The Nueva School Assets Reach $304 Million and Tripled Endowment Over Five Years to $57.98 Million
By Data Team | Published October 28, 2026
The Nueva School's total assets reached $304.12 million in fiscal year 2025, supported by a $57.98 million endowment that covers 3.7% of the school's $74.92 million operating budget (4.1% of GAAP expenses) through a $2.74 million annual payout, according to its latest IRS filing. Backed by $87.64 million in total revenue, the Peninsula PreK–12 day school spends $61,250 per student in direct program services ($77,473 per student in total institutional expenses) while awarding $8.41 million in financial aid.
Nueva's filings show how a Silicon Valley independent day school finances dual-campus infrastructure and specialized gifted programming without a centuries-old boarding endowment. While baseline tuition and fees generate $59,256 per pupil ($50,563 net of financial aid), the school covers both the $1,994 per-student program service gap and the $18,217 per-student total expenditure gap through $14.16 million in annual philanthropy, $12.72 million in realized investment income, and $2.74 million in endowment transfers—supporting the academic model analyzed in our Elite College Placement Index (ECPI) coverage.
Since launching its upper school a decade ago, Nueva has more than tripled its endowment over the past five fiscal years from $18.65 million in FY21 to $57.98 million in FY25. Combined with $114.38 million in balance-sheet cash and marketable securities, this liquidity allows the school to fund global experiential travel, regional transit across six Bay Area counties, and faculty salaries in one of the nation's highest-cost labor markets.
Institutional & Governance Profile
Incorporated in California in 1966 and serving gifted learners since 1967, The Nueva School operates across two Peninsula campuses: a Lower and Middle School in Hillsborough and an Upper School at Bay Meadows in San Mateo. The 501(c)(3) corporation serves 967 students from PreK through Grade 12 drawn from six Bay Area counties, pairing an executive leadership team with an independent board of trustees.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Formed in 1966 (instruction began in 1967), Nueva issued 380 Form W-2s in calendar year 2024, filed 146 Forms 1099 to vendors, and engaged 150 documented volunteers.
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Executive Leadership: Head of School Lee Fertig leads the school alongside Associate Head of School Terry Lee (who signed the FY25 Form 990 return) and Director of Finance and Administration Brett Dyer.
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Governing Board (Part VI & Schedule O): The Board of Trustees comprises 18 voting members, 17 of whom qualify as independent under IRS standards.
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Board Officers & Oversight: Co-Chairs Puja Kaul and Hoon Cho lead the board alongside Co-Vice Chairs Janet Cheston and Derrick Bolton, Secretary Kevin Lynch, and Treasurer Peter Blaustein. All 18 trustees serve without compensation.
Top-Line Financials
Nueva's balance sheet crossed the $300 million mark in FY25 (covering July 1, 2024 through June 30, 2025), driven by a 14.4% surge in total revenue and $10.53 million in realized capital gains from portfolio rebalancing. Net assets rose 4.6% to $209.76 million, while the school's operating surplus more than doubled year-over-year to $12.73 million.
Balance Sheet Strength
- Total Assets $304,124,377 (+3.8%)
- Total Liabilities $94,367,021 (+2.2%)
- Total Net Assets $209,757,356 (+4.6%)
- Donor-Restricted Net Assets $85,764,265 (-1.8% YoY | 40.9% Share)
- Unrestricted Net Assets $123,993,091 (+9.5% YoY | 59.1% Share)
Operating Performance
- Total Revenue $87,642,273 (+14.4%)
- Total Expenses $74,916,719 (+6.3%)
- Operating Surplus $12,725,554 (+107.4%)
- Unrealized Losses (Excluded) -$3,576,064
Note: The $12.73 million operating surplus reflects realized gains from selling $29.91 million in securities (cost basis $19.38 million); netting the -$3.58 million unrealized mark-to-market adjustment yields the $9.15 million net asset expansion.
