Civic Intelligence

The Sharon Academy

EIN 03-0350587 • 501(c)3 • Sharon, VT

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Profile

The sharon academy is an independent middle and high school where students are known, valued, and challenged. The mission of the sharon academy is to nurture intelligent, independent, and creative thinking in a small school community, awakening students to their immense potential and the difference they can make in the world.

P O Box 207Sharon, VT 05065

www.sharonacademy.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

58th percentile

0.11x

Higher debt load relative to assets than 58% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

65th percentile

0.18x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

23rd percentile

-8.9%

Higher net margin than 23% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

76th percentile

$125,258

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

24th percentile

-4.8%

Faster asset growth than 24% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

25th percentile

-8.1%

Faster revenue growth than 25% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets58th percentile

Assets

Down

$4,902,855

Down $246,277 (-4.8%) from 2023

Liabilities

Down

$559,056

Down $40,613 (-6.8%) from 2023

Net Assets

Down

$4,343,799

Down $205,664 (-4.5%) from 2023

Operations
Liabilities / Revenue65th percentileNet Margin23rd percentile

Revenue

Down

$3,113,184

Down $273,730 (-8.1%) from 2023

Expenses

Up

$3,389,040

Up $291,205 (+9.4%) from 2023

Net Income

Down

-$275,856

Down $564,935 (-195%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth24th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2011: $3,745,215Liabilities 2011: $859,535Net Assets 2011: $2,885,6802011Assets 2012: $3,694,807Liabilities 2012: $827,263Net Assets 2012: $2,867,5442012Assets 2013: $3,762,196Liabilities 2013: $879,080Net Assets 2013: $2,883,1162013Assets 2014: $3,641,565Liabilities 2014: $956,973Net Assets 2014: $2,684,5922014Assets 2015: $3,519,322Liabilities 2015: $810,569Net Assets 2015: $2,708,7532015Assets 2016: $3,424,515Liabilities 2016: $830,853Net Assets 2016: $2,593,6622016Assets 2017: $3,622,742Liabilities 2017: $743,329Net Assets 2017: $2,879,4132017Assets 2018: $4,078,890Liabilities 2018: $885,602Net Assets 2018: $3,193,2882018Assets 2019: $4,161,102Liabilities 2019: $871,420Net Assets 2019: $3,289,6822019Assets 2020: $4,274,782Liabilities 2020: $1,076,713Net Assets 2020: $3,198,0692020Assets 2021: $4,760,404Liabilities 2021: $583,853Net Assets 2021: $4,176,5512021Assets 2022: $4,759,677Liabilities 2022: $520,996Net Assets 2022: $4,238,6812022Assets 2023: $5,149,132Liabilities 2023: $599,669Net Assets 2023: $4,549,4632023Assets 2024: $4,902,855Liabilities 2024: $559,056Net Assets 2024: $4,343,7992024

Highlighted filing

2024

Assets$4,902,855
Liabilities$559,056
Net Assets$4,343,799
Open 2024 Filing

Operations Trend

Revenue Growth25th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $2,381,9592011Expenses 2012: $2,305,7202012Revenue 2013: $2,382,499Expenses 2013: $2,455,754Net Income 2013: -$73,2552013Revenue 2014: $2,635,746Expenses 2014: $2,662,520Net Income 2014: -$26,7742014Revenue 2015: $2,972,370Expenses 2015: $2,906,736Net Income 2015: $65,6342015Revenue 2016: $2,806,888Expenses 2016: $2,875,059Net Income 2016: -$68,1712016Revenue 2017: $3,127,339Expenses 2017: $2,937,173Net Income 2017: $190,1662017Revenue 2018: $3,176,253Expenses 2018: $2,879,505Net Income 2018: $296,7482018Revenue 2019: $3,209,764Expenses 2019: $3,121,251Net Income 2019: $88,5132019Revenue 2020: $2,963,467Expenses 2020: $3,039,873Net Income 2020: -$76,4062020Revenue 2021: $3,709,912Expenses 2021: $2,902,983Net Income 2021: $806,9292021Revenue 2022: $3,221,353Expenses 2022: $2,958,455Net Income 2022: $262,8982022Revenue 2023: $3,386,914Expenses 2023: $3,097,835Net Income 2023: $289,0792023Revenue 2024: $3,113,184Expenses 2024: $3,389,040Net Income 2024: -$275,8562024

