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Financial Analysis

Commonwealth School Assets Reach $44.5 Million, Channels Three QuartersTotal Expenses Into Academic Instruction and Student Programming

By Data Team | Published October 30, 2026

Commonwealth School's total assets rose 8.6% to $44.46 million in fiscal year 2025, anchored by a $26.64 million endowment whose $1.04 million annual payout covers 9.3% of the Boston day school's $11.17 million operating budget, according to its latest IRS Form 990 filing. Across 158 students in Grades 9–12, the school directs $53,323 per student into direct program services ($70,670 per student in total institutional expenditure) while awarding $1.61 million in need-based financial aid.

Operating out of two connected brownstones in Boston's Back Bay without suburban athletic complexes or capital debt, Commonwealth channels 75.5% of its total expenses directly into academic instruction and student programming. Net tuition revenue after financial aid averages $47,265 per student, meaning endowment draws and annual philanthropy bridge a $6,058 per-student gap on direct program services ($23,405 per student against total institutional spend)—supporting the small seminar classes behind Commonwealth's #6 standing in the Boston Private High School Elite College Placement Index (ECPI).

This urban financial structure contrasts with capital-intensive New England boarding and country day schools. By maintaining zero bond debt and allocating 59.4% of its entire operating budget to faculty and staff compensation, Commonwealth prioritizes classroom instruction and need-blind financial aid for 24.1% of its student body.

Institutional & Governance Profile

Incorporated in Massachusetts as The Commonwealth School Inc. (EIN 04-2228167) at 151 Commonwealth Avenue, the school operates as a 501(c)(3) independent secondary day school serving 158 students. Its governance model pairs an entirely independent board of trustees with an administrative cabinet, maintaining strict donor privacy protocols tailored to a small academic community.

Chicardgo Favicon Institutional Scale and Board Structure

  • •
    Founding & Workforce Scale: Founded in 1957 by Charles Merrill Jr., the school issued 80 Form W-2s in calendar year 2024 and filed 52 Form 1099 vendor returns to serve an enrollment of 158 students (a 2:1 student-to-staff ratio).
  • •
    Executive Leadership: Head of School Jennifer Borman leads daily operations alongside Assistant Head of School Rebecca Jackman and Director of Finance Mark Graziano.
  • •
    Governing Board (Part VI): The Board of Trustees comprises 24 voting members, all 24 of whom are independent, led by Board Chairperson Frederick Ewald, Treasurer Laura Sander, and Clerk Sharon Yamamoto.
  • •
    Audit & Donor Confidentiality Controls (Schedule O): Financial statements are independently audited by Plante & Moran PLLC. Before filing, the Audit Committee and Treasurer review the full Form 990 alongside Schedule B major donor disclosures ($5,000+), while the full board receives the return excluding Schedule B to preserve donor confidentiality inside the close-knit community.

Top-Line Financials

During Fiscal Year 2025 (covering July 1, 2024 through June 30, 2025), Commonwealth expanded its total net assets by 8.5% to $41.26 million. The school generated a $786,732 operating surplus on $11.95 million in total revenue while recording $2.43 million in net unrealized investment gains, leaving the balance sheet entirely free of long-term debt.

Balance Sheet Strength

  • Total Assets $44,455,156 (+8.6%)
  • Total Liabilities $3,197,282 (+10.5%)
  • Total Net Assets $41,257,874 (+8.5%)
  • Donor-Restricted Net Assets $17,653,939 (42.8% of Total Net Assets)
  • Unrestricted Net Assets $23,603,935 (57.2% of Total Net Assets)

Operating Performance

  • Total Revenue $11,952,659 (+2.5%)
  • Total Expenses $11,165,927 (+4.4%)
  • Operating Surplus $786,732 (-18.6%)
  • Unrealized Gains (Excluded) $2,431,919

Note: The $786,732 reported operating surplus reflects standard Form 990 accounting parameters; adding the $2.43 million in unrealized investment gains accounts for Commonwealth's $3.22 million total net asset expansion in FY25.

Revenue Breakdown

As an urban independent day school, Commonwealth derives 77.8% of its $11.95 million in Form 990 revenue from tuition and program fees. The remaining 22.2% ($2.65 million) comes from annual philanthropy and investment dividends, providing a crucial subsidy that funds need-based financial aid and keeps the school in a consistent operating surplus.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Program Service Revenue Up 3.1% YoY
    $9,301,078 (77.8%)
    • Tuition & Fees $9,075,616
    • Other Program Income $225,462
  • Contributions & Grants Up 1.2% YoY
    $1,704,177 (14.3%)
    • Cash Contributions & Grants $1,417,867
    • Noncash Publicly Traded Stock Gifts (10 Gifts) $286,310
  • Investment Income Down 0.7% YoY
    $947,404 (7.9%)
    • Dividends & Interest $955,972
    • Net Realized Loss on Securities Sales ($271.6K Gross) ($8,568)
  • Other Revenue
    $0 (0.0%)

Endowment Performance and Asset Allocation

Unlike larger boarding academies that allocate capital to illiquid offshore private equity and hedge funds, Commonwealth manages a liquid, transparent investment portfolio. Across $34.20 million in total cash and securities on its balance sheet, the school holds 100% of its long-term market investments in publicly traded securities alongside cash and short-term savings, reporting zero closely held equities, derivatives, or foreign investment partnerships.