Revenue Breakdown
While program service revenue—primarily tuition and fees—provides 69.3% of Nueva's $87.64 million revenue base, non-tuition inflows account for nearly a third of total income. Contributions and grants brought in $14.16 million (16.2%), while realized investment income jumped 380.2% year-over-year to $12.72 million (14.5%) as the school harvested $10.53 million in realized security gains alongside $2.19 million in dividends and interest.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +3.3% YoY$60,696,737 (69.3%)
- Tuition & Fees $57,300,435
- Tutoring, Music & Other $1,192,666
- Summer Program Revenue $920,726
- Student Transportation $803,428
- Lunch Program ($201,995) & All Other ($277,487) $479,482
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Contributions & Grants -6.8% YoY$14,161,474 (16.2%)
- Direct Contributions & Gifts $13,889,359
- Fundraising Events ("Count Me In" Gifts) $272,115
- Noncash Publicly Traded Stock Gifts (43 items included above) $727,309
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Investment Income +380.2% YoY$12,720,990 (14.5%)
- Realized Capital Gains ($29.91M sales less $19.38M basis) $10,533,261
- Dividends & Interest $2,187,729
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Other Revenue (Net Event Income) +189.9% YoY$63,072 (0.1%)
Endowment Performance and Asset Allocation
Unlike centuries-old East Coast boarding academies that allocate over half of their portfolios to illiquid private equity and offshore hedge funds, Nueva maintains a highly liquid balance sheet. On Form 990, Part X, the school reports $0 in alternative "other securities" (Line 12) and $0 in foreign investments on Schedule F, holding $56.92 million in publicly traded securities alongside $52.61 million in savings and temporary cash investments and $4.84 million in operating cash.
Under Schedule D, Part XIII, the board's spending policy permits annual operating transfers of up to 7% of the trailing 12-quarter average portfolio value. In FY25, Nueva drew $2.74 million ($2,738,841) from its $57.98 million endowment ($59,954 per student)—an effective draw of 5.1% on the beginning balance that directly covered 3.7% of the school's $74.92 million Form 990 operating budget (4.1% of its $66.51 million GAAP expense base). As a PreK–12 school, Nueva is exempt from the IRC Section 4968 endowment excise tax.
Portfolio Performance & Asset Allocation ($57.98M Endowment | $304.12M Total Assets)
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Endowment Balance (EOY): $57,975,386 (up 7.6% YoY), representing $59,954 per enrolled PreK–12 student.
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Operating Budget Coverage: $2,738,841 annual endowment payout covers 3.7% of the $74.92M Form 990 operating budget (4.1% of the $66.51M GAAP budget) under a policy allowing up to a 7% trailing 12-quarter draw.
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Net Endowment Investment Gains: $6,811,455 in FY25 (+12.6% return on the $53.90M beginning endowment balance).
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Liquid Balance Sheet Holdings: 100% of investment securities sit in publicly traded markets ($56.92M, up 15.6% YoY), supplemented by $52.61M in interest-bearing savings/cash equivalents and $4.84M in operating cash ($114.38M total liquid holdings).
Schedule D, Part V Endowment Mix
Endowment Fund Mix ($57.98M Total)
Breakdown of restricted and board-designated endowment funds per Schedule D, Part V, Line 2.
Form 990, Part X Balance Sheet Mix
Balance Sheet Asset Mix ($304.12M Total Assets)
Composition of total institutional assets across campus real estate, liquid cash reserves, and marketable securities per Part X, Lines 1–16.
