Civic Intelligence

The Greenwich Academy Inc

990 • Fiscal year 2017 • EIN 06-0653118

Jul 01, 2016 to Jun 30, 2017 • Filed on May 09, 2018

200 North Maple AvenueGreenwich, CT 06830

(203) 625-8900

Siviq Scores

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

Liabilities / Assets

36th percentile

0.20x

Higher debt load relative to assets than 36% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

70th percentile

0.94x

Higher debt load relative to revenue than 70% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

51st percentile

4.0%

Higher net margin than 51% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

78th percentile

$972,130

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

51st percentile

6.1%

Faster asset growth than 51% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

16th percentile

-7.2%

Faster revenue growth than 16% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$218,973,355

Up $12,631,235 (+6.1%) from 2016

Net Assets

Up

$175,077,405

Up $12,326,940 (+7.6%) from 2016

Liabilities

Up

$43,895,950

Up $304,295 (+0.7%) from 2016

Revenue

Down

$46,718,867

Down $3,647,848 (-7.2%) from 2016

Expenses

Up

$44,872,893

Up $318,844 (+0.7%) from 2016

Net Income

Down

$1,845,974

Down $3,966,692 (-68%) from 2016

Historical Trend

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $175,972,337Liabilities 2010: $69,720,623Net Assets 2010: $106,251,7142010Assets 2011: $183,084,354Liabilities 2011: $69,187,839Net Assets 2011: $113,896,5152011Assets 2012: $184,062,030Liabilities 2012: $56,983,266Net Assets 2012: $127,078,7642012Assets 2013: $193,625,714Liabilities 2013: $56,628,748Net Assets 2013: $136,996,9662013Assets 2014: $197,064,948Liabilities 2014: $45,611,372Net Assets 2014: $151,453,5762014Assets 2015: $201,753,835Liabilities 2015: $43,822,177Net Assets 2015: $157,931,6582015Assets 2016: $206,342,120Liabilities 2016: $43,591,655Net Assets 2016: $162,750,4652016Assets 2017: $218,973,355Liabilities 2017: $43,895,950Net Assets 2017: $175,077,4052017Assets 2018: $232,301,777Liabilities 2018: $44,315,304Net Assets 2018: $187,986,4732018Assets 2019: $255,835,296Liabilities 2019: $44,664,203Net Assets 2019: $211,171,0932019Assets 2020: $275,154,137Liabilities 2020: $48,854,651Net Assets 2020: $226,299,4862020Assets 2021: $313,417,197Liabilities 2021: $49,489,425Net Assets 2021: $263,927,7722021Assets 2022: $291,347,699Liabilities 2022: $54,095,037Net Assets 2022: $237,252,6622022Assets 2023: $301,165,536Liabilities 2023: $54,268,274Net Assets 2023: $246,897,2622023Assets 2024: $315,820,795Liabilities 2024: $53,140,205Net Assets 2024: $262,680,5902024

Highlighted filing

2017

Assets$218,973,355
Liabilities$43,895,950
Net Assets$175,077,405

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $38,062,4462010Revenue 2011: $43,759,555Expenses 2011: $38,952,007Net Income 2011: $4,807,5482011Expenses 2012: $40,519,7812012Revenue 2013: $46,200,642Expenses 2013: $39,909,837Net Income 2013: $6,290,8052013Revenue 2014: $52,221,945Expenses 2014: $42,394,459Net Income 2014: $9,827,4862014Revenue 2015: $44,036,976Expenses 2015: $42,769,290Net Income 2015: $1,267,6862015Revenue 2016: $50,366,715Expenses 2016: $44,554,049Net Income 2016: $5,812,6662016Revenue 2017: $46,718,867Expenses 2017: $44,872,893Net Income 2017: $1,845,9742017Revenue 2018: $53,280,030Expenses 2018: $47,695,817Net Income 2018: $5,584,2132018Revenue 2019: $67,862,854Expenses 2019: $50,047,051Net Income 2019: $17,815,8032019Revenue 2020: $58,210,222Expenses 2020: $50,118,268Net Income 2020: $8,091,9542020Revenue 2021: $56,728,095Expenses 2021: $51,697,211Net Income 2021: $5,030,8842021Revenue 2022: $53,822,348Expenses 2022: $55,377,037Net Income 2022: -$1,554,6892022Revenue 2023: $51,216,827Expenses 2023: $57,540,791Net Income 2023: -$6,323,9642023Revenue 2024: $73,977,265Expenses 2024: $60,179,578Net Income 2024: $13,797,6872024

Highlighted filing

2017

Revenue$46,718,867
Expenses$44,872,893
Net Income$1,845,974
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 9, 2018
Return Version
2016v3.0
Gross Receipts
$92,732,438
Mission and Program Overview

Mission

Greenwich academy is an independent college-preparatory day school for girls and young women that seeks to foster excellence. For more information see schedule o.

