Western Reserve Academy
- Assets
- $215.3m
- Revenue
- $56.3m
- Investments
- $90.8m
- Employees
- 251
- Location
- Hudson, OH
- Founding
- 06/1927
- Data as of
- 06/2022
- EIN
- 34-0714390
Organization Overview
Western Reserve Academy is located in Hudson, OH. The organization was established in 1927. 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 06/2022, Western Reserve Academy employed 251 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Reserve 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, Western Reserve Academy generated $56.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $39.3m 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION.
Describe the Organization's Program Activity:
THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITH APPROXIMATELY 445 STUDENTS. OUR FACULTY CULTIVATES INTELLECTUAL CURIOSITY THROUGH A CHALLENGING COLLEGE PREPARATORY PROGRAM; OUR STUDENTS PURSUE A RIGOROUS LIBERAL ARTS CURRICULUM AND ENGAGE IN OPPORTUNITIES BEYOND THE CLASSROOM IN ARTS, ATHLETICS, AND SERVICE, ENSURING GROWTH IN MIND, BODY, AND SPIRIT. THE ACADEMY'S CLOSE-KNIT COMMUNITY INSTILLS INDIVIDUAL AND SOCIAL RESPONSIBILITY, WHILE PREPARING STUDENTS AS CITIZENS AND LEADERS IN AN INCREASINGLY INTERCONNECTED WORLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel H Bayly Trustee | Trustee | 0.5 | $0 |
H William Christ Trustee | Trustee | 0.5 | $0 |
Stephan W Cole Vice President Board Of Trustees | OfficerTrustee | 0.5 | $0 |
Menna H Demessie Trustee | Trustee | 0.5 | $0 |
Warren W Farr III Trustee | Trustee | 0.5 | $0 |
Dagmar F Fellowes Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Flik Co Compass Group Usa Food Service | 6/29/22 | $1,551,717 |
Underwood Painting Inc Painting/cleaning | 6/29/22 | $587,663 |
Vizmeg Landscape Inc Landscaping | 6/29/22 | $377,349 |
City Wide Facility Solutions Cleaning | 6/29/22 | $357,224 |
Cambridge Associates Investment Advising | 6/29/22 | $250,230 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $21,574 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,877,574 |
| Noncash contributions included in lines 1a–1f | $736,301 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,899,148 |
| Total Program Service Revenue | $26,644,672 |
| Investment income | $3,461,199 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,300,723 |
| Net Income from Fundraising Events | $1,248 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,306,990 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,897,377 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,387,500 |
| Compensation of current officers, directors, key employees. | $500,450 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,524,001 |
| Pension plan accruals and contributions | $1,059,014 |
| Other employee benefits | $1,902,106 |
| Payroll taxes | $834,397 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $172,401 |
| Fees for services: Accounting | $59,831 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,524,967 |
| Fees for services: Other | $1,066,947 |
| Advertising and promotion | $408,972 |
| Office expenses | $309,098 |
| Information technology | $562,496 |
| Royalties | $0 |
| Occupancy | $2,407,121 |
| Travel | $307,375 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,847 |
| Interest | $416,539 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,980,725 |
| Insurance | $258,172 |
| All other expenses | $0 |
| Total functional expenses | $39,253,858 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,224,848 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $14,565,138 |
| Accounts receivable, net | $51,878 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $111,647 |
| Prepaid expenses and deferred charges | $192,142 |
| Net Land, buildings, and equipment | $57,003,322 |
| Investments—publicly traded securities | $44,038,250 |
| Investments—other securities | $90,836,479 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,236,899 |
| Total assets | $215,260,603 |
| Accounts payable and accrued expenses | $794,792 |
| Grants payable | $0 |
| Deferred revenue | $3,079,983 |
| Tax-exempt bond liabilities | $17,608,479 |
| 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 | $1,428,223 |
| Total liabilities | $22,911,477 |
| Net assets without donor restrictions | $46,683,020 |
| Net assets with donor restrictions | $145,666,106 |
| 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 | $215,260,603 |