Civic Intelligence

Washington Academy

990 • Fiscal year 2022 • EIN 01-0229448

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 11, 2022

Organization ProfileWWW.WASHINGTONACADEMY.ORG
66 Cutler Road PO Box 190East Machias, ME 04630

(207) 255-8301

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.30x

Higher debt load relative to assets than 63% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

74th percentile

0.68x

Higher debt load relative to revenue than 74% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

61st percentile

12%

Higher net margin than 61% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

58th percentile

$201,859

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

29th percentile

-5.9%

Faster asset growth than 29% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

51st percentile

4.4%

Faster revenue growth than 51% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Down

$14,309,458

Down $904,995 (-5.9%) from 2021

Net Assets

Up

$9,960,752

Up $92,453 (+0.9%) from 2021

Liabilities

Down

$4,348,706

Down $997,448 (-19%) from 2021

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin61st percentile

Revenue

Up

$6,354,739

Up $269,448 (+4.4%) from 2021

Expenses

Down

$5,580,723

Down $247,957 (-4.3%) from 2021

Net Income

Up

$774,016

Up $517,405 (+202%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $13,516,967Liabilities 2011: $8,511,807Net Assets 2011: $5,005,1602011Assets 2012: $13,864,652Liabilities 2012: $8,016,588Net Assets 2012: $5,848,0642012Assets 2013: $13,624,209Liabilities 2013: $7,775,018Net Assets 2013: $5,849,1912013Assets 2014: $13,980,089Liabilities 2014: $7,345,679Net Assets 2014: $6,634,4102014Assets 2015: $14,073,255Liabilities 2015: $7,189,734Net Assets 2015: $6,883,5212015Assets 2016: $14,400,763Liabilities 2016: $7,121,780Net Assets 2016: $7,278,9832016Assets 2017: $15,089,502Liabilities 2017: $6,880,748Net Assets 2017: $8,208,7542017Assets 2018: $14,616,856Liabilities 2018: $6,067,076Net Assets 2018: $8,549,7802018Assets 2019: $14,988,541Liabilities 2019: $6,272,948Net Assets 2019: $8,715,5932019Assets 2020: $14,174,459Liabilities 2020: $5,427,314Net Assets 2020: $8,747,1452020Assets 2021: $15,214,453Liabilities 2021: $5,346,154Net Assets 2021: $9,868,2992021Assets 2022: $14,309,458Liabilities 2022: $4,348,706Net Assets 2022: $9,960,7522022Assets 2023: $14,202,739Liabilities 2023: $3,978,573Net Assets 2023: $10,224,1662023Assets 2024: $13,586,036Liabilities 2024: $3,788,180Net Assets 2024: $9,797,8562024Assets 2025: $14,710,190Liabilities 2025: $4,277,811Net Assets 2025: $10,432,3792025

Highlighted filing

2022

Assets$14,309,458
Liabilities$4,348,706
Net Assets$9,960,752
Open 2022 Filing

Operations Trend

Revenue Growth51st percentile

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

$10M$5.0M$0-$5.0MRevenue 2011: $6,417,530Expenses 2011: $5,686,103Net Income 2011: $731,4272011Expenses 2012: $6,323,7852012Revenue 2013: $5,739,885Expenses 2013: $5,972,364Net Income 2013: -$232,4792013Revenue 2014: $6,169,546Expenses 2014: $5,563,391Net Income 2014: $606,1552014Revenue 2015: $6,717,111Expenses 2015: $6,160,015Net Income 2015: $557,0962015Revenue 2016: $6,782,963Expenses 2016: $6,482,484Net Income 2016: $300,4792016Revenue 2017: $7,399,969Expenses 2017: $6,721,278Net Income 2017: $678,6912017Revenue 2018: $6,898,053Expenses 2018: $6,693,907Net Income 2018: $204,1462018Revenue 2019: $6,373,604Expenses 2019: $6,245,185Net Income 2019: $128,4192019Revenue 2020: $6,623,681Expenses 2020: $6,147,779Net Income 2020: $475,9022020Revenue 2021: $6,085,291Expenses 2021: $5,828,680Net Income 2021: $256,6112021Revenue 2022: $6,354,739Expenses 2022: $5,580,723Net Income 2022: $774,0162022Revenue 2023: $6,481,799Expenses 2023: $6,512,777Net Income 2023: -$30,9782023Revenue 2024: $5,856,650Expenses 2024: $6,577,495Net Income 2024: -$720,8452024Revenue 2025: $7,928,083Expenses 2025: $7,171,775Net Income 2025: $756,3082025

