Sophia Academy
- Assets
- $8.9m
- Revenue
- $4.0m
- Investments
- $2.1m
- Employees
- 19
- Location
- Providence, RI
- Founding
- 02/2001
- Data as of
- 06/2022
- EIN
- 31-1736069
Organization Overview
Sophia Academy is located in Providence, RI. The organization was established in 2001. 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 06/2022, Sophia Academy employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sophia 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, Sophia Academy generated $4.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.2% each year . All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 5.9% 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
MIDDLE SCHOOL FOR GIRLS FROM LOW-INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDDLE SCHOOL FOR GIRLS FROM LOW-INCOME FAMILIES WHICH OPENED SEPTEMBER, 2001 WITH 65 GIRLS ENROLLED. MINIMAL TUITION FEES ARE CHARGED TO THE FAMILIES SO THE FUNDS TO OPERATE COME MAINLY FROM PUBLIC AND PRIVATE SOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alison Eichler Immediate Past President | OfficerTrustee | 1 | $0 |
Suzanne Magaziner Board Member | Trustee | 0.5 | $0 |
Kim Perry Board Member | Trustee | 1 | $0 |
Patricia Andreu Secretary | OfficerTrustee | 0.5 | $0 |
Dr Robert Naparstek Board Member | Trustee | 0.5 | $0 |
Joy Fox President | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $67,775 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,686,815 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,754,590 |
| Total Program Service Revenue | $39,181 |
| Investment income | $23,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $168,907 |
| Net Income from Fundraising Events | $15,767 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,001,759 |
| 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. | $131,950 |
| Compensation of current officers, directors, key employees. | $16,088 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $792,987 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $63,359 |
| Payroll taxes | $81,653 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $44,077 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,343 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,289 |
| Office expenses | $2,574 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,753 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,258 |
| Insurance | $26,529 |
| All other expenses | $91,780 |
| Total functional expenses | $1,616,728 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,314 |
| Savings and temporary cash investments | $1,175,791 |
| Pledges and grants receivable | $3,809,666 |
| Accounts receivable, net | $42,658 |
| 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 | $47,506 |
| Net Land, buildings, and equipment | $1,704,301 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,116,745 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,940,981 |
| Accounts payable and accrued expenses | $85,074 |
| 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 | $33,333 |
| Other liabilities | $0 |
| Total liabilities | $118,407 |
| Net assets without donor restrictions | $2,103,420 |
| Net assets with donor restrictions | $6,719,154 |
| 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 | $8,940,981 |