Although Lakeside’s wealth is evident on campus, the details of how the school is funded are usually unseen by the student body. Once a year, however, the school’s finances become public through its IRS Form 990, due to its nonprofit status. This year, Lakeside’s most recent tax return from the 2025 fiscal year shows a large increase in donations and total assets compared to the previous year. Contributions and grants jumped from $19.6 million to $65.3 million, while the school’s total assets rose from $455 million to $542 million. To understand the  cause of this change and what it means for the school going forward, Tatler interviewed Lakeside’s Chief Financial Officer, Birage Tandon, Director of Institutional Philanthropy Christine Lessard and Director of Major and Planned Giving Carol Borgmann. 

What is IRS Form 990, and who prepares it?

The IRS Form 990 is a publicly available tax document that nonprofit organizations, including independent schools, file annually with the IRS. It provides detailed information about Lakeside’s finances, including its revenue, expenses, and assets for the year. “Making sure that our financial strategies are lining up with the long-term goals of the school is a central part of my role as CFO,” Ms. Tandon said. While the form itself is prepared by Clark Nuber, an external accounting firm, Lakeside’s business office gathers and reviews all the data that goes into the form. Ms. Tandon also reviews the entire form before it is filed and approved by Lakeside’s Board of Trustees. “This is done for both accuracy and procedural compliance,” Ms. Tandon said, noting that the board approval ensures that the form is adhering to regulations while “demonstrating strong governance to the public.”

Why contributions increased so dramatically 

Revenue listed under the category of contributions in the Form 990 covers donations and grants. The $45.7 million jump may seem like a huge increase, but a deeper look reveals it’s even more out of the ordinary than a first glance may suggest. Both Ms. Tandon and [State specific names] stressed that this year was highly unusual: The normal annual revenue from grants and contributions is about $3.5 million, and in 2024, the number was already “higher than usual,” explains Ms. Tandon. The $19 million raised was a large bump due to a capital campaign to raise money for the new building. That makes the $65.3 million that Lakeside raised this year even more extraordinary. This increase was driven largely by a single gift — a bequest from a longtime supporter of Lakeside who passed away when?. The donor wished to remain anonymous, so their name will not be printed in the Tatler. According to the development team, the gift is unrestricted, meaning that it is not designated for a specific program, department, or building project. “This is a one time gift,” Ms. Lessard wrote in an email. “While it significantly increased giving for the year, this kind of gift is not something the school expects to receive regularly.” Ms. Tandon also echoed this sentiment. “We got a big bequest from a very generous donor,” she said. “It is very extraordinary.” 

One detail in the Form 990 that stood out was how the donations were categorized. Only about $5.5 million appeared under traditional gifts and grants, while roughly $54 million was listed as donations of publicly traded securities. The remaining contributions, around $5.8 million, were all listed in separate smaller categories. That distinction reflects how the donation was given: in publicly traded stock, Ms. Tandon said. The reason people choose to donate in this way is because giving stock allows donors to receive tax benefits while supporting an institution they care about, according to Ms. Tandon. However, Lakeside does not hold onto individual stocks long-term. “Whenever we get stocks…we sell them right away,” Ms. Tandon said. The value of the donation is then distributed according to the donor’s intent. 

Along with the increase in contributions, Lakeside’s net assets rose by about $87 million over the year. That figure includes both donations received and money made off of investments. Out of that $87 million, about $22 million goes to the school’s endowment. A much larger portion, about $54 million, has been set aside for future capital expenses. The rest is used for operating and daily costs, such as school materials and funding for sports. The new building currently under construction is already fully funded, so all the money raised this year will be for projects in the coming years. 

All of Lakeside’s investments are governed by the Board of Trustees’ investment committee, which follows a formal investment policy. While some of the school’s annual giving goes towards day-to-day operations, endowment earnings from investments help fund the school’s priorities, particularly financial aid, wrote Ms. Lessard and Ms. Borgmann. When putting money into the stock market, there is always a possibility that the school will lose money, but as Ms. Tandon said, “We want to keep our investments growing. We don’t want to take too much risk, but we have to take some risk if we want that money to grow.” Lakeside investments include a mix of equities, bonds, and multi-asset funds, according to Ms. Tandon. 

Putting numbers into perspective

To put Lakeside’s finances into context, the chart below compares key figures from the 2025 IRS 990 Form for Lakeside, other local private schools, and larger institutions. Note: these figures reflect a single year of data, and Lakeside’s unusually high contribution total is largely the result of a one-time bequest, not typical annual fundraising. Total revenue and net assets also vary significantly based on school size and geography. Net assets are also not the same as cash on hand — much of this money is invested or cannot be spent immediately.  

While an $87 million increase in net assets is a very large figure on paper, it doesn’t necessarily mean a shift in everyday life at Lakeside. Because this year’s $65 million spike was largely fueled by a singular bequest, the administration’s focus remains on long-term stability rather than immediate changes, according to Ms. Lessard and Ms. Borgmann. Looking ahead, Lakeside’s financial team emphasized that careful management of these funds will guide how the gift is used over time. Ultimately, Ms. Tandon said the gift represents an opportunity to support Lakeside’s future for generations to come.