This public-market indexing approach keeps external investment management fees down to $77,829 annually—just 0.29% (29 basis points) of the school's $26.64 million endowment. In FY25, the endowment generated $3.05 million in net investment earnings (a 12.5% return on beginning assets) and distributed $1.04 million to support facilities and academic programs, covering 9.3% of the school's $11.17 million Form 990 operating budget (10.9% of GAAP expenses net of financial aid).

Chicardgo Favicon Portfolio Performance & Liquid Asset Allocation ($34.20M Total Holdings)

Part X Balance Sheet Cash & Securities

  • •
    Endowment Balance (EOY): $26,640,510 (up 9.3% YoY), representing $168,611 per enrolled student across 158 students.
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    Net Investment Gains: $3,047,644 (comprising $955,972 in interest and dividends, $2,431,919 in net unrealized gains, less $8,568 in realized losses and $77,829 in investment management fees).
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    Endowment Restriction Mix: 61.3% ($16.33M) is held in permanent donor-restricted endowment, while 38.7% ($10.31M) sits in board-designated quasi-endowment.
  • •
    Total Payout & Budget Coverage: $1,035,000 distributed to facilities and academic programs (a 4.25% draw on beginning balance), funding 9.3% of total Form 990 operating expenses.

Detailed Liquid Holdings & Endowment Breakdown

Publicly Traded Securities
$27.08M (79.2%)
Savings & Temp. Cash Inv.
$5.30M (15.5%)
Operating Cash (Non-Int.)
$1.82M (5.3%)
Alternative / Offshore
$0.00M (0.0%)

5-Year Endowment History

Over the five-year period reported in Schedule D, Part V (FY21–FY25), Commonwealth School grew its endowment by 44.0% from an $18.50 million beginning balance in FY21 to $26.64 million at the close of FY25. During that span, the fund absorbed $2.56 million in direct endowment gifts and generated $10.23 million in cumulative net investment gains—rebounding from a $1.99 million market contraction in FY22 with consecutive $3.06 million and $3.05 million gains in FY24 and FY25—while distributing $4.65 million to school operations.

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).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $24,377,707 $21,253,982 $19,342,862 $21,665,229 $18,499,512
1b. Contributions $250,159 $1,034,980 $734,250 $540,000 $0
1c. Net investment earnings $3,047,644 $3,056,745 $2,137,870 ($1,990,750) $3,977,237
1d. Grants or scholarships $0 $0 $0 $0 $0
1e. Other expenditures ($1,035,000) ($968,000) ($961,000) ($871,617) ($811,520)
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $26,640,510 $24,377,707 $21,253,982 $19,342,862 $21,665,229
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 61.30% permanent endowment and 38.70% board-designated or quasi-endowment (0% term endowment), with all funds held directly by the school (Line 3a).

Per-Student Spending and True Cost

Evaluating direct program service expenditures against net tuition receipts clarifies the unit economics of a Commonwealth education. Across 158 students in Grades 9–12, the school spends $53,323 per student directly on instructional program services ($43,147 net of financial aid grants), and $70,670 per student when including management and fundraising overhead.

While gross tuition and fees average $57,441 per student, subtracting $1.61 million in financial aid awards leaves $47,265 per student in net tuition revenue. Consequently, net tuition covers 88.6% of direct program service spending (leaving a $6,058 per-student program subsidy) and 66.9% of total institutional spending ($23,405 per-student total gap), with the remainder funded by the $1.04 million endowment payout and $1.70 million in annual giving.

Operations vs. Revenue

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    Regular Session Program Spend: $8,425,045 in direct program service expenses across 158 students in Grades 9–12 ($53,323 gross program spend per student; $43,147 net excluding financial aid grants).
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    Total Institutional Spend: $11,165,927 across all functional categories ($70,670 total spend per student), comprising $8,425,045 in Program Services (75.5%), $1,919,582 in Management and General (17.2%), and $821,300 in Fundraising (7.4%).
  • •
    Tuition & Fee Revenue: $9,075,616 gross ($57,441 per student before financial aid discounts) and $7,467,805 net of financial aid ($47,265 per student), supplemented by $225,462 in other program revenue.
  • •
    Academic Enrichment & Supplies: Direct student programming includes $351,151 for student enrichment activities, $335,773 for instructional materials and supplies, and $106,262 for athletics and transportation.
  • •
    International Program Study (Schedule F): $131,899 expended on school-sponsored educational trips in Europe (including Iceland and Greenland), averaging $835 per enrolled student.

