Grace Academy Inc
- Assets
- $4.7m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 38
- Location
- Hartford, CT
- Founding
- 08/2010
- Data as of
- 06/2023
- EIN
- 27-1673012
Organization Overview
Grace Academy Inc is located in Hartford, CT. The organization was established in 2010. 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 06/2023, Grace Academy Inc employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Academy Inc 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, Grace Academy Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $1.4m during the year ending 06/2023. While expenses have increased by 8.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
GRACE ACADEMY IS AN INDEPENDENT, INTERFAITH, TUITION-FREE MIDDLE SCHOOL FOR GIRLS FROM UNDERSERVED FAMILIES IN THE CITY OF HARTFORD. WE TRANSFORM THE LIVES OF OUR STUDENTS BY PROVIDING THEM WITH INDIVIDUALIZED ATTENTION, A CHALLENGING AND DIVERSE ACADEMIC PROGRAM, AND A SAFE AND INSPIRING ENVIRONMENT THAT PREPARES GIRLS TO SUCCEED IN HIGH SHOOL, COLLEGE AND LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMICS: ACADEMICS ARE THE CORNERSTONE OF A GRACE ACADEMY EDUCATION. THE FACULTY IS ALWAYS MINDFUL THAT THEY ARE PREPARING THEIR YOUNG STUDENTS TO SUCCEED IN DEMANDING HIGH SCHOOL AND COLLEGE PROGRAMS. HIGHLIGHTS OF THE ACADEMIC PROGRAM INCLUDE A CHALLENGING ACADEMIC CURRICULUM THAT INCLUDES LANGUAGE ARTS AND READING, MATHEMATICS, SCIENCE, SOCIAL STUDIES, SPANISH, RELIGION, MEDIA/TECHNOLOGY, HEALTH, ART AND MUSIC; AN INTENTIONALLY SMALL COMMUNITY WITH SMALL, STRUCTURED CLASSES TO FOSTER AS MUCH INDIVIDUAL ATTENTION AS POSSIBLE; A HOMEWORK BLOCK OF TIME WITH INDIVIDUAL TUTORING AVAILABLE; AND FORMAL PROGRESS REPORTS AND REPORT CARD SESSIONS WITH THE PARENTS.
GRADUATE SUPPORT PROGRAM: GRACE ACADEMY'S GOAL IS THAT ALL OF ITS STUDENTS SUCCESSFULLY GRADUATE FROM A SELECTIVE, HIGHLY REGARDED, COLLEGE PREPARATORY HIGH SCHOOL, AND CONTINUE ON TO POST-SECONDARY EDUCATION SO THEY ARE IN THE POSITION TO SUPPORT THEMSELVES, THEIR FAMILIES, AND HELP CHANGE THEIR COMMUNITIES. THE GRADUATE SUPPORT PROGRAM HELPS FACILITATE A SMOOTH AND SUCCESSFUL TRANSITION INTO PRIVATE OR COMPETITIVE PUBLIC CHARTER/MAGNET SCHOOLS BY PROVIDING ASSISTANCE WITH SSAT PREP CLASSES, HIGH SCHOOL SELECTION, APPLICATION, REGISTRATION, AND FINANCIAL AID COUNSELING; MONITORING ACADEMIC PROGRESS THROUGH HIGH SCHOOL; OFFERING SUPPORT, IN COLLABORATION WITH HIGH SCHOOL COUNSELING STAFF WITH COLLEGE PREPARATORY AND PLACEMENT ACTIVITIES; AND MAINTAINING ONGOING CONTACT WITH ALUMNAE AND ORGANIZING EVENTS THAT PROVIDE THEM WITH THE OPPORTUNITY TO RE-ENGAGE WITH GRACE ACADEMY AND REUNITE WITH THEIR PEERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Bergin Chairman | OfficerTrustee | 5 | $0 |
Kathy Bromage Treasurer | OfficerTrustee | 5 | $0 |
Marco Carducci Director | Trustee | 1 | $0 |
Jennifer Centrone Director | Trustee | 3 | $0 |
John Charette Director | Trustee | 1 | $0 |
Sr Mary Rose Crowley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $496,792 |
| Related organizations | $0 |
| Government grants | $6,713 |
| All other contributions, gifts, grants, and similar amounts not included above | $809,899 |
| Noncash contributions included in lines 1a–1f | $142,874 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,313,404 |
| Total Program Service Revenue | $4,165 |
| Investment income | $129,964 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$17,522 |
| Net Income from Fundraising Events | -$30,481 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,399,530 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $136,533 |
| Compensation of current officers, directors, key employees. | $20,480 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $628,897 |
| Pension plan accruals and contributions | $6,914 |
| Other employee benefits | $37,730 |
| Payroll taxes | $60,235 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,867 |
| Fees for services: Other | $2,655 |
| Advertising and promotion | $9,096 |
| Office expenses | $85,078 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $106,617 |
| Travel | $1,833 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,196 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,720 |
| Insurance | $18,496 |
| All other expenses | $23,380 |
| Total functional expenses | $1,395,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$9,505 |
| Savings and temporary cash investments | $727,313 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $947 |
| 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 | $12,932 |
| Net Land, buildings, and equipment | $222,981 |
| Investments—publicly traded securities | $3,759,442 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,714,110 |
| Accounts payable and accrued expenses | $34,498 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $34,498 |
| Net assets without donor restrictions | $4,420,076 |
| Net assets with donor restrictions | $259,536 |
| 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 | $4,714,110 |