Civic Intelligence

Lincoln Academy

990 • Fiscal year 2025 • EIN 01-0219126

Jul 01, 2024 to Jun 30, 2025 • Filed on Feb 03, 2026

81 Academy HillNewcastle, ME 04553

(207) 563-3596

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

72nd percentile

0.39x

Higher debt load relative to assets than 72% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

78th percentile

0.74x

Higher debt load relative to revenue than 78% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

14th percentile

-10%

Higher net margin than 14% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

69th percentile

$236,295

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2025

Asset Growth

19th percentile

-3.2%

Faster asset growth than 19% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

65th percentile

13%

Faster revenue growth than 65% of similar nonprofits.

2025 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Assets

Down

$24,223,170

Down $798,744 (-3.2%) from 2024

Net Assets

Down

$14,813,365

Down $462,582 (-3.0%) from 2024

Liabilities

Down

$9,409,805

Down $336,162 (-3.4%) from 2024

Revenue

Up

$12,671,251

Up $1,439,582 (+13%) from 2024

Expenses

Up

$13,986,256

Up $1,154,705 (+9.0%) from 2024

Net Income

Up

-$1,315,005

Up $284,877 (+18%) from 2024

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2010: $14,259,930Liabilities 2010: $2,452,796Net Assets 2010: $11,807,1342010Assets 2011: $15,134,553Liabilities 2011: $2,248,205Net Assets 2011: $12,886,3482011Assets 2012: $14,776,784Liabilities 2012: $2,078,337Net Assets 2012: $12,698,4472012Assets 2013: $16,264,369Liabilities 2013: $3,090,371Net Assets 2013: $13,173,9982013Assets 2014: $18,848,860Liabilities 2014: $5,155,075Net Assets 2014: $13,693,7852014Assets 2015: $27,778,175Liabilities 2015: $11,687,240Net Assets 2015: $16,090,9352015Assets 2016: $26,715,881Liabilities 2016: $11,551,768Net Assets 2016: $15,164,1132016Assets 2017: $26,573,173Liabilities 2017: $11,186,433Net Assets 2017: $15,386,7402017Assets 2018: $26,266,406Liabilities 2018: $11,599,839Net Assets 2018: $14,666,5672018Assets 2019: $25,443,922Liabilities 2019: $11,112,737Net Assets 2019: $14,331,1852019Assets 2020: $24,424,181Liabilities 2020: $12,137,830Net Assets 2020: $12,286,3512020Assets 2021: $30,176,614Liabilities 2021: $10,543,031Net Assets 2021: $19,633,5832021Assets 2022: $26,912,812Liabilities 2022: $10,449,554Net Assets 2022: $16,463,2582022Assets 2023: $25,783,868Liabilities 2023: $10,002,246Net Assets 2023: $15,781,6222023Assets 2024: $25,021,914Liabilities 2024: $9,745,967Net Assets 2024: $15,275,9472024Assets 2025: $24,223,170Liabilities 2025: $9,409,805Net Assets 2025: $14,813,3652025

Highlighted filing

2025

Assets$24,223,170
Liabilities$9,409,805
Net Assets$14,813,365

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $6,857,3032010Revenue 2011: $7,101,915Expenses 2011: $6,973,959Net Income 2011: $127,9562011Expenses 2012: $6,729,3172012Revenue 2013: $7,100,662Expenses 2013: $7,188,097Net Income 2013: -$87,4352013Revenue 2014: $7,988,816Expenses 2014: $8,183,978Net Income 2014: -$195,1622014Revenue 2015: $11,436,126Expenses 2015: $8,925,049Net Income 2015: $2,511,0772015Revenue 2016: $10,881,243Expenses 2016: $11,674,637Net Income 2016: -$793,3942016Revenue 2017: $11,440,887Expenses 2017: $12,094,465Net Income 2017: -$653,5782017Revenue 2018: $12,129,471Expenses 2018: $13,251,752Net Income 2018: -$1,122,2812018Revenue 2019: $12,434,372Expenses 2019: $12,665,791Net Income 2019: -$231,4192019Revenue 2020: $10,041,123Expenses 2020: $11,308,453Net Income 2020: -$1,267,3302020Revenue 2021: $16,577,404Expenses 2021: $10,707,345Net Income 2021: $5,870,0592021Revenue 2022: $10,154,906Expenses 2022: $11,836,064Net Income 2022: -$1,681,1582022Revenue 2023: $10,810,192Expenses 2023: $12,284,906Net Income 2023: -$1,474,7142023Revenue 2024: $11,231,669Expenses 2024: $12,831,551Net Income 2024: -$1,599,8822024Revenue 2025: $12,671,251Expenses 2025: $13,986,256Net Income 2025: -$1,315,0052025

