Civic Intelligence

Williams Memorial Institute

990 • Fiscal year 2019 • EIN 06-0646964

Jul 01, 2018 to Jun 30, 2019 • Filed on Feb 03, 2020

182 Mohegan AvenueNew London, CT 06320

(860) 443-5333

Siviq Scores

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

Liabilities / Assets

57th percentile

0.27x

Higher debt load relative to assets than 57% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.72x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

56th percentile

4.8%

Higher net margin than 56% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

83rd percentile

$344,510

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

53rd percentile

4.3%

Faster asset growth than 53% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

32nd percentile

-1.8%

Faster revenue growth than 32% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$21,476,495

Up $892,074 (+4.3%) from 2018

Net Assets

Up

$15,662,491

Up $739,577 (+5.0%) from 2018

Liabilities

Up

$5,814,004

Up $152,497 (+2.7%) from 2018

Revenue

Down

$8,124,252

Down $152,493 (-1.8%) from 2018

Expenses

Up

$7,736,374

Up $32,577 (+0.4%) from 2018

Net Income

Down

$387,878

Down $185,070 (-32%) 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 2011: $15,745,037Liabilities 2011: $6,611,282Net Assets 2011: $9,133,7552011Assets 2012: $15,682,997Liabilities 2012: $6,125,257Net Assets 2012: $9,557,7402012Assets 2013: $16,251,764Liabilities 2013: $5,916,994Net Assets 2013: $10,334,7702013Assets 2014: $17,163,103Liabilities 2014: $5,806,465Net Assets 2014: $11,356,6382014Assets 2015: $17,376,900Liabilities 2015: $5,722,224Net Assets 2015: $11,654,6762015Assets 2016: $18,043,337Liabilities 2016: $6,049,324Net Assets 2016: $11,994,0132016Assets 2017: $19,727,399Liabilities 2017: $6,214,490Net Assets 2017: $13,512,9092017Assets 2018: $20,584,421Liabilities 2018: $5,661,507Net Assets 2018: $14,922,9142018Assets 2019: $21,476,495Liabilities 2019: $5,814,004Net Assets 2019: $15,662,4912019Assets 2020: $23,071,748Liabilities 2020: $6,422,715Net Assets 2020: $16,649,0332020Assets 2021: $25,239,797Liabilities 2021: $4,595,444Net Assets 2021: $20,644,3532021Assets 2022: $22,573,085Liabilities 2022: $4,112,348Net Assets 2022: $18,460,7372022Assets 2023: $23,629,845Liabilities 2023: $4,363,637Net Assets 2023: $19,266,2082023Assets 2024: $25,932,640Liabilities 2024: $4,482,809Net Assets 2024: $21,449,8312024

Highlighted filing

2019

Assets$21,476,495
Liabilities$5,814,004
Net Assets$15,662,491

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $7,293,9982011Expenses 2012: $7,225,2752012Revenue 2013: $7,299,180Expenses 2013: $7,021,058Net Income 2013: $278,1222013Revenue 2014: $7,520,487Expenses 2014: $7,091,935Net Income 2014: $428,5522014Revenue 2015: $7,901,061Expenses 2015: $7,562,118Net Income 2015: $338,9432015Revenue 2016: $7,996,247Expenses 2016: $7,532,822Net Income 2016: $463,4252016Revenue 2017: $8,971,252Expenses 2017: $7,616,287Net Income 2017: $1,354,9652017Revenue 2018: $8,276,745Expenses 2018: $7,703,797Net Income 2018: $572,9482018Revenue 2019: $8,124,252Expenses 2019: $7,736,374Net Income 2019: $387,8782019Revenue 2020: $8,821,161Expenses 2020: $7,830,841Net Income 2020: $990,3202020Revenue 2021: $13,334,009Expenses 2021: $7,717,795Net Income 2021: $5,616,2142021Revenue 2022: $7,241,493Expenses 2022: $7,691,617Net Income 2022: -$450,1242022Revenue 2023: $7,059,760Expenses 2023: $7,547,906Net Income 2023: -$488,1462023Revenue 2024: $8,414,398Expenses 2024: $8,153,646Net Income 2024: $260,7522024

Highlighted filing

2019

Revenue$8,124,252
Expenses$7,736,374
Net Income$387,878
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Feb 3, 2020
Return Version
2018v3.2
Gross Receipts
$8,138,158
Mission and Program Overview

Mission

To foster the intellectual, moral, creative, and physical development of students in preparation for college, lifelong learning, and active participation in an evolving world.

