Update as of Tuesday, May 5: Brentwood School, the elite K-12 Westside institution attended by many Palisadian families, returned a federal government loan meant to help small businesses survive the COVID-19 pandemic and help keep employees on their payroll.
The school’s board voted unanimously to decline the Payroll Protection Program loan and “returned the funds so they can be distributed to others who are in greater need of the assistance.”
The Post has been in touch with multiple private schools across the Westside and has so far been unable to find any others that have applied for PPP money. A full story will be in this week’s paper, out Thursday, May 7.
Brentwood School, the elite K-12 Westside institution attended by many Palisadian families, applied for and received a federal government loan meant to help small businesses survive the COVID-19 pandemic and help keep employees on their payroll. Brentwood’s tuition ranges from $37,500 to $44,000 per student. No tuition refunds were given for the 2019-2020 academic year as the school went to online instruction. The board of trustees and parent body of the school is made up of some of LA’s wealthiest and most powerful, including several billionaires.
According to the school’s most recent publicly available tax return, Brentwood had $117 million of assets with total annual revenue of $52.6 million. Salaries, compensation and benefits totaled $29 million with other expenses of $13.5 million. Total revenues less expenses equaled $6 million. The previous year’s tax return shows $8.3 million of total revenues less expenses.
The story was first reported by the Los Angeles Times.
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