Civic Intelligence

Williams Memorial Institute

990 • Fiscal year 2022 • EIN 06-0646964

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 09, 2022

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

51st percentile

0.18x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

71st percentile

0.57x

Higher debt load relative to revenue than 71% of similar nonprofits.

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

Net Margin

20th percentile

-6.2%

Higher net margin than 20% of similar nonprofits.

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

Top Officer Pay

83rd percentile

$340,159

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

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

Asset Growth

18th percentile

-11%

Faster asset growth than 18% of similar nonprofits.

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

Revenue Growth

8th percentile

-46%

Faster revenue growth than 8% of similar nonprofits.

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

Assets

Down

$22,573,085

Down $2,666,712 (-11%) from 2021

Net Assets

Down

$18,460,737

Down $2,183,616 (-11%) from 2021

Liabilities

Down

$4,112,348

Down $483,096 (-11%) from 2021

Revenue

Down

$7,241,493

Down $6,092,516 (-46%) from 2021

Expenses

Down

$7,691,617

Down $26,178 (-0.3%) from 2021

Net Income

Down

-$450,124

Down $6,066,338 (-108%) from 2021

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

2022

Assets$22,573,085
Liabilities$4,112,348
Net Assets$18,460,737

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

2022

Revenue$7,241,493
Expenses$7,691,617
Net Income-$450,124
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 9, 2022
Return Version
2021v4.0
Gross Receipts
$8,072,587
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$13,167,447$11,176,023▼ $1,991,424
Land, Buildings, and Equipment, Net$7,827,851$7,534,259▼ $293,592
Savings and Temporary Cash Investments$2,874,639$2,234,980▼ $639,659
Cash and Non-Interest-Bearing Accounts$1,172,495$1,462,446▲ $289,951
Prepaid Expenses and Deferred Charges$23,999$61,982▲ $37,983
Pledges and Grants Receivable$69,739$33,605▼ $36,134
Accounts Receivable-$4,414-
Total Assets$25,239,797$22,573,085▼ $2,666,712
Other Assets Total$103,627$65,376▼ $38,251
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,842,620$2,589,545▼ $253,075
Deferred Revenue$1,135,330$969,043▼ $166,287
Accounts Payable and Accrued Expenses$532,720$488,628▼ $44,092
Other Liabilities$84,774$65,132▼ $19,642
Total Liabilities$4,595,444$4,112,348▼ $483,096
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,701,843$15,206,833▼ $1,495,010
Net Assets With Donor Restrictions$3,942,510$3,253,904▼ $688,606
Total Net Assets Fund Balance$20,644,353$18,460,737▼ $2,183,616
Total Liabilities and Net Assets / Fund Balance$25,239,797$22,573,085▼ $2,666,712

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,884,280$8,354,807$12,239,087
Other Land Buildings$2,056,180$1,777,330$3,833,510
Land$1,424,666-$1,424,666
Equipment$169,133$1,025,509$1,194,642

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$10,602,954$476,462▼ $1,282,996$260,000$9,536,420
2020$8,179,579$664,595▲ $2,111,506$352,726$10,602,954
2019$8,312,411$98,828▲ $495,750$727,410$8,179,579
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark FaderHead of SchoFT$267,136$73,023$340,159
Mark FaderHead of School-$267,136$18,300$340,159
Kathleen TrammellASS'T HEAD OFT$157,395$15,000$172,395
Kathleen TrammellASS'T HEAD OF SCHOOL-$157,395$69,723$172,395

Highest Paid Contractors

ContractorServicesLocationCompensation
Mj Bus CompanyTransportationPO BOX 801, Old Saybrook, CT 06475$120,800
Revenue and Support

Revenue Composition

Contributions and Grants
$870,860
Program Service Revenue
$6,210,387
Investment Income
$133,337
Other Revenue
$26,909
All Other Contributions
$870,860
Change in Net Assets
$-450,124

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 Traded4$36,410Fair Market Value
Total Noncash Contributions4$36,410-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,780,358
Revenue Not Reported on Financial Statements
$1,461,135
Revenue Not Reported on Form 990
$-1,703,034
Other Revenue Adjustments
$1,383,838
Total Revenue per Audited Statements
$4,077,324
Total Revenue per Form 990
$7,241,493
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,239,635
Other Expenses$2,068,144
Grants and Similar Amounts Paid$1,383,838
Total Fundraising Expense$194,519
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,629,877$242,449$115,833$2,988,159
Grants to Domestic Individuals$1,383,838--$1,383,838
Depreciation Depletion$742,006$65,956$16,489$824,451
Current Officers, Directors, Trustees, and Key Employees$100,529$402,117-$502,646
Other Employee Benefits$135,004$112,375$8,116$255,495
Pension Plan Contributions$215,856$27,487$11,208$254,551
Payroll Taxes$189,158$41,868$7,758$238,784
Advertising-$143,387$2,945$146,332
Occupancy$115,484$10,265$2,567$128,316
All Other Expenses$39,437$43,290$17,099$99,826
Office Expenses$61,191$15,148$6,787$83,126
Fees for Service Investment Mgmnt Fees-$77,297-$77,297
Information Technology$26,381$47,887-$74,268
Insurance$66,653$5,925$1,481$74,059
Interest$60,141$5,346$1,336$66,823
Other Expenses$60,913$915$459$62,287
Fees for Services Accounting-$24,850-$24,850
Fees for Services Legal-$5,308-$5,308
Travel$2,199$139$1,179$3,517
Total Functional Expenses$6,218,779$1,278,319$194,519$7,691,617

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,691,617
Total Expenses per Audited Statements$6,260,940
Expenses per Audited Statements$6,230,482
Expenses Not Reported on Financial Statements$1,461,135
Other Expense Adjustments$1,383,838
Expenses Not Reported on Form 990$30,458
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
Deferred Compensation$65,132
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
2022-03-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathleen Trammell
Formed
1891
Legal Domicile
Ct
Voting Board Members
28
Independent Board Members
28
Employees
65

Preparer

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

Additional Explanations

Form 990, Page 1, Item C

THE WILLIAMS SCHOOL

Form 990, Part XI, Line 9

Expenses net against field rental on 990 23,144 scholarships net against revenue on financials -1,383,838 expenses net against field rental on 990 -23,144 scholarships net against revenue on financials 1,383,838

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 2D

Expenses net against field rental on 990 23,144

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

Scholarships net against revenue on financials 1,383,838

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

Expenses net against field rental on 990 23,144

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

Scholarships net against revenue on financials 1,383,838

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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt27TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt28VICE PRESIDE
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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
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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