Civic Intelligence

Suffield Academy

990 • Fiscal year 2016 • EIN 06-0678539

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

185 North Main StreetSuffield, CT 06078

(860) 386-4400

Siviq Scores

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

Liabilities / Assets

34th percentile

0.20x

Higher debt load relative to assets than 34% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Liabilities / Revenue

69th percentile

0.93x

Higher debt load relative to revenue than 69% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Net Margin

69th percentile

8.5%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Top Officer Pay

88th percentile

$1,515,117

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2016

Asset Growth

29th percentile

-1.7%

Faster asset growth than 29% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Revenue Growth

11th percentile

-26%

Faster revenue growth than 11% of similar nonprofits.

2016 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Assets

Down

$135,367,244

Down $2,340,748 (-1.7%) from 2015

Net Assets

Up

$108,673,155

Up $270,357 (+0.2%) from 2015

Liabilities

Down

$26,694,089

Down $2,611,105 (-8.9%) from 2015

Revenue

Down

$28,854,955

Down $9,907,881 (-26%) from 2015

Expenses

Up

$26,413,951

Up $1,921,403 (+7.8%) from 2015

Net Income

Down

$2,441,004

Down $11,829,284 (-83%) from 2015

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $90,298,025Liabilities 2010: $24,134,063Net Assets 2010: $66,163,9622010Assets 2011: $96,829,076Liabilities 2011: $23,371,337Net Assets 2011: $73,457,7392011Assets 2012: $96,927,281Liabilities 2012: $22,613,192Net Assets 2012: $74,314,0892012Assets 2013: $106,585,131Liabilities 2013: $22,966,475Net Assets 2013: $83,618,6562013Assets 2014: $122,228,278Liabilities 2014: $28,065,240Net Assets 2014: $94,163,0382014Assets 2015: $137,707,992Liabilities 2015: $29,305,194Net Assets 2015: $108,402,7982015Assets 2016: $135,367,244Liabilities 2016: $26,694,089Net Assets 2016: $108,673,1552016Assets 2017: $143,107,805Liabilities 2017: $27,239,767Net Assets 2017: $115,868,0382017Assets 2018: $150,022,138Liabilities 2018: $28,760,772Net Assets 2018: $121,261,3662018Assets 2019: $151,879,385Liabilities 2019: $27,023,032Net Assets 2019: $124,856,3532019Assets 2020: $153,492,668Liabilities 2020: $25,660,825Net Assets 2020: $127,831,8432020Assets 2021: $165,817,065Liabilities 2021: $26,341,157Net Assets 2021: $139,475,9082021Assets 2022: $167,300,505Liabilities 2022: $31,829,637Net Assets 2022: $135,470,8682022Assets 2023: $171,638,207Liabilities 2023: $31,140,588Net Assets 2023: $140,497,6192023Assets 2024: $184,076,396Liabilities 2024: $31,905,030Net Assets 2024: $152,171,3662024

Highlighted filing

2016

Assets$135,367,244
Liabilities$26,694,089
Net Assets$108,673,155

Operations Trend

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

$60M$40M$20M$0Expenses 2010: $19,549,2882010Expenses 2011: $21,273,7052011Expenses 2012: $21,408,4642012Revenue 2013: $28,235,822Expenses 2013: $22,007,590Net Income 2013: $6,228,2322013Revenue 2014: $30,490,435Expenses 2014: $25,197,785Net Income 2014: $5,292,6502014Revenue 2015: $38,762,836Expenses 2015: $24,492,548Net Income 2015: $14,270,2882015Revenue 2016: $28,854,955Expenses 2016: $26,413,951Net Income 2016: $2,441,0042016Revenue 2017: $29,413,317Expenses 2017: $27,315,404Net Income 2017: $2,097,9132017Revenue 2018: $31,128,419Expenses 2018: $28,427,570Net Income 2018: $2,700,8492018Revenue 2019: $33,662,917Expenses 2019: $30,067,930Net Income 2019: $3,594,9872019Revenue 2020: $35,980,243Expenses 2020: $31,618,740Net Income 2020: $4,361,5032020Revenue 2021: $32,098,698Expenses 2021: $31,233,967Net Income 2021: $864,7312021Revenue 2022: $36,755,739Expenses 2022: $31,862,213Net Income 2022: $4,893,5262022Revenue 2023: $37,649,588Expenses 2023: $33,711,160Net Income 2023: $3,938,4282023Revenue 2024: $40,181,510Expenses 2024: $36,007,319Net Income 2024: $4,174,1912024

