Civic Intelligence

The Greenwich Academy Inc

990 • Fiscal year 2018 • EIN 06-0653118

Jul 01, 2017 to Jun 30, 2018 • Filed on May 12, 2019

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

0.19x

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

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

68th percentile

0.83x

Higher debt load relative to revenue than 68% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Net Margin

68th percentile

10%

Higher net margin than 68% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

79th percentile

$1,013,292

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2018

Asset Growth

65th percentile

6.1%

Faster asset growth than 65% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

73rd percentile

14%

Faster revenue growth than 73% of similar nonprofits.

2018 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Up

$232,301,777

Up $13,328,422 (+6.1%) from 2017

Net Assets

Up

$187,986,473

Up $12,909,068 (+7.4%) from 2017

Liabilities

Up

$44,315,304

Up $419,354 (+1.0%) from 2017

Revenue

Up

$53,280,030

Up $6,561,163 (+14%) from 2017

Expenses

Up

$47,695,817

Up $2,822,924 (+6.3%) from 2017

Net Income

Up

$5,584,213

Up $3,738,239 (+203%) from 2017

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

2018

Assets$232,301,777
Liabilities$44,315,304
Net Assets$187,986,473

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

2018

Revenue$53,280,030
Expenses$47,695,817
Net Income$5,584,213
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 12, 2019
Return Version
2017v2.3
Gross Receipts
$70,650,856
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$73,171,814$77,567,489▲ $4,395,675
Investments in Publicly Traded Securities$46,156,215$57,122,013▲ $10,965,798
Investments Other Securities$47,877,266$47,031,617▼ $845,649
Savings and Temporary Cash Investments$32,430,890$36,698,051▲ $4,267,161
Pledges and Grants Receivable$14,534,152$8,429,909▼ $6,104,243
Accounts Receivable$662,785$1,357,557▲ $694,772
Other Notes and Loans Receivable, Net$653,718$540,562▼ $113,156
Prepaid Expenses and Deferred Charges$315,247$319,342▲ $4,095
Inventories for Sale or Use$127,720$155,315▲ $27,595
Cash and Non-Interest-Bearing Accounts$2,727$4,192▲ $1,465
Total Assets$218,973,355$232,301,777▲ $13,328,422
Other Assets Total$3,040,821$3,075,730▲ $34,909
Liabilities
Tax Exempt Bond Liabilities$25,780,834$24,896,076▼ $884,758
Deferred Revenue$13,953,973$15,097,692▲ $1,143,719
Accounts Payable and Accrued Expenses$4,161,143$4,321,536▲ $160,393
Total Liabilities$43,895,950$44,315,304▲ $419,354
Net Assets / Fund Balance
Unrestricted Net Assets$132,136,660$140,065,617▲ $7,928,957
Permanently Rstr Net Assets$28,336,850$26,745,230▼ $1,591,620
Temporarily Rstr Net Assets$14,603,895$21,175,626▲ $6,571,731
Total Net Assets Fund Balance$175,077,405$187,986,473▲ $12,909,068
Total Liabilities and Net Assets / Fund Balance$218,973,355$232,301,777▲ $13,328,422

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$50,586,476$38,898,375$89,484,851
Land$21,418,621-$21,418,621
Other Land Buildings$4,383,101$2,698,012$7,081,113
Equipment$1,179,291$5,429,435$6,608,726
Other Securities$4,957,109--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$102,935,211$9,981,829▲ $7,957,923$3,969,275$116,905,688
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Molly KingHead of SchoolFT$551,357$461,935$1,013,292
Mark FeinerAssociate Head of SchoolFT$371,984$94,301$466,285
Rebecca WalkerHead of Middle School/asst Head of SchoolFT$293,339$137,337$430,676
Andrea SabitsanaChief Financial OfficerFT$285,528$124,302$409,830
Thomas SullivanHead of Upper School/asst Head of SchoolFT$288,704$85,254$373,958
Donna ByrnesDirector of AdvancementFT$308,413$45,080$353,493
Jon Ross-wileyHead of Lower SchoolFT$196,090$115,582$311,672
Melissa AndersonCo-director of College CounselingFT$164,854$124,789$289,643
Katherine ShulzeDirector of TechnologyFT$152,514$121,344$273,858
Nina HanlonDirector of Enrollment and Financial AidFT$167,048$33,950$200,998
Nina HanlonDirector of Enrollment and Financial-$167,048$33,950$200,998
Lauren DownsPhysical EducationFT$166,037$14,728$180,765