Greenwich academy is an independent college-preparatory day school forgirls and young women that seeks to foster excellence. Its mission is to provide a challenging, comprehensive educational experience grounded in a rigorous liberal arts curriculum within an inclusive, diverse community. The school's objective is to develop girls and young women of exceptional character and achievement who demonstrate independence, resilience, courage, integrity and compassion. We strive, above all, to honor our motto, "toward the building of character."

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$73,574,238$73,171,814▼ $402,424
Investments Other Securities$64,811,205$47,877,266▼ $16,933,939
Investments in Publicly Traded Securities$22,639,064$46,156,215▲ $23,517,151
Savings and Temporary Cash Investments$24,155,130$32,430,890▲ $8,275,760
Pledges and Grants Receivable$16,047,838$14,534,152▼ $1,513,686
Accounts Receivable$789,643$662,785▼ $126,858
Other Notes and Loans Receivable, Net$810,074$653,718▼ $156,356
Prepaid Expenses and Deferred Charges$284,346$315,247▲ $30,901
Inventories for Sale or Use$202,698$127,720▼ $74,978
Cash and Non-Interest-Bearing Accounts$2,000$2,727▲ $727
Total Assets$206,342,120$218,973,355▲ $12,631,235
Other Assets Total$3,025,884$3,040,821▲ $14,937
Liabilities
Tax Exempt Bond Liabilities$26,640,592$25,780,834▼ $859,758
Deferred Revenue$12,824,908$13,953,973▲ $1,129,065
Accounts Payable and Accrued Expenses$4,126,155$4,161,143▲ $34,988
Total Liabilities$43,591,655$43,895,950▲ $304,295
Net Assets / Fund Balance
Unrestricted Net Assets$120,140,588$132,136,660▲ $11,996,072
Permanently Rstr Net Assets$28,063,809$28,336,850▲ $273,041
Temporarily Rstr Net Assets$14,546,068$14,603,895▲ $57,827
Total Net Assets Fund Balance$162,750,465$175,077,405▲ $12,326,940
Total Liabilities and Net Assets / Fund Balance$206,342,120$218,973,355▲ $12,631,235

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$49,602,434$36,105,208$85,707,642
Land$18,303,253-$18,303,253
Equipment$1,084,827$6,493,400$7,578,227
Other Land Buildings$4,181,300$2,356,539$6,537,839
Leasehold Improvements$0--
Other Securities$4,818,811--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$92,052,678$4,107,173▲ $10,649,360$3,874,000$102,935,211
2015$92,653,580$5,106,073▼ $1,381,903$4,325,072$92,052,678
2014$83,944,580$8,627,439▲ $5,644,525$5,562,964$92,653,580
2013$79,043,477$13,813,300▲ $4,601,106$13,513,303$83,944,580
2012$68,065,945$9,082,886▲ $4,971,525$3,076,879$79,043,477
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly KingHead of SchoolFT$548,245$423,885$972,130
Mark FeinerAssistant Head of SchoolFT$345,012$87,520$432,532
Rebecca WalkerHead of Middle SchoolFT$269,402$133,212$402,614
Thomas SullivanHead of Upper SchoolFT$262,262$77,893$340,155
Donna ByrnesDirector of AdvancementFT$291,117$37,922$329,039
Jon Ross-wileyHead of Lower SchoolFT$183,370$107,398$290,768
Patrick DwyerDirector of College CounselingFT$153,735$89,081$242,816
Donna MathesonCFO (through 8/16)FT$175,015$20,247$195,262
Lauren DownsPhysical EducationFT$160,333$25,846$186,179
Andrea SabitsanaCFO (as of 8/16)FT$118,966$54,749$173,715

Highest Paid Contractors

ContractorServicesLocationCompensation
SodexoFacilities ContractPO BOX 360170, Pittsburgh, PA 15251$2,097,152
Flik-compass GroupDining Services2400 YORKMONT ROAD, Charlotte, NC 28217$1,118,690
Turner Construction CompanyConstruction50 WATERVIEW DRIVE SUITE 220, Shelton, CT 06484$375,947
Cebulski Construction Company INCConstruction651 LINDLEY STREET, Bridgeport, CT 06606$270,017
Offit Capital Advisors LLCInvestment Management Advisory485 LEXINGTON AVENUE 24TH FL, New York, NY 10017$215,330
Revenue and Support