Highlighted filing

2024

Revenue$3,113,184
Expenses$3,389,040
Net Income-$275,856
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,902,855
Liabilities
$559,056
Net assets
$4,343,799
Revenue
$3,113,184
Expenses
$3,389,040
Net income
-$275,856
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.90$0.56$4.34$3.11$3.39$0.28
2023Detailed filing. Detailed filing data is available for this year.$5.15$0.60$4.55$3.39$3.10$0.29
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.76$0.52$4.24$3.22$2.96$0.26
2021Detailed filing. Detailed filing data is available for this year.$4.76$0.58$4.18$3.71$2.90$0.81
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.27$1.08$3.20$2.96$3.04$0.08
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.16$0.87$3.29$3.21$3.12$0.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.08$0.89$3.19$3.18$2.88$0.30
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.62$0.74$2.88$3.13$2.94$0.19
2016Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$3.42$0.83$2.59$2.81$2.88$0.07
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.52$0.81$2.71$2.97$2.91$0.07
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$3.64$0.96$2.68$2.64$2.66$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.76$0.88$2.88$2.38$2.46$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.69$0.83$2.87$2.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.75$0.86$2.89$2.38
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 21, 2025
Return Version
2023v6.0
Gross Receipts
$3,113,184
Mission and Program Overview

Mission

The sharon academy is an independent middle and high school where students are known, valued, and challenged. The mission of the sharon academy is to nurture intelligent, independent, and creative thinking in a small school community, awakening students to their immense potential and the difference they can make in the world.

EDUCATION GRADES 7-12

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,147,915$2,139,096▼ $8,819
Investments in Publicly Traded Securities$1,173,924$1,276,453▲ $102,529
Savings and Temporary Cash Investments$867,006$864,614▼ $2,392
Cash and Non-Interest-Bearing Accounts$743,330$409,576▼ $333,754
Accounts Receivable$63,093$111,720▲ $48,627
Pledges and Grants Receivable$40,330$15,000▼ $25,330
Total Assets$5,149,132$4,902,855▼ $246,277
Other Assets Total$113,534$86,396▼ $27,138
Liabilities
Accounts Payable and Accrued Expenses$239,560$275,131▲ $35,571
Mortgage Notes Payable Secured by Investment Property$246,025$196,979▼ $49,046
Other Liabilities$113,534$86,396▼ $27,138
Deferred Revenue$550$550→ $0
Total Liabilities$599,669$559,056▼ $40,613
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,962,905$2,794,242▼ $168,663
Net Assets With Donor Restrictions$1,586,558$1,549,557▼ $37,001
Total Net Assets Fund Balance$4,549,463$4,343,799▼ $205,664
Total Liabilities and Net Assets / Fund Balance$5,149,132$4,902,855▼ $246,277

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,336,455$1,300,723$2,637,178
Leasehold Improvements$91,099$384,565$475,664
Other Land Buildings$344,907-$344,907
Land$317,940-$317,940
Equipment$48,695$268,599$317,294

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$351,732-▲ $36,276$9,000$379,008
2022$341,840-▲ $18,892$9,000$351,732
2021$399,100-▼ $49,260$8,000$341,840
2020$312,226-▲ $86,874-$399,100
2019$318,313-▲ $11,913$18,000$312,226
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mary NewmanHead of SchoolFT$102,702$22,556$125,258

Board Members and Trustees

NameTitle
Tanya SwettPresident
Tulio BrowningVice President
Cora SwanbergTrustee
Erik SkarstenTrustee
Gray MirandaTrustee
Julie GroppeTrustee
Katye ReedTrustee
Kylie EastmanTrustee
Stephen FarringtonTrustee
Dee GishSecretary
Philip LappTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$190,102
Program Service Revenue
$2,883,263
Investment Income
$39,819
Other Revenue
$0
All Other Contributions
$190,102
Change in Net Assets
$-275,856

