Debt-Free Polytechnic School Crosses $202 Million in Assets as 46% Gift Surge and $124.6M Endowment Back $50,679 Per-Student Spend
By Data Team | Published November 2, 2026
Polytechnic School's total assets reached $202.76 million in fiscal year 2025, anchored by a $124.56 million endowment whose annual draw covers 7.0% of the Pasadena K–12 day school's $56.13 million total operating budget (8.4% of its $47.22 million GAAP operating budget), according to the school's latest IRS filing. That balance sheet enables Polytechnic to spend $50,679 per student in direct program services ($63,495 per student in total institutional expenditures) while awarding $6.84 million in need-based financial aid.
Polytechnic's financial disclosures show how Southern California's oldest non-sectarian independent day school sustains high academic resource density without carrying long-term municipal bond or mortgage debt. While baseline tuition and fees generate $42,934 per enrolled student, a 46.0% surge in philanthropic gifts ($15.12 million) and realized investment income ($8.34 million) cover the remaining $7,745 per-student program gap and fund aid for 26.0% of the student body—a capital base that underpins its outcomes in the Elite College Placement Index (ECPI).
Operating with zero municipal bond debt and $193.59 million in net assets, Polytechnic pairs day-school tuition cash flows with an endowment equivalent to $140,903 per student. That structure insulates instructional payroll and financial aid budgets from short-term market swings while generating a $9.62 million annual operating surplus.
Institutional & Governance Profile
Located on a 15-acre campus adjacent to the California Institute of Technology in Pasadena, California, Polytechnic School operates as a unified Kindergarten through Grade 12 coeducational day school. Its governance model pairs an administrative cabinet with a 23-member board of trustees that retains direct fiduciary authority over all institutional actions and oversees a dedicated 501(c)(3) public-school enrichment affiliate.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1907, Polytechnic enrolls approximately 884 K–12 students, issued 616 Form W-2s and 123 Form 1099 vendor returns in calendar year 2024, and engaged 150 documented volunteers.
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Executive Leadership: Head of School John Bracker leads the institution alongside Chief Financial Officer Keith Huyssoon, Assistant Head of School Lisa Wu, and Chief Advancement Officer Meredith Robbins.
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Governing Board (Part VI & Schedule L): The Board of Trustees comprises 23 voting members—led by Board Chair Alexander Hudnut, Vice Chairs Ezra Callahan and Sonia Singla, Treasurer Mohsin Ansari, and Secretary Rosalina Cardenas—with 20 independent voting members and three trustee households receiving need-based financial aid disclosed on Schedule L.
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Voting Dynamics & Affiliated Foundation (Schedule O & R): Per Schedule O, no sub-committees hold authority to act independently on behalf of the full board; the Audit Committee reviews the Form 990 prepared by CliftonLarsonAllen LLP before full board approval. Through Schedule R, Polytechnic also reports a related 501(c)(3) supporting organization, The Fund for Partnership for Success (EIN 82-3396946).
Top-Line Financials
Polytechnic School crossed the $200 million total asset mark in FY25 (covering July 1, 2024 through June 30, 2025), growing total net assets by 8.1% to $193.59 million while reducing total liabilities by 2.7% to $9.17 million. Fueled by a 46.0% surge in philanthropic contributions and a 26.1% rise in realized investment income, the school's operating surplus more than doubled year-over-year to $9.62 million.
Balance Sheet Strength
- Total Assets $202,758,946 (+7.5%)
- Total Liabilities $9,171,903 (-2.7%)
- Total Net Assets $193,587,043 (+8.1%)
- Donor-Restricted Net Assets $84,870,442 (43.8% of Total Net Assets)
- Unrestricted Net Assets $108,716,601 (56.2% of Total Net Assets)
Operating Performance
- Total Revenue $65,746,628 (+17.1%)
- Total Expenses $56,129,370 (+7.4%)
- Operating Surplus $9,617,258 (+147.2%)
- Unrealized Gains (Excluded) $4,829,691
Note: The $9.62 million reported operating surplus reflects standard Form 990 accounting parameters; adding $4.83 million in net unrealized investment gains and $20,520 in trust valuation changes accounts for Polytechnic's $14.47 million total net asset expansion in FY25.
