable housing/service benefits), while Director of Finance Diane Isola received $310,324 and CFOO Brian Talbott received $174,451.
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Executive Residence & Governance (Schedule J & O): Per Schedule J, Part III, the school provides a house and house-cleaning service for the Head of School's personal use. Executive compensation is benchmarked via independent compensation consultants and market surveys and approved by the Executive Committee of the Board.
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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) |
| Kelly SortinoHead of School | $514,274 | $50,000 | $96,000 | $51,427 | $14,000 | $725,701 | $0 |
| Diane IsolaDirector of Finance | $269,386 | $0 | $0 | $26,938 | $14,000 | $310,324 | $0 |
| Elizabeth BermanChief Advancement Officer | $243,924 | $0 | $0 | $24,392 | $14,000 | $282,316 | $0 |
| Dot KowalHead of Upper School | $213,654 | $0 | $0 | $21,365 | $14,000 | $249,019 | $0 |
| Patti SyvertsonDirector of Sports Medicine | $196,485 | $0 | $0 | $19,648 | $14,000 | $230,133 | $0 |
| Peter AntupitChief Information Officer | $192,305 | $0 | $0 | $19,230 | $14,000 | $225,535 | $0 |
| Brian TalbottCFOO | $152,810 | $0 | $0 | $7,641 | $14,000 | $174,451 | $0 |
Facilities, Debt, and Municipal Relations
Crystal Springs Uplands School's physical footprint spans its historic Crocker Mansion Upper School campus in Hillsborough and its purpose-built Middle School campus in Belmont. To finance the Belmont campus construction, which reached substantial completion in 2017, the school issued $32.0 million in tax-exempt municipal bonds through the California Municipal Finance Authority on July 1, 2016.
Unlike New England boarding schools that make formal Payment in Lieu of Taxes (PILOT) grants to host towns, Crystal Springs Uplands reported $0 in Schedule I, Part II municipal government grants in FY25. Instead, town-gown relations in strictly zoned Hillsborough and Belmont center on Conditional Use Permit (CUP) compliance—most visibly reflected in the $997,745 paid to CYO Transportation to bus students and meet municipal traffic-reduction mandates.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Crystal Springs Uplands holds $110.72 million in gross land, buildings, and equipment ($73.86 million net book value after $36.86 million in accumulated depreciation), spending $2.38 million on occupancy alongside $2.73 million in annual depreciation.
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Tax-Exempt Bond Financing (Schedule K): Of the $32.0 million issued via the California Municipal Finance Authority in July 2016 to construct the Belmont campus, $4.72 million has been retired, leaving $26.93 million in tax-exempt bond liabilities at FY25 year-end (down from $27.78 million BOY) and $948,576 in annual interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Per Schedule I, Part II and Part IX, Line 1, the school made $0 in formal PILOT grants to the Town of Hillsborough or City of Belmont in FY25, managing municipal obligations instead through mandatory busing programs ($997,745 to CYO Transportation) and campus traffic caps.
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Top Independent Contractors (18 Over $100K): The largest vendor disbursements went to Epicurean Group ($1,630,291 for dining services), CYO Transportation ($997,745 for busing), WorldStrides ($568,073 for educational travel), Comfort International Inc. ($477,001 for HVAC), and Janitorial Express LLC ($433,144 for janitorial services).
Editorial Note
All financial figures in this report derive from Crystal Springs Uplands School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 570 enrolled students in grades 6 through 12) and have been verified by the data team.
While Crystal Springs Uplands School spends $59,792 per student in direct program services ($73,108 per student in total institutional expenses), 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, dual-campus facilities, and financial aid access that operate alongside the school's historical college matriculation outcomes.
Accounting Reconciliation: Readers comparing Crystal Springs Uplands School's audited financial statements (Schedule D, Parts XI and XII) to IRS Form 990 will note standard accounting differences. Form 990 reports $41,671,715 in total expenses (recording $5,506,349 in tuition assistance and $103,226 in investment management fees as expenses), whereas GAAP audited financials report $36,062,140 (netting tuition assistance directly against gross tuition revenue). Similarly, Form 990 reports $53,824,750 in total revenue, while GAAP audited statements report $52,745,372 (which includes $4,530,196 in net unrealized investment gains but subtracts $5,506,348 in tuition assistance and excludes $103,226 in investment fees).
Frequently Asked Questions: Crystal Springs Uplands' Form 990 Financials
As of Fiscal Year 2025, Crystal Springs Uplands School's endowment stands at $39,769,793 ($69,772 per student), up 10.7% year-over-year. Its $1,411,217 annual payout funds 3.4% of the school's $41.67 million Form 990 operating budget (3.9% of its $36.06 million GAAP operating budget).
Crystal Springs Uplands spends $59,792 per student annually in direct program service expenses ($34,081,316 across 570 students in grades 6–12), or $50,132 per student net of financial aid grants. When including management, general, and fundraising overhead, total institutional spending reaches $73,108 per student ($41,671,715 total expenses).
The school disbursed $5,506,348 in total student financial assistance in FY25, supporting 22.1% of its student body (126 of 570 students). That total includes $5,356,010 in direct tuition account credits ($42,508 average tuition grant per aided student) and $150,338 in supplemental student aid.
Head of School Kelly Sortino is the highest-paid employee, receiving $725,701 in total FY25 compensation ($514,274 base salary, $50,000 bonus, $96,000 in other reportable housing and personal residence benefits, $51,427 in retirement contributions, and $14,000 in nontaxable benefits), followed by Director of Finance Diane Isola at $310,324.
Yes. Because federal tax law classifies Crystal Springs Uplands as a secondary school (grades 6–12) rather than a college or university, it is exempt from the IRC Section 4968 excise tax on net investment income.
Crystal Springs Uplands School's total assets reached $187,097,313 in fiscal year 2025 (up 11.2% year-over-year), anchored by $73.86 million in net campus real estate, $61.11 million in investment securities, and $24.13 million in cash and temporary savings.
Further Reading
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