The school provides educational services to students at the secondary school level

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$10,118,352$10,929,987▲ $811,635
Land, Buildings, and Equipment, Net$7,239,126$7,056,505▼ $182,621
Savings and Temporary Cash Investments$2,817,001$2,536,115▼ $280,886
Cash and Non-Interest-Bearing Accounts$240,893$830,645▲ $589,752
Prepaid Expenses and Deferred Charges$11,527$34,686▲ $23,159
Pledges and Grants Receivable$99,514$29,070▼ $70,444
Total Assets$20,584,421$21,476,495▲ $892,074
Other Assets Total$58,008$59,487▲ $1,479
Liabilities
Tax Exempt Bond Liabilities$3,248,330$3,050,620▼ $197,710
Deferred Revenue$1,753,785$2,065,156▲ $311,371
Accounts Payable and Accrued Expenses$585,761$542,158▼ $43,603
Other Liabilities$73,631$156,070▲ $82,439
Total Liabilities$5,661,507$5,814,004▲ $152,497
Net Assets / Fund Balance
Unrestricted Net Assets$12,001,582$12,633,558▲ $631,976
Permanently Rstr Net Assets$2,002,058$2,052,313▲ $50,255
Temporarily Rstr Net Assets$919,274$976,620▲ $57,346
Total Net Assets Fund Balance$14,922,914$15,662,491▲ $739,577
Total Liabilities and Net Assets / Fund Balance$20,584,421$21,476,495▲ $892,074

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,638,498$7,287,865$11,926,363
Other Land Buildings$767,594$1,320,408$2,088,002
Land$1,339,666-$1,339,666
Equipment$310,747$880,187$1,190,934

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$7,581,540$454,224▲ $501,076$224,429$8,312,411
2017$6,344,519$943,502▲ $510,136$216,617$7,581,540
2016$4,939,012$934,664▲ $677,456$206,613$6,344,519
2015$4,479,034$629,179▲ $30,799$200,000$4,939,012
2014$4,366,288$133,148▲ $114,596$135,000$4,479,032
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark FaderHead of SchoFT$238,800$105,710$344,510
Mark FaderHead of School-$238,800$105,710$344,510
Kathleen TrammellASS'T HEAD O-$150,000$15,000$165,000
Kathleen TrammellASS'T HEAD OF SCHOOL-$150,000$15,000$165,000

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Mj Bus CompanyTransportationPO BOX 801, Old Saybrook, CT 06475$174,683
Revenue and Support

Revenue Composition

Contributions and Grants
$427,911
Program Service Revenue
$7,413,550
Investment Income
$261,695
Other Revenue
$21,096
All Other Contributions
$427,911
Change in Net Assets
$387,878

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,851,900
Revenue Not Reported on Financial Statements
$1,272,352
Revenue Not Reported on Form 990
$354,699
Other Revenue Adjustments
$1,252,195
Total Revenue per Audited Statements
$7,206,599
Total Revenue per Form 990
$8,124,252
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,486,620
Other Expenses$2,000,559
Grants and Similar Amounts Paid$1,249,195
Total Fundraising Expense$174,336
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,689,463$279,017$94,250$3,062,730
Grants to Domestic Individuals$1,249,195--$1,249,195
Depreciation Depletion$581,172$51,660$12,915$645,747
Current Officers, Directors, Trustees, and Key Employees$101,902$407,608-$509,510
Other Employee Benefits$404,222$24,225$9,015$437,462
Pension Plan Contributions$196,800$27,560$17,770$242,130
Payroll Taxes$188,376$40,020$6,392$234,788
All Other Expenses$69,135$74,788$15,224$159,147
Interest$108,321$9,629$2,407$120,357
Advertising-$118,025$2,271$120,296
Occupancy$95,589$8,497$2,124$106,210
Information Technology$20,322$52,122-$72,444
Office Expenses$46,358$18,574$6,665$71,597
Other Expenses$63,837$4,002$1,000$68,839
Insurance$47,519$4,224$1,056$52,799
Fees for Services Accounting-$28,500-$28,500
Fees for Service Investment Mgmnt Fees$20,157--$20,157
Fees for Services Legal-$16,023-$16,023
Travel$6,988$2,051$1,115$10,154
Total Functional Expenses$6,386,402$1,175,636$174,336$7,736,374

