Inside Marlborough School’s $197.6M Balance Sheet: $74,008 Per-Student Program Spend, an $80.0M Endowment, and Hancock Park Campus Economics
By Data Team | Published November 2, 2026
Marlborough School reported $197.6 million in total assets and an $80.0 million endowment in fiscal year 2025, with its $3.34 million annual endowment draw covering 7.0% of the school's $47.4 million Form 990 operating budget (7.9% of its $42.2 million GAAP operating budget), according to its latest IRS filing. Across approximately 550 students in Grades 7–12, the Los Angeles independent girls' school spends $74,008 per student on direct program services ($86,152 per student in total institutional expenses) while awarding $4.88 million in financial aid.
The filing illustrates how an established urban day school pairs tuition revenue with institutional reserves to sustain high per-pupil investment. While baseline tuition and fees bring in $54,409 per student ($61,926 including auxiliary services), Marlborough's $74,008 direct program spend exceeds per-student tuition revenue by $19,599—funding low student-to-faculty ratios, $4.88 million in financial aid for 22.2% of the student body, and specialized academic programs that support its standing in Los Angeles elite college placement outcomes.
Operating as an independent urban day school, Marlborough pairs its tuition-anchored revenue model with $145,502 in endowment per student and a $99.6 million net real estate footprint in Hancock Park. During FY25, the school also paid down $3.76 million in tax-exempt bond principal while growing its endowment by 6.5%.
Institutional & Governance Profile
Founded in 1889 and domiciled in Los Angeles, California, Marlborough School is the oldest independent girls' school in Southern California. Operating from its campus at 250 South Rossmore Avenue in Hancock Park, the 501(c)(3) corporation combines a fully independent Board of Trustees with a specialized administrative cabinet overseeing Grades 7 through 12.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1889, the school enrolls approximately 550 students in Grades 7–12, issued 349 Form W-2s and 142 Form 1099s in calendar year 2024, and engaged 80 active volunteers.
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Executive Leadership: Head of School Jennifer Ciccarelli leads the institution alongside Associate Head of Finance and Administration Nicola Hernandez and Controller/Business Manager Stephanie Polanco.
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Governing Board (Schedule O): The Board of Trustees comprises 24 voting members, all 24 of whom are independent, led by Chairperson Missy Mingst Kolsky, Vice Chairperson Dorothy C. Kim, Treasurer Katharine Krieger, and Secretary Andrea Nelson Meigs.
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Fiduciary Oversight & Disclosure: The Audit Committee reviews the Form 990 in detail before presenting it to the full Board via a secure portal, while Schedule B donor disclosures are restricted to four senior officers and annual conflict-of-interest disclosures are monitored by the Executive Committee.
Top-Line Financials
In FY25 (covering July 1, 2024 through June 30, 2025), Marlborough maintained a $197.6 million asset base against $56.3 million in total liabilities. The school reduced its total liabilities by 6.6% during the fiscal year by retiring $3.76 million in tax-exempt bond debt and reducing accounts payable, while growing top-line revenue by 4.0% to $39.25 million.
Balance Sheet Strength
- Total Assets $197,581,100 (-3.1%)
- Total Liabilities $56,282,300 (-6.6%)
- Total Net Assets $141,298,800 (-1.7%)
- Donor-Restricted Net Assets $71,642,200 (50.7% of Total Net Assets)
- Unrestricted Net Assets $69,656,600 (49.3% of Total Net Assets)
Operating Performance
- Total Revenue $39,248,407 (+4.0%)
- Total Expenses $47,383,515 (+7.1%)
- Operating Deficit (Form 990) -$8,135,108 (-25.7%)
- Unrealized Gains (Excluded) $5,786,308
Note: The -$8.14 million Form 990 operating deficit includes $3.79 million in non-cash depreciation and excludes $5.79 million in unrealized investment gains; combining unrealized gains and -$82,100 in split-interest valuation changes yields a net asset change of -$2.43 million (-1.7%).
