Francis W. Parker School Total Assets Reached $193M, Paid Down $4.99M Long-Term Debt and Swung from $2M Deficit to $1.48M Operating Surplus
By Data Team | Published November 2, 2026
Francis W. Parker School’s total assets reached $193.32 million in fiscal year 2025, anchored by an $80.29 million Lincoln Park campus and a $73.66 million endowment whose $3.15 million annual draw covers 5.8% of the school's $54.68 million operating budget (and 6.8% of direct program costs), according to the institution's latest IRS Form 990 filing. Across its 940 students in Junior Kindergarten through Grade 12, Parker spends $49,223 per student in direct program services ($46.27 million total program spend)—and $58,165 per student in overall institutional expenses—while disbursing $6.66 million in financial assistance.
Parker’s financial profile illustrates how an independent urban day school sustains an experiential, non-AP progressive curriculum alongside high-volume college placement. Baseline tuition and fees generate $44,397 per student ($41.73 million total), leaving a $4,826 per-student deficit against direct program spending and a $13,768 per-student gap against total institutional expenditures. Parker bridges that deficit through a 52.3% surge in annual contributions ($10.21 million) and steady endowment payouts, supporting a 6:1 student-to-faculty ratio and financial aid for 19.3% of the student body—foundations behind its #5 standing in the Chicago Private High School Elite College Placement Index (ECPI).
Simultaneously, Parker aggressively deleveraged its balance sheet during FY25. The school retired $4.99 million in combined tax-exempt bond and commercial mortgage principal, reducing total liabilities by 11.7% while turning a $2.12 million prior-year operating deficit into a $1.48 million operating surplus before $6.04 million in unrealized investment gains.
Institutional & Governance Profile
Founded in 1901 by Colonel Francis Wayland Parker and Anita McCormick Blaine at 330 W. Webster Avenue in Chicago's Lincoln Park neighborhood, Francis W. Parker School operates as an Illinois 501(c)(3) nonprofit corporation (EIN 36-2171732). Its governance model pairs an entirely uncompensated, 100% independent Board of Trustees with a seven-member senior administrative cabinet overseeing three academic divisions and two wholly owned real estate holding companies.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1901, Parker issued 436 Form W-2s in calendar year 2024, filed 131 Forms 1096/1099 for external vendors, engaged 350 active volunteers, and retained 17 independent contractors earning over $100,000.
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Executive Leadership: Principal Daniel B. Frank leads the administration alongside Chief Financial Officer Robert E. Haugh, Assistant Principal Priyanka Rupani, Division Heads Kimeri S. Swanson-Beck (Lower), Vannaphone Phayprasert (Intermediate/Middle), and Cory Zeller (Upper), and Director of Development Brent Caburnay.
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Governing Board (Part VI & Part VII): The governing body comprises 33 voting trustees, all 33 of whom are independent and uncompensated. Board officers include Co-Chairs Isabel Polsky and Jennifer Friedes, Vice Chairs Deji Jimoh and Cindy O'Connor, Secretary Monika Bahri, and Treasurer Josh Lowitz.
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Voting Dynamics & Charter Updates (Schedule O): All 33 trustees hold equal voting rights with no external stockholders or corporate members. During FY25, Parker amended its Articles of Incorporation and Bylaws to make the authority for selecting the Principal consistent, while its Audit Committee reviews Form 990 with CFO Robert Haugh and external auditor RSM US LLP prior to full Board approval.
Top-Line Financials
Across fiscal year 2025 (July 1, 2024 through June 30, 2025), Francis W. Parker School strengthened both its operating income statement and its balance sheet. Total net assets grew 5.1% to $156.00 million as the school paid down $4.99 million in long-term debt, increased cash and short-term savings by 27.4% to $14.94 million, and swung from a $2.12 million prior-year deficit to a $1.48 million operating surplus.
Balance Sheet Strength
- Total Assets $193,319,050 (+1.3%)
- Total Liabilities $37,317,084 (-11.7%)
- Total Net Assets $156,001,966 (+5.1%)
- Donor-Restricted Net Assets $97,126,697 (62.3% of Total Net Assets)
- Unrestricted Net Assets $58,875,269 (37.7% of Total Net Assets)
Operating Performance
- Total Revenue $56,151,021 (+11.6%)
- Total Expenses $54,675,027 (+4.3%)
- Operating Surplus $1,475,994 (+169.5%)
- Unrealized Gains (Excluded) $6,037,472
Note: Parker swung from a -$2,124,465 operating deficit in FY24 to a +$1,475,994 surplus in FY25 (+$3.60M turnaround). Combining the $1.48 million operating surplus with $6.04 million in unrealized investment gains explains the exact $7,513,466 expansion in total net assets (with donor-restricted net assets rising 6.2% and unrestricted net assets rising 3.3%).