5-Year Endowment History
Schedule D, Part V documents a rapid expansion in Nueva's endowment over the past five fiscal years. Starting from a $13.58 million balance at the beginning of FY21, the fund absorbed $32.13 million in cumulative donor contributions—highlighted by a $26.44 million capital infusion in FY22—and generated $19.11 million in cumulative net investment earnings. After keeping annual spending draws at $0 on Lines 1d–1e from FY21 through FY24 to allow principal to compound, Nueva executed a $2.74 million expenditure for facilities and programs in FY25 while still lifting its year-end balance to a record $57.98 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 | $53,898,056 | $47,887,763 | $40,563,028 | $18,648,941 | $13,577,227 |
| 1b. Contributions | $4,716 | $375,239 | $3,753,635 | $26,438,983 | $1,555,166 |
| 1c. Net investment earnings | $6,811,455 | $5,635,054 | $3,571,100 | ($424,896) | $3,516,548 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($2,738,841) | $0 | $0 | $0 | $0 |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $57,975,386 | $53,898,056 | $47,887,763 | $40,563,028 | $18,648,941 |
Per-Student Spending and True Cost
Across its 967 PreK–12 students, Nueva recorded $59.23 million in regular-session direct program service expenses ($61,250 gross per student; $52,557 net of financial aid grants) and $74.92 million in total institutional functional expenses ($77,473 gross per student; $68,781 net of financial aid). By comparison, baseline tuition and fees generated $57.30 million ($59,256 per student before financial aid), meaning gross tuition covers 96.7% of direct program service spending and 76.5% of total institutional spending.
Both the $1,994 per-student gap on direct program services and the $18,217 per-student gap on total institutional cost are bridged by annual philanthropy, realized investment gains, and endowment payouts. In FY25, Nueva spent $2.90 million ($2,999 per student) on curricular trips—including $1.04 million on international study trips across four global regions—while heavily subsidizing regional student busing and campus dining.
Operations vs. Revenue
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Regular Session Program Spend: $59,228,501 across 967 PreK–12 students ($61,250 gross program spend per student; $52,557 net excluding $8.41M in financial aid grants). Including $13,975,620 in management/general and $1,712,598 in fundraising brings total institutional spend to $74,916,719 ($77,473 gross per student; $68,781 net).
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Tuition & Fee Revenue: $57,300,435 ($59,256 per student before financial aid; $50,563 net). Annual philanthropy, realized investment income, and endowment distributions cover the remaining $1,994 per-student gap against direct program spend ($18,217 gap against total institutional spend).
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Curricular Trips & Global Study (Schedule F): $2,900,569 in total curricular trip expenses, including $1,042,981 for international educational class trips to East Asia and the Pacific ($516,259), Europe ($378,283), Central America and the Caribbean ($75,484), and North America outside the U.S. ($72,955).
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Subsidized Transit & Dining: Nueva spent $2,552,706 on student transportation against $803,428 in transit fees ($1.75M net subsidy) and $1,965,858 on its lunch program against $201,995 in dining receipts ($1.76M net subsidy).
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Co-Curricular & Summer Programs: Auxiliary academic programs generated $1,192,666 from tutoring, music, and related services plus $920,726 from summer programs, alongside $1,137,909 spent on instructional supplies.
Financial Aid: How Nueva Spends $8.4M on Access
On Schedule I, Part III, Nueva reports $8,405,831 in financial assistance across 201 recipients—representing 20.8% of its 967-student body and an average award of $41,820 per aided student. Total financial aid disbursements rose 16.2% year-over-year from $7.24 million in FY24, absorbing 14.7% of gross tuition revenue.
Rather than limiting awards to base tuition, Nueva specifies on Schedule I that grants cover both tuition and additional aid for selected school-related expenses beyond tuition, ensuring aided students can participate in mandatory curricular travel, busing, and campus programs. While Nueva does not disburse direct cash grants to external organizations on Schedule I, Part II, the school extends its public educational footprint by hosting the biennial Innovative Learning Conference and co-founding the Common Ground Speaker Series and the Association of Independent Schools for Gifted Students.
Internal Student Support
- Aided Student Share 20.8% (201 of 967 students)
- Total Financial Aid Grants $8,405,831 (+16.2% YoY)
- Average Grant per Student $41,820
- Tuition Discount Rate 14.7% of Gross Tuition
- Interested-Person Tuition Aid (Sched. L) $203,358
Aid Governance & Educational Outreach
- Beyond-Tuition Coverage & Award Governance (Schedule I) Grants cover both baseline tuition and selected non-tuition school expenses. Individual awards are set by a five-member administrative committee (Head of School, Associate Head, Finance Director, Enrollment Director, and Admissions Director) within a board-approved budget.
