Episcopal Academy
- Assets
- $290.7m
- Revenue
- $56.5m
- Investments
- $8.9m
- Employees
- 446
- Location
- Newtown Square, PA
- Founding
- 03/1943
- Data as of
- 06/2021
- EIN
- 23-1370500
Organization Overview
Episcopal Academy is located in Newtown Square, PA. The organization was established in 1943. 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 06/2021, Episcopal Academy employed 446 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Episcopal 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 06/2021, Episcopal Academy generated $56.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $52.8m during the year ending 06/2021. While expenses have increased by 2.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
A CO-EDUCATIONAL INDEPENDENT DAY SCHOOL FOR GRADES PRE-K THROUGH TWELVE.
Describe the Organization's Program Activity:
THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS 1,255 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $8.8 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN [CONT. ON SCH. O]TO ATTEND THE SCHOOL. APPROXIMATELY 24% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 68% OF THE AVERAGE TUITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Thomas J Locke Head Of School | Officer | 40 | $741,446 |
Paul Sanders Asst. Head Of School | Officer | 40 | $267,212 |
Lawrence Capuzzi Chief Financial Officer | Officer | 40 | $253,438 |
Jennifer Fifer Dir Of Institutional Advan | 40 | $226,393 | |
Terrence Malone Head Of Lower School | 40 | $170,335 | |
Michael Letts Head Of Upper School | 40 | $169,797 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sage Dining Services Inc Dining Services | 6/29/21 | $1,102,301 |
Eplus Technology Inc Technology Services | 6/29/21 | $215,719 |
Arthur Desolis Paving Contractor Inc Construction Services | 6/29/21 | $210,944 |
Southampton Window Cleaning & Janitorial Services | 6/29/21 | $713,899 |
Johnson Controls Hvac Services | 6/29/21 | $266,600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $18,166 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $207,615 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,180,324 |
| Noncash contributions included in lines 1a–1f | $551,568 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,406,105 |
| Total Program Service Revenue | $42,594,856 |
| Investment income | $1,953,559 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $22,788 |
| Net Gain/Loss on Asset Sales | $19,706 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$448,528 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,548,486 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,772,345 |
| Grants and other assistance to Foreign Orgs/Individuals | $43,630 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,422,193 |
| Compensation of current officers, directors, key employees. | $300,372 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,348,142 |
| Pension plan accruals and contributions | $1,418,422 |
| Other employee benefits | $1,609,188 |
| Payroll taxes | $1,486,951 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,426 |
| Fees for services: Accounting | $45,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $56,220 |
| Fees for services: Other | $1,382,782 |
| Advertising and promotion | $83,721 |
| Office expenses | $759,187 |
| Information technology | $767,652 |
| Royalties | $0 |
| Occupancy | $3,533,686 |
| Travel | $195,564 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $304,454 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,638,573 |
| Insurance | $232,649 |
| All other expenses | $419,558 |
| Total functional expenses | $52,796,713 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181 |
| Savings and temporary cash investments | $15,269,423 |
| Pledges and grants receivable | $9,887,680 |
| Accounts receivable, net | $756,448 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $39,966 |
| Prepaid expenses and deferred charges | $1,230,835 |
| Net Land, buildings, and equipment | $160,188,546 |
| Investments—publicly traded securities | $93,422,894 |
| Investments—other securities | $8,900,000 |
| Investments—program-related | $0 |
| Intangible assets | $977,921 |
| Other assets | $0 |
| Total assets | $290,673,894 |
| Accounts payable and accrued expenses | $3,066,190 |
| Grants payable | $0 |
| Deferred revenue | $10,285,616 |
| Tax-exempt bond liabilities | $9,295,984 |
| 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 | $847,111 |
| Total liabilities | $23,494,901 |
| Net assets without donor restrictions | $214,683,288 |
| Net assets with donor restrictions | $52,495,705 |
| 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 | $290,673,894 |
Grants Recieved
Over the last fiscal year, we have identified 46 grants that Episcopal Academy has recieved totaling $1,702,152.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $622,455 |
Shanahan Family Charitablefoundation Pasadena, CA PURPOSE: GENERAL PURPOSE | $250,000 |
George Graham Smith & Elizabeth Galloway Smith Foundation Inc Hopewell, NJ PURPOSE: UNRESTRICTED SUPPORT | $125,000 |
Colket Family Foundation Newtown Square, PA PURPOSE: GENERAL OPERATING | $100,000 |
Zidek Fam Foundation Villanova, PA PURPOSE: PROVIDE SUPPORT FOR EDUCATIONAL PURSUITS | $60,000 |
Wellington Management Foundation Boston, MA PURPOSE: See Part IV | $50,000 |
Endowment Analysis
| Beg. Balance | $78,514,854 |
| Earnings | $19,836,127 |
| Admin Expense | $56,220 |
| Net Contributions | $6,474,221 |
| Other Expense | $1,578,572 |
| Grants | $1,478,048 |
| Ending Balance | $101,712,362 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Horace Mann School Bronx, NY | $475,824,158 | $137,244,948 |
Ethical Culture Fieldston School New York, NY | $252,651,487 | $107,394,843 |
Dalton Schools Inc New York, NY | $268,184,018 | $87,154,384 |
Riverdale Country School Inc Bronx, NY | $247,467,239 | $82,826,277 |
Trinity Episcopal Schools Corporation New York, NY | $265,614,292 | $76,873,691 |
United Nations International School New York, NY | $95,948,249 | $80,239,931 |
Columbia Grammar & Preparatory School New York, NY | $126,207,367 | $82,489,526 |
Poly Prep Country Day School Brooklyn, NY | $174,200,532 | $76,376,518 |
Saint Anns School Brooklyn, NY | $162,069,731 | $73,475,158 |
Pingry Corporation Basking Ridge, NJ | $215,792,985 | $70,756,009 |
Mcdonogh School Incorporated Owings Mills, MD | $267,537,945 | $83,365,139 |
Spence School New York, NY | $416,454,517 | $72,977,566 |