Norfolk Academy
- Assets
- $147.1m
- Revenue
- $29.5m
- Investments
- $75.8m
- Employees
- 331
- Location
- Norfolk, VA
- Founding
- 09/1946
- Data as of
- 06/2020
- EIN
- 54-0551901
Organization Overview
Norfolk Academy is located in Norfolk, VA. The organization was established in 1946. 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, Norfolk Academy employed 331 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk 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 06/2020, Norfolk Academy generated $29.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $31.8m during the year ending 06/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
NORFOLK ACADEMY SEEKS TO OFFER A COORDINATED PROGRAM FOR STUDENTS, BUILDING AND EXPANDING ON KNOWLEDGE AND EXPERIENCE FROM GRADES ONE THROUGH TWELVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMER SCHOOL & OTHER SPONSORED PROGRAMS
INSTRUCTIONAL & GENERAL PROGRAMS FOR STUDENTS GRADES 1 - 12
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis G Manning Headmaster | Officer | 40 | $704,837 |
Jeffrey A Martin Assistant Headmaster | Officer | 40 | $250,816 |
Michelle Alexander Director, Lower School | 40 | $183,555 | |
Grayson K Bryant Assistant Headmaster | 40 | $183,213 | |
Linda R Gorsline Associate Headmaster | 40 | $163,854 | |
Jennifer Scott Director, College Counseling | 40 | $135,115 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tranquest Llc Transportation | 6/29/21 | $591,610 |
Tri-tronics Ltd Security Services | 6/29/21 | $419,454 |
Convergint Technologies Llc Security Services | 6/29/21 | $362,768 |
Mako Medical Laboratories Llc Medical Testing | 6/29/21 | $383,805 |
Meriwether Godsey Food Services | 6/29/21 | $863,124 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,187,338 |
| Investment income | $1,299,465 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $71,105 |
| Net Gain/Loss on Asset Sales | -$6,501 |
| Net Income from Fundraising Events | -$112,744 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $118,366 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,484,040 |
| Statement of Expenses | |
|---|---|
| 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. | $962,461 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,776,027 |
| Pension plan accruals and contributions | $1,217,756 |
| Other employee benefits | $3,225,954 |
| Payroll taxes | $1,020,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $701,277 |
| Fees for services: Other | $0 |
| Advertising and promotion | $125,250 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $180,656 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $111,155 |
| Interest | $336,343 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,747,092 |
| Insurance | $261,366 |
| All other expenses | $0 |
| Total functional expenses | $31,826,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,128,018 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,250,403 |
| Accounts receivable, net | $163,695 |
| Loans from Officers, Directors, or Controlling Persons | $200,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $262,792 |
| Prepaid expenses and deferred charges | $266,076 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $75,781,219 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,155,206 |
| Total assets | $147,079,429 |
| Accounts payable and accrued expenses | $4,121,600 |
| Grants payable | $0 |
| Deferred revenue | $983,544 |
| Tax-exempt bond liabilities | $13,099,185 |
| 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 | $166,458 |
| Total liabilities | $18,370,787 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $128,708,642 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Norfolk Academy has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Douglas And Marianne Dickerson Foundation Virginia Beach, VA PURPOSE: PROVIDE ASSISTANCE FOR COLLEGE PREPATORY STUDENTS | $1,000 |
Endowment Analysis
| Beg. Balance | $60,708,006 |
| Earnings | $21,524,496 |
| Net Contributions | $674,852 |
| Other Expense | $2,672,744 |
| Ending Balance | $80,234,610 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Imagine Schools Non-Profit Inc Vienna, VA | $161,309,849 | $62,482,447 |
Mcdonogh School Incorporated Owings Mills, MD | $267,537,945 | $83,365,139 |
The East Coast Migrant Head Start Project Raleigh, NC | $15,412,919 | $60,635,891 |
Georgetown Day School Inc Washington, DC | $314,406,579 | $96,635,135 |
Charlotte Country Day School Charlotte, NC | $226,176,676 | $57,558,870 |
Collegiate School Richmond, VA | $158,195,585 | $59,848,503 |
Mccallie School Inc Chattanooga, TN | $251,954,499 | $79,356,942 |
Potomac School Mclean, VA | $225,192,195 | $49,665,882 |
Providence Day School Charlotte, NC | $110,524,658 | $50,140,053 |
Flint Hill School Oakton, VA | $94,406,099 | $45,449,765 |
Charlotte Latin Schools Inc Charlotte, NC | $136,686,590 | $47,461,290 |
Bullis School Inc Potomac, MD | $98,208,716 | $48,486,298 |