Revenue Breakdown
As an urban independent day school, Marlborough generates 86.8% of its $39.25 million in Form 990 revenue from program services—comprising $29.93 million in tuition and fees and $4.13 million in auxiliary services. Annual contributions and realized investment income supply the remaining operational inflows, while adjacent rental properties held for campus buffer and investment recorded a modest net accounting loss after rental expenses.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 5.4% YoY$34,059,560 (86.8%)
- Tuition & Fees $29,925,060
- Auxiliary Services $4,134,500
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Contributions & Grants Down 14.0% YoY$3,076,200 (7.8%)
- Cash Contributions & Grants (incl. $953,741 via GiveCampus) $2,908,816
- Noncash Stock Gifts (12 Gifts) $129,762
- Household Goods & Wine Donations (Schedule M) $37,622
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Investment Income Up 20.3% YoY$2,310,647 (5.9%)
- Dividends & Interest ($35,113 UBI) $1,201,813
- Realized Capital Gains ($3.10M Sales) $1,108,834
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Other Revenue (Net Rental Loss) Down 231.1% YoY-$198,000 (-0.5%)
- Gross Real Estate Rents $694,395
- Less: Rental Property Expenses -$892,395
Endowment Performance and Asset Allocation
Marlborough's endowment reached $80.03 million at the close of FY25 ($145,502 per student), generating $7.28 million in net investment gains and distributing $3.34 million to support financial aid, faculty compensation, and academic programs. Across the school's broader $108.65 million in cash, securities, and investment real estate, nearly half ($50.74 million) is deployed in pass-through alternative investment vehicles, complemented by $24.33 million in gross investment real estate, $20.59 million in publicly traded securities, and $12.99 million in liquid savings and cash equivalents.
Marlborough does not maintain direct foreign bank accounts or offshore investment corporations on Part V or Schedule F, instead accessing alternative strategies through domestic pass-through partnerships (recording $292,955 in external investment management fees and $35,113 in unrelated business income) alongside a related California charitable remainder trust (Schedule R, Part IV). As a secondary school, Marlborough is exempt from the federal IRC Section 4968 endowment excise tax.
Portfolio Performance & Asset Allocation ($108.65M Total Cash, Securities & Investment Property)
Part X & Schedule D Asset Mix
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Endowment Balance (EOY): $80,026,300 (up 6.5% YoY), representing $145,502 per student across 550 students (comprising 48.81% term endowment, 38.11% permanent endowment, and 13.08% board-designated quasi-endowment).
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Net Investment Gains: $7,284,300 in endowment investment earnings (9.7% return on beginning balance), alongside $5.79M in portfolio-wide unrealized gains and $1.11M in realized gains.
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Pass-Through & Public Securities: Of the $71.33M securities portfolio, 71.1% ($50.74M) is held in pass-through investment vehicles (Schedule D, Part VII) and 28.9% ($20.59M) in publicly traded securities.
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Total Payout & Budget Share: $3,339,500 distributed in FY25, covering 7.0% of total Form 990 expenses ($47.38M), 7.9% of GAAP audited expenses ($42.21M), and 8.2% of direct program expenses ($40.70M).
Detailed Asset Mix
5-Year Endowment History
Our data team analyzed the five-year trajectory of Marlborough's endowment on Schedule D, Part V. Starting from a $60.89 million beginning balance in FY21, the endowment absorbed $4.78 million in direct donor contributions and $28.57 million in cumulative net investment earnings—weathering an $8.01 million market drawdown in FY22 before posting three consecutive years of strong investment gains ($7.22 million in FY23, $8.66 million in FY24, and $7.28 million in FY25). Across this five-year span, the fund distributed $14.21 million toward scholarships, compensation, and campus programs while growing its ending balance by 31.4% to a record $80.03 million (comprising 48.81% term endowment, 38.11% permanent endowment, and 13.08% 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 | $75,156,900 | $68,840,400 | $63,903,700 | $73,546,700 | $60,886,700 |
| 1b. Contributions | $924,600 | $906,700 | $802,400 | $843,000 | $1,306,600 |
| 1c. Net investment earnings | $7,284,300 | $8,662,300 | $7,222,800 | ($8,007,100) | $13,401,700 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($3,339,500) | ($3,252,500) | ($3,088,500) | ($2,478,900) | ($2,048,300) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $80,026,300 | $75,156,900 | $68,840,400 | $63,903,700 | $73,546,700 |
Per-Student Spending and True Cost
Evaluating direct program service expenses against tuition inflows reveals the structural subsidy built into a Marlborough education. Across its 550 students, Marlborough spent $40,704,460 on direct program services in FY25—equating to $74,008 per student ($65,138 net per student excluding financial aid grants). When management and general overhead ($4.33 million) and fundraising expenses ($2.35 million) are included, total institutional spending reaches $47,383,515, or $86,152 per student ($76,749 per student on a GAAP audited basis).
Baseline tuition and fees generated $29,925,060, or $54,409 per enrolled student ($61,926 per student when including $4.13 million in auxiliary services). Consequently, baseline tuition covers 73.5% of Marlborough's $74,008 per-student direct program expenditure, leaving a $19,599 per-student program gap (and a $31,743 gap against total institutional spend) bridged by auxiliary services, annual philanthropy, and endowment draws.
Operations vs. Revenue
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Direct Program Service Spend: $40,704,460 across 550 students in Grades 7–12 ($74,008 gross direct program spend per student; $65,138 net per student excluding $4.88M in financial aid; $72,958 per student excluding $577,400 in summer program curriculum).