Revenue Breakdown
Unlike boarding institutions that rely heavily on endowment payouts, Francis W. Parker School operates on a tuition-and-philanthropy revenue engine typical of top-tier urban day schools. Program services generate 79.9% of Parker's $56.15 million in net revenue ($59.97 million in gross receipts), while a 52.3% jump in philanthropic contributions ($10.21 million, including $3.47 million across 36 stock gifts) more than offset lower realized capital gains and structural operating losses on neighboring rental real estate.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 6.6% YoY$44,865,815 (79.9%)
- Tuition & Fees $41,733,099
- Food Service $1,419,911
- Parker PM Extended Day Program $995,061
- Summer Camp ($554,029) & Music Lessons ($163,715) $717,744
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Contributions & Grants Up 52.3% YoY$10,211,877 (18.2%)
- Direct Gifts & Campaign Pledges $9,246,230
- Parker Party Event Contributions (Schedule G) $965,647
- Noncash Public Stock Gifts (36 Contributions, Schedule M) $3,472,202
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Investment Income Down 24.5% YoY$2,774,773 (4.9%)
- Dividends & Interest $1,769,271
- Realized Capital Gains on Securities $1,005,502
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Other Revenue (Net Rental & Event Losses) -$1.70M Net Loss-$1,701,444 (-3.0%)
- Net Real Estate Rental Loss ($1.997M Rents vs. $3.592M Expenses) -$1,595,149
- Parker Party Net Event Loss ($117k Gross vs. $225.6k Direct Costs) -$108,599
- Miscellaneous Other Income $2,304
Endowment Performance and Asset Allocation
Francis W. Parker School’s endowment grew 9.2% in FY25 to reach a record $73.66 million ($73,655,971), supported by $7.39 million in net investment gains and $1.94 million in new endowment gifts. While the total endowment stands at 134.7% of Parker's annual operating budget, its $3,147,000 annual spending draw covers 5.8% of the school's $54.68 million total operating budget (and 6.8% of direct program service costs, or 47.3% of total financial aid outlays).
Across its $75.57 million total securities portfolio (comprising $55.44 million in Schedule D, Part VII institutional and alternative funds valued at end-of-year fair market value plus $20.13 million in publicly traded securities on Part X, Line 11), Parker favors liquid domestic equities (62.1% combined) alongside a 24.3% allocation to absolute return strategies. Unlike billion-dollar boarding schools that maintain offshore partnerships and internal investment teams, Parker holds zero foreign accounts (Part V, Line 4a), pays just $60,000 in external investment advisory fees (Part IX, Line 11f), and remains exempt as a JK–12 institution from the federal IRC Section 4968 endowment excise tax.
Portfolio Performance & Asset Allocation ($75.57M Total Holdings)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $73,655,971 (up 9.2% YoY), representing $78,357 per enrolled student across 940 students.
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Net Investment Gains: $7,393,101 on endowment funds (reflecting $1.77M in dividends/interest, $1.01M in realized gains, and $6.04M in portfolio-wide unrealized appreciation).
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Alternative & Domestic Capital: 33.5% of the $75.57M securities portfolio sits in absolute return, real assets, and hedge equity funds (Schedule D, Part VII), with $0 in foreign investment vehicles.
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Total Payout: $3,147,000 appropriated to supplement school operations and need-based financial aid (4.7% payout of beginning balance).
