Worcester Academy
- Assets
- $144.4m
- Revenue
- $71.3m
- Investments
- $13.9m
- Employees
- 265
- Location
- Worcester, MA
- Founding
- 04/1935
- Data as of
- 06/2022
- 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 06/2022, Worcester Academy employed 265 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 06/2022, Worcester Academy generated $71.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.8% each year . All expenses for the organization totaled $32.4m during the year ending 06/2022. While expenses have increased by 1.0% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
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:
OPERATION OF PREPARATORY SCHOOL FOR APPROXIMATELY 500 STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES.
SUMMER PROGRAMS BENEFITING STUDENTS AGES 7 - 14.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Puryear Secretary | OfficerTrustee | 2 | $0 |
Sava B Berhane Trustee | Trustee | 2 | $0 |
Dr Marla Abodeely Trustee | Trustee | 2 | $0 |
Michael J O'neil Trustee | Trustee | 2 | $0 |
Nora Brooks Trustee | Trustee | 2 | $0 |
J Michael Grenon Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sage Dining Services Inc Dining Room Services | 6/29/22 | $1,394,269 |
Compass Facility Services Facilities | 6/29/22 | $604,597 |
Cic Health Llc Covid Testing | 6/29/22 | $542,802 |
Metro Crime Prevention Security Service | 6/29/22 | $525,038 |
Aa Transportation Transportation | 6/29/22 | $135,988 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,477,817 |
| Noncash contributions included in lines 1a–1f | $75,385 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,477,817 |
| Total Program Service Revenue | $25,376,310 |
| Investment income | $2,193,197 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$326 |
| Net Gain/Loss on Asset Sales | $2,164,760 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $9,320 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $71,283,222 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,944,692 |
| 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 of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,064,808 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,385,560 |
| Payroll taxes | $723,608 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,394 |
| Fees for services: Accounting | $65,690 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $193,504 |
| Fees for services: Other | $252,157 |
| Advertising and promotion | $362,462 |
| Office expenses | $315,544 |
| Information technology | $327,458 |
| Royalties | $0 |
| Occupancy | $3,764,580 |
| Travel | $215,071 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $117,732 |
| Interest | $464,293 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,626,596 |
| Insurance | $84,710 |
| All other expenses | $111,253 |
| Total functional expenses | $32,353,683 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $15,800,948 |
| Pledges and grants receivable | $25,944,256 |
| Accounts receivable, net | $238,053 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $624,288 |
| Net Land, buildings, and equipment | $45,044,525 |
| Investments—publicly traded securities | $33,508,529 |
| Investments—other securities | $13,907,024 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,303,348 |
| Total assets | $144,370,971 |
| Accounts payable and accrued expenses | $1,650,569 |
| Grants payable | $0 |
| Deferred revenue | $1,744,090 |
| Tax-exempt bond liabilities | $16,434,623 |
| 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 | $0 |
| Other liabilities | $549,533 |
| Total liabilities | $20,378,815 |
| Net assets without donor restrictions | $48,147,298 |
| Net assets with donor restrictions | $75,844,858 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $144,370,971 |