Civic Intelligence

Bridgton Academy

990 • Fiscal year 2018 • EIN 01-0221344

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

Organization ProfileWWW.BRIDGTONACADEMY.ORG

View Organization Page

PO Box 292North Bridgton, ME 04057-0292

(207) 647-3322

Siviq Scores

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Balance Sheet

Assets

Flat

$18,345,473

Flat from 2018

Net Assets

Flat

$12,127,868

Flat from 2018

Liabilities

Flat

$6,217,605

Flat from 2018

Revenue And Expenses

Revenue

Flat

$7,699,174

Flat from 2018

Expenses

Flat

$9,172,310

Flat from 2018

Net Income

Flat

-$1,473,136

Flat from 2018

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2010: $11,884,577Liabilities 2010: $3,723,049Net Assets 2010: $8,161,5282010Assets 2011: $12,681,805Liabilities 2011: $3,644,095Net Assets 2011: $9,037,7102011Assets 2012: $13,143,643Liabilities 2012: $3,430,398Net Assets 2012: $9,713,2452012Assets 2013: $14,436,242Liabilities 2013: $3,634,938Net Assets 2013: $10,801,3042013Assets 2014: $15,908,454Liabilities 2014: $4,057,411Net Assets 2014: $11,851,0432014Assets 2015: $17,690,001Liabilities 2015: $5,472,290Net Assets 2015: $12,217,7112015Assets 2016: $17,810,302Liabilities 2016: $5,074,287Net Assets 2016: $12,736,0152016Assets 2017: $18,445,388Liabilities 2017: $5,331,741Net Assets 2017: $13,113,6472017Assets 2018: $18,345,473Liabilities 2018: $6,217,605Net Assets 2018: $12,127,8682018Assets 2018: $18,345,473Liabilities 2018: $6,217,605Net Assets 2018: $12,127,8682018Assets 2019: $21,062,186Liabilities 2019: $7,395,493Net Assets 2019: $13,666,6932019Assets 2020: $20,794,532Liabilities 2020: $6,965,412Net Assets 2020: $13,829,1202020Assets 2021: $22,533,478Liabilities 2021: $7,749,251Net Assets 2021: $14,784,2272021Assets 2022: $20,658,481Liabilities 2022: $5,138,039Net Assets 2022: $15,520,4422022Assets 2023: $20,679,640Liabilities 2023: $5,067,477Net Assets 2023: $15,612,1632023Assets 2024: $20,003,786Liabilities 2024: $5,273,141Net Assets 2024: $14,730,6452024

Highlighted filing

2018

Assets$18,345,473
Liabilities$6,217,605
Net Assets$12,127,868
Open 2018 Filing

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $5,386,2942010Expenses 2011: $7,922,0602011Expenses 2012: $8,541,7262012Revenue 2013: $8,794,663Expenses 2013: $8,269,305Net Income 2013: $525,3582013Revenue 2014: $9,811,167Expenses 2014: $9,543,068Net Income 2014: $268,0992014Revenue 2015: $10,563,646Expenses 2015: $10,343,502Net Income 2015: $220,1442015Revenue 2016: $10,219,402Expenses 2016: $9,581,998Net Income 2016: $637,4042016Revenue 2017: $9,523,229Expenses 2017: $9,480,342Net Income 2017: $42,8872017Revenue 2018: $7,699,174Expenses 2018: $9,172,310Net Income 2018: -$1,473,1362018Revenue 2018: $7,699,174Expenses 2018: $9,172,310Net Income 2018: -$1,473,1362018Revenue 2019: $10,517,254Expenses 2019: $9,263,077Net Income 2019: $1,254,1772019Revenue 2020: $9,249,152Expenses 2020: $9,373,601Net Income 2020: -$124,4492020Revenue 2021: $9,387,178Expenses 2021: $10,020,858Net Income 2021: -$633,6802021Revenue 2022: $12,393,178Expenses 2022: $10,790,016Net Income 2022: $1,603,1622022Revenue 2023: $10,286,617Expenses 2023: $10,991,710Net Income 2023: -$705,0932023Revenue 2024: $10,099,433Expenses 2024: $12,186,470Net Income 2024: -$2,087,0372024