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,108,327
Revenue Not Reported on Financial Statements
$4,857
Revenue Not Reported on Form 990
$-13,983
Total Revenue per Audited Statements
$3,094,344
Total Revenue per Form 990
$3,113,184
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,409,101
Other Expenses$895,764
Grants and Similar Amounts Paid$84,175
Total Fundraising Expense$64,831
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,584,049$252,287$8,173$1,844,509
Other Employee Benefits$221,213$27,757-$248,970
All Other Expenses$98,361$31,736$25,540$155,637
Payroll Taxes$117,057$25,567$1,826$144,450
Current Officers, Directors, Trustees, and Key Employees-$116,605$20,400$137,005
Occupancy$109,529$5,543$3,269$118,341
Depreciation Depletion$94,158$4,765$2,810$101,733
Grants to Domestic Individuals$84,175--$84,175
Fees for Services Other-$58,063-$58,063
Insurance$44,882$2,271$1,339$48,492
Other Expenses$29,715$6,490$464$36,669
Fees for Services Accounting-$35,335-$35,335
Interest$32,035$1,621$956$34,612
Pension Plan Contributions$29,921$4,192$54$34,167
Conferences and Meetings-$24,184-$24,184
Fees for Services Legal$6,345$2,719-$9,064
Fees for Service Investment Mgmnt Fees-$4,857-$4,857
Advertising-$189-$189
Total Functional Expenses$2,720,028$604,181$64,831$3,389,040

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,389,040
Expenses per Audited Statements$3,300,008
Total Expenses per Audited Statements$3,300,008
Expenses Not Reported on Financial Statements$89,032
Other Expense Adjustments$84,175
Expenses Not Reported on Form 990$0
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
Carl GroppeSpouse of TrusteeCarl Groppe Is Employed by the Academy as the It Director and Is Also the Spouse of a Member of the Board of Trustees.No$63,530
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$86,396
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
No
Business relationship with family members
Yes
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, Part VI, Section B, Line 11B

“The finance committee reviews the form 990 for accuracy and approves it before its filing deadline. The finance committee then reports its findings on the form 990 to the board of trustees.”

Form 990, Part VI, Section B, Line 12C

“Annually, all members of the board of trustees provide the chairperson with a list of businesses and nonprofit organizations with which each individual is affiliated. It is the responsibility of all trustees to disclose any disqualifying relationship with any proposed transactions and to abstain from discussing, voting on, or otherwise attempting to influence the decision on the proposed action. The trustees may provide information if requested to do so.”

Form 990, Part VI, Section B, Line 15

“The board of trustees reviews and approves the salary for the head of school. The head of school determines the salaries for all other employees. Faculty salaries at initial hiring are guided by a matrix that takes into account education and years of experience. Annual salary increases are recommended by the head of school to the board of trustees for approval. Traditionally those recommendations have been made for faculty and staff as whole groups, rather than on the individual level.”

Form 990, Part VI, Section C, Line 19

“All governing documents, policies, and financial statements are available to the public upon request. The form 990 is also available at www.guidestar.org.”

Filing and Contact Details

Filer

Filer Name
The Sharon Academy
EIN
03-0350587
Phone
8027632500
Address
P O BOX 207, SHARON, VT 05065

Signing Officer

Name
Mary Newman
Title
Head of School
Phone
8027632500
Signed
2025-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Newman
Formed
1996
Legal Domicile
Vt
Voting Board Members
11
Independent Board Members
11
Employees
69
Volunteers
100

Preparer

Firm
Tss Advisors LLC
Address
19 MORGAN DRIVE, LEBANON, NH 03766
Preparer
Kyle M Potter CPA
Phone
6036530044
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

“The academy's endowment consists of gifts restricted by donors and general assets without restrictions designated by management and the board of trustees as special purpose funds for long-term support of the academy's activities, together with the accumulated investment return on these assets. The academy follows vermont state statues, specifically the uniform prudent management of institutional funds act (upmifa) and its own governing documents, in particular the tsa investment policy. The academy classifies as net assets with perpetual donor restrictions (a) the original value of the gifts donated to the perpetual endowment, (b) the original amount of subsequent gifts to the perpetual endowment and (c) accumulations to the perpetual endowment made in accordance with the direction of the applicable donor gift instrument at the time accumulation is assessed to the fund. The academy has adopted the tsa investment policy, which specifies investment and spending guidelines for institutional investments, including endowment fund assets. The tsa investment policy states, with respect to the tsa endowment fund: "the primary objectives to consider when investing the endowment fund are long term growth in fund assets and the generation of income to support endowment purposes and preserve endowment purchasing power." it further specifies: "an annual draw from the endowment fund shall support school operations", being no more than the lesser of 3.00% of the endowment fund as of (i) december 31 or (ii) march 31 of the fiscal year. Any other draw from the endowment fund shall require a board vote." to satisfy its long-term investment objectives, the investment policy outlines a total return strategy for the endowment in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The investment policy establishes a diversified asset allocation, with target allocation ranges for u.s. Domestic stocks, international stocks, real estate investments trusts, fixed income and cash. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or the uniform prudent management institutional funds act (upmifa) requires the academy to retain as a fund of perpetual duration. No such deficiencies of this nature existed as of june 30, 2024 and 2023. When such deficiencies exist, they are the result of unfavorable market fluctuations that occur after the investment of new contributions for donor-restricted endowment funds and continued appropriation for certain programs that is deemed prudent by the board of trustees. The academy has a policy to permit spending from underwater endowment funds consistent with its spending policy as outlined above.”