Highlighted filing

2022

Revenue$6,354,739
Expenses$5,580,723
Net Income$774,016
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 11, 2022
Return Version
2021v4.0
Gross Receipts
$8,053,199
Mission and Program Overview

Mission

Washington academy is an independent secondary education school committed to the success of each of our local, national and international students. Offering a comprehensive program of academics, athletics and the arts, we strive to create opportunities that will equip students socially and intellectually for their future endeavors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,139,201$6,885,485▼ $253,716
Investments in Publicly Traded Securities$5,162,748$4,639,425▼ $523,323
Savings and Temporary Cash Investments$257,667$2,178,449▲ $1,920,782
Accounts Receivable$1,150,110$416,007▼ $734,103
Prepaid Expenses and Deferred Charges$77,603$110,301▲ $32,698
Cash and Non-Interest-Bearing Accounts$1,407,134$65,051▼ $1,342,083
Pledges and Grants Receivable$17,890$12,640▼ $5,250
Inventories for Sale or Use$2,100$2,100→ $0
Total Assets$15,214,453$14,309,458▼ $904,995
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,862,623$3,670,438▼ $1,192,185
Deferred Revenue$94,293$351,120▲ $256,827
Accounts Payable and Accrued Expenses$320,297$268,509▼ $51,788
Other Liabilities$68,941$58,639▼ $10,302
Total Liabilities$5,346,154$4,348,706▼ $997,448
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,718,289$9,806,911▲ $88,622
Net Assets With Donor Restrictions$150,010$153,841▲ $3,831
Total Net Assets Fund Balance$9,868,299$9,960,752▲ $92,453
Total Liabilities and Net Assets / Fund Balance$15,214,453$14,309,458▼ $904,995

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,418,787$6,040,202$12,458,989
Equipment$330,206$1,211,909$1,542,115
Land$136,492-$136,492

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$5,162,748-▼ $368,275-$4,639,425
2021$4,119,302-▲ $1,072,552-$5,162,748
2020$4,146,247-▲ $102-$4,119,302
2019$4,488,103-▲ $231,097$544,510$4,146,247
2018$4,200,788-▲ $316,657-$4,488,103
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Judson McbrineHead of SchoFT$162,923$38,936$201,859
Judson McbrineHead of School-$162,923$38,936$201,859

Board Members and Trustees

NameTitle
Michael HennesseyPresident
Carlos Montero MorenoTrustee
Darren ProutTrustee
Dean McguireTrustee
Dennis MaharTrustee
Dr John GaddisTrustee
Elizabeth NeptuneTrustee
Ian PrattTrustee
Jeremy LookTrustee
Michael Todd SmithTrustee
Steven ShiTrustee
Susan Macfarland-heltonTrustee
Suzanne PlaistedSecretary
Chris LyfordTreasurer
Tara BartkoVice Residen
Revenue and Support

Revenue Composition

Contributions and Grants
$1,296,648
Program Service Revenue
$4,731,856
Investment Income
$314,799
Other Revenue
$11,436
All Other Contributions
$47,013
Change in Net Assets
$774,016

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,322,868
Revenue Not Reported on Financial Statements
$31,871
Revenue Not Reported on Form 990
$-681,564
Total Revenue per Audited Statements
$5,641,304
Total Revenue per Form 990
$6,354,739
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,764,670
Other Expenses$1,816,053
Total Fundraising Expense$224,518
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,956,970$1,012,117$159,094$3,128,181
Other Employee Benefits$259,879$156,686$17,796$434,361
Depreciation Depletion-$426,013-$426,013
Occupancy-$233,774-$233,774
Interest-$187,085-$187,085
Payroll Taxes$57,102$52,589$12,126$121,817
All Other Expenses$74,310$30,783$3,217$108,310
Insurance-$98,971-$98,971
Pension Plan Contributions$64,490$15,821-$80,311
Other Expenses$58,321$83,736$7,394$58,321
Fees for Services Other$20,384$31,365$1,800$53,549
Advertising$30,753$3,824$18,581$53,158
Fees for Service Investment Mgmnt Fees-$31,871-$31,871
Fees for Services Accounting-$30,400-$30,400
Fees for Services Legal-$23,899-$23,899
Travel$9,886$540$172$10,598
Total Functional Expenses$2,802,760$2,553,445$224,518$5,580,723

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,580,723
Expenses per Audited Statements$5,548,852
Total Expenses per Audited Statements$5,548,852
Expenses Not Reported on Financial Statements$31,871
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
Darren ProutTrusteeMaintenance ServicesNo$4,176
John GaddisTrusteeIn Law to TrusteeNo-
Michael HennesseyTrusteeIn Law to TrusteeNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Student Groups$53,916
Due to Boarding Students$4,723
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
Yes
Business relationship with family members
Yes
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
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 annual form 990 and the required schedules are compiled by an independent accountant and forwarded to either the finance director or the head of schools for review and acceptance.”

