From the Treasurer
T
he annual report offers the community transparency about the financial condition of Mountaintop. As a not-for-profit organization, the school works with limited financial resources to fulfill its mission of offering excellent Montessori education, while maintaining financial stability. Mountaintop operates with no financial endowment and therefore must rely solely on tuition and other programmatic income to support its operations. In 2014-15 tuition and related fees accounted for 89% of total operating income. Summer programs (SEED Camp) contributed 5% to total income. The generosity of our community, as reflected in the Annual Fund, provided another 4% of annual income; the remaining 2% of income was from a variety of miscellaneous sources. Over the same period, the school’s operating expenses were over $3.5 million. The majority of these expenses were in the form of student instruction, accounting for 50% of the operating expenses. An additional 17% provided for need-based financial aid and scholarships. The remaining 33% of total expenses covered maintenance, mortgage, and general overhead of the daily operations of the school. Our first ever capital campaign has raised $759,000 in gifts and commitments so far. The beautiful, state-of-the-art new building opened on time and gracefully welcomes the community to the campus each morning, as it stands with pride on the hill. Mountaintop Montessori remains financially stable. As we continue through the current academic year and prepare for the transition to new school leadership, I am confident in our ability to maintain and improve this position of stability and strength over the coming years.
Yael Cockayne LE1/CH2 Parent, Board member
2014-2015 Mountaintop Montessori Income and Expenses
89+5+42L 50+19+1417L Income
Tuition Summer Camps Fundraising Fees
Expenses
89% 5% 4% 2%
Classrooms Overhead Facilities Financial Aid
50% 19% 14% 17%
Mountaintop’s Montessori’s 2014-2015 Operating Budget was $3,531,233. Our annual nonprofit finance and business practice audit is conducted by Robinson, Farmer, Cox Associates. Their report is available upon request.
MOUNTAINTOP MONTESSORI 2014-2015 ANNUAL REPORT 9