Highlighted filing

2025

Revenue$12,671,251
Expenses$13,986,256
Net Income-$1,315,005
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 3, 2026
Return Version
2024v5.0
Gross Receipts
$13,183,455
Mission and Program Overview

Mission

Grounded in community, global in vision, and rich in opportunity, lincoln academy challenges all students to grow in skills and scholarship, serve others, and lead fulfilling lives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,782,817$12,067,109▼ $715,708
Investments in Publicly Traded Securities$10,931,989$10,801,113▼ $130,876
Savings and Temporary Cash Investments$402,022$604,143▲ $202,121
Prepaid Expenses and Deferred Charges$189,732$155,446▼ $34,286
Accounts Receivable$113,396$65,172▼ $48,224
Cash and Non-Interest-Bearing Accounts$52,105$46,819▼ $5,286
Inventories for Sale or Use$6,582$6,163▼ $419
Pledges and Grants Receivable$21,925$4,147▼ $17,778
Total Assets$25,021,914$24,223,170▼ $798,744
Other Assets Total$521,346$473,058▼ $48,288
Liabilities
Tax Exempt Bond Liabilities$7,506,562$7,194,199▼ $312,363
Accounts Payable and Accrued Expenses$897,028$907,544▲ $10,516
Other Liabilities$604,093$661,716▲ $57,623
Deferred Revenue$600,933$541,386▼ $59,547
Escrow Account Liability$137,351$104,960▼ $32,391
Total Liabilities$9,745,967$9,409,805▼ $336,162
Net Assets / Fund Balance
Net Assets With Donor Restrictions$11,083,512$10,770,424▼ $313,088
Net Assets Without Donor Restrictions$4,192,435$4,042,941▼ $149,494
Total Net Assets Fund Balance$15,275,947$14,813,365▼ $462,582
Total Liabilities and Net Assets / Fund Balance$25,021,914$24,223,170▼ $798,744

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,336,977$9,773,495$20,110,472
Other Land Buildings$1,343,800$3,475,976$4,819,776
Equipment$123,627$3,844,441$3,968,068
Land$262,705-$262,705

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$7,518,579$3,900▲ $707,940$304,689$7,803,922
2023$6,985,905$44,200▲ $867,913$208,825$7,518,579
2022$6,766,565$9,950▲ $616,211$203,652$6,985,905
2021$8,211,518$58,631▼ $832,416$404,883$6,766,565
2020$7,066,360$21,536▲ $1,404,374$172,345$8,211,518
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeffrey BurroughsHead of SchoFT$196,246$40,049$236,295
Jeffrey BurroughsHead of School-$196,246$40,049$236,295
Wendy CorlettCFOFT$127,475$33,946$161,421

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Robins ConstructionContractorPO BOX 357, Jefferson, ME 04348$228,700
Revenue and Support

Revenue Composition

Contributions and Grants
$473,920
Program Service Revenue
$11,771,393
Investment Income
$232,219
Other Revenue
$193,719
All Other Contributions
$473,920
Change in Net Assets
$-1,315,005

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,699,290
Revenue Not Reported on Financial Statements
$971,961
Revenue Not Reported on Form 990
$852,423
Other Revenue Adjustments
$925,325
Total Revenue per Audited Statements
$12,551,713
Total Revenue per Form 990
$12,671,251
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,222,436
Other Expenses$4,709,930
Grants and Similar Amounts Paid$1,053,890
Total Fundraising Expense$201,297
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,749,516$1,237,483$81,148$6,068,147
Other Employee Benefits$985,193$309,785-$1,294,978
Depreciation Depletion-$1,133,804-$1,133,804
Foreign Grants$925,325--$925,325
Current Officers, Directors, Trustees, and Key Employees$191,484$187,257$23,935$402,676
Pension Plan Contributions$258,330$102,249$9,078$369,657
Occupancy-$364,038-$364,038
Office Expenses$133,080$186,128$29,827$349,035
Fees for Services Other$74,734$216,382$3,795$294,911
Interest-$290,789-$290,789
All Other Expenses$170,188$49,081$25,723$244,992
Other Expenses$96,230$113,408$3,042$212,680
Insurance-$168,680-$168,680
Grants to Domestic Individuals$128,565--$128,565
Payroll Taxes$65,738$19,330$1,910$86,978
Information Technology$75,551$220$9,182$84,953
Advertising$61,799$10,493-$72,292
Travel$44,859$2,715$1,818$49,392
Fees for Service Investment Mgmnt Fees-$46,636-$46,636
Fees for Services Legal-$44,716-$44,716
Fees for Services Accounting-$19,500-$19,500
Total Functional Expenses$8,959,230$4,825,729$201,297$13,986,256