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

“The board completes annual conflict of interest statements annually”

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

“Reviews of the performance of the head of school and finance director are made by the board of trustees and include a review of the current performance and a comparison to similar organizations to determine annual contracted salary amounts.”

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

“Reviews of the performance of the head of school and finance director are made by the board of trustees and include a review of the current performance and a comparison to similar organizations to determine annual contracted salary amounts.”

Form 990, Page 6, Part VI, Line 19

“The form 990 is available on the guidestar website and is also available upon the receipt of a reasonable written request. The organizations public governing documents along with the annual audited financial statements are also made available upon the receipt of a reasonable written request.”

Filing and Contact Details

Filer

Filer Name
Washington Academy
EIN
01-0229448
Phone
2072558301
Address
66 CUTLER ROAD PO BOX 190, EAST MACHIAS, ME 04630

Signing Officer

Name
Judson Mcbrine
Title
Head of School
Phone
2072558301
Signed
2022-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Hennessey
Formed
1792
Legal Domicile
Me
Voting Board Members
15
Independent Board Members
15
Employees
122

Preparer

Firm
Hmv LLC
Address
PO BOX 543, ELLSWORTH, ME 04605
Preparer
Annette Gould
Phone
2076675529
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Washington academy is an independent secondary education school committed to the success of each of our local, national and international students. Offering a comprehensive program of academics, athletics and the arts, we strive to create opportunities that will equip students socially and intellectually for their future endeavors.”

Form 990, Page 5, Part V, Line 3B

“No unrelated business income”

Form 990, Part XI, Line 9

“ROUNDING 1”

Financial Statement Notes

Schedule D, Page 3, Part X

“The academy qualifies as an organization exempt from income tax under section 501(c)(3) of the internal revenue code. The academy did not have gross income (gross income is gross receipts minus the cost of goods sold) from unrelated trade or business activities of 1,000 or more. Unrelated trade or business income is the gross income derived from any trade or business activity that is regularly carried on, and not substantially related to the organization's exempt purpose or function (aside from the organization's need for income or funds or the use it makes of the profits). The academy regularly reviews and evaluates its tax position taken in previously filed information returns and as is reflected in its financial statements, with regard to issues affecting its tax exempt status, unrelated business income, and related matters. The academy believes that in the event of an examination by taxing authorities, its position would prevail based upon technical merit of such positions. Therefore the academy has concluded that no tax benefits or liabilities are required to be recognized.”

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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,309,458
Liabilities
$4,348,706
Net assets
$9,960,752
Revenue
$6,354,739
Expenses
$5,580,723
Net income
$774,016
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.7$4.28$10.4$7.93$7.17$0.76
2024Detailed filing. Detailed filing data is available for this year.$13.6$3.79$9.80$5.86$6.58$0.72
2023Detailed filing. Detailed filing data is available for this year.$14.2$3.98$10.2$6.48$6.51$0.03
2022Detailed filing. Detailed filing data is available for this year.$14.3$4.35$9.96$6.35$5.58$0.77
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.2$5.35$9.87$6.09$5.83$0.26
2020Detailed filing. Detailed filing data is available for this year.$14.2$5.43$8.75$6.62$6.15$0.48
2019Detailed filing. Detailed filing data is available for this year.$15.0$6.27$8.72$6.37$6.25$0.13
2018Detailed filing. Detailed filing data is available for this year.$14.6$6.07$8.55$6.90$6.69$0.20
2017Detailed filing. Detailed filing data is available for this year.$15.1$6.88$8.21$7.40$6.72$0.68
2016Detailed filing. Detailed filing data is available for this year.$14.4$7.12$7.28$6.78$6.48$0.30
2015Detailed filing. Detailed filing data is available for this year.$14.1$7.19$6.88$6.72$6.16$0.56
2014Detailed filing. Detailed filing data is available for this year.$14.0$7.35$6.63$6.17$5.56$0.61
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.6$7.78$5.85$5.74$5.97$0.23
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.9$8.02$5.85$6.32
2011Summary only. Only limited summary data is available for this year.$13.5$8.51$5.01$6.42$5.69$0.73
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2022 filings • 501(c)3 • $10M-$25M nonprofits