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Total Institutional Spend: $47,383,515 across all functional categories ($86,152 total spend per student, comprising 85.9% program services, 9.1% management and general, and 5.0% fundraising).
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Tuition & Fee Revenue: $29,925,060 ($54,409 per student before financial aid discounts), supplemented by $4,134,500 ($7,517 per student) in auxiliary services.
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Instructional & Student Logistics: Includes $2,641,360 in direct curriculum and student activities (Part IX, Line 24a), $1,107,130 in student transportation (Line 24b), and $1,153,258 paid to SAGE Dining Services for campus cafeteria operations.
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Summer Program Operations: $577,400 in dedicated summer curriculum expenses (Part IX, Line 24c) supporting year-round campus enrichment.
Financial Aid: How Marlborough Spends $4.88M on Access
In FY25, Marlborough increased its domestic student financial aid disbursements by 6.7% to $4,878,660 (up from $4,570,626 in FY24). According to Schedule I, Part III, the school awarded tuition grants to 122 students—representing 22.2% of its 550-student body—at an average grant of $39,989 per recipient (covering 73.5% of baseline per-student tuition and fees).
All financial aid is credited directly to student accounts at fair market value under policies reviewed by the Board of Trustees and administered by the Financial Aid Committee. Beyond tuition assistance, Marlborough spent $350,974 on donor and community relations and $1,107,130 on student busing to ensure regional accessibility across Greater Los Angeles.
Internal Student Support
- Aided Student Share 22.2% (122 of 550 students)
- Total Financial Aid Grants $4,878,660 (+6.7% YoY)
- Average Grant per Aided Student $39,989
- Share of Gross Tuition Discounted 16.3%
- Valuation & Delivery Method FMV / Direct Account Credit
Governance & Community Access
- Board Financial Aid Committee (Schedule I, Part IV) Recommends policy updates to the Board of Trustees and oversees the allocation of budgeted financial aid funds among qualified applicants, reporting regularly to the Board.
- Regional Transit & Summer Access ($1,684,530) Combines $1,107,130 in student bus transportation across Los Angeles corridors with $577,400 in summer program curriculum.
Executive and Key Employee Compensation
Rather than employing an internal endowment investment team, Marlborough outsources portfolio management ($292,955 in fees) and concentrates its executive payroll on academic, financial, and operational leadership. Head of School Jennifer Ciccarelli is the highest-compensated employee at $901,475 in total compensation, followed by Associate Head of Finance and Administration Nicola Hernandez at $572,724.
Because no employee exceeded $1,000,000 in reportable remuneration, Marlborough was not subject to the federal IRC Section 4960 excise tax on executive compensation (Form 990, Part V, Line 15). To ensure compliance with IRS intermediate sanctions rules (IRC Section 4958), the Board engages an independent consultant annually to conduct a formal safe harbors comparability study for the Head of School.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Marlborough paid $23,401,674 in total salaries, benefits, and payroll taxes in FY25 (up 6.3% YoY and accounting for 49.4% of total Form 990 expenses) across 349 W-2 employees, with 79 staff members earning over $100,000.
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Top Executive Packages & Sec. 457(f) Plan: Head of School Jennifer Ciccarelli received $901,475 in total compensation (including a $38,320 board-approved bonus), while Associate Head of Finance and Administration Nicola Hernandez earned $572,724 (including a $75,000 accrual in a Section 457(f) nonqualified deferred compensation plan).
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On-Campus Housing Valuation: As a condition of employment for the school's convenience, Marlborough provides the Head of School with an on-campus residence including housecleaning and landscaping services, valued at approximately $230,000 in nontaxable benefits in calendar year 2024 (Schedule J, Part III).
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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) |
| Jennifer CiccarelliHead of School | $591,868 | $38,320 | $2,322 | $24,000 | $244,965 | $901,475 | $0 |
| Nicola HernandezAssoc. Head of Finance & Admin | $441,848 | $0 | $1,371 | $118,510 | $10,995 | $572,724 | $0 |
| Sean FittsHead of Middle School | $239,366 | $0 | $5,047 | $16,682 | $4,934 | $266,029 | $0 |
| Sarah SingerDirector of Advancement | $228,698 | $0 | $205 | $16,065 | $5,729 | $250,697 | $0 |
| Regina Rosi MitchellHead of Upper School | $224,520 | $0 | $7,995 | $17,433 | $196 | $250,144 | $0 |
| Jawaan WallaceDir of Enrollmt Mgmt & Collegiate | $211,591 | $0 | $234 | $10,743 | $4,904 | $227,472 | $0 |
| Matthew RiddleDir of Fac & Capital Planning | $200,796 | $0 | $274 | $7,875 | $14,680 | $223,625 | $0 |
Facilities, Debt, and Municipal Relations
Operating within the residential confines of Hancock Park in Los Angeles requires careful real estate stewardship and debt management. Marlborough holds $151.87 million in gross land, buildings, and equipment ($99.65 million net book value after $52.23 million in accumulated depreciation), including $24.33 million in gross investment real estate adjacent to campus.