Financial Aid: How Commonwealth Spends $1.61M on Access

Commonwealth increased its domestic financial aid expenditure by 12.5% year-over-year to $1,607,811 in FY25, supporting 38 of its 158 students (24.1% of the student body), according to Schedule I disclosures. The average need-based grant reached $42,311 per aided student, discounting roughly 73.7% of the average gross tuition and fee charge.

As detailed in Schedule I, Part IV, the school separates admissions evaluations from financial aid decisions—reviewing aid requests only after a candidate is deemed admissible. Families apply through Clarity, an independent third-party financial aid assessment platform, submitting federal tax returns, W-2s, and financial statements for review by the Financial Aid Committee and Director of Admissions and Financial Aid.

Internal Student Support

  • Aided Student Share 24.1% (38 of 158 students)
  • Total Financial Aid Grants $1,607,811 (+12.5%)
  • Average Grant per Aided Student $42,311
  • Overall Tuition Discount Rate 17.7% of Gross Tuition
  • Aid Per Enrolled Student (All 158) $10,176

Need-Blind Governance & Verification

  • Clarity Third-Party Need Assessment All families requesting grant awards submit W-2s, federal tax returns, and parent financial statements through Clarity to establish objective family contribution capacity.
  • Post-Admission Award Sequencing Financial aid consideration occurs strictly after a student is deemed admissible; awards are funded directly through the operating budget and reconciled against student billing by the Business Office.

Executive and Administrative Compensation

Because Commonwealth relies on low-cost public market securities rather than an in-house investment office, its payroll hierarchy reflects traditional academic governance. Head of School Jennifer Borman is the school's highest-compensated employee at $323,699 in total compensation, followed by Director of Finance Mark Graziano ($182,129) and Director of Advancement Alisha Elliot ($179,044).

Across its 80-person workforce, Commonwealth directed $6.63 million into salaries, pension contributions, and employee benefits in FY25—representing 59.4% of total expenses. None of the school's officers or key employees received bonus or incentive payments, nonqualified deferred retirement packages, or tax-free housing allowances.

Payroll Scale and Compensation Governance

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    Total Institutional Payroll: Commonwealth paid $6,629,113 in total employee compensation in FY25 (up 6.4% YoY and accounting for 59.4% of all institutional expenses) across 80 W-2 employees, with 18 staff members earning over $100,000 in reportable compensation.
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    Top Executive Packages: Five administrators exceeded the $150,000 Schedule J reporting threshold, led by Head of School Jennifer Borman ($323,699 total; $279,262 base) and Director of Finance Mark Graziano ($182,129 total; $147,489 base). A sixth employee reported on Part VII, Director of Information Systems Adam Hinterlang, received $146,320 in total compensation ($133,799 base plus $12,521 in other compensation).
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    Board Oversight & NAIS Benchmarking (Schedule J & O): The Head of School's salary is set by the Head's Compensation Committee (including the Board Chair and Treasurer), while all other staff salaries are approved annually by the Head of School using cost-of-living adjustments and comparability data from the National Association of Independent Schools (NAIS). The Head of School also maintains an administrative discretionary spending account subject to review and approval by the Director of Finance.
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown (FY25)
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 BormanHead of School $279,262 $0 $0 $25,113 $19,324 $323,699 $0
Mark GrazianoDirector of Finance $147,489 $0 $0 $13,238 $21,402 $182,129 $0
Alisha ElliotDirector of Advancement $165,062 $0 $0 $13,982 $0 $179,044 $0
Rebecca JackmanAsst. Head of School $142,746 $0 $0 $12,977 $19,183 $174,906 $0
Caroline HealyDirector of Admissions $135,594 $0 $0 $12,042 $7,469 $155,105 $0
* Source: IRS Form 990, Schedule J, Part II (Lines 1–5). In addition to the 5 executives above who exceeded the $150,000 Schedule J reporting threshold, Form 990 Part VII, Section A (Line 28) lists Director of Information Systems Adam Hinterlang at $133,799 in reportable base compensation and $12,521 in other compensation ($146,320 total). Across the entire institution, 18 individuals received over $100,000 in reportable compensation (Part VII, Section A, Line 2).

Facilities, Debt, and Municipal Relations

Situated at 151 Commonwealth Avenue in Boston's historic Back Bay architectural district, Commonwealth operates within a compact urban footprint. Rather than issuing municipal bonds to finance sprawling athletic fields or dormitories, the school carries zero tax-exempt bond debt and zero mortgages, insulating its operating budget from debt-service costs.

