Western Reserve Academy
- Assets
- $204.0m
- Revenue
- $58.1m
- Investments
- $95.0m
- Employees
- 251
- Location
- Hudson, OH
- Founding
- 06/1927
- Data as of
- 06/2021
- 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 06/2021, 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 06/2021, Western Reserve Academy generated $58.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $36.1m during the year ending 06/2021. While expenses have increased by 2.6% 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 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 WITHAPPROXIMATELY 445 STUDENTS. OUR FACULTY CULTIVATES INTELLECTUALCURIOSITY THROUGH A CHALLENGING COLLEGE PREPARATORY PROGRAM; OURSTUDENTS PURSUE A RIGOROUS LIBERAL ARTS CURRICULUM AND ENGAGE INOPPORTUNITIES BEYOND THE CLASSROOM IN ARTS, ATHLETICS, ANDSERVICE, ENSURING GROWTH IN MIND, BODY, AND SPIRIT. THE ACADEMY'SCLOSE-KNIT COMMUNITY INSTILLS INDIVIDUAL AND SOCIALRESPONSIBILITY, WHILE PREPARING STUDENTS AS CITIZENS AND LEADERSIN AN INCREASINGLY INTERCONNECTED WORLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suzanne E Buck Head Of School | Officer | 40 | $398,930 |
Mark L Lafontaine Asst Head Of School-Advancement | Officer | 40 | $277,363 |
Thomas P Arnold Chief Financial & Operating Officer | Officer | 40 | $239,056 |
Nicholas Kent Associate Head Of School | Officer | 40 | $188,558 |
Jennifer R Biehn Director Of Enrollment Management | Officer | 40 | $168,094 |
David L Chiarella Director Of Counseling & Psychological Services | 40 | $139,185 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Underwood Painting Inc Painting/cleaning | 6/29/21 | $813,400 |
Patterson Roofing Co Roofing | 6/29/21 | $302,350 |
Flik Co Compass Group Usa Food Service | 6/29/21 | $1,583,708 |
Flourish Inc Marketing/promotional | 6/29/21 | $216,857 |
Vizmeg Landscape Inc Lawn Service | 6/29/21 | $379,647 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,306,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,528,167 |
| Noncash contributions included in lines 1a–1f | $1,503,486 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,834,167 |
| Total Program Service Revenue | $23,341,978 |
| Investment income | $3,890,390 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,075,378 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,141,913 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,973,114 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,272,001 |
| Compensation of current officers, directors, key employees. | $445,768 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,929,078 |
| Pension plan accruals and contributions | $1,085,242 |
| Other employee benefits | $1,816,687 |
| Payroll taxes | $751,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,913 |
| Fees for services: Accounting | $51,470 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,130,095 |
| Fees for services: Other | $1,114,703 |
| Advertising and promotion | $350,091 |
| Office expenses | $313,872 |
| Information technology | $411,210 |
| Royalties | $0 |
| Occupancy | $2,042,945 |
| Travel | $86,748 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,972 |
| Interest | $622,091 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,905,102 |
| Insurance | $234,383 |
| All other expenses | $0 |
| Total functional expenses | $36,130,423 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,850,278 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,487,281 |
| Accounts receivable, net | $36,256 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $143,281 |
| Prepaid expenses and deferred charges | $231,853 |
| Net Land, buildings, and equipment | $58,009,305 |
| Investments—publicly traded securities | $41,330,251 |
| Investments—other securities | $95,001,731 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,907,968 |
| Total assets | $203,998,204 |
| Accounts payable and accrued expenses | $1,112,902 |
| Grants payable | $0 |
| Deferred revenue | $2,573,500 |
| Tax-exempt bond liabilities | $17,598,208 |
| 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 | $2,095,950 |
| Total liabilities | $23,380,560 |
| Net assets without donor restrictions | $46,599,359 |
| Net assets with donor restrictions | $134,018,285 |
| 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 | $203,998,204 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Western Reserve Academy has recieved totaling $6,575.
| Awarding Organization | Amount |
|---|---|
Lakehurst Foundation Fort Lauderdale, FL PURPOSE: GENERAL CONTRIBUTION | $5,000 |
Swagelok Foundation Solon, OH PURPOSE: TO FURTHER THE ORGANIZATION'S TAX EXEMPT PURPOSE | $1,575 |
Endowment Analysis
| Beg. Balance | $65,261,224 |
| Earnings | $11,531,653 |
| Net Contributions | $2,376,614 |
| Other Expense | $4,325,449 |
| Ending Balance | $74,844,042 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Culver Educational Foundation Culver, IN | $893,652,774 | $284,232,929 |
The Hill School Pottstown, PA | $339,549,890 | $89,638,080 |
Regents Of The Mercersburg College Mercersburg, PA | $535,140,744 | $49,172,082 |
Western Reserve Academy Hudson, OH | $203,998,204 | $58,141,913 |
The Seven Hills Schools Cincinnati, OH | $111,206,150 | $34,365,521 |
Malvern Preparatory School Malvern, PA | $76,971,760 | $36,046,304 |
21st Century Cyber Charter School West Chester, PA | $42,600,686 | $36,468,461 |
Kipp Columbus Columbus, OH | $13,048,078 | $26,481,739 |
Wellington School Columbus, OH | $38,979,520 | $21,884,199 |
Lexington School Inc Lexington, KY | $82,981,335 | $20,273,926 |
Community Academy Of Philadelphia A Pennylvania Charter School Philadelphia, PA | $18,600,792 | $22,292,096 |
Cristo Rey Philadelphia High School Philadelphia, PA | $44,344,879 | $19,011,850 |