Detailed Asset Mix ($75.57M Securities Portfolio)
5-Year Endowment History
Our data team examined the five-year trajectory of Parker's philanthropic and endowment capital across its Schedule A, Part II and Schedule D, Part V disclosures. Across the five-year Schedule A window (FY21–FY25), Parker raised $56.88 million in total gifts and grants—including a $26.62 million capital campaign surge in FY22 and $21.20 million (37.3%) from major donors exceeding the 2% support threshold—lifting its IRS public support percentage to 51.02% (up from 49.44% in FY24). Within the endowment itself (Schedule D, Part V), Parker started FY21 at $54.46 million, absorbed $8.18 million in direct endowment contributions, and generated $25.87 million in cumulative net investment earnings—weathering a $10.86 million market contraction in FY22 before posting $20.63 million in gains over the past three years. Across this five-year span, Parker distributed $14.85 million to support school operations and financial aid while expanding its ending endowment by 35.2% to $73.66 million (comprising 62.0% permanent endowment and 38.0% term 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 | $67,474,105 | $60,808,636 | $57,992,133 | $70,029,374 | $54,461,349 |
| 1b. Contributions | $1,935,765 | $1,638,387 | $1,050,657 | $1,481,393 | $2,078,079 |
| 1c. Net investment earnings | $7,393,101 | $8,525,082 | $4,709,846 | ($10,856,634) | $16,093,945 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | $0 | $0 | $0 | $0 | $0 |
| 1f. Administrative expenses (Draw) | ($3,147,000) | ($3,498,000) | ($2,944,000) | ($2,662,000) | ($2,603,999) |
| 1g. End of year balance | $73,655,971 | $67,474,105 | $60,808,636 | $57,992,133 | $70,029,374 |
Per-Student Spending and True Cost
Evaluating Parker's direct program service expenses ($46,269,870 on Part IX, Line 25B, or 84.6% of total functional expenses) across its 940 enrolled students yields a direct per-student expenditure of $49,223 ($42,141 net excluding $6.66 million in financial aid grants). Baseline tuition and fees bring in $44,397 per student ($41,733,099), meaning direct educational and auxiliary program delivery exceeds gross tuition receipts by $4,826 per student—or 90.2% cost coverage from tuition alone.
When factoring in $5,946,860 in management and general expenses (10.9%) and $2,458,297 in fundraising costs (4.5%), Parker's overall total spending reaches $54,675,027, or $58,165 per student ($51,083 net of financial aid). That $13,768 per-student total subsidy above baseline tuition finances Parker's 6:1 student-to-faculty ratio, $3.22 million in specialized student support services, $647,530 in classroom information technology, and subsidized extended-day and dining operations.
Operations vs. Revenue
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Direct Program Service Spend (Part IX, Line 25B): $46,269,870 across 940 students in JK–12 ($49,223 gross program spend per student; $42,141 net excluding $6.66M in total financial aid grants).
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Regular Session & Total Institutional Spend: Core JK–12 instruction (Part III, Line 4a) totals $40,940,346 ($43,554 per student; $36,889 net of $6.26M in regular-session aid), while overall total institutional spending (Part IX, Line 25A) reaches $54,675,027 ($58,165 per student).
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Tuition & Fee Revenue: $41,733,099 ($44,397 per student before financial aid discounts; $47,730 per student including $3.13M in auxiliary fees). Annual fundraising ($10.21M) and endowment draws ($3.15M) bridge the $4,826 per-student program gap and $13,768 total cost gap.
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Student Support, IT & Faculty Development (Part IX): Includes $3,220,113 for dedicated student support services (Line 24a), $892,827 in external instructional and program contract services (Line 11g), $647,530 in information technology (Line 14), and $366,207 for conferences and professional meetings (Line 19).
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Auxiliary Subsidy & Summer Camp Surplus (Part III, Lines 4b–4c): Extended day (Parker PM), food service, and music lessons cost $4,884,524 (including $349,963 in grants) against $2,578,687 in fees ($2.31M institutional subsidy), while Summer Camp generates $554,029 against $445,000 in expenses (including $42,518 in aid) for a $109,029 net surplus.
Financial Aid: How Parker Spends $6.66M on Access
Francis W. Parker School allocated $6,657,021 to need-based financial assistance in FY25 (up 7.3% from $6.20 million in FY24), supporting 181 recipients—or 19.3% of its 940-student enrollment—with an average award of $36,779. Per Schedule I, Part IV, Parker uses an independent third-party vendor to verify family financial need annually before its Financial Aid Committee finalizes awards.
Crucially, Parker structures its financial assistance across all three program service tiers on Part III to prevent socioeconomic stratification outside the classroom. Beyond $6,264,540 in core academic tuition grants, the school awards $349,963 specifically for auxiliary programs—covering after-school Parker PM care, dining, and private music lessons—plus $42,518 in Summer Camp scholarships for local children.
Internal Student Support
- Aided Student Share 19.3% (181 students)
- Total Financial Aid Disbursed $6,657,021 (+7.3%)
- Average Grant per Aided Student $36,779
- Core JK–12 Tuition Grants (Line 4a) $6,264,540
- Auxiliary & Extended-Day Aid (Line 4b) $349,963
Community & Public Access
- Neighborhood Summer Camp Aid ($42,518) Direct financial assistance enabling children from neighboring Chicago communities to attend Parker's faculty-led recreational summer camp (Part III, Line 4c).