- Educational Conferences & Consortia (Schedule O) While reporting $0 in external organizational grants on Schedule I Part II, Nueva hosts the biennial Innovative Learning Conference ($689,172 spent on conferences and meetings in FY25) and co-founded the Common Ground Speaker Series.
Executive and Administrative Compensation
Operating in the San Francisco Peninsula's competitive labor market, Nueva devotes nearly half of its budget—$37.04 million, or 49.4% of total expenses—to employee salaries, benefits, and payroll taxes. Of its 380 W-2 employees, 133 staff members (35.0%) earned more than $100,000 in reportable compensation during calendar year 2024.
Schedule J details the compensation of Nueva's seven highest-paid executives and division leaders, led by Head of School Lee Fertig ($872,579 total compensation) and Associate Head of School Terry Lee ($651,155). Because no employee exceeded the $1 million threshold, Nueva incurred no IRC Section 4960 excise tax liability. To recruit and retain senior educators in San Mateo County, Nueva pairs base salaries with Section 457(f) deferred retirement distributions, required school-owned housing for the Head of School, and $36,000 taxable housing allowances for four senior administrators.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Nueva paid $37,036,947 in total employee compensation in FY25 (up 7.0% YoY and accounting for 49.4% of all institutional expenses) across 380 W-2 employees, with 133 staff members earning over $100,000.
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Top Executive Packages & 457(f) Plans: Head of School Lee Fertig earned $872,579 in total compensation (including a $100,665 Section 457(f) retirement distribution), while Associate Head of School Terry Lee received $651,155 (including a $111,820 Section 457(f) distribution and a $36,000 housing allowance).
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Housing & Benchmarking Governance: Lee Fertig is required to live in a school-owned residence as a condition of employment (included in $137,070 of nontaxable benefits), while Terry Lee, John Gavin Bradley, Lauren Pool, and Megan Terra each received $36,000 in taxable housing allowances. The Board Compensation Committee sets executive pay using an independent consultant and Cal-ISBOA, NAIS, and INDEX benchmarks. Schedule L also notes $90,684 paid to Amy Hunt, spouse of Lee Fertig, under an employment arrangement.
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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) |
| Lee FertigHead of School | $604,344 | $0 | $100,665 | $30,500 | $137,070 | $872,579 | $0 |
| Terry LeeAssociate Head of School | $459,112 | $0 | $147,820 | $30,500 | $13,723 | $651,155 | $0 |
| John Gavin BradleyDirector of College Counseling | $222,636 | $0 | $36,000 | $13,682 | $10,738 | $283,056 | $0 |
| Lauren PoolDirector of Teaching & Learning | $215,027 | $0 | $36,000 | $6,650 | $14,226 | $271,903 | $0 |
| Brett DyerDir. of Finance & Administration | $241,143 | $0 | $0 | $16,880 | $10,738 | $268,761 | $0 |
| Taryn GroganDir. of Enrollment & Strat. Engmt. | $228,431 | $0 | $0 | $15,990 | $0 | $244,421 | $0 |
| Megan TerraLower School Division Head | $182,870 | $0 | $36,000 | $8,997 | $7,188 | $235,055 | $0 |
Facilities, Debt, and Municipal Relations
Nueva's physical plant spans its wooded Hillsborough hillside campus and its transit-oriented San Mateo Upper School campus, carrying a gross book value of $218.66 million ($162.49 million net of accumulated depreciation). To build its San Mateo campus and continue upgrading facilities without draining liquid reserves, the school utilizes tax-exempt municipal bond financing issued through the California Municipal Finance Authority.
Unlike New England boarding academies that disburse voluntary Payment in Lieu of Taxes (PILOT) grants on Schedule I, Part II, Nueva reported $0 in domestic government grants in FY25. Instead, the school manages municipal relations with the Town of Hillsborough and the City of San Mateo through California property tax Welfare Exemption compliance, conditional use permit traffic mitigation—spending $2.55 million annually on regional busing and inter-campus shuttles—and local capital construction contracts exceeding $10 million in FY25.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Nueva holds $218.66 million in gross land, buildings, and equipment ($162.49 million net book value after $56.17 million in accumulated depreciation), spending $7.14 million on occupancy alongside $5.32 million in annual depreciation.