Revenue Breakdown
Unlike independent day schools that rely almost entirely on tuition to fund operations, Polytechnic generates 36.3% of its $65.75 million revenue from non-tuition sources. Contributions and grants jumped 46.0% year-over-year to $15.12 million, while realized investment income rose 26.1% to $8.34 million, providing a substantial cushion above baseline K–12 tuition inflows.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 8.2% YoY$41,851,632 (63.7%)
- Tuition & Fees $37,953,873
- Summer School (PolySummer) $3,595,297
- After School Program $302,462
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Contributions & Grants Up 46.0% YoY$15,119,825 (23.0%)
- Direct Gifts & Endowment Contributions $15,039,853
- Noncash Publicly Traded Stock Gifts (14 Donors) $4,328,973
- Fundraising Events Contributions (Friday Night Lights) $79,972
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Investment Income Up 26.1% YoY$8,342,588 (12.7%)
- Realized Capital Gains ($31.09M Gross Sales) $4,183,121
- Dividends & Interest $4,159,467
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Other Revenue Down 13.7% YoY$432,583 (0.7%)
- Reimbursement from Related Entity & Panther Club $269,069
- Net Rental Income ($269,053 Gross Rents) $99,481
- Other Income Net of Event Direct Expenses (-$18,670) $64,033
Endowment Performance and Asset Allocation
Unlike billion-dollar New England boarding academies that allocate over half of their portfolios to offshore hedge funds and illiquid private equity, Polytechnic manages its $124.56 million endowment and $140.35 million in total cash and securities with a liquid, public-market orientation. On its FY25 balance sheet, 76.0% of total financial holdings sit in publicly traded securities ($106.69 million) alongside a $20.08 million institutional Large Cap Equity Fund reported on Schedule D, Part VII.
This liquid structure keeps external investment management fees low—just $327,284 in FY25, or 26 basis points of year-end endowment value—while generating $12.01 million in net endowment investment gains (and signaling a U.S. property transfer to a foreign corporation via Form 926 on Schedule F, Part IV). Furthermore, because Polytechnic qualifies as a K–12 secondary school under federal tax law, its investment earnings remain exempt from the IRC Section 4968 endowment excise tax that applies to wealthy colleges and universities.
Portfolio Performance & Asset Allocation ($140.35M Total Cash & Securities)
Part X & Schedule D, Part VII Holdings
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Endowment Balance (EOY): $124,557,915 (up 12.6% YoY), representing $140,903 per enrolled K–12 student.
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Net Investment Gains: $12,014,903 in net endowment earnings (with $4.18M in realized capital gains, $4.16M in dividends/interest, and $4.83M in unrealized gains across total portfolios).
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Public-Market Liquidity & Low Fees: 90.3% of financial assets are held in publicly traded securities ($106.69M) and a Large Cap Equity Fund ($20.08M), incurring just $327,284 in investment management fees.
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Total Payout: $3,950,154 distributed for financial aid, faculty support, and school programs (covering 7.0% of total Form 990 expenses and 8.4% of GAAP audited expenses).
