Norwich Free Academy
- Assets
- $43.4m
- Revenue
- $37.5m
- Investments
- $0.0
- Employees
- 474
- Location
- Norwich, CT
- Founding
- 07/1934
- Data as of
- 06/2020
- EIN
- 06-0762783
Organization Overview
Norwich Free Academy is located in Norwich, CT. The organization was established in 1934. 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 06/2021, Norwich Free Academy employed 474 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwich Free 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, Norwich Free Academy generated $37.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $39.8m during the year ending 06/2020. While expenses have increased by 0.9% per year over the past 5 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
PROVIDE SECONDARY EDUCATION FOR HIGH SCHOOL STUDENTS IN THE CITY OF NORWICH AND THE NINE SURROUNDING TOWNS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED SECONDARY EDUCATION (GRADE 9-12) FOR THE CITY OF NORWICH AND NINE SURROUNDING TOWNS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Klein Head Of School (thru 6/2020) | Officer | 40 | $196,333 |
Kristin Peckrul Director Of Curriculum | Officer | 40 | $186,440 |
Denise Grant Director Of Career Center | 40 | $183,651 | |
Ross Sward Principal | 40 | $182,253 | |
Bryant Sheldon Principal | 40 | $163,023 | |
Kathleen E Cote Principal | 40 | $158,564 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ricoh Usa Inc Digital Printing Services | 6/29/21 | $264,272 |
Horizon Services Corporation Facility Management | 6/29/21 | $931,187 |
Fred C Church Inc Broker | 6/29/21 | $116,242 |
Chartwells Cafeteria Services | 6/29/21 | $640,633 |
Northeast Student Consulting Llc Consulting Services | 6/29/21 | $111,785 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,093,958 |
| Investment income | $119,004 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $73,200 |
| Net Gain/Loss on Asset Sales | -$2,488 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,532,143 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,085,686 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,282,076 |
| Pension plan accruals and contributions | $1,246,020 |
| Other employee benefits | $3,980,048 |
| Payroll taxes | $1,680,816 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $156,690 |
| Fees for services: Accounting | $83,124 |
| Fees for services: Lobbying | $30,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,456,926 |
| Advertising and promotion | $63,241 |
| Office expenses | $472,788 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $937,599 |
| Travel | $63,422 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $443,452 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,201,416 |
| Insurance | $265,940 |
| All other expenses | $0 |
| Total functional expenses | $39,829,495 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,665,175 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $289,661 |
| 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 | $0 |
| Investments—publicly traded securities | $2,990,186 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,521,474 |
| Total assets | $43,430,200 |
| Accounts payable and accrued expenses | $2,297,260 |
| Grants payable | $0 |
| Deferred revenue | $407,582 |
| Tax-exempt bond liabilities | $11,283,153 |
| 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 | $4,512,860 |
| Other liabilities | $9,302,579 |
| Total liabilities | $27,803,434 |
| 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 | $15,626,766 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Norwich Free Academy has recieved totaling $171,357.
| Awarding Organization | Amount |
|---|---|
Johnson Fe Trust Uw Article 3rd Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $171,357 |
Endowment Analysis
| Beg. Balance | $71,179,750 |
| Earnings | $20,657,191 |
| Net Contributions | $1,976,038 |
| Other Expense | $8,241,997 |
| Grants | $295,213 |
| Ending Balance | $85,275,769 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Choate Rosemary Hall Foundation Incorporated Wallingford, CT | $824,930,363 | $80,573,016 |
Hotchkiss School Lakeville, CT | $832,226,197 | $135,336,667 |
Trustees Of Deerfield Academy Deerfield, MA | $1,009,854,595 | $87,019,997 |
Taft School Corporation Watertown, CT | $447,949,060 | $83,525,324 |
Northfield Mount Hermon School Mount Hermon, MA | $279,135,089 | $64,524,302 |
Loomis Institute Windsor, CT | $445,458,169 | $66,028,387 |
Noble And Greenough School Dedham, MA | $357,051,555 | $55,304,957 |
Groton School Groton, MA | $519,152,774 | $50,710,312 |
Kent School Corporation Kent, CT | $229,105,384 | $52,388,614 |
Hopkins School Incorporated New Haven, CT | $238,380,739 | $44,795,541 |
Middlesex School Concord, MA | $485,283,896 | $51,739,388 |
Trustees Of Thayer Academy Braintree, MA | $161,523,903 | $74,068,471 |