Highlighted filing

2016

Revenue$28,854,955
Expenses$26,413,951
Net Income$2,441,004
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$40,432,623
Mission and Program Overview

Mission

Suffield Academy is a coeducational independent secondary school serving a diverse student body of day and boarding students from across the United States and from many foreign counties. The school is grounded in a tradition of academic excellence combined with a strong work ethic; respect for individual differences and a commitment to scholarship guide our curriculum and pedagogy. We engender among our students a sense of responsibility and challenge them to grow in a school community that is both structured and nurturing. We expect our students to emerge from their Suffield experience for a lifetime of learning and active citizenship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$58,525,530$60,848,322▲ $2,322,792
Investments in Publicly Traded Securities$31,522,690$27,823,678▼ $3,699,012
Savings and Temporary Cash Investments$23,790,907$19,528,117▼ $4,262,790
Investments Other Securities$12,434,015$14,425,588▲ $1,991,573
Accounts Receivable$6,644,372$7,375,568▲ $731,196
Cash and Non-Interest-Bearing Accounts$2,287,140$3,142,187▲ $855,047
Prepaid Expenses and Deferred Charges$284,928$539,511▲ $254,583
Inventories for Sale or Use$121,883$118,673▼ $3,210
Pledges and Grants Receivable$509,405$73,095▼ $436,310
Total Assets$137,707,992$135,367,244▼ $2,340,748
Other Assets Total$1,587,122$1,492,505▼ $94,617
Liabilities
Tax Exempt Bond Liabilities$13,222,000$12,728,000▼ $494,000
Deferred Revenue$11,983,630$12,219,231▲ $235,601
Accounts Payable and Accrued Expenses$4,006,381$1,668,455▼ $2,337,926
Other Liabilities$93,183$78,403▼ $14,780
Grants Payable$0$0→ $0
Total Liabilities$29,305,194$26,694,089▼ $2,611,105
Net Assets / Fund Balance
Unrestricted Net Assets$74,799,755$75,081,848▲ $282,093
Permanently Rstr Net Assets$16,719,439$18,096,069▲ $1,376,630
Temporarily Rstr Net Assets$16,883,604$15,495,238▼ $1,388,366
Total Net Assets Fund Balance$108,402,798$108,673,155▲ $270,357
Total Liabilities and Net Assets / Fund Balance$137,707,992$135,367,244▼ $2,340,748

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$58,225,615$33,225,279$91,450,894
Equipment$2,114,041$3,529,986$5,644,027
Land$507,978-$507,978
Leasehold Improvements$0$421,503$421,503
Other Land Buildings$688$114,164$114,852
Closely Held Equity Interests$14,425,588--
Financial Derivatives$0--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$43,212,260$3,471,669▼ $1,363,283$1,929,203$43,391,443
2014$41,511,216$2,986,917▲ $738,034$1,823,907$43,412,260
2013$36,918,399$483,859▲ $5,313,315$1,204,357$41,511,216
2012$34,034,174$742,954▲ $4,023,007$1,881,736$36,918,399
2011$34,751,505$1,151,477▼ $427,603$1,441,205$34,034,174
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Charles Cahn IIIHeadmasterFT$533,322$981,795$1,515,117
Patrick C BoothAssistant TreasurerFT$278,139$53,303$331,442
Philip RiegelDirector of DevelopmentFT$161,410$45,247$206,657
Barry ClearyDean of FacultyFT$133,611$41,984$175,595
Sara YeagerAcademic DeanFT$129,448$31,291$160,739
Ann SelvitelliDirector of College CounselingFT$111,075$39,667$150,742
Philip CyrDirector of Physical PlantFT$114,105$21,426$135,531