Detailed Financial Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Polytechnic's endowment across its Schedule D, Part V disclosures. Starting from a $71.72 million beginning balance in FY21, the endowment absorbed $20.49 million in direct endowment contributions alongside $50.46 million in cumulative net investment earnings—including a $26.02 million surge in FY21 and three consecutive years of double-digit million gains following a $10.85 million market contraction in FY22. Across this five-year window, the endowment distributed $17.91 million toward financial aid, faculty support, and school programs while expanding its ending balance by 73.7% to a record $124.56 million (comprising 38.03% board-designated quasi-endowment, 36.17% permanent endowment, and 25.80% 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 | $110,642,785 | $98,158,256 | $87,295,767 | $97,025,586 | $71,716,339 |
| 1b. Contributions | $5,850,381 | $3,388,820 | $4,004,766 | $4,521,844 | $2,722,555 |
| 1c. Net investment earnings | $12,014,903 | $12,778,971 | $10,494,887 | ($10,846,708) | $26,022,621 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($3,950,154) | ($3,683,262) | ($3,568,084) | ($3,339,946) | ($3,370,905) |
| 1f. Administrative expenses | $0 | $0 | ($69,080) | ($65,009) | ($65,024) |
| 1g. End of year balance | $124,557,915 | $110,642,785 | $98,158,256 | $87,295,767 | $97,025,586 |
Per-Student Spending and True Cost
Comparing baseline tuition revenue against direct program service expenditures reveals the built-in subsidy behind a Polytechnic education. Across 884 K–12 students, Polytechnic spends $50,679 per student on direct program services ($44.80 million), whereas gross tuition and fees bring in $42,934 per student ($37.95 million)—meaning tuition covers 84.7% of direct program outlays.
When factoring in institutional management ($8.96 million) and fundraising ($2.36 million) overhead, Polytechnic's total expenditure reaches $63,495 per student ($56.13 million total), exceeding gross tuition by $20,561 per pupil. That resource gap is bridged by endowment payouts, annual giving, and auxiliary summer programs, funding small class sizes, outdoor education across California, and K–12 visual and performing arts facilities.
Operations vs. Revenue
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Regular Session Program Spend: $44,800,373 in direct program service expenses across 884 K–12 students ($50,679 gross program spend per student; $42,941 net program spend excluding $6.84M in financial aid grants). Total institutional spending across all functional categories is $56,129,370 ($63,495 per student).
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Tuition & Fee Revenue: $37,953,873 ($42,934 per student before financial aid discounts). Non-tuition revenue covers the remaining $7,745 per-student direct program gap ($20,561 per-student total institutional gap).
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Outdoor Education, Athletics & Travel (Part IX): Supported by a $94.26M physical plant, direct student outlays include $653,774 for Polytechnic's signature Outdoor Education curriculum, $403,678 in non-salary athletic department expenses, and $297,132 in program travel ($681,631 total institutional travel).
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Recruitment & International Philanthropy (Part IX & Schedule F): Polytechnic dedicated $146,303 to recruitment expenses (Part IX, Line 24d) and reported international donor contributions from East Asia and the Pacific as well as Europe (including Iceland and Greenland) on Schedule F, Part I.
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PolySummer, Extended Day & Returned Capital Gift: Auxiliary programs generated $3,897,759 ($3,595,297 from PolySummer and $302,462 from After School programs). FY25 program expenses also reflect a one-time $2,000,000 returned gift due to a suspended project (Part IX, Line 24a); excluding this return, core program spending stands at $42,800,373 ($48,417 per student).
Financial Aid: How Polytechnic Spends $6.84M on Access
Polytechnic School distributed $6,840,804 in direct financial aid grants across 230 domestic students in FY25, supporting 26.0% of its 884-student body with an average grant of $29,743. Per Schedule I, Part IV, the school awards aid strictly on demonstrated financial need—offering no merit scholarships or student loans—and verifies family contributions using an independent third-party Parent's Financial Statement (PFS) alongside federal tax returns.
In total, Polytechnic recycles 18.0% of its gross tuition revenue directly back into need-based tuition assistance to reflect the economic diversity of Pasadena and the San Gabriel Valley. Beyond its enrolled K–12 student body, Polytechnic supports local public school students through its affiliated 501(c)(3) supporting organization, The Fund for Partnership for Success, which funds a tuition-free summer enrichment pipeline for Pasadena Unified School District scholars.
Internal Student Support
- Aided Student Share 26.0% (230 students)
- Total Financial Aid Grants $6,840,804
- Average Grant per Aided Student $29,743
- Gross Tuition Discount Rate 18.0% of Gross Tuition
- Schedule L Trustee Family Aid (3 Grants) $166,200
Public Outreach & Governance
- The Fund for Partnership for Success ($190,187 Reimbursed) Related 501(c)(3) supporting organization (Schedule R, Part II) hosting tuition-free multi-summer academic enrichment on Polytechnic's campus for underrepresented public school students from grades 5 through 12.
