Nonprofit · EIN 04-2103573
FAY SCHOOL INC
Tax-exempt · SOUTHBOROUGH, MA 01772
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $38,921,534 | $38,552,549 | $368,985 | $133,013,098 | $63,959,000 | $69,054,098 |
| June 30, 2024 | 990 | $35,127,973 | $35,714,637 | -$586,664 | $131,497,899 | $66,043,525 | $65,454,374 |
| June 30, 2023 | 990 | $34,224,651 | $32,744,817 | $1,479,834 | $128,851,326 | $64,893,103 | $63,958,223 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $4,723,235
- Program service revenue
- $30,325,393
- Investment income
- $3,679,298
- Net rental income
- $157,646
- Net gain from sales of assets
- $2,498,761
- Net income from fundraising events
- -$71,091
- Net income from gaming
- $7,200
- Net income from sales of inventory
- $54,529
- Other revenue
- $193,608
Expenses
- Grants and similar amounts paid
- $4,711,140
- Compensation of officers, directors and key employees
- $1,012,743
- Other salaries and wages
- $13,547,094
- Salaries, compensation and benefits (total)
- $19,953,104
- Professional fundraising fees
- $0
- Legal fees
- $166,190
- Accounting fees
- $52,457
- Occupancy
- $808,094
- Travel
- $241,208
- Depreciation
- $3,344,302
- Program services (functional)
- $31,396,319
- Management and general (functional)
- $6,294,799
- Fundraising (functional)
- $861,431
Balance sheet and other
- Total assets, start of year
- $131,497,899
- Total assets, end of year
- $133,013,098
- Total liabilities, end of year
- $63,959,000
- Net assets, end of year
- $69,054,098
- Land, buildings and equipment
- $57,437,116
- Publicly traded securities
- $46,466,014
- Net assets without donor restrictions
- $39,294,716
- Net assets with donor restrictions
- $29,759,382
- Gross receipts
- $59,610,798
- Employees
- 317
- Volunteers
- 100
- Year formed
- 1866
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ROBERT GUSTAVSON | FORMER HEAD OF SCHOOL Former | 37.5 | $768,661 | $95,857 |
| ELIZABETH WHITNEY | ASSOCIATE HEAD OF SCHOOL Highest-paid employee | 37.5 | $309,029 | $113,436 |
| DIANE BYRNE | ASST. HEAD OF SCHOOL FOR OPERATIONS Officer | 37.5 | $334,053 | $63,440 |
| SUSANNA WATERS | HEAD OF SCHOOL Officer | 37.5 | $251,119 | $97,931 |
| ROBERT CRAWFORD | DIRECTOR OF ADVANCEMENT Highest-paid employee | 37.5 | $244,004 | $103,671 |
| JUDI ANN O'BRIEN | ASSTISTANT HEAD OF SCHOOL FOR THE EDUCATIONAL PROG Highest-paid employee | 37.5 | $265,343 | $31,112 |
| JOHN SUMNER | HEAD OF UPPER SCHOOL Highest-paid employee | 37.5 | $173,730 | $86,511 |
| PETER FEAREY | DIRECTOR OF INNOVATION Highest-paid employee | 37.5 | $231,906 | $16,810 |
| ANN LAQUERRE | PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| ALEX CURTIS | VICE PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| LAURIE VANCE | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| SARA R MARS | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| PETER BAUER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MELISSA BOIS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELEANOR BROWN | TRUSTEE Trustee or director | 2 | $0 | $0 |
14 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| BRENDON GIBLIN | TRUSTEE Trustee or director | 2 | $0 |
| HEATHER R GIROLAMO | TRUSTEE Trustee or director | 2 | $0 |
| DAVID HARRIS | TRUSTEE Trustee or director | 2 | $0 |
| JAE HOON KIM | TRUSTEE Trustee or director | 2 | $0 |
| HELEN LIN | TRUSTEE Trustee or director | 2 | $0 |
| DOUG LOUD | TRUSTEE Trustee or director | 2 | $0 |
| SEAN LU | TRUSTEE Trustee or director | 2 | $0 |
| JESSICA MOORAJ | TRUSTEE Trustee or director | 2 | $0 |
| WILLIAM PICARDI | TRUSTEE Trustee or director | 2 | $0 |
| JOHN SIMON | TRUSTEE Trustee or director | 2 | $0 |
| JEAN SUNG | TRUSTEE Trustee or director | 2 | $0 |
| ARTHUR TING | TRUSTEE Trustee or director | 2 | $0 |
| FAITH WALLACE-GADSDEN | TRUSTEE Trustee or director | 2 | $0 |