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$13,986,256
Expenses per Audited Statements$13,014,295
Total Expenses per Audited Statements$13,014,295
Expenses Not Reported on Financial Statements$971,961
Other Expense Adjustments$925,325
International Activity

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-TrusteeTraining ServicesNo$12,000
-TrusteePurchase of GoodsNo$9,194
-Hos WifeTennis CoachNo$3,375
Mellissa BurroughsTrusteePurchase of GoodsNo$473
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Right of Use Liability - Finance$431,361
Accrued Health Insurance Reserve$230,355

Bond Issues

BondIssuerIssuedIssue PricePurpose
ATown of Newcastle Maine2017-10-26$9,418,151Refinance outstanding capital improvement debt.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,418,151--$124,565

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The form 990 was prepared by the academy's independent audit and accounting firm, after which a draft of the return was provided to and reviewed by the finance committee and then provided to the board of trustees prior to filing with the irs.

Form 990, Page 6, Part VI, Line 12C

Officers and directors are required to disclose as any conflicts occur. This is regulated through sub-committees as potential conflicts arise. The board is made aware of any conflicts in its regular meetings.

Form 990, Page 6, Part VI, Line 15A

Compensation of head of school is determined by the board of trustees in conjunction with his annual review and contract renewal with consideration of comparable compensation found in other similar institutions.

Form 990, Page 6, Part VI, Line 15B

Head of school recommends pay for all other positions which the board approves through the budget process.

Form 990, Page 6, Part VI, Line 19

The governing documents, conflict of interest policy and financial statements are made available upon request.

Filing and Contact Details

Filer

Filer Name
Lincoln Academy
EIN
01-0219126
Phone
2075633596
Address
81 ACADEMY HILL, NEWCASTLE, ME 04553

Signing Officer

Name
Wendy Corlett
Title
CFO
Phone
2075633596
Signed
2026-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wendy Corlett
Formed
1801
Legal Domicile
Me
Voting Board Members
16
Independent Board Members
16
Employees
207
Volunteers
10

Preparer

Firm
Runyon Kersteen Ouellette
Address
20 LONG CREEK DR, SOUTH PORTLAND, ME 04106
Preparer
Amy Chasse
Phone
2077732986
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Tuition reduction -925,325 tuition reduction 925,325

Form 990, Page 12, Part XII, Line 2C

This process has not changed from the prior year.

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

Custodial liability for student activity funds.

Schedule D, Page 2, Part V, Line 4

The academy's current policy is to draw amounts from its endowment annually for use in furthering its operating activities as well as to provide for certain scholarship payments.

Schedule D, Page 3, Part X

Accounting principles generally accepted in the united states of america requires management to evaluate tax positions taken by the academy and recognize a tax liability if the academy has taken an uncertain tax position that more likely than not would not be sustained upon examination by the internal revenue service and state taxing authorities. The academy is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Schedule D, Page 4, Part XI, Line 4B

Tuition reduction 925,325

Schedule D, Page 4, Part XII, Line 4B

Tuition reduction 925,325

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$24.2$9.41$14.8$12.7$14.0$1.32
2024Detailed filing. Detailed filing data is available for this year.$25.0$9.75$15.3$11.2$12.8$1.60
2023Detailed filing. Detailed filing data is available for this year.$25.8$10.0$15.8$10.8$12.3$1.47
2022Detailed filing. Detailed filing data is available for this year.$26.9$10.4$16.5$10.2$11.8$1.68
2021Detailed filing. Detailed filing data is available for this year.$30.2$10.5$19.6$16.6$10.7$5.87
2020Detailed filing. Detailed filing data is available for this year.$24.4$12.1$12.3$10.0$11.3$1.27
2019Detailed filing. Detailed filing data is available for this year.$25.4$11.1$14.3$12.4$12.7$0.23
2018Summary only. Only limited summary data is available for this year.$26.3$11.6$14.7$12.1$13.3$1.12
2017Detailed filing. Detailed filing data is available for this year.$26.6$11.2$15.4$11.4$12.1$0.65
2016Detailed filing. Detailed filing data is available for this year.$26.7$11.6$15.2$10.9$11.7$0.79
2015Detailed filing. Detailed filing data is available for this year.$27.8$11.7$16.1$11.4$8.93$2.51
2014Detailed filing. Detailed filing data is available for this year.$18.8$5.16$13.7$7.99$8.18$0.20
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.3$3.09$13.2$7.10$7.19$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.8$2.08$12.7$6.73
2011Summary only. Only limited summary data is available for this year.$15.1$2.25$12.9$7.10$6.97$0.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.3$2.45$11.8$6.86