Worcester Academy
- Assets
- $109.6m
- Revenue
- $31.1m
- Investments
- $5.7m
- Employees
- 252
- Location
- Worcester, MA
- Founding
- 04/1935
- Data as of
- 06/2020
- EIN
- 04-2105855
Organization Overview
Worcester Academy is located in Worcester, MA. The organization was established in 1935. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Worcester Academy employed 252 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Academy is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Worcester Academy generated $31.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $31.6m during the year ending 06/2020. While expenses have increased by 0.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
OPERATION OF AN INDEPENDENT COLLEGE PREPARATORY SCHOOL FOR STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES DEDICATED TO PROMOTING SELF-DEVELOPMENT AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF PREPARATORY SCHOOL FOR APPROXIMATELY 500 STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES.
SUMMER PROGRAMS BENEFITING STUDENTS AGES 7 - 14. DUE TO THE PANDEMIC AND RELATED RESTRICTIONS, WE DID NOT OPERATE THE SUMMER CAMP PROGRAM. THIS PROGRAM WAS REINSTATED IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Cino Head Of School | Officer | 40 | $228,287 |
Thomas Diconza CFO | Officer | 40 | $180,844 |
Douglas Poskitt Assoc. Head Of School | 40 | $154,093 | |
Kim Stone Director Of Development | 40 | $127,230 | |
Joseph Lepain Director Of Technology And Information Systems | 40 | $115,723 | |
Jennifer Sabatini Director Of Individual Giving | 40 | $115,612 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Compass Facility Services Facilities | 6/29/21 | $498,449 |
Oesis Network Covid Testing | 6/29/21 | $453,626 |
Sage Dining Services Inc Dining Room Services | 6/29/21 | $1,097,123 |
Simpson Scarborough Marketing | 6/29/21 | $156,479 |
Metro Crime Prevention Security Service | 6/29/21 | $506,993 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,043,621 |
| Investment income | $2,590,212 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$48,255 |
| Net Gain/Loss on Asset Sales | -$137,456 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$17,907 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,140,946 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $5,956,561 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,472,063 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,402,576 |
| Payroll taxes | $767,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,241 |
| Fees for services: Accounting | $62,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $103,022 |
| Fees for services: Other | $351,178 |
| Advertising and promotion | $304,886 |
| Office expenses | $222,424 |
| Information technology | $529,448 |
| Royalties | $0 |
| Occupancy | $3,385,198 |
| Travel | $233,800 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,187 |
| Interest | $497,735 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,761,862 |
| Insurance | $120,346 |
| All other expenses | $0 |
| Total functional expenses | $31,611,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,976,806 |
| Pledges and grants receivable | $211,605 |
| Accounts receivable, net | $309,943 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,339 |
| Prepaid expenses and deferred charges | $577,679 |
| Investments—publicly traded securities | $36,718,812 |
| Investments—other securities | $5,655,387 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,005,535 |
| Total assets | $109,627,128 |
| Accounts payable and accrued expenses | $2,006,356 |
| Grants payable | $0 |
| Deferred revenue | $1,958,935 |
| Tax-exempt bond liabilities | $17,491,741 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $2,559,200 |
| Other liabilities | $1,344 |
| Total liabilities | $24,017,576 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $85,609,552 |
Grants Recieved
Over the last fiscal year, we have identified 23 grants that Worcester Academy has recieved totaling $363,435.
| Awarding Organization | Amount |
|---|---|
George I Alden Trust Worcester, MA PURPOSE: TO FURTHER EDUCATION | $50,000 |
Willock Memorial Fund Pittsburgh, PA PURPOSE: GENERAL OPERATING | $40,500 |
Greater Worcester Community Foundation Inc Worcester, MA PURPOSE: CHAPIN RILEY SCHOLARSHIP | $37,250 |
Phyllis W Mcgillicuddy Charitable Trust Boston, MA PURPOSE: SUPPORT FOR THE NEIGHBORHOOD SCHOLARSHIP PROGRAM | $30,000 |
Progin Foundation Boston, MA PURPOSE: EDUCATIONAL PURPOSES | $30,000 |
Carol & Alan J Bernon Family Charit Able East Greenwich, RI PURPOSE: ORGANIZATION SUPPORT | $30,000 |
Endowment Analysis
| Beg. Balance | $51,173,733 |
| Earnings | $17,212,269 |
| Net Contributions | $579,189 |
| Other Expense | $1,824,346 |
| Ending Balance | $67,140,845 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Horace Mann School Bronx, NY | $475,824,158 | $137,244,948 |
Ethical Culture Fieldston School New York, NY | $252,651,487 | $107,394,843 |
Dalton Schools Inc New York, NY | $268,184,018 | $87,154,384 |
Milton Academy Milton, MA | $512,730,465 | $105,004,685 |
Riverdale Country School Inc Bronx, NY | $247,467,239 | $82,826,277 |
Trinity Episcopal Schools Corporation New York, NY | $265,614,292 | $76,873,691 |
United Nations International School New York, NY | $95,948,249 | $80,239,931 |
Columbia Grammar & Preparatory School New York, NY | $126,207,367 | $82,489,526 |
Poly Prep Country Day School Brooklyn, NY | $174,200,532 | $76,376,518 |
Saint Anns School Brooklyn, NY | $162,069,731 | $73,475,158 |
Spence School New York, NY | $416,454,517 | $72,977,566 |
Brunswick School Inc Greenwich, CT | $416,319,503 | $63,510,846 |