Highlighted filing

2018

Revenue$7,699,174
Expenses$9,172,310
Net Income-$1,473,136
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$7,765,527
Mission and Program Overview

Mission

To provide a program for young men in a unique, one-year postgraduate environment to prepare for the rigors of college and beyond.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,061,407$10,166,780▲ $105,373
Investments Other Securities$5,877,730$5,607,152▼ $270,578
Cash and Non-Interest-Bearing Accounts$1,012,763$999,659▼ $13,104
Pledges and Grants Receivable$703,054$546,025▼ $157,029
Other Notes and Loans Receivable, Net-$303,027-
Savings and Temporary Cash Investments$180,149$112,950▼ $67,199
Inventories for Sale or Use$58,964$75,634▲ $16,670
Prepaid Expenses and Deferred Charges$25,351$65,623▲ $40,272
Accounts Receivable$315,668$60,089▼ $255,579
Total Assets$18,445,388$18,345,473▼ $99,915
Other Assets Total$210,302$408,534▲ $198,232
Liabilities
Tax Exempt Bond Liabilities$2,594,900$2,523,300▼ $71,600
Deferred Revenue$1,356,347$2,088,665▲ $732,318
Unsecured Notes Loans Payable$400,000$800,000▲ $400,000
Mortgage Notes Payable Secured by Investment Property$632,051$426,083▼ $205,968
Accounts Payable and Accrued Expenses$312,383$353,862▲ $41,479
Other Liabilities$36,060$25,695▼ $10,365
Total Liabilities$5,331,741$6,217,605▲ $885,864
Net Assets / Fund Balance
Unrestricted Net Assets$8,050,808$9,075,124▲ $1,024,316
Temporarily Rstr Net Assets$3,679,798$1,637,378▼ $2,042,420
Permanently Rstr Net Assets$1,383,041$1,415,366▲ $32,325
Total Net Assets Fund Balance$13,113,647$12,127,868▼ $985,779
Total Liabilities and Net Assets / Fund Balance$18,445,388$18,345,473▼ $99,915

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,300,440$6,390,798$15,691,238
Other Land Buildings$490,734$1,579,786$2,070,520
Equipment$186,037$350,691$536,728
Land$189,569-$189,569
Other Securities$5,607,152--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$5,877,689$33,825▲ $567,806$2,937,812$3,541,508
2017$5,291,440$87,938▲ $742,553$244,242$5,877,689
2016$5,287,778$43,913▼ $40,251-$5,291,440
2015$5,541,591$32,596▲ $227,905$514,314$5,287,778
2014$4,830,762$45,445▲ $864,136$198,752$5,541,591
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Graydon VigneauHead of SchoFT$111,120$6,689$117,809
Martin MooneyHead of SchoFT$86,311$3,083$89,394

Board Members and Trustees

NameTitle
Kevin JonesPresident
Aaron DalyTrustee
Bob BoganTrustee
Carol HambletTrustee
Christopher OsburnTrustee
Diane PotterTrustee
Doug LyonsTrustee
Erin PlummerTrustee
Jason MacdonaldTrustee
Susan YuleTrustee
Tim ArmourTrustee
Vic DigravioTrustee
Mary AmesSecretary
Mark CarlsonTreasurer
Jeff BeginVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$374,890
Program Service Revenue
$7,155,688
Investment Income
$108,539
Other Revenue
$60,057
All Other Contributions
$374,890
Change in Net Assets
$-1,473,136