PART X, LINE 2:

“Accounting standards codification subtopic 740-10, accounting for uncertainty in income taxes addresses the accounting uncertainty of income taxes recognized in an enterprise's financial statements and prescribes a threshold of "more-likely-than-not" for recognition and derecognition of tax positions taken or expected to be taken in a tax return. Subtopic 740-10 also provides guidance on measurement classification, interest and penalties and disclosure. The academy has determined that the provisions of subtopic 740-10 do not have a material effect on the academy's financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“FINANCIAL AID -84,175.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“FINANCIAL AID 84,175.”

Raw XML AppendixShowing 400 of 532 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0THE SHARON ACADEMY (TSA) CAN BEST BE DESCRIBED AS A TOWN ACADEMY IN RURAL SHARON, VT, THAT OFFERS THE MANY ADVANTAGES OF A SMALL SCHOOL ENVIRONMENT. FOUNDED IN 1996, TSA IS AN INDEPENDENT MIDDLE SCHOOL AND HIGH SCHOOL WITH A TOTAL DAY STUDENT POPULATION OF APPROXIMATELY 160. STUDENTS COME FROM 20 SURROUNDING TOWNS AND 85% OF OUR STUDENT BODY IS PUBLICLY FUNDED. WE EMPHASIZE ACADEMIC RIGOR, PERSONAL RESPONSIBILITY, INDEPENDENT LEARNING, ACCESS TO AUTHENTIC LEADERSHIP OPPORTUNITIES, TEAMWORK, AND COMMUNICATION SKILLS ACROSS THE CURRICULUM. OUR HYBRID OF PUBLIC AND PRIVATE EDUCATION SETS HIGH ACADEMIC STANDARDS. THE GOAL AT TSA IS TO HELP STUDENTS DEEPEN THEIR INTELLECTUAL, ETHICAL, EMOTIONAL, ARTISTIC, AND PHYSICAL SELVES. HERE WE VALUE ALL STUDENTS AS THEY DEFINE THEMSELVES AND WILL CHALLENGE EACH STUDENT TO MEET THEIR POTENTIAL THROUGH THE DISCOVERY OF NEW IDEAS, SKILLS, AND POINTS OF VIEW. STUDENTS ARE EXPLICITLY TAUGHT TO FIND THEIR VOICE AND TO ADVOCATE FOR THEMSELVES. THE MISSION OF THE SHARON ACADEMY IS TO NURTURE INTELLIGENT, INDEPENDENT, AND CREATIVE THINKING IN A SMALL SCHOOL COMMUNITY, AWAKENING STUDENTS TO THEIR IMMENSE POTENTIAL AND THE DIFFERENCE THEY CAN MAKE IN THE WORLD. FOR MORE INFORMATION VISIT: SHARONACADEMY.ORG
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IRS990/Form990PartVIISectionAGrp/PersonNm5STEPHEN FARRINGTON
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IRS990/Form990PartVIISectionAGrp/PersonNm10KATYE REED
IRS990/Form990PartVIISectionAGrp/PersonNm11MARY NEWMAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
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IRS990/MissionDesc0THE SHARON ACADEMY IS AN INDEPENDENT MIDDLE AND HIGH SCHOOL WHERE STUDENTS ARE KNOWN, VALUED, AND CHALLENGED. THE MISSION OF THE SHARON ACADEMY IS TO NURTURE INTELLIGENT, INDEPENDENT, AND CREATIVE THINKING IN A SMALL SCHOOL COMMUNITY, AWAKENING STUDENTS TO THEIR IMMENSE POTENTIAL AND THE DIFFERENCE THEY CAN MAKE IN THE WORLD.