Civic Intelligence

First Academy Inc

990 • Fiscal year 2022 • EIN 06-1426905

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 07, 2024

Organization ProfileN/A
1151 Blue Hills AvenueBloomfield, CT 06002

(860) 243-6520

Siviq Scores

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

Liabilities / Assets

99th percentile

2.58x

Higher debt load relative to assets than 99% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

82nd percentile

0.33x

Higher debt load relative to revenue than 82% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

28th percentile

-5.1%

Higher net margin than 28% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

72nd percentile

$61,000

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 10.6% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

1st percentile

-72%

Faster asset growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

-6.3%

Faster revenue growth than 31% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$73,284

Down $189,144 (-72%) from 2021

Net Assets

Down

-$115,849

Down $29,396 (-34%) from 2021

Liabilities

Down

$189,133

Down $159,748 (-46%) from 2021

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin28th percentile

Revenue

Down

$574,676

Down $38,891 (-6.3%) from 2021

Expenses

Up

$604,072

Up $52,776 (+9.6%) from 2021

Net Income

Down

-$29,396

Down $91,667 (-147%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$600K$400K$200K$0-$200KAssets 2017: $7,483Liabilities 2017: $92,1902017Assets 2018: $22,249Liabilities 2018: $115,302Net Assets 2018: -$93,0532018Assets 2019: $81,523Liabilities 2019: $172,278Net Assets 2019: -$90,7552019Assets 2020: $216,761Liabilities 2020: $365,485Net Assets 2020: -$148,7242020Assets 2021: $262,428Liabilities 2021: $348,881Net Assets 2021: -$86,4532021Assets 2022: $73,284Liabilities 2022: $189,133Net Assets 2022: -$115,8492022Assets 2023: $212,091Liabilities 2023: $363,672Net Assets 2023: -$151,5812023Assets 2024: $434,720Liabilities 2024: $358,496Net Assets 2024: $76,2242024

Highlighted filing

2022

Assets$73,284
Liabilities$189,133
Net Assets-$115,849
Open 2022 Filing

Operations Trend

Revenue Growth31st percentile

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

$1.0M$500K$0-$500KRevenue 2017: $84,729Expenses 2017: $106,563Net Income 2017: -$21,8342017Revenue 2018: $400,850Expenses 2018: $409,196Net Income 2018: -$8,3462018Revenue 2019: $537,626Expenses 2019: $535,328Net Income 2019: $2,2982019Revenue 2020: $413,978Expenses 2020: $471,947Net Income 2020: -$57,9692020Revenue 2021: $613,567Expenses 2021: $551,296Net Income 2021: $62,2712021Revenue 2022: $574,676Expenses 2022: $604,072Net Income 2022: -$29,3962022Revenue 2023: $748,286Expenses 2023: $784,018Net Income 2023: -$35,7322023Revenue 2024: $894,537Expenses 2024: $666,732Net Income 2024: $227,8052024

Highlighted filing

2022

Revenue$574,676
Expenses$604,072
Net Income-$29,396
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 7, 2024
Return Version
2022v5.0
Gross Receipts
$574,676
Mission and Program Overview

Mission

To be a diverse community committed to academic excellence and the successful development of every child

To provide a safe nurturing and developmentally appropriate program which fosters active learning support for the whole child.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$52,818$59,576▲ $6,758
Cash and Non-Interest-Bearing Accounts$199,729$10,492▼ $189,237
Prepaid Expenses and Deferred Charges$8,906$2,240▼ $6,666
Savings and Temporary Cash Investments$975$975→ $0
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$262,428$73,284▼ $189,144
Other Assets Total-$1-
Liabilities
Mortgage Notes Payable Secured by Investment Property$161,704$152,779▼ $8,925
Deferred Revenue$87,552--
Accounts Payable and Accrued Expenses$99,625$36,354▼ $63,271
Total Liabilities$348,881$189,133▼ $159,748
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-86,453$-115,849▼ $29,396
Total Net Assets Fund Balance$-86,453$-115,849▼ $29,396
Total Liabilities and Net Assets / Fund Balance$262,428$73,284▼ $189,144

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$43,346$43,346
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Elith HowardSchool DirectorFT$61,000$61,000
Venice EasterlingTreasurer-$7,800$7,800

Board Members and Trustees

NameTitle
Leroy Bailey IIIPresident
Latesha JohnsonVice President
Elijah OliverDirector
Ollie Rubiah OliverDirector
Robin Woodward SmithSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$242,797
Program Service Revenue
$331,879
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-29,396
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$471,986
Other Expenses$132,086
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$349,696$11,502-$361,198
Current Officers, Directors, Trustees, and Key Employees$12,200$56,600-$68,800
Occupancy$49,044--$49,044
Payroll Taxes$35,394$6,594-$41,988
Fees for Services Legal-$11,904-$11,904
Fees for Services Other-$7,808-$7,808
Insurance$6,146$1,280-$7,426
Office Expenses$2,919$148-$3,067
Other Expenses$2,473--$2,473
Interest$1,112--$1,112
Total Functional Expenses$508,236$95,836$0$604,072
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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, Part VI, Section A, Line 2

“Ollie and Elijah Oliver are husband and wife.”