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$75,463Quoted Prices on Market
Clothing and Household Goods-$6,6333rd Party Evaluation/Fair Market Value (FMV)
Food Inventory18$1,9053rd Party Evaluation/Fair Market Value (FMV)
Other Non Cash Contri Table28$1,8353rd Party Evaluation/Fair Market Value (FMV)
Books and Publications-$8873rd Party Evaluation/Fair Market Value (FMV)
Collectibles3$5963rd Party Evaluation/Fair Market Value (FMV)
Works of Art1$1303rd Party Evaluation/Fair Market Value (FMV)
Total Noncash Contributions59$87,449-

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,742,094
Revenue Not Reported on Financial Statements
$-42,920
Revenue Not Reported on Form 990
$-1,515,825
Other Revenue Adjustments
$-42,920
Total Revenue per Audited Statements
$6,226,269
Total Revenue per Form 990
$7,699,174
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,764,319
Salaries, Compensation, and Employee Benefits$3,319,253
Grants and Similar Amounts Paid$2,088,738
Total Fundraising Expense$448,854
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,676,056$603,297$190,110$2,469,463
Grants to Domestic Individuals$2,043,960--$2,043,960
Depreciation Depletion-$810,052-$810,052
Office Expenses$291,895$266,902$47,005$605,802
Fees for Services Other$184,991$346,969$19,329$551,289
Other Employee Benefits$265,197$103,959$33,484$402,640
Occupancy$23,069$333,686-$356,755
Travel$186,786$6,523$13,831$207,140
Payroll Taxes$122,277$48,619$15,860$186,756
Current Officers, Directors, Trustees, and Key Employees$74,466$74,466$37,233$186,165
Insurance-$145,898-$145,898
Interest-$98,931-$98,931
Pension Plan Contributions$48,601$19,324$6,304$74,229
Grants to Domestic Orgs$44,778--$44,778
Advertising$42,861-$739$43,600
Conferences and Meetings$24,630-$16,076$40,706
Fees for Services Accounting-$36,308-$36,308
Other Expenses$50,000$3,600$3,191$6,791
Fees for Services Legal-$-7,830-$-7,830
Total Functional Expenses$5,498,460$3,224,996$448,854$9,172,310

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$9,172,310
Total Expenses per Audited Statements$7,212,048
Expenses per Audited Statements$7,128,350
Expenses Not Reported on Financial Statements$2,043,960
Other Expense Adjustments$2,043,960
Expenses Not Reported on Form 990$83,698
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Bridgton Ice ArenaNorth Bridgton, ME501c3See Part Iv$44,778
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$14,750
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
-Former TrusteeInsuranceNo$101,609
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligations$25,695

Bond Issues

BondIssuerIssuedIssue PricePurpose
AFinance Authority of Maine2014-01-22$2,700,000Refinance town of bridgton bond

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$2,700,000-$176,700-

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
No
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 family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“A draft of the 990 is reviewed and approved by the business manager. Then, a final draft is provided to each member of the finance committee for review prior to filing.”

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

“All conflict of interest forms are updated during the board of trustee's annual meeting.”

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

“The head of school's current compensation level was determined as part of the original hiring agreement completed in the first quarter of 2017. The bridgton academy board of trustees engaged the firm of educational directions, inc. Of portsmouth, ri as a consultant to our search process. A salary range for the position of head of school was established through data and recommendations from educational directions, inc. As well as through feedback from the candidates on their current compensation levels. The hiring agreement, which included details on mr. Mooney's compensation as head of school was reviewed and approved by the full board of trustees. We compare our senior management salaries with their peer's salaries available from the independent school association of northern new england (the isanne group).”

Form 990, Page 6, Part VI, Line 19

“The governing documents and conflict of interest statements are not made public. Financial information is made available to the public via our form 990.”

