Cardigan Mountain School

Cardigan Mountain School maintains strong asset growth despite recent minor operating deficit.

EIN: 20223580 · Canaan, NH · NTEE: B240 · Updated: 2026-03-28

$61.5MRevenue

$87.9MAssets

85/100Mission Score (Excellent)

B240

About Cardigan Mountain School

Cardigan Mountain School (EIN: 20223580) is a nonprofit organization based in Canaan, NH, classified under NTEE code B240. The organization reported total revenue of $61.5M and total assets of $87.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Cardigan Mountain School's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Cardigan Mountain School demonstrates a generally stable financial position with consistent revenue streams and substantial assets. Over the past decade, the organization has maintained a healthy asset base, growing from $61.5 million in 2014 to $85.1 million in 2023. While there have been fluctuations in annual revenue and expenses, the school typically operates with a surplus, as seen in 2022 where revenue of $28.6 million exceeded expenses of $21.5 million. However, the most recent filing (2023) shows expenses of $22.9 million slightly exceeding revenue of $21.9 million, indicating a minor deficit for that period.

The organization's transparency is commendable, particularly regarding executive compensation. The consistent reporting of 0% for officer compensation across all available filings suggests that key officers are either uncompensated or compensated through other means not categorized as 'officer compensation' on the 990, or that the school's structure does not involve reportable officer compensation in the typical sense. This level of detail, or lack thereof, warrants further investigation to fully understand the compensation structure for its leadership.

Spending efficiency appears reasonable, with expenses generally aligning with revenue. The consistent growth in assets over the long term indicates sound financial management and investment strategies. The school's ability to maintain a significant asset base while delivering its educational programs suggests a sustainable operational model, though the recent deficit in 2023 bears watching.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Cardigan Mountain School with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 80%
fundraising: 5%

According to IRS 990 filings, Cardigan Mountain School allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The consistent reporting of 0% for officer compensation across all available IRS 990 filings is unusual for an organization of this size and suggests that executive compensation may be reported under different categories or that the school's leadership structure does not involve reportable officer compensation in the standard manner.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Cardigan Mountain School's IRS 990 filings:

Consistent 0% officer compensation reported, which is unusual for an organization of this scale and warrants further investigation into executive compensation practices.
Operating deficit in the most recent 2023 fiscal period ($21.9M revenue vs. $22.9M expenses).

Strengths

The following positive indicators were identified for Cardigan Mountain School:

Strong and growing asset base, increasing from $61.5 million in 2014 to $85.1 million in 2023.
Generally stable financial operations with revenues often exceeding expenses over the past decade.
Consistent revenue generation, indicating a sustainable funding model for its educational mission.
Low reported liabilities relative to assets, suggesting good financial leverage and stability.

Frequently Asked Questions about Cardigan Mountain School

How is executive compensation structured if 'Officer Comp' is consistently reported as 0%?

The IRS 990 filings consistently show 0% for officer compensation. This could mean that key executives are compensated through other means (e.g., as employees rather than officers with reportable compensation), or that the school's governance structure does not involve reportable officer compensation in the typical sense. Further detail would be needed to understand the full compensation picture for leadership.

What caused the operating deficit in the 2023 fiscal period?

In the 2023 fiscal period, Cardigan Mountain School reported revenues of $21,934,173 against expenses of $22,920,843, resulting in a deficit of nearly $1 million. The specific causes are not detailed in the summary data provided, but could be due to increased operational costs, decreased enrollment, or investment losses.

What is the long-term strategy for managing liabilities, which have fluctuated significantly?

Liabilities have varied, from a low of $13.4 million in 2014 to a high of $21.6 million in 2016, settling at $15.0 million in 2023. Understanding the nature of these liabilities (e.g., debt, deferred revenue) and the school's strategy for managing them is important for long-term financial health.

Filing History

IRS 990 filing history for Cardigan Mountain School showing financial trends over 12 years of public records:

Over 12 years of IRS 990 filings (2012–2023), Cardigan Mountain School's revenue has grown by 22.6%, moving from $17.9M to $21.9M. Total assets increased by 126.4% over the same period, from $37.6M to $85.2M. Total functional expenses rose by 70.1%, from $13.5M to $22.9M. In its most recent filing year (2023), Cardigan Mountain School reported a deficit of $987K, with expenses exceeding revenue. The organization holds $15.1M in liabilities against $85.2M in assets (debt-to-asset ratio: 17.7%), resulting in net assets of $70.1M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$21.9M	$22.9M	$85.2M	$15.1M	—	View 990
2022	$28.6M	$21.5M	$84.3M	$14.9M	—	View 990
2021	$19.5M	$19.7M	$88.3M	$19.1M	—	View 990
2020	$21.2M	$20.8M	$79.5M	$18.3M	—	View 990
2019	$28.6M	$19.8M	$81.7M	$16.8M	—	View 990
2018	$20.3M	$18.8M	$74.0M	$18.2M	—	View 990
2017	$15.8M	$17.6M	$72.8M	$19.9M	—	View 990
2016	$22.2M	$17.7M	$74.0M	$21.7M	—	View 990
2015	$20.9M	$17.5M	$69.5M	$17.7M	—	View 990
2014	$21.2M	$16.4M	$61.6M	$13.4M	—	View 990
2013	$23.3M	$15.1M	$53.1M	$11.6M	—	View 990
2012	$17.9M	$13.5M	$37.6M	$4.6M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $21.9M, expenses of $22.9M, and assets of $85.2M (revenue -23.4% year-over-year).
2022: Revenue of $28.6M, expenses of $21.5M, and assets of $84.3M (revenue +46.9% year-over-year).
2021: Revenue of $19.5M, expenses of $19.7M, and assets of $88.3M (revenue -8.0% year-over-year).
2020: Revenue of $21.2M, expenses of $20.8M, and assets of $79.5M (revenue -25.8% year-over-year).
2019: Revenue of $28.6M, expenses of $19.8M, and assets of $81.7M (revenue +41.0% year-over-year).
2018: Revenue of $20.3M, expenses of $18.8M, and assets of $74.0M (revenue +28.1% year-over-year).
2017: Revenue of $15.8M, expenses of $17.6M, and assets of $72.8M (revenue -28.8% year-over-year).
2016: Revenue of $22.2M, expenses of $17.7M, and assets of $74.0M (revenue +6.2% year-over-year).
2015: Revenue of $20.9M, expenses of $17.5M, and assets of $69.5M (revenue -1.5% year-over-year).
2014: Revenue of $21.2M, expenses of $16.4M, and assets of $61.6M (revenue -8.8% year-over-year).
2013: Revenue of $23.3M, expenses of $15.1M, and assets of $53.1M (revenue +30.1% year-over-year).
2012: Revenue of $17.9M, expenses of $13.5M, and assets of $37.6M.

Data Sources and Methodology

This transparency report for Cardigan Mountain School is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.