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,736,374
Expenses per Audited Statements$6,467,022
Total Expenses per Audited Statements$6,467,022
Expenses Not Reported on Financial Statements$1,269,352
Other Expense Adjustments$1,249,195
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Swap Agreement$96,583
Deferred Compensation$59,487

Bond Issues

BondIssuerIssuedIssue PricePurpose
AState of Connecticut Health and2013-08-13$4,195,000Refunding of series a bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$4,195,000$4,111,100$202,831$83,900

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
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 990 is distributed to all board members for review and questions prior to finalization and filing.

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

Annual certificates of acknowledgement are required from officers, trustees, and key employees to identify potential conflict of interest. In addition, the business office monitors the usage of vendors and contractors to ensure independence

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

Compensation for the head of school is determined by a review of peer school salaries. This information is obtained from the national association of independent schools as well as carney sandoe, a leading search firm specializing in education. In addition, the 990 forms of peer schools are reviewed. The information is presented to, and approved by, the board of trustees.

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

Compensation for the assistant head of school for finance and operations is determined by the head of school through benchmarking statistics provided by the national association of independent schools (nais). In addition, peer school salaries are obtained and reviewed. The information is presented to, and approved by, the board of trustees.

Form 990, Page 6, Part VI, Line 19

The school makes its governing documents, conflict of interest policy, and financial statements available upon request

Filing and Contact Details

Filer

Filer Name
Williams Memorial Institute
EIN
06-0646964
Address
182 MOHEGAN AVENUE, NEW LONDON, CT 06320
Doing Business As
The Williams School

Signing Officer

Name
Kathleen Trammell
Title
ASS'T HEAD OF SCHOOL
Signed
2020-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathleen Trammell
Formed
1891
Legal Domicile
Ct
Voting Board Members
27
Independent Board Members
27
Employees
89

Preparer

Firm
Mahoney Sabol & Company Llp
Address
180 GLASTONBURY BLVD STE 400, GLASTONBURY, CT 06033-4439
Preparer
James M Mahoney CPA
Phone
8605412000
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item C

THE WILLIAMS SCHOOL

Form 990, Part XI, Line 9

Scholarships net against revenue on financials -1,249,195 like-kind exchange -3,000 scholarships net against revenue on financials 1,249,195 total -3,000

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The endowment funds are used for scholarships, salaries and other operating expenses.

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

Scholarships net against revenue on financials 1,249,195 like-kind exchange 3,000

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

Scholarships net against revenue on financials 1,249,195

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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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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$25.9$4.48$21.4$8.41$8.15$0.26
2023Detailed filing. Detailed filing data is available for this year.$23.6$4.36$19.3$7.06$7.55$0.49
2022Detailed filing. Detailed filing data is available for this year.$22.6$4.11$18.5$7.24$7.69$0.45
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$25.2$4.60$20.6$13.3$7.72$5.62
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.1$6.42$16.6$8.82$7.83$0.99
2019Detailed filing. Detailed filing data is available for this year.$21.5$5.81$15.7$8.12$7.74$0.39
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.6$5.66$14.9$8.28$7.70$0.57
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.7$6.21$13.5$8.97$7.62$1.35
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.0$6.05$12.0$8.00$7.53$0.46
2015Detailed filing. Detailed filing data is available for this year.$17.4$5.72$11.7$7.90$7.56$0.34
2014Detailed filing. Detailed filing data is available for this year.$17.2$5.81$11.4$7.52$7.09$0.43
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.3$5.92$10.3$7.30$7.02$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.7$6.13$9.56$7.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.7$6.61$9.13$7.29