- Public Facility Access & Nondiscrimination (Schedule E & I) While reporting $0 in cash grants to external organizations on Schedule I, Part II, Parker shares its Lincoln Park turf field, gymnasium, and auditorium with local public schools and publicizes its racially nondiscriminatory admissions and scholarship policies across Chicago metropolitan newspapers (Schedule E, Part II).
Executive and Administrative Compensation
Because Francis W. Parker School relies on external fund managers ($60,000 in annual fees) rather than an internal endowment investment office, its compensation hierarchy centers squarely on academic and operational leadership. Principal Daniel B. Frank was the highest-paid employee in FY25 with $1,040,092 in total compensation (including an $803,904 base salary and a $200,000 performance bonus), followed by Chief Financial Officer Robert E. Haugh at $502,297 and Assistant Principal Priyanka Rupani at $280,023. Across all seven listed officers and key employees, compensation totaled $2,652,406 ($2,434,100 in reportable W-2 pay and $218,306 in retirement and nontaxable benefits).
Per Schedule J, Part III and Schedule O, an Ad Hoc Committee of the Board determines the Principal's salary and bonus using national and local independent school benchmarking, peer Form 990s, and written performance goals. Notably, Parker answered "No" on Part VI, Line 15b regarding independent board approval for other key employees, disclosing that salaries and $105,000 in combined discretionary bonuses for the CFO, Assistant Principal, and Division Heads are set by the Principal using market comparability data.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Parker spent $34,277,551 on total employee compensation in FY25 (up 5.5% YoY and representing 62.7% of all institutional expenses)—comprising $25.11M in salaries and wages, $5.48M in health and employee benefits, $1.97M in 401(k)/403(b) pension contributions, and $1.71M in payroll taxes—across 436 W-2 employees, with 98 staff members earning over $100,000.
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Top Executive Packages: Principal Daniel B. Frank earned $1,040,092 in total compensation ($1,004,654 reportable W-2 pay), while CFO Robert E. Haugh earned $502,297 (including a $50,000 bonus) and Assistant Principal Priyanka Rupani earned $280,023 (including a $40,000 bonus).
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Perquisites & IRC Section 4960 Compliance: Unlike boarding schools, Parker provides no on-campus residences, housing allowances, club dues, or supplemental nonqualified retirement plans (Schedule J, Part I, Lines 1a & 4b), and reported no IRC Section 4960 excise tax liability (Part V, Line 15).
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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) |
| Daniel B. FrankPrincipal | $803,904 | $200,000 | $750 | $18,666 | $16,772 | $1,040,092 | $0 |
| Robert E. HaughChief Financial Officer | $386,535 | $50,000 | $750 | $18,666 | $46,346 | $502,297 | $0 |
| Priyanka RupaniAssistant Principal | $211,154 | $40,000 | $750 | $12,720 | $15,399 | $280,023 | $0 |
| Kimeri S. Swanson-BeckLower School Head | $185,826 | $5,000 | $750 | $11,559 | $37,483 | $240,618 | $0 |
| Vannaphone PhayprasertIntermediate/Middle School Head | $185,212 | $5,000 | $750 | $8,632 | $10,906 | $210,500 | $0 |
| Cory ZellerUpper School Head | $178,500 | $5,000 | $750 | $10,404 | $78 | $194,732 | $0 |
| Brent CaburnayDirector of Development | $172,719 | $0 | $750 | $9,720 | $955 | $184,144 | $0 |
Facilities, Debt, and Municipal Relations
Operating on a dense six-acre footprint in Chicago's Lincoln Park neighborhood, Francis W. Parker School manages both its $135.49 million core academic campus and two wholly owned real estate holding companies—Belden Acquisition LLC and 317 Belden LLC—that hold $24.22 million in adjacent Belden Avenue properties. During FY25, Parker prioritized balance sheet deleveraging, paying down $4.99 million across its tax-exempt bond and commercial mortgage obligations.
Unlike New England boarding academies that pay voluntary municipal PILOT grants on Schedule I, Parker recorded $0 in Schedule I, Part II government grants. Instead, because Parker's adjacent Belden Avenue real estate parcels operate as non-exempt rental properties (generating $1.997 million in gross rents against $3.592 million in property operating expenses and -$1.07 million in unrelated business losses reported on Form 990-T), those properties contribute directly to municipal tax rolls while Parker shares its core athletic and auditorium facilities with neighboring Chicago public schools.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Parker holds $135,489,266 in gross property and equipment—comprising $123.20M in buildings ($74.84M net), $8.34M in equipment ($1.49M net), and $3.95M in land—for an $80,286,657 net book value after $55.20M in accumulated depreciation, spending $2.72 million on occupancy alongside $2.81 million in annual depreciation.