- Independent Need Verification (Schedule I, Part IV) All 230 awards are 100% need-based grants evaluated via independent third-party financial modeling of family income, assets, liabilities, and tax returns.
Executive and Senior Leadership Compensation
Because Polytechnic invests through public securities and institutional funds rather than employing an in-house Wall Street investment desk, its compensation hierarchy centers on academic and operational leadership. Head of School John Bracker topped the FY25 Schedule J disclosures at $1,195,726 in total compensation, followed by Chief Financial Officer Keith Huyssoon ($356,513) and Assistant Head of School Lisa Wu ($299,846).
Bracker's package illustrates how elite independent day schools use multi-year deferred retirement vehicles and adjacent housing benefits to retain long-tenured heads of school. His FY25 reportable pay includes a $142,515 payout from a 457(f) supplemental nonqualified retirement plan alongside a new $172,000 457(f) plan contribution, while keeping reportable W-2 pay ($989,379) just below the $1 million federal IRC Section 4960 excise tax threshold.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Polytechnic spent $33,395,858 on total employee salaries, pension contributions, benefits, and payroll taxes in FY25 (representing 59.5% of all institutional expenses) across 616 W-2 employees, with 93 staff members earning over $100,000.
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Top Executive Packages & 457(f) Plans: Head of School John Bracker received $1,195,726 in total compensation ($628,571 base salary, $360,808 in other reportable pay including a $142,515 457(f) payout, $192,700 in retirement accruals, and $13,647 in nontaxable benefits), while CFO Keith Huyssoon earned $356,513.
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Executive Perquisites & Related-Party Payroll (Schedule J & L): Per his employment contract, the Head of School is required to occupy school-owned housing adjacent to campus and receives school-paid maid service, a discretionary business spending account, and membership in a university faculty club. Schedule L, Part IV also discloses $87,599 in employee payroll paid to Rachel Countryman, spouse of the Head of School.
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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) |
| John BrackerHead of School | $628,571 | $0 | $360,808 | $192,700 | $13,647 | $1,195,726 | $142,515 |
| Keith HuyssoonChief Financial Officer (CFO) | $298,638 | $0 | $3,756 | $30,656 | $23,463 | $356,513 | $0 |
| Lisa WuAsst. Head, Enrollment & Strategic | $264,207 | $0 | $608 | $16,207 | $18,824 | $299,846 | $0 |
| Johnathan FayDir. of PolySummer & Extended Day | $220,768 | $0 | $1,270 | $23,181 | $13,917 | $259,136 | $0 |
| Meredith RobbinsChief Advancement Officer | $228,671 | $0 | $231 | $14,561 | $14,081 | $257,544 | $0 |
| Jose MelgozaUpper School Director | $201,752 | $0 | $274 | $20,216 | $9,579 | $231,821 | $0 |
| Paula MartinLower School Director Advisor | $190,617 | $0 | $8,342 | $15,526 | $11,495 | $225,980 | $0 |
Facilities, Debt, and Municipal Relations
Polytechnic maintains a $94.26 million gross physical plant across its 15-acre Pasadena campus with zero tax-exempt municipal bond debt and zero commercial mortgages. By funding facility construction through capital campaigns rather than debt issuance, the school incurred $0 in interest expense during FY25, carrying only $189,920 in minor equipment and operating lease liabilities.
While Polytechnic reported $0 in voluntary Schedule I Payment in Lieu of Taxes (PILOT) disbursements to local municipalities, its FY25 filing highlights the land-use complexities facing urban California private schools. Polytechnic spent $176,171 on direct lobbying for Los Angeles County athletic field land-use entitlements in neighboring Altadena, paid over $800,000 to legal, land-consulting, and planning contractors, and returned a $2.0 million donor gift linked to a suspended capital project.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Polytechnic holds $94.26 million in gross land, buildings, and equipment ($59.41 million net book value after $34.85 million in accumulated depreciation), spending $2.92 million on campus occupancy alongside $2.57 million in annual depreciation.