Board Members and Trustees

NameTitle
Frederic B PowersPresident
Jackson W RobinsonVice President
Andrew C ChaseBoard Member
Andrew KotchenBoard Member
Christopher JensenBoard Member
Christopher M HoulihanBoard Member
Cindy BurkeBoard Member
Daniel R TischBoard Member
Dr Michael GingoldBoard Member
George B DanielsBoard Member
Hope SmithBoard Member
James MichelBoard Member
Jared CarilloBoard Member
Jeffrey McElneaBoard Member
Jeffrey WhiteBoard Member
John TremaineBoard Member
Kate O ClearyBoard Member
Kathy G HoffmanBoard Member
Matthew FineBoard Member
Michael DalyBoard Member
Monica ShayBoard Member
Nancy BrooksBoard Member
Patricia MooreBoard Member
Philip MactaggartBoard Member
Samuel S FullerBoard Member
Steven ShereskyBoard Member
Susan AutuoriBoard Member
Suzy B VolgerBoard Member
Tracy Orr O'KeefeBoard Member
Valisha GravesBoard Member
Walter HarrisonBoard Member
Ken LandisTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
FIP ConstructionConstruction308 Farmington Ave, Farmington, CT 06032$4,052,748
Allied PrintingArchitect96 Main Street, New Caanan, CT 06840$249,720
Tecton ArchitectsPrinting ServicesPO Box 34, Brattleboro, VT 05302$204,062
-CleanersWest Service Road, Hartford, CT 06103$181,927
-Architects1 Hartford Square West, Hartford, CT 06106$143,236
Revenue and Support

Revenue Composition

Contributions and Grants
$6,306,969
Program Service Revenue
$21,376,697
Investment Income
$933,760
Other Revenue
$237,529
All Other Contributions
$6,185,395
Change in Net Assets
$2,441,004

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded21$388,931Average of Price on Day of Gift
Total Noncash Contributions21$388,931-

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,278,813
Revenue Not Reported on Financial Statements
$6,576,142
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$6,576,142
Total Revenue per Audited Statements
$22,278,813
Total Revenue per Form 990
$28,854,955
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,115,892
Other Expenses$10,213,148
Grants and Similar Amounts Paid$4,084,911
Total Fundraising Expense$1,467,196
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,549,860$371,699$480,762$7,402,321
Grants to Domestic Individuals$4,084,911--$4,084,911
Depreciation Depletion$3,324,111--$3,324,111
Other Employee Benefits$1,417,494$451,206$66,197$1,934,897
Current Officers, Directors, Trustees, and Key Employees-$1,523,023$189,975$1,712,998
Occupancy$1,398,517$7,283$8,123$1,413,923
Fees for Services Other$658,603$496,783$0$1,155,386
Payroll Taxes$494,098$61,832$43,237$599,167
Pension Plan Contributions$405,193$28,689$32,627$466,509
Interest$341,837$0$0$341,837
Office Expenses$116,618$161,298$56,081$333,997
Advertising$119,575$8,235$120,891$248,701
Insurance$0$245,868$0$245,868
Travel$122,997$20,488$32,981$176,466
Fees for Service Investment Mgmnt Fees$0$0$172,319$172,319
Information Technology$84,114$0$0$84,114
Conferences and Meetings$71,492$3,526$4,132$79,150
Fees for Services Accounting$0$63,101$0$63,101
Other Expenses$0$38,190$0$38,190
Fees for Services Legal$0$19,058$0$19,058
Total Functional Expenses$21,296,895$3,649,860$1,467,196$26,413,951