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ACADEMY'S ENDOWMENT CONSISTS OF GIFTS RESTRICTED BY DONORS AND GENERAL ASSETS WITHOUT RESTRICTIONS DESIGNATED BY MANAGEMENT AND THE BOARD OF TRUSTEES AS SPECIAL PURPOSE FUNDS FOR LONG-TERM SUPPORT OF THE ACADEMY'S ACTIVITIES, TOGETHER WITH THE ACCUMULATED INVESTMENT RETURN ON THESE ASSETS. THE ACADEMY FOLLOWS VERMONT STATE STATUES, SPECIFICALLY THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA) AND ITS OWN GOVERNING DOCUMENTS, IN PARTICULAR THE TSA INVESTMENT POLICY. THE ACADEMY CLASSIFIES AS NET ASSETS WITH PERPETUAL DONOR RESTRICTIONS (A) THE ORIGINAL VALUE OF THE GIFTS DONATED TO THE PERPETUAL ENDOWMENT, (B) THE ORIGINAL AMOUNT OF SUBSEQUENT GIFTS TO THE PERPETUAL ENDOWMENT AND (C) ACCUMULATIONS TO THE PERPETUAL ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME ACCUMULATION IS ASSESSED TO THE FUND. THE ACADEMY HAS ADOPTED THE TSA INVESTMENT POLICY, WHICH SPECIFIES INVESTMENT AND SPENDING GUIDELINES FOR INSTITUTIONAL INVESTMENTS, INCLUDING ENDOWMENT FUND ASSETS. THE TSA INVESTMENT POLICY STATES, WITH RESPECT TO THE TSA ENDOWMENT FUND: "THE PRIMARY OBJECTIVES TO CONSIDER WHEN INVESTING THE ENDOWMENT FUND ARE LONG TERM GROWTH IN FUND ASSETS AND THE GENERATION OF INCOME TO SUPPORT ENDOWMENT PURPOSES AND PRESERVE ENDOWMENT PURCHASING POWER." IT FURTHER SPECIFIES: "AN ANNUAL DRAW FROM THE ENDOWMENT FUND SHALL SUPPORT SCHOOL OPERATIONS", BEING NO MORE THAN THE LESSER OF 3.00% OF THE ENDOWMENT FUND AS OF (I) DECEMBER 31 OR (II) MARCH 31 OF THE FISCAL YEAR. ANY OTHER DRAW FROM THE ENDOWMENT FUND SHALL REQUIRE A BOARD VOTE." TO SATISFY ITS LONG-TERM INVESTMENT OBJECTIVES, THE INVESTMENT POLICY OUTLINES A TOTAL RETURN STRATEGY FOR THE ENDOWMENT IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE INVESTMENT POLICY ESTABLISHES A DIVERSIFIED ASSET ALLOCATION, WITH TARGET ALLOCATION RANGES FOR U.S. DOMESTIC STOCKS, INTERNATIONAL STOCKS, REAL ESTATE INVESTMENTS TRUSTS, FIXED INCOME AND CASH. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR OR THE UNIFORM PRUDENT MANAGEMENT INSTITUTIONAL FUNDS ACT (UPMIFA) REQUIRES THE ACADEMY TO RETAIN AS A FUND OF PERPETUAL DURATION. NO SUCH DEFICIENCIES OF THIS NATURE EXISTED AS OF JUNE 30, 2024 AND 2023. WHEN SUCH DEFICIENCIES EXIST, THEY ARE THE RESULT OF UNFAVORABLE MARKET FLUCTUATIONS THAT OCCUR AFTER THE INVESTMENT OF NEW CONTRIBUTIONS FOR DONOR-RESTRICTED ENDOWMENT FUNDS AND CONTINUED APPROPRIATION FOR CERTAIN PROGRAMS THAT IS DEEMED PRUDENT BY THE BOARD OF TRUSTEES. THE ACADEMY HAS A POLICY TO PERMIT SPENDING FROM UNDERWATER ENDOWMENT FUNDS CONSISTENT WITH ITS SPENDING POLICY AS OUTLINED ABOVE.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1ACCOUNTING STANDARDS CODIFICATION SUBTOPIC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE ACCOUNTING UNCERTAINTY OF INCOME TAXES RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS AND PRESCRIBES A THRESHOLD OF "MORE-LIKELY-THAN-NOT" FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. SUBTOPIC 740-10 ALSO PROVIDES GUIDANCE ON MEASUREMENT CLASSIFICATION, INTEREST AND PENALTIES AND DISCLOSURE. THE ACADEMY HAS DETERMINED THAT THE PROVISIONS OF SUBTOPIC 740-10 DO NOT HAVE A MATERIAL EFFECT ON THE ACADEMY'S FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FINANCIAL AID -84,175.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3FINANCIAL AID 84,175.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3PART XII, LINE 4B - OTHER ADJUSTMENTS:

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