Falmouth Academy Incorporated
- Assets
- $24.5m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 100
- Location
- Falmouth, MA
- Founding
- 01/1978
- Data as of
- 06/2023
- EIN
- 04-2620156
Organization Overview
Falmouth Academy Incorporated is located in Falmouth, MA. The organization was established in 1978. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2023, Falmouth Academy Incorporated employed 100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Falmouth Academy Incorporated 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 06/2023, Falmouth Academy Incorporated generated $9.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $8.6m during the year ending 06/2023. While expenses have increased by 3.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
HARNESSING THE POWER OF INSPIRED LEARNING IN A WORLD-RENOWNED SCIENTIFIC AND VIBRANT ARTISTIC COMMUNITY, FALMOUTH ACADEMY EMBOLDENS EACH STUDENT TO TAKE CREATIVE AND INTELLECTUAL RISKS TO CONFIDENTLY ENGAGE THE CHALLENGES OF OUR TIMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ACADEMY'S PRIMARY MISSION IS THE EDUCATION OF STUDENTS ENROLLED IN GRADES 7 THROUGH 12. DURING THE CURRENT YEAR THE ACADEMY HAD ENROLLED 196 STUDENTS.
FALMOUTH ACADEMY OFFERS A SUMMER PROGRAM FOR STUDENTS OF ALL AGES AND SKILL LEVELS INVOLVING ACTIVITIES IN THE ARTS, SCIENCE AND ROBOTICS, ATHLETICS, LANGUAGES AND OUTDOOR ACTIVITIES. THE COURSES USUALLY LAST A WEEK AND RUN FOR SIX WEEKS FROM LATE JUNE 2022 - AUGUST 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luke Mccabe Trustee/vice Chair | OfficerTrustee | 2 | $0 |
Megan English Braga Trustee/board Chair | OfficerTrustee | 2 | $0 |
Benjamin Baum Trustee | Trustee | 2 | $0 |
Henrik Gulmann Trustee/treasurer | OfficerTrustee | 2 | $0 |
Joan O Holden Trustee/secretary | OfficerTrustee | 2 | $0 |
Kenneth Armstead Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lucini Bus Lines | 6/29/23 | $213,524 |
Community Counseling Services | 6/29/23 | $116,749 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $51,047 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,844,779 |
| Noncash contributions included in lines 1a–1f | $737,452 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,895,826 |
| Total Program Service Revenue | $7,117,309 |
| Investment income | $259,344 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$80,992 |
| Net Income from Fundraising Events | $52,265 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,243,752 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,548,763 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $410,859 |
| Compensation of current officers, directors, key employees. | $325,951 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,137,499 |
| Pension plan accruals and contributions | $249,457 |
| Other employee benefits | $758,106 |
| Payroll taxes | $243,857 |
| Fees for services: Management | $41,596 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $42,323 |
| Fees for services: Other | $29,452 |
| Advertising and promotion | $49,815 |
| Office expenses | $0 |
| Information technology | $46,140 |
| Royalties | $0 |
| Occupancy | $113,508 |
| Travel | $255,056 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $533,116 |
| Insurance | $143,605 |
| All other expenses | $246,564 |
| Total functional expenses | $8,601,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $981,754 |
| Savings and temporary cash investments | $1,074,418 |
| Pledges and grants receivable | $108,873 |
| Accounts receivable, net | $2,354 |
| 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 | $114,924 |
| Net Land, buildings, and equipment | $10,658,315 |
| Investments—publicly traded securities | $11,561,916 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $24,502,554 |
| Accounts payable and accrued expenses | $715,528 |
| Grants payable | $0 |
| Deferred revenue | $1,197,080 |
| Tax-exempt bond liabilities | $0 |
| 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 | $0 |
| Total liabilities | $1,912,608 |
| Net assets without donor restrictions | $16,254,134 |
| Net assets with donor restrictions | $6,335,812 |
| 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 | $24,502,554 |