Highest Paid Contractors

ContractorServicesLocationCompensation
SodexoFacilities ContractPO BOX 360170, Pittsburgh, PA 15251$2,133,166
Flik-compass GroupDining Services2400 YORKMONT ROAD, Charlotte, NC 28217$1,163,283
Cebulski Construction Company INCConstruction651 LINDLEY STREET, Bridgeport, CT 06606$534,876
Offit Capital Advisors LLCInvestment Management Advisory485 LEXINGTON AVENUE 24TH FL, New York, NY 10017$328,451
Sasaki Associates INCMaster Planning64 PLEASANT STREET, Watertown, MA 02472$200,000
Revenue and Support

Revenue Composition

Contributions and Grants
$14,476,577
Program Service Revenue
$36,870,074
Investment Income
$1,162,150
Other Revenue
$771,229
All Other Contributions
$14,262,441
Change in Net Assets
$5,584,213

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 Traded47$867,617Fair Market Value (FMV)
Total Noncash Contributions47$867,617-

Audited Revenue Reconciliation

Revenue per Audited Statements
$49,645,476
Revenue Not Reported on Financial Statements
$3,634,554
Revenue Not Reported on Form 990
$7,853,692
Other Revenue Adjustments
$3,176,513
Total Revenue per Audited Statements
$57,499,168
Total Revenue per Form 990
$53,280,030
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$28,496,317
Other Expenses$16,022,987
Grants and Similar Amounts Paid$3,176,513
Total Fundraising Expense$2,040,401
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,388,969$2,624,593$904,101$16,917,663
Other Employee Benefits$4,954,319$446,271$148,757$5,549,347
Depreciation Depletion$3,622,857$322,032$80,508$4,025,397
Grants to Domestic Individuals$3,176,513--$3,176,513
Occupancy$2,967,233$130,341$65,562$3,163,136
Current Officers, Directors, Trustees, and Key Employees$2,447,387$458,885$152,962$3,059,234
Office Expenses$2,564,298$261,016$51,782$2,877,096
Fees for Services Other$1,169,134$757,373$78,952$2,005,459
Pension Plan Contributions$1,029,526$200,193$69,192$1,298,911
Payroll Taxes$1,026,312$195,940$67,245$1,289,497
Interest$1,237,275--$1,237,275
Comp Disqual Persons$381,665--$381,665
Insurance-$354,483$7,234$361,717
Fees for Service Investment Mgmnt Fees-$336,761-$336,761
Conferences and Meetings$276,535$24,581$6,145$307,261
Other Expenses$199,170$170,056$51,771$199,170
Fees for Services Management-$163,733-$163,733
All Other Expenses$80,681$41,703$14,186$136,570
Fees for Services Accounting-$92,600-$92,600
Fees for Services Legal-$41,999-$41,999
Total Functional Expenses$39,032,856$6,622,560$2,040,401$47,695,817

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$47,695,817
Total Expenses per Audited Statements$44,590,100
Expenses per Audited Statements$44,061,263
Expenses Not Reported on Financial Statements$3,634,554
Other Expense Adjustments$3,176,513
Expenses Not Reported on Form 990$528,837
International Activity

International Summary

Offices
0
Employees
0
Spending
$30,607,273

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Cayman IslandsInvestments---$30,607,273
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$56,825
Fundraising Gross Income$33,720
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gapa Benefit$192,326$26,250$4,631$21,619
Ccpa Benefit$55,530$7,470$1,255$6,215
Total Events$247,856$33,720$56,825$-23,105
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 Key Employee, Mark FeinerCompensationNo$207,019
Joan SlatterySpouse of Key Employee, Thomas SullivanCompensationNo$174,647
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 - schedule of contributors. 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, other organizations' form 990 and compensation consultants. 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. This process was last undertaken in may 2018. 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
2019-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Molly King
Formed
1924
Legal Domicile
Ct
Voting Board Members
31
Independent Board Members
30
Employees
217
Volunteers
340

Preparer

Firm
Blum Shapiro & Company Pc
Address
ONE INTERNATIONAL PLACE 16TH FLOOR, BOSTON, MA 02110
Preparer
Laura J Kenney
Phone
6177170831
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

The academy's endowments consist of approximately 56 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. Interest and penalties associated with any tax matters would be recognized as part of the income tax provision and would include accrued interest and penalties with the related tax liability in the statements of financial position. The academy did not have any material unrelated business income tax liability at june 30, 2018 and 2017.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Bookstore cost of goods sold 339,522. Rental expenses 132,490. Special event expenses 56,825. Other changes in unrestricted net assets

PART XI, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 3,176,513.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Bookstore cost of goods sold 339,522. Rental expenses 132,490. Special event expenses 56,825.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

FINANCIAL AID 3,176,513.

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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 220 FULL TIME AND PART TIME FACULTY AND STAFF.
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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