In June 2020, Marlborough issued $33.53 million in variable-rate tax-exempt bonds through the California Infrastructure and Economic Development Bank to refund prior debt and finance campus construction completed in 2021. The school has since retired $13.75 million of that issue—including a $3.76 million principal reduction in FY25 that lowered its ending bond liability to $17.54 million alongside $5.58 million in unsecured notes.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Marlborough holds $151.87 million in gross property and equipment ($99.65 million net book value), spending $4.76 million on occupancy operations alongside $3.79 million in annual depreciation.
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Tax-Exempt Bond Paydown (Schedule K): Tax-exempt bond liabilities declined 17.6% YoY from $21.30 million to $17.54 million ($13.75 million cumulatively retired from the June 2020 $33.53 million California Infrastructure and Economic Development Bank issue), alongside $5.58 million in unsecured notes and $517,170 in FY25 interest expense.
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Schedule I Municipal Grants & Neighborhood Relations: Marlborough reported $0 in domestic government grants on Schedule I, Part II (Form 990, Part IV, Line 21). Instead, Marlborough manages Los Angeles municipal and Hancock Park neighborhood relations by paying property and operating expenses on $24.33 million in non-exempt investment real estate ($892,395 in rental expenses), filing Form 990-T on $35,113 in unrelated business income, funding $1,107,130 in student bus transportation to meet city traffic mitigation commitments, spending $350,974 on community relations, and maintaining $200,000 in sculptures for public exhibition (Schedule D, Part III).
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Top Vendors (21 Contractors Over $100K): The five highest-compensated independent contractors were SAGE Dining Services ($1,153,258 for cafeteria catering), First Student ($761,436 for bus services), ABM Services Inc. ($703,948 for janitorial services), Franklin Global ($673,150 for security), and Professional Security Consultants ($476,352 for security—bringing combined security contractor outlays to $1,149,502).
Editorial Note
All financial figures in this report derive from Marlborough School's FY25 IRS Form 990 (2024 tax form covering July 1, 2024 through June 30, 2025 across approximately 550 students, prepared by Armanino Advisory LLC) and have been reviewed by the data team.
While Marlborough spends $74,008 per student in direct program services ($86,152 per student in total Form 990 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, financial aid access, and specialized academic programming that operate alongside Marlborough's college matriculation outcomes.
Accounting Reconciliation: Readers comparing Marlborough's audited financial statements (Schedule D, Parts XI and XII) to IRS Form 990 will note standard reporting differences. Form 990 reports $47,383,515 in total expenses (which records $4,878,660 in financial aid grants and $292,955 in investment management fees as expenses), whereas GAAP audited financial statements report $42,211,900 in total expenses (which nets financial aid directly against gross tuition revenue). Similarly, GAAP audited revenue and support of $39,781,000 includes $5,786,308 in net unrealized investment gains and -$82,100 in split-interest valuation changes while subtracting $4,878,660 in financial aid, reconciling to Form 990 total revenue of $39,248,407.
Frequently Asked Questions: Marlborough's Form 990 Financials
As of Fiscal Year 2025, Marlborough School's endowment stands at $80,026,300 (up 6.5% YoY), or $145,502 per student. Its $3,339,500 annual payout covers 7.0% of the school's $47.38 million Form 990 operating budget (7.9% of its $42.21 million GAAP operating budget and 8.2% of direct program expenses).
Marlborough spends an average of $74,008 per student annually in direct program service expenses ($40,704,460 across 550 students), and $86,152 per student in total institutional expenses ($47,383,515), exceeding the $54,409 generated per student in baseline tuition and fees.
Marlborough disbursed $4,878,660 in financial aid grants in FY25 (up 6.7% YoY), supporting 22.2% of its student body (122 of 550 students) with an average grant of $39,989 credited directly to student accounts.
The highest-paid employee is Head of School Jennifer Ciccarelli, who received $901,475 in total compensation in FY25 (including $591,868 in base pay, a $38,320 bonus, and $244,965 in nontaxable benefits that include a required on-campus residence), followed by Associate Head of Finance and Administration Nicola Hernandez at $572,724.
No. Because federal tax law classifies Marlborough as a secondary school rather than an institution of higher education, it is exempt from the IRC Section 4968 endowment excise tax. Furthermore, no employee received over $1 million in covered remuneration under IRC Section 4960.
Marlborough's total assets stood at $197,581,100 at the end of fiscal year 2025 ($141,298,800 in net assets), anchored by $99.65 million in net real estate, $71.33 million in securities investments, and $12.99 million in cash and short-term savings.
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