Filing and Contact Details

Filer

Filer Name
Bridgton Academy
EIN
01-0221344
Phone
2076473322
Address
PO BOX 292, NORTH BRIDGTON, ME 04057-0292

Signing Officer

Name
Martin Mooney
Title
Head of School
Phone
2076473322
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Martin Mooney
Formed
1808
Legal Domicile
Me
Voting Board Members
15
Independent Board Members
14
Employees
95

Preparer

Firm
Smith & Associates Cpas
Address
500 US ROUTE 1 STE 102, YARMOUTH, ME 04096-6817
Preparer
Amanda Schultz Brown CPA
Phone
2078468881
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Financial aid -2,033,256 school store cogs 42,920 school store cogs -42,920 financial aid 2,043,960 total 10,704”

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

“The school owns what is called the spratt-meade museum, which is located in a separate building on the school's campus. The museum features a collection of local and regional historical artifacts which are available to the school's students along with public viewings upon request. The museum supports the school mission of providing education to students.”

Schedule D, Page 2, Part V, Line 4

“The purpose of this fund is to generate income to be used to provide annual scholarships, awards and prizes to students of the academy as well as to provide support for the general operations of the academy.”

Schedule D, Page 3, Part X

“The academy follows the provisions of fasb asc 740-10 accounting for uncertainty in income taxes, which clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in an entity's financial statements. It also prescribes a recognition threshold of more likely-than- not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. There was no cumulative effect on the academy's financial statements related to following these provisions, and no interest or penalties related to uncertain tax positions were accrued. The academy is currently open to audit under the statute of limitations by the internal revenue service and state taxing authorities for the years ended june 30, 2015 through 2018.”

Schedule D, Page 4, Part XI, Line 2D

“FINANCIAL AID -2,033,256”

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

“School store cogs -42,920”

Schedule D, Page 4, Part XII, Line 2D

“SCHOOL STORE COGS 42,920”

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

“FINANCIAL AID 2,043,960”

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IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
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IRS990/MissionDesc0TO PROVIDE A PROGRAM FOR YOUNG MEN IN A UNIQUE, ONE-YEAR POSTGRADUATE ENVIRONMENT TO PREPARE FOR THE RIGORS OF COLLEGE AND BEYOND.
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt017198
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt014750
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt014750
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt014858
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt014858
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IRS990/NoncashContributionsAmt087449
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherChangesInNetAssetsAmt010704
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IRS990/OtherExpensesGrp/Desc2BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/Desc3PROFESSIONAL DEVELOPMENT
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IRS990/OtherExpensesGrp/FundraisingAmt13191
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt066572
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1103148
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2164572
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt33600
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IRS990/OtherExpensesGrp/ProgramServicesAmt1104488
IRS990/OtherExpensesGrp/ProgramServicesAmt250000
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IRS990/OtherExpensesGrp/TotalAmt2214572
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IRS990/PensionPlanContributionsGrp/FundraisingAmt06304
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IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt02937812

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,345,473
Liabilities
$6,217,605
Net assets
$12,127,868
Revenue
$7,699,174
Expenses
$9,172,310
Net income
-$1,473,136
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$20.0$5.27$14.7$10.1$12.2$2.09
2023Detailed filing. Detailed filing data is available for this year.$20.7$5.07$15.6$10.3$11.0$0.71
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.7$5.14$15.5$12.4$10.8$1.60
2021Detailed filing. Detailed filing data is available for this year.$22.5$7.75$14.8$9.39$10.0$0.63
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.8$6.97$13.8$9.25$9.37$0.12
2019Detailed filing. Detailed filing data is available for this year.$21.1$7.40$13.7$10.5$9.26$1.25
2018Detailed filing. Detailed filing data is available for this year.$18.3$6.22$12.1$7.70$9.17$1.47
2018Detailed filing. Detailed filing data is available for this year.$18.3$6.22$12.1$7.70$9.17$1.47
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.4$5.33$13.1$9.52$9.48$0.04
2016Detailed filing. Detailed filing data is available for this year.$17.8$5.07$12.7$10.2$9.58$0.64
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.7$5.47$12.2$10.6$10.3$0.22
2014Detailed filing. Detailed filing data is available for this year.$15.9$4.06$11.9$9.81$9.54$0.27
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.4$3.63$10.8$8.79$8.27$0.53
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.1$3.43$9.71$8.54
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$3.64$9.04$7.92
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.9$3.72$8.16$5.39