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Bond, Mortgage & Liability Paydown (Part X & Schedule D, Part X): Parker cut its tax-exempt bond liabilities by 25.8% (from $9.65M to $7.16M) and reduced secured mortgages by 10.4% (from $24.00M to $21.50M), incurring $400,046 in bond costs and $30,441 in interest expense while carrying $3.46M in accounts payable, $3.09M in deferred revenue, $1.50M in post-retirement liabilities, $501,168 in lease liabilities, and $28,578 in Parents' Association custodial funds.
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Schedule I PILOT Payments & Belden Real Estate LLCs (Schedule R): While reporting $0 in voluntary Schedule I, Part II municipal PILOT grants on its tax-exempt school parcel, Parker holds $24,220,659 in adjacent properties via disregarded entities Belden Acquisition LLC (EIN 83-4145830; $11.68M assets, $901,061 income) and 317 Belden LLC (EIN 85-1293429; $12.54M assets, $733,481 income), absorbing $3.59 million in rental operating and tax expenses.
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Top Vendors (Part VII, Section B): Among 17 contractors paid over $100,000, Parker's five largest disbursements went to Quest Food Management Services ($1,273,948 for dining), GSF USA Inc ($672,746 for custodial services), Sidley Austin LLP ($592,943 for legal services), Infinity Transportation Management LLC ($416,998 for transportation), and Midwest Mechanical Group LLC ($329,625 for mechanical services).
Editorial Note
All financial figures in this report derive from Francis W. Parker School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 940 enrolled JK–12 students) and have been verified by the data team.
While Francis W. Parker School spends $49,223 per student in direct program services ($58,165 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 sustain the progressive curriculum, 6:1 faculty ratio, holistic college counseling, and socioeconomic access that operate alongside Parker's matriculation outcomes.
Accounting Reconciliation: Because Parker is audited by RSM US LLP on a consolidated basis that includes its two disregarded real estate subsidiaries (Belden Acquisition LLC and 317 Belden LLC), the school checked Form 990, Part IV, Line 12b ("Yes") and Line 12a ("No"), making Schedule D, Parts XI and XII optional, and withholds its standalone audited financial statements under IRC Section 6104(d) (Schedule O). Readers reconciling Form 990 to standard GAAP accounting should note three structural differences: (1) Form 990 reports $54.68M in total expenses because it records $6.66M in financial aid grants as an operating expense, whereas GAAP nets tuition discounts against gross tuition (yielding $48.02M in net GAAP operating expenses); (2) Form 990 nets $3.59M in rental property expenses and $225.6k in direct fundraising event costs against $59.97M in gross receipts to report $56.15M in total revenue; and (3) Form 990 excludes $6.04M in net unrealized investment gains from its $1.48M operating surplus.
Frequently Asked Questions: Parker's Form 990 Financials
As of Fiscal Year 2025, Francis W. Parker School's endowment stands at $73.66 million ($73,655,971), up 9.2% year-over-year. Its $3,147,000 annual spending draw covers 5.8% of the school's $54.68 million total operating budget (and 6.8% of its $46.27 million direct program budget).
Parker spends $49,223 per student in direct program service expenses ($46.27 million across 940 students), including $43,554 per student in regular-session JK–12 instruction ($40.94 million). Including management and fundraising overhead, total institutional spending reaches $58,165 per student ($54.68 million), exceeding the $44,397 per student generated in baseline tuition and fees.
Parker disbursed $6,657,021 in need-based financial assistance in FY25 across 181 students, supporting 19.3% of its student body with an average grant of $36,779. That total includes $6,264,540 for academic tuition, $349,963 for auxiliary programs (extended day, dining, and music lessons), and $42,518 for summer camp.
The highest-paid employee is Principal Daniel B. Frank, who received $1,040,092 in total compensation in FY25 ($803,904 in base salary, a $200,000 bonus, $750 in other reportable pay, $18,666 in retirement contributions, and $16,772 in nontaxable benefits), followed by CFO Robert E. Haugh at $502,297.
No. Because Parker is a JK–12 school rather than a college or university, it is exempt from the IRC Section 4968 endowment excise tax, and the school reported no liability under the IRC Section 4960 excise tax on executive remuneration exceeding $1 million on Form 990, Part V, Line 15.
Francis W. Parker School's total assets reached $193.32 million ($193,319,050) in fiscal year 2025, anchored by $80.29 million in net physical campus facilities, $75.57 million in securities investments, $21.84 million in net pledges receivable, and $14.94 million in cash and short-term savings.
Further Reading
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