New Salem Academy
- Assets
- $1.7m
- Revenue
- $52.0k
- Investments
- $1.1m
- Employees
- 0
- Location
- New Salem, MA
- Founding
- 06/1926
- Data as of
- 06/2023
- EIN
- 04-6054087
Organization Overview
New Salem Academy is located in New Salem, MA. The organization was established in 1926. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Salem 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 06/2023, New Salem Academy generated $52.0k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $15.6k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ACADEMY PROVIDED GRANTS TO APPLICANTS SERVING THE NEW SALEM AREA.
SCHOLARSHIPS ARE PROVIDED TO AREA RESIDENTS OF NEW SALEM OR A DECENDANT OF AN ALUMNUS OF THE ACADEMY.
THE ORGANIZATION OPERATES A PROGRAM FOR ARTS AND CRAFTS (PAC) FOR THE AREA RESIDENTS. CLASSES ARE TAUGHT BY LOCAL INSTRUCTORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabriele Voelker Treasurer | 20 | $4,177 | |
Eleanor Mcginnis Asst Treasur | 0 | $0 | |
Irene Perkins Vice Preside | 0 | $0 | |
Charlotte Lynn Layton Secretary | 12 | $1,787 | |
George Hunt Trustee | 0 | $0 | |
Steven Blinder Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,600 |
| Dividends & Interest | $21,806 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $28,606 |
| Capital Gain Net Income | $28,606 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $52,012 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $6,421 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $493 |
| Interest | $0 |
| Taxes | $636 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $5,939 |
| Total operating and administrative expenses | $15,589 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $15,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $231,163 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,526 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,126,415 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $321,343 |
| Total assets | $1,680,447 |
| Accounts payable and accrued expenses | $2,000 |
| Grants payable | $75,536 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $742 |
| Total liabilities | $78,278 |
Grants Awarded
Over the last fiscal year, New Salem Academy has awarded $47,665 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
PROGRAMSGRANTS VOTED PURPOSE: EDUCATIONAL PROGRAMS | $33,175 |
SCHOLARSHIPS TO BE DETERMINED PURPOSE: SCHOLARSHIP | $14,290 |
NEW SALEM WENDELL UNION PURPOSE: EDUCATIONAL PROGRAMS | $200 |