| GILBERT ZAWAIRA | TRUSTEE Trustee or director | 2 | $0 |
990 for the year ended June 30, 2024: 27 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ROBERT J GUSTAVSON | HEAD OF SCHOOL Officer | 37.5 | $755,301 | $174,004 |
| DIANE BYRNE | ASST. HEAD OF SCHOOL FOR OPERATIONS AND FINANCE Officer | 37.5 | $333,894 | $47,137 |
| ELIZABETH WHITNEY | ASSOCIATE HEAD OF SCHOOL Highest-paid employee | 37.5 | $285,622 | $73,239 |
| ROBERT CRAWFORD | DIRECTOR OF ADVANCEMENT Highest-paid employee | 37.5 | $254,024 | $80,909 |
| PETER FEAREY | DIRECTOR OF INNOVATION Highest-paid employee | 37.5 | $223,419 | $24,536 |
| JOHN SUMNER | HEAD OF UPPER SCHOOL Highest-paid employee | 37.5 | $179,735 | $44,242 |
| KAITLYN CRONIN | HEAD OF LOWER SCHOOL Highest-paid employee | 37.5 | $165,672 | $12,018 |
| ANN LAQUERRE | PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| ALEX CURTIS | VICE PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| LAURIE VANCE | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| SARA R MARS | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| PETER BAUER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| MELISSA BOIS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELEANOR BROWN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| BRENDON GIBLIN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| HEATHER R GIROLAMO | TRUSTEE Trustee or director | 2 | $0 | $0 |
| DAVID HARRIS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JAE HOON KIM | TRUSTEE Trustee or director | 2 | $0 | $0 |
| HELEN LIN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| DOUG LOUD | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SEAN LU | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JESSICA MOORAJ | TRUSTEE Trustee or director | 2 | $0 | $0 |
| WILLIAM PICARDI | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JOHN SIMON | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JEAN SUNG | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ARTHUR TING | TRUSTEE Trustee or director | 2 | $0 | $0 |
| FAITH WALLACE-GADSDEN | TRUSTEE Trustee or director | 2 | $0 | $0 |
990 for the year ended June 30, 2023: 28 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ROBERT J GUSTAVSON | HEAD OF SCHOOL Officer | 37.5 | $583,685 | $157,005 |
| DIANE BYRNE | ASST. HEAD OF SCHOOL FOR FINANCE & OPERATIONS Officer | 37.5 | $320,572 | $55,438 |
| ROBERT CRAWFORD | DIRECTOR OF ADVANCEMENT Highest-paid employee | 37.5 | $231,694 | $102,235 |
| ELIZABETH WHITNEY | ASSOCIATE HEAD OF SCHOOL Highest-paid employee | 37.5 | $238,475 | $93,691 |
| KATHARINE KNUPPEL | HEAD OF PRIMARY SCHOOL & DIRECTOR OF THE EARLY LEA Highest-paid employee | 37.5 | $153,255 | $40,782 |
| JILLIAN ANTHONY | DIRECTOR OF EQUITY AND INCLUSION Highest-paid employee | 37.5 | $156,520 | $22,924 |
| KAITLYN CRONIN | HEAD OF LOWER SCHOOL Highest-paid employee | 37.5 | $161,357 | $10,995 |
| JAMES P SHAY | PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| ANN LAQUERRE | VICE PRESIDENT Trustee or director, Officer | 2 | $0 | $0 |
| SARA R MARS | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| MELISSA BOIS | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| PETER BAUER | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ELEANOR BROWN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ALEX CURTIS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| BRENDON GIBLIN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| HEATHER R GIROLAMO | TRUSTEE Trustee or director | 2 | $0 | $0 |
| DAVID HARRIS | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JAE HOON KIM | TRUSTEE Trustee or director | 2 | $0 | $0 |
| WARREN LEE | TRUSTEE Trustee or director | 2 | $0 | $0 |
| HELEN LIN | TRUSTEE Trustee or director | 2 | $0 | $0 |