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$26,413,951
Expenses per Audited Statements$22,718,666
Total Expenses per Audited Statements$22,718,666
Expenses Not Reported on Financial Statements$3,695,285
Other Expense Adjustments$3,695,285
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$190,816
Fundraising Direct Expenses$62,625
Gaming Gross Income$59,400
Gaming Direct Expenses$41,700
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Parents Auction$278,446$156,872$43,518$113,354
Alumni Golf$15,375$15,375$19,087$-3,712
Total Events$312,390$190,816$62,605$128,211
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
Jackson RobinsonTrusteeManagement of Endowment Investment that Mr. Robinson Donated to the AcademyNo$367,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Debit Card$78,403

Bond Issues

BondIssuerIssuedIssue PricePurpose
AState of Connecticut Health and Educational Facilities Authority Series C2013-11-20$13,750,000Refinance Existing Debt and New Construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$13,750,000$0$1,022,000$0

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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
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, Part VI, Section B, Line 11B

The schools 990 was distributed, reviewed and discussed by the full board at its May 2017 meeting.

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

All trustees, senior administrators and employees who oversee the significant budget are required annually to review the schools conflict of interest statement and submit a statement to the school both affirming independence and if necessary disclosing conflicts. All trustees and employees are to bring conflict of interest to the President or the Head of the School if and when they occur.

Form 990, Part VI, Section B, Line 15

The school board hired an independent consultant to provide peer review and data on compensation for the Headmaster when his contract was established. Annually, the Headmasters position relative to peers is updated. The full board reviews the data and votes on the Headmasters compensation. In addition the compensation is reviewed with the full board with comparisons to peer data.

Form 990, Part VI, Section C, Line 19

Audited financial statements are posted to EMMA.MSRB.ORG, all other documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Suffield Academy
EIN
06-0678539
Phone
8603864400
Address
185 North Main Street, Suffield, CT 06078

Signing Officer

Name
Patrick Booth
Title
CFO
Phone
8603864454
Signed
2017-05-15

Organization Details

Principal Officer
Charles Cahn III
Formed
1833
Legal Domicile
Ct
Voting Board Members
33
Independent Board Members
32
Employees
302
Volunteers
100
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 1

pedagogy. We engender among our students a sense of responsibility and challenge them to grow in a school community that is both structured and nurturing. We expect our students to emerge from their Suffield experience for a lifetime of learning and active citizenship.

Form 990, Part XI, Line 9

Rounding

Form 990, Part XII, Line 2C

No changes to the process from the prior year.

Financial Statement Notes

Schedule D, Part III, Line 1

The school occasionally receives works of art to be used in the general decor of the school and as a teaching tool. There were no such donations in the current year. These transactions are minor and therefore Audit Financial Statement Disclosure was waived.

Schedule D, Part III, Line 4

Various pieces of visual arts, mostly paintings donated for display in the academic buildings.

Schedule D, Part V, Line 4

Endowment funds have been established for a variety of purposes including Scholarship, Prize and Awards, Support Services and General Support of the school.

Schedule D, Part X, Line 2

The Academy accounts for uncertain income tax provisions included in Accounting Standards Codification ("ASC") 740. ASC740 prescribes detailed guidance for financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise's financial statements. Tax positions must meet a more-likely-than-not recognition threshold to be recognized, and the Academy monitors its potential tax positions throughout the year.The Academy believes there are no uncertain income tax positions at June 30, 2016.

Schedule D, Part XI, Line 4B

Capital gifts are recorded below the operating revenue line in the audited financial statements and certain expenses most notably financial aid are netted against revenue in the financial statements.

Schedule D, Part XII, Line 4B

Certain expenses are netted against revenue in the audited financial statements most notably financial aid.