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

“A copy of the 990 is provided to the board for review and approval prior to filing or ratified at the following board meeting.”

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

“The Organization has a Conflict of Interest Policy in place that requires the Board Members to sign whether they have a conflict of interest arising or not. Should such conflict arise the Board member is required to inform the governing body of and recuse himself or herself from any decisions that involves the conflict.”

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

“The Governing body review the compensation package for key employees to ensure alignment with industry standards.”

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

“The Board of Directors is required to review compensation package of key employees. In this case the School Director.”

Form 990, Part VI, Section C, Line 19

“Applicable documents are made available upon request, in accordance with current regulations.”

Filing and Contact Details

Filer

Filer Name
First Academy Inc
EIN
06-1426905
Phone
8602436520
Address
1151 Blue Hills Avenue, Bloomfield, CT 06002

Signing Officer

Name
Venice Easterling
Title
Treasurer
Signed
2024-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leroy Bailey III
Formed
2016
Legal Domicile
Ct
Voting Board Members
6
Independent Board Members
5
Employees
24

Preparer

Firm
Maletta & Company
Address
43 Enterprise Drive, Bristol, CT 06010
Preparer
Michael a Maletta CPA
Phone
8605826715
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IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0331879
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0975
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0975
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/DepreciationAmt043346
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt043346
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0Organization received supplementary pass-through aid form the town for School Readiness program to provide subsidy to parents for tuition costs.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Ollie and Elijah Oliver are husband and wife.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A copy of the 990 is provided to the board for review and approval prior to filing or ratified at the following board meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Organization has a Conflict of Interest Policy in place that requires the Board Members to sign whether they have a conflict of interest arising or not. Should such conflict arise the Board member is required to inform the governing body of and recuse himself or herself from any decisions that involves the conflict.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Governing body review the compensation package for key employees to ensure alignment with industry standards.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Board of Directors is required to review compensation package of key employees. In this case the School Director.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Applicable documents are made available upon request, in accordance with current regulations.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0262428
IRS990/TotalAssetsEOYAmt073284
IRS990/TotalAssetsGrp/BOYAmt0262428
IRS990/TotalAssetsGrp/EOYAmt073284
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0242797
IRS990/TotalEmployeeCnt024
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt095836
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0508236
IRS990/TotalFunctionalExpensesGrp/TotalAmt0604072
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0348881
IRS990/TotalLiabilitiesEOYAmt0189133
IRS990/TotalLiabilitiesGrp/BOYAmt0348881
IRS990/TotalLiabilitiesGrp/EOYAmt0189133
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-86453
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-115849
IRS990/TotalProgramServiceExpensesAmt0508236
IRS990/TotalProgramServiceRevenueAmt0331879
IRS990/TotalReportableCompFromOrgAmt068800
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0331879
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0574676
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0262428
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt073284
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01151 Blue Hills Avenue
IRS990/USAddress/CityNm0Bloomfield
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006002
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Venice Easterling
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0First Academy Inc
ReturnHeader/Filer/BusinessNameControlTxt0FIRS
ReturnHeader/Filer/EIN0061426905
ReturnHeader/Filer/PhoneNum08602436520
ReturnHeader/Filer/USAddress/AddressLine1Txt01151 Blue Hills Avenue
ReturnHeader/Filer/USAddress/CityNm0Bloomfield
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006002
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0061209905
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Maletta & Company
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt043 Enterprise Drive
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Bristol
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006010

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$73,284
Liabilities
$189,133
Net assets
-$115,849
Revenue
$574,676
Expenses
$604,072
Net income
-$29,396
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.35$3.58$0.76$8.95$6.67$2.28
2023Detailed filing. Detailed filing data is available for this year.$2.12$3.64$1.52$7.48$7.84$0.36
2022Detailed filing. Detailed filing data is available for this year.$0.73$1.89$1.16$5.75$6.04$0.29
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.62$3.49$0.86$6.14$5.51$0.62
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$2.17$3.65$1.49$4.14$4.72$0.58
2019Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$0.82$1.72$0.91$5.38$5.35$0.02
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.22$1.15$0.93$4.01$4.09$0.08
2017Summary only. Only limited summary data is available for this year.$0.07$0.92$0.85$1.07$0.22
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2022 filings • 501(c)3 • $500k-$1M nonprofits