Trustees Of Newark Academy
- Assets
- $107.4m
- Revenue
- $41.2m
- Investments
- $0.0
- Employees
- 298
- Location
- Livingston, NJ
- Founding
- 02/1938
- Data as of
- 06/2022
- EIN
- 22-1487270
Organization Overview
Trustees Of Newark Academy is located in Livingston, NJ. The organization was established in 1938. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Trustees Of Newark Academy employed 298 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trustees Of Newark 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, Trustees Of Newark Academy generated $41.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $30.6m during the year ending 06/2022. While expenses have increased by 3.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEWARK ACADEMY WILL CONTRIBUTE TO SOCIETY THOUGHTFUL & COMPASSIONATE CITIZENS WHO EMBRACE THEIR RESPONSIBILITIES AS ETHICAL, INTELLECTUAL & CIVIC STEWARDS IN THE GLOBAL ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEWARK ACADEMY (THE "ACADEMY") IS AN INDEPENDENT SCHOOL LOCATED IN LIVINGSTON, NJ THAT OFFERS AN ACADEMICALLY RIGOROUS COLLEGE PREPARATORY PROGRAM TO A STUDENT BODY COMPOSED OF DIVERSE, MULTI-CULTURAL, INTERNATIONAL GROUP OF YOUNG PEOPLE. TUITION REPRESENTS THE ACADEMY'S PRIMARY SOURCE OF REVENUE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald M Austin Board Member/head Of Schoo | OfficerTrustee | 60 | $599,286 |
David Castelblanco Board Member | Trustee | 1 | $0 |
Patricia Budziak Vice Chairman | Trustee | 1 | $0 |
Samuel W Croll Chairman | OfficerTrustee | 1 | $0 |
Rohit Bawa Board Member | Trustee | 1 | $0 |
Marika Alzadon Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sage Dining Food Service | 6/29/22 | $727,198 |
Belair Transportation Transportation | 6/29/22 | $235,076 |
Harvard Cleaning Cleaning Services | 6/29/22 | $186,780 |
Monarch Technology Solutions Firewall Security | 6/29/22 | $122,770 |
Global Mark Security | 6/29/22 | $118,244 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,606,641 |
| Noncash contributions included in lines 1a–1f | $415,430 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,606,641 |
| Total Program Service Revenue | $32,566,029 |
| Investment income | $860,524 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $385,996 |
| Net Gain/Loss on Asset Sales | $4,609,652 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $11,516 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,225,502 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,328,681 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $599,286 |
| Compensation of current officers, directors, key employees. | $172,170 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,561,607 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,053,324 |
| Payroll taxes | $1,037,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $39,668 |
| Information technology | $523,230 |
| Royalties | $0 |
| Occupancy | $610,580 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $102,348 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,583,186 |
| Insurance | $262,099 |
| All other expenses | $3,904,676 |
| Total functional expenses | $30,603,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $35,962,431 |
| Pledges and grants receivable | $1,113,503 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $221,800 |
| Inventories for sale or use | $74,549 |
| Prepaid expenses and deferred charges | $112,334 |
| Net Land, buildings, and equipment | $33,216,289 |
| Investments—publicly traded securities | $36,445,273 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $253,543 |
| Total assets | $107,399,722 |
| Accounts payable and accrued expenses | $2,636,646 |
| Grants payable | $0 |
| Deferred revenue | $6,812,030 |
| 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 | $2,338,250 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,615,230 |
| Total liabilities | $14,402,156 |
| Net assets without donor restrictions | $55,336,625 |
| Net assets with donor restrictions | $37,660,941 |
| 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 | $107,399,722 |