| DOUG LOUD | TRUSTEE Trustee or director | 2 | $0 | $0 |
| SEAN LU | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JESSICA MOORAJ | TRUSTEE Trustee or director | 2 | $0 | $0 |
| WILLIAM PICARDI | TRUSTEE Trustee or director | 2 | $0 | $0 |
| JOHN SIMON | TRUSTEE Trustee or director | 2 | $0 | $0 |
| ARTHUR TING | TRUSTEE Trustee or director | 2 | $0 | $0 |
| LAURIE VANCE | TRUSTEE Trustee or director | 2 | $0 | $0 |
| FAITH WALLACE-GADSDEN | TRUSTEE Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 48 MAIN ST, SOUTHBOROUGH, MA 01772-1509
- Principal officer (990 for 2024)
- SUSANNA WATERS, 48 MAIN STREET, SOUTHBOROUGH, MA 017721595
- Signed the 990
- DIANE BYRNE, ASS'T HEAD FOR FINANCE AND OPS
- Phone
- (508) 485-0100
- Website
- HTTPS://WWW.FAYSCHOOL.ORG/
- Return prepared by
- CLIFTONLARSONALLEN
Mission
TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE.
Program accomplishments
- INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 499 STUDENTS' GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY LEARNING CENTER FROM AGES 2.9 TO 5, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN EMPHASIZED THROUGH THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS.LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AN ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS.HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUND THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY. IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD.Expenses $30,206,413 · grants $4,692,855 · revenue $28,611,868
- SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP, AN INTERNATIONAL STUDENT BOARDING ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM, FOR CHILDREN AGES THREE THROUGH FIFTEEN. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NURTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONG CHILDREN AND ADULTS.THE INTERNATIONAL STUDENT BOARDING ENGLISH LANGUAGE PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICIENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT.Expenses $1,189,906 · grants $18,285 · revenue $1,813,378
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 04-2103573
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1924
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B200)
- Assets (IRS master file)
- $133,013,098
- Income (IRS master file)
- $59,610,798
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $38,921,534 | $38,552,549 | $133,013,098 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $35,127,973 | $35,714,637 | $131,497,899 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $34,224,651 | $32,744,817 | $128,851,326 | XML |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | $32,779,683 | $29,761,079 | $128,787,216 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-2103573).
Questions about FAY SCHOOL INC
- What is the EIN of FAY SCHOOL INC?
- The employer identification number (EIN) of FAY SCHOOL INC is 04-2103573.
- Is FAY SCHOOL INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1924.
- Are donations to FAY SCHOOL INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FAY SCHOOL INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FAY SCHOOL INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FAY SCHOOL INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of FAY SCHOOL INC?
- The 990 for the year ended June 30, 2025 names SUSANNA WATERS.
- Who are the officers and directors of FAY SCHOOL INC?
- The 990 for the year ended June 30, 2025 lists 29 people; 8 received compensation from the organization, the highest $768,661 (ROBERT GUSTAVSON, FORMER HEAD OF SCHOOL).
- How much revenue does FAY SCHOOL INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $38,921,534, expenses of $38,552,549 and total assets of $133,013,098 at year end.
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