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Debt-Free Balance Sheet: The school carries $0 in tax-exempt bond liabilities (Part X, Line 20), $0 in mortgages or notes payable (Lines 23–24), and $0 in interest expense, reporting only $189,920 in lease liabilities (Schedule D, Part X).
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Schedule I Town-Gown PILOT Payments & Altadena Land-Use Lobbying: Polytechnic recorded $0 in Schedule I municipal PILOT grants to Pasadena or Los Angeles County. Instead, municipal relations centered on off-campus athletic expansion: the school reported $176,171 in Schedule C, Part II-B direct lobbying expenses for "LA County land use entitlements for athletic fields in Altadena" and returned a $2,000,000 gift due to a suspended project (Part IX, Line 24a).
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Top Vendors: The four independent contractors paid over $100,000 reflect land-use and campus upkeep priorities: Gibson, Dunn & Crutcher LLP ($447,330 for legal/advising services), Montgomery Clark Advisors ($215,000 for strategic land consulting), Tom McGrail Roofing ($197,300 for maintenance), and Gruen Associates ($139,622 for planning, interiors, and landscape).
Editorial Note
All financial figures in this report derive from Polytechnic School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 884 K–12 students) and have been reviewed by the data team.
While Polytechnic spends $50,679 per student in direct program services ($63,495 per student in total institutional expenditures), Chicardgo School does not imply that financial expenditure mathematically causes higher placement into Ivy+, Top 25 National University, or Top 15 Liberal Arts College tiers. Rather, these financial resources fund the faculty compensation, need-based admissions access, and K–12 academic programming that operate alongside Polytechnic's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Polytechnic's audited financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note differences in reported totals. Form 990 reports $65.75M in total revenue and $56.13M in total expenses (which includes $6.84M in financial aid grants, $2.00M for a returned gift due to a suspended project, and $327,284 in investment management fees as operating expenses, while excluding $4.83M in unrealized investment gains). By contrast, GAAP audited financial statements report $63.69M in total revenue/gains and $47.22M in total expenses (which nets financial aid against gross tuition revenue, includes unrealized gains, and includes $169,572 in rental expenses and $92,724 in direct fundraising event expenses).
Frequently Asked Questions: Polytechnic's Form 990 Financials
As of Fiscal Year 2025, Polytechnic School's endowment stands at $124.56 million ($140,903 per enrolled K–12 student), up 12.6% year-over-year. Its $3.95 million annual spending draw covers 7.0% of the school's $56.13 million Form 990 operating budget (and 8.4% of its $47.22 million GAAP operating budget).
Polytechnic spends an average of $50,679 per student annually in direct program services ($44.80 million across 884 students), which exceeds the $42,934 per student generated in baseline tuition and fees by $7,745. When administrative and fundraising overhead are included, total institutional spending reaches $63,495 per student ($56.13 million).
Polytechnic disbursed $6.84 million in need-based financial aid grants in FY25, supporting 26.0% of its K–12 student body (230 students) with an average grant of $29,743. The school awards only need-based grants and does not offer merit scholarships or student loans.
The highest-paid employee is Head of School John Bracker, who received $1,195,726 in total compensation in FY25 (comprising $628,571 in base salary, $360,808 in other reportable pay including a $142,515 457(f) retirement payout, $192,700 in deferred retirement accruals, and $13,647 in nontaxable benefits), plus school-provided adjacent housing.
Yes. Because federal law classifies Polytechnic as a K–12 secondary school rather than an institution of higher education, it is exempt from the IRC Section 4968 excise tax on net investment income. Polytechnic also operates with $0 in tax-exempt bond debt, $0 in mortgages, and $0 in Schedule I municipal PILOT payments, while reporting $176,171 in Schedule C lobbying expenses for Los Angeles County athletic field land-use entitlements in Altadena.
Polytechnic School's total assets reached $202.76 million in fiscal year 2025, anchored by $126.77 million in investment securities, $59.41 million in net campus real estate and equipment, and $13.57 million in cash and temporary cash investments.
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