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Tax-Exempt Bonds & Debt Service (Schedule K): The school carries $31.13 million in tax-exempt bond liabilities (down $1.04 million YoY) from a $40.0 million December 2012 California Municipal Finance Authority bond issue for the Upper School facility, plus $2.35 million in secured notes and $1.82 million in finance leases ($1.13 million in FY25 interest expense).
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Nueva reported $0 in government grants or voluntary PILOT disbursements on Schedule I, Part II (Form 990, Part IV, Line 21 answered "No"). Municipal obligations in Hillsborough and San Mateo are structured around municipal land-use covenants and a $2.55 million regional student transit program rather than direct cash PILOT grants.
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Top Vendors & Related-Party Construction: Among 41 independent contractors paid over $100,000, top disbursements went to WL Butler Construction ($5.28M), Devcon Construction ($3.15M), Service by Medallion ($2.46M for janitorial services), Epicurean ($2.13M for dining), and Leddy Maytum Stacy Architects ($1.62M). Schedule L, Part IV also discloses $2.59 million paid to a substantial contributor for construction services.
Editorial Note
All financial figures in this report derive from The Nueva School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 967 PreK–12 students) and have been verified by the Chicardgo School data team.
While Nueva spends $61,250 per student in direct program services ($77,473 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 specialized faculty, interdisciplinary programming, and need-based financial aid that operate alongside Nueva's historical college matriculation outcomes.
Accounting Reconciliation: Readers comparing Nueva's audited financial statements to IRS Form 990 (Schedule D, Parts XI–XIII) will note a variance in reported revenue and expenses. Form 990 reports $87.64M in total revenue and $74.92M in total expenses because IRS rules record $8,405,831 in financial aid awards as both gross tuition revenue and a grant expense, whereas GAAP audited financial statements net that $8.41M in financial aid directly against tuition—reporting $75.66M in total revenue/gains (which also includes -$3.58M in net unrealized investment losses) and $66.51M in total expenses.
Frequently Asked Questions: Nueva's Form 990 Financials
As of Fiscal Year 2025, Nueva's endowment stands at $57.98 million ($57,975,386), or $59,954 per student, and covers 3.7% of the school's $74.92 million Form 990 operating budget (4.1% of its $66.51 million GAAP expense base) through a $2.74 million annual payout.
Nueva spends $61,250 per student annually in direct program service expenses ($52,557 net of financial aid) and $77,473 per student in total institutional expenditures across 967 PreK–12 students, exceeding the $59,256 generated per student in gross tuition and fees ($50,563 net of financial aid).
Nueva spends $77,473 per student annually in total institutional expenditures ($61,250 per student in direct program service expenses) across 967 PreK–12 students, exceeding the $59,256 generated per student in gross tuition and fees ($50,563 net of financial aid). Philanthropy, investment income, and endowment transfers bridge the $18,217 per-student gap.
Nueva disbursed $8.41 million ($8,405,831) in financial aid in FY25, supporting 20.8% of its student body (201 students) with an average grant of $41,820 covering tuition and selected school-related expenses beyond tuition.
The highest-paid employee is Head of School Lee Fertig, who received $872,579 in total compensation in FY25 (including $604,344 in base salary, $100,665 in Section 457(f) retirement distributions, $30,500 in deferred retirement benefits, and $137,070 in nontaxable benefits including required school-owned housing), followed by Associate Head of School Terry Lee at $651,155.
Yes. Because federal law classifies Nueva as a PreK–12 school rather than an institution of higher education, the school is exempt from the federal IRC Section 4968 excise tax on net investment income (confirmed on Form 990, Part V, Line 16).
Nueva's total assets reached $304.12 million ($304,124,377) in fiscal year 2025, anchored by $162.49 million in net campus real estate across Hillsborough and San Mateo alongside $114.38 million in cash, savings, and publicly traded securities.
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