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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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IRS990/Form990PartVIISectionAGrp/PersonNm0Susan Autuori
IRS990/Form990PartVIISectionAGrp/PersonNm1Nancy Brooks
IRS990/Form990PartVIISectionAGrp/PersonNm2Cindy Burke
IRS990/Form990PartVIISectionAGrp/PersonNm3Jared Carillo
IRS990/Form990PartVIISectionAGrp/PersonNm4Andrew C Chase
IRS990/Form990PartVIISectionAGrp/PersonNm5Kate O Cleary
IRS990/Form990PartVIISectionAGrp/PersonNm6George B Daniels
IRS990/Form990PartVIISectionAGrp/PersonNm7Michael Daly
IRS990/Form990PartVIISectionAGrp/PersonNm8Matthew Fine
IRS990/Form990PartVIISectionAGrp/PersonNm9Samuel S Fuller
IRS990/Form990PartVIISectionAGrp/PersonNm10Dr Michael Gingold
IRS990/Form990PartVIISectionAGrp/PersonNm11Valisha Graves
IRS990/Form990PartVIISectionAGrp/PersonNm12Walter Harrison
IRS990/Form990PartVIISectionAGrp/PersonNm13Kathy G Hoffman
IRS990/Form990PartVIISectionAGrp/PersonNm14Christopher M Houlihan
IRS990/Form990PartVIISectionAGrp/PersonNm15Christopher Jensen
IRS990/Form990PartVIISectionAGrp/PersonNm16Andrew Kotchen
IRS990/Form990PartVIISectionAGrp/PersonNm17Ken Landis
IRS990/Form990PartVIISectionAGrp/PersonNm18Philip Mactaggart
IRS990/Form990PartVIISectionAGrp/PersonNm19Jeffrey McElnea
IRS990/Form990PartVIISectionAGrp/PersonNm20James Michel
IRS990/Form990PartVIISectionAGrp/PersonNm21Patricia Moore
IRS990/Form990PartVIISectionAGrp/PersonNm22Tracy Orr O'Keefe
IRS990/Form990PartVIISectionAGrp/PersonNm23Frederic B Powers
IRS990/Form990PartVIISectionAGrp/PersonNm24Jackson W Robinson
IRS990/Form990PartVIISectionAGrp/PersonNm25Monica Shay
IRS990/Form990PartVIISectionAGrp/PersonNm26Steven Sheresky
IRS990/Form990PartVIISectionAGrp/PersonNm27Hope Smith
IRS990/Form990PartVIISectionAGrp/PersonNm28Daniel R Tisch
IRS990/Form990PartVIISectionAGrp/PersonNm29John Tremaine
IRS990/Form990PartVIISectionAGrp/PersonNm30Suzy B Volger
IRS990/Form990PartVIISectionAGrp/PersonNm31Jeffrey White
IRS990/Form990PartVIISectionAGrp/PersonNm32Charles Cahn III
IRS990/Form990PartVIISectionAGrp/PersonNm33Patrick C Booth
IRS990/Form990PartVIISectionAGrp/PersonNm34Philip Riegel
IRS990/Form990PartVIISectionAGrp/PersonNm35Barry Cleary
IRS990/Form990PartVIISectionAGrp/PersonNm36Sara Yeager
IRS990/Form990PartVIISectionAGrp/PersonNm37Philip Cyr
IRS990/Form990PartVIISectionAGrp/PersonNm38Ann Selvitelli
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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.$184$31.9$152$40.2$36.0$4.17
2023Detailed filing. Detailed filing data is available for this year.$172$31.1$140$37.6$33.7$3.94
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$167$31.8$135$36.8$31.9$4.89
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$166$26.3$139$32.1$31.2$0.86
2020Detailed filing. Detailed filing data is available for this year.$153$25.7$128$36.0$31.6$4.36
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$152$27.0$125$33.7$30.1$3.59
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$150$28.8$121$31.1$28.4$2.70
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$143$27.2$116$29.4$27.3$2.10
2016Detailed filing. Detailed filing data is available for this year.$135$26.7$109$28.9$26.4$2.44
2015Detailed filing. Detailed filing data is available for this year.$138$29.3$108$38.8$24.5$14.3
2014Detailed filing. Detailed filing data is available for this year.$122$28.1$94.2$30.5$25.2$5.29
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$107$23.0$83.6$28.2$22.0$6.23
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$96.9$22.6$74.3$21.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$96.8$23.4$73.5$21.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.3$24.1$66.2$19.5
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)3 • $100M-$250M nonprofits