This compact real estate footprint also shapes the school's municipal relationship with the City of Boston on Schedule I. Because Boston's voluntary Payment in Lieu of Taxes (PILOT) program only solicits payments from tax-exempt institutions holding more than $15 million in assessed property value, Commonwealth's $9.38 million net real estate and equipment book value falls below the municipal threshold, resulting in $0 in reported government grants.

Capital Debt & Municipal Engagement

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    Physical Plant & Campus Operations (Schedule D, Part VI): Commonwealth holds $13,469,853 in gross land ($86,443), buildings ($12,631,915), and equipment ($751,495), with a net book value of $9,376,301 after $4,093,552 in accumulated depreciation. Annual occupancy expenses totaled $710,754 alongside $339,732 in depreciation.
  • •
    Debt-Free Balance Sheet (Part X): The school reports $0 in tax-exempt bond liabilities (Line 20), $0 in secured mortgages or notes payable (Lines 23–24), and $0 in interest expense. Total liabilities of $3,197,282 consist entirely of $2,458,271 in deferred tuition revenue and $739,011 in accounts payable and accrued expenses.
  • •
    Schedule I Town-Gown PILOT Payments & Municipal Relations: Commonwealth answered "No" to Form 990 Part IV, Line 21 and reported $0 in grants to domestic governments on Part IX, Line 1 and Schedule I, Part II. With a net physical plant book value of $9.38 million ($13.47 million gross cost), the school sits below the City of Boston's $15 million tax-exempt property threshold for voluntary PILOT contributions while utilizing surrounding Back Bay and municipal spaces for student recreation.
  • •
    Top Independent Contractors (Part VII, Section B): Only 2 independent contractors received over $100,000 in compensation: FLIK Independent Dining Services ($461,520 for campus food services) and Compass Facility Services ($163,129 for facilities management).

Editorial Note

All financial figures in this report derive from The Commonwealth School Inc.'s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 158 enrolled students in Grades 9–12) and have been verified by the data team.

While Commonwealth spends $53,323 per student in direct program services ($70,670 in total institutional spend), 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, 2:1 student-to-staff ratio, and need-blind financial aid access that operate alongside Commonwealth's historical matriculation outcomes.

Accounting Reconciliation (Schedule D, Parts XI & XII): Readers comparing Commonwealth's GAAP audited financial statements to IRS Form 990 will note differences in reported totals. On the expense side, Form 990 reports $11,165,927 in total expenses, whereas GAAP audited financial statements report $9,480,287; the $1,685,640 difference reflects $1,607,811 in financial aid grants (which GAAP nets directly against tuition revenue) and $77,829 in investment management fees. Similarly, GAAP audited revenue of $12,698,938 includes $2,431,919 in net unrealized investment gains (excluded from Form 990 total revenue of $11,952,659) while netting out the $1,607,811 in financial aid and $77,829 in investment fees.

Frequently Asked Questions: Commonwealth's Form 990 Financials

As of Fiscal Year 2025, Commonwealth School's endowment stands at $26.64 million ($26,640,510), or $168,611 per enrolled student. Its $1,035,000 annual payout covers 9.3% of the school's $11.17 million Form 990 operating budget (and 10.9% of GAAP operating expenses net of financial aid).

Commonwealth School spends $53,323 per student annually in direct program service expenses ($8,425,045 across 158 students), or $43,147 net of financial aid grants. When including management ($1.92 million) and fundraising ($821,300) overhead, total institutional expenditure reaches $70,670 per student ($11,165,927 total expenses).

Commonwealth disbursed $1,607,811 in need-based financial aid in FY25 (up 12.5% year-over-year), supporting 24.1% of its student body (38 of 158 students) with an average grant of $42,311 per aided student.

Head of School Jennifer Borman is the highest-paid employee, receiving $323,699 in total compensation in FY25 ($279,262 base salary, $25,113 in retirement contributions, and $19,324 in nontaxable benefits), followed by Director of Finance Mark Graziano at $182,129.

No. Commonwealth operates with $0 in tax-exempt bond liabilities and $0 in mortgages or notes payable. Because its Back Bay campus ($9.38 million net book value; $13.47 million gross cost) falls below the City of Boston's $15 million property valuation threshold for voluntary Payment in Lieu of Taxes (PILOT) requests, the school reported $0 in municipal government grants on Schedule I.

Commonwealth School's total assets reached $44.46 million ($44,455,156) in fiscal year 2025, anchored by $27.08 million in publicly traded securities, $7.12 million in cash and temporary savings, and $9.38 million in net real estate and equipment.

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