Revenue Composition

Contributions and Grants
$6,969,267
Program Service Revenue
$36,255,869
Investment Income
$2,675,986
Other Revenue
$817,745
All Other Contributions
$6,659,926
Change in Net Assets
$1,845,974

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded44$702,088Fair Market Value (FMV)
Total Noncash Contributions44$702,088-

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,430,910
Revenue Not Reported on Financial Statements
$3,287,957
Revenue Not Reported on Form 990
$11,161,112
Other Revenue Adjustments
$2,957,199
Total Revenue per Audited Statements
$54,592,022
Total Revenue per Form 990
$46,718,867
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$23,845,271
Other Expenses$14,768,478
Grants and Similar Amounts Paid$6,259,144
Total Fundraising Expense$1,494,010
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,490,588$2,667,759$836,100$16,994,447
Grants to Domestic Individuals$6,259,144--$6,259,144
Depreciation Depletion$3,715,440$330,262$82,565$4,128,267
Occupancy$2,777,225$146,281$61,339$2,984,845
Office Expenses$2,376,633$267,960$50,035$2,694,628
Current Officers, Directors, Trustees, and Key Employees$1,682,143$315,402$105,134$2,102,679
Other Employee Benefits$1,389,489$158,314$88,621$1,636,424
Fees for Services Other$1,089,588$439,861$56,605$1,586,054
Pension Plan Contributions$1,107,298$351,211$74,791$1,533,300
Payroll Taxes$1,162,966$157,397$56,132$1,376,495
Interest$1,268,624--$1,268,624
Insurance-$345,542$7,052$352,594
Fees for Service Investment Mgmnt Fees-$330,758-$330,758
Conferences and Meetings$265,607$23,610$5,902$295,119
Comp Disqual Persons$161,541$30,289$10,096$201,926
Fees for Services Accounting-$72,000-$72,000
Other Expenses$418,657$28,845$43,874$43,874
All Other Expenses-$42,078-$42,078
Fees for Services Management-$22,720-$22,720
Fees for Services Legal-$19,837-$19,837
Total Functional Expenses$37,628,757$5,750,126$1,494,010$44,872,893

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$44,872,893
Total Expenses per Audited Statements$42,265,082
Expenses per Audited Statements$41,584,936
Expenses Not Reported on Financial Statements$3,287,957
Other Expense Adjustments$2,957,199
Expenses Not Reported on Form 990$680,146
International Activity

International Summary

Offices
0
Employees
0
Spending
$37,599,499

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America/caribbeanInvestments---$37,599,499
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$321,175
Fundraising Direct Expenses$217,736
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gapa Benefit$576,766$313,295$116,672$196,623
Ccpa Benefit$53,750$7,880$214$7,666
Total Events$630,516$321,175$217,736$103,439
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
Elizabeth FeinerSpouse of Mark Feiner, Key EmployeeCompensationNo$198,779
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
AChefa 2007 - Series E2007-03-22$30,456,648Refund of 2001 bond issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$30,456,648$29,098,207-$397,692

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
Yes
Corrective action procedures
Yes
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
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The members of the greenwich academy are the parents and guardians of children currently enrolled in the school.

Form 990, Part VI, Section A, Line 7A

The members elect between 21 and 32 individuals to serve on the board of trustees to exercise general oversight of the management of the business and property of the school. In addition, the almunae association president and parents association president serve on the board of trustees. Regular board meetings are held, as well as an annual business meeting that is open to all members at the opening of school every year. The purpose of this meeting is to elect any new members of the board of trustees and to review the prior year's financial operations.

Form 990, Part VI, Section A, Line 7B

The following powers of the corporation shall be deemed nondelegable and the exercise thereof is reserved to the members of the corporation: (a) to amend the certificate of incorporation. (b) to dissolve or merge the corporation, but only upon the affirmative vote of two-thirds of the members of the corporation acting in person or by proxy.

Form 990, Part VI, Section B, Line 11B

Form 990 review the members of the audit committee will receive a copy and review the complete form 990 without schedule b. A copy of the complete and final form 990, including required schedules, will be provided to the chair of the board, the chair of the audit committee and the head of school. The chair of the board will report anything of significance to the full board prior to filing.

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

Conflict of interest policy the organization has a written conflict of interest policy covering all trustees, officers, and employees. The policy requires, among other things, that no individual may participate in discussions or decisions on any matter in which he or she has a material financial interest. A person who has a conflict of interest shall not participate in or be permitted to hear board discussion of the matter except to disclose material facts or to respond to questions. All trustees, officers and key employees are required to certify compliance with the conflict of interest policy on an annual basis and to indicate whether the organization does business with an entity in which they have a material financial interest.

Form 990, Part VI, Section B, Line 15A

Officer compensation review in setting the compensation for the head of the school, the greenwich academy's executive committee of the board of trustees, comprised of independent persons, periodically conducts a review to determine the going market rate of compensation ranges for comparable positions at similarly situated organizations by reference to compensation surveys and other organizations' form 990. The greenwich academy sets compensation within the range of the going market rate. No individual having a conflict of interest is permitted to participate in the review or decision of compensation. The organization maintains records of the deliberations and decisions regarding compensation. Greenwich academy's policies for setting the compensation for the head of the school meet all of the requirements of the rebuttable presumption.

Form 990, Part VI, Section C, Line 19

Document review policy the organization does not make its governing documents or conflict of interest policy available to the public. Financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Greenwich Academy Inc
EIN
06-0653118
Phone
2036258900
Address
200 NORTH MAPLE AVENUE, GREENWICH, CT 06830

Signing Officer

Name
Andrea Sabitsana
Title
Chief Financial Officer
Phone
2036258900
Signed
2018-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Molly King
Formed
1924
Legal Domicile
Ct
Voting Board Members
30
Independent Board Members
30
Employees
219
Volunteers
340

Preparer

Firm
Blum Shapiro & Company Pc
Address
ONE INTERNATIONAL PLACE 16TH FLOOR, BOSTON, MA 02110
Preparer
Laura J Kenney
Phone
6172211944
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Other changes in unrestricted net assets 2,176,834.

Financial Statement Notes

PART V, LINE 4:

The academy's endowments consist of approximately 53 individual donor restricted funds and 24 board designated funds established for a variety of purposes. The academy has adopted investment and spending policies for endowment assets that endeavor to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. The board of trustees adopted a spending policy that funds debt service requirements and funds operating expenses.

PART X, LINE 2:

Uncertain tax positions the academy has received a favorable determination letter from the internal revenue service with respect to the academy's continued qualification under section 501(a) as a 501(c)(3) tax-exempt organization. The academy recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Income generated from activities unrelated to the academy's purpose is subject to tax under the internal revenue code section 511. The academy did not have any material unrelated business income tax liability at june 30, 2017 and 2016.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Bookstore cost of goods sold 362,749. Rental 99,661. Special event expenses 217,736. Other changes in unrestricted net assets 2,176,834.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 2,957,199.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Bookstore cost of goods sold 362,749. Rental 99,661. Special event expenses 217,736.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 2,957,199.

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IRS990/Desc0GREENWICH ACADEMY IS A COLLEGE PREPARATORY DAY SCHOOL SERVING GIRLS IN GRADES PRE-KINDERGARTEN THROUGH GROUP XII. ALL EXPENDITURES FOR COMPENSATION AND OTHER EXPENSES ARE IN SUPPORT OF INSTRUCTIONAL AND INSTITUTIONAL ACTIVITIES. THIS INCLUDES THE INSTRUCTION OF APPROXIMATELY 800 GIRLS BY 219 FULL TIME AND PART TIME FACULTY AND STAFF.
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IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt17TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt18VICE CHAIR

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$316$53.1$263$74.0$60.2$13.8
2023Detailed filing. Detailed filing data is available for this year.$301$54.3$247$51.2$57.5$6.32
2022Detailed filing. Detailed filing data is available for this year.$291$54.1$237$53.8$55.4$1.55
2021Detailed filing. Detailed filing data is available for this year.$313$49.5$264$56.7$51.7$5.03
2020Detailed filing. Detailed filing data is available for this year.$275$48.9$226$58.2$50.1$8.09
2019Detailed filing. Detailed filing data is available for this year.$256$44.7$211$67.9$50.0$17.8
2018Detailed filing. Detailed filing data is available for this year.$232$44.3$188$53.3$47.7$5.58
2017Detailed filing. Detailed filing data is available for this year.$219$43.9$175$46.7$44.9$1.85
2016Detailed filing. Detailed filing data is available for this year.$206$43.6$163$50.4$44.6$5.81
2015Detailed filing. Detailed filing data is available for this year.$202$43.8$158$44.0$42.8$1.27
2014Detailed filing. Detailed filing data is available for this year.$197$45.6$151$52.2$42.4$9.83
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$194$56.6$137$46.2$39.9$6.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$184$57.0$127$40.5
2011Summary only. Only limited summary data is available for this year.$183$69.2$114$43.8$39.0$4.81
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$69.7$106$38.1