Civic Intelligence

Friends Academy

990 • Fiscal year 2015 • EIN 11-1633485

Jul 01, 2014 to Jun 30, 2015 • Filed on Dec 16, 2015

270 Duck Pond RoadLocust Valley, NY 11560

(516) 676-0393

Siviq Scores

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

Liabilities / Assets

47th percentile

0.26x

Higher debt load relative to assets than 47% of similar nonprofits.

2015 filings • NTEE B • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

67th percentile

0.81x

Higher debt load relative to revenue than 67% of similar nonprofits.

2015 filings • NTEE B • $50M-$100M nonprofits • Source year 2015

Net Margin

40th percentile

2.3%

Higher net margin than 40% of similar nonprofits.

2015 filings • NTEE B • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

56th percentile

$356,313

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2015 filings • NTEE B • $50M-$100M nonprofits • Source year 2015

Asset Growth

51st percentile

0.9%

Faster asset growth than 51% of similar nonprofits.

2015 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

46th percentile

1.8%

Faster revenue growth than 46% of similar nonprofits.

2015 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2014 to 2015

Assets

Up

$93,001,260

Up $844,555 (+0.9%) from 2014

Net Assets

Up

$69,113,728

Up $1,231,413 (+1.8%) from 2014

Liabilities

Down

$23,887,532

Down $386,858 (-1.6%) from 2014

Revenue

Up

$29,507,129

Up $523,950 (+1.8%) from 2014

Expenses

Up

$28,837,264

Up $472,718 (+1.7%) from 2014

Net Income

Up

$669,865

Up $51,232 (+8.3%) from 2014

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $75,883,747Liabilities 2010: $21,341,452Net Assets 2010: $54,542,2952010Assets 2011: $81,912,795Liabilities 2011: $21,890,460Net Assets 2011: $60,022,3352011Assets 2012: $81,634,582Liabilities 2012: $24,826,611Net Assets 2012: $56,807,9712012Assets 2013: $86,586,106Liabilities 2013: $23,136,250Net Assets 2013: $63,449,8562013Assets 2014: $92,156,705Liabilities 2014: $24,274,390Net Assets 2014: $67,882,3152014Assets 2015: $93,001,260Liabilities 2015: $23,887,532Net Assets 2015: $69,113,7282015Assets 2016: $92,326,389Liabilities 2016: $29,372,577Net Assets 2016: $62,953,8122016Assets 2017: $101,913,249Liabilities 2017: $31,257,623Net Assets 2017: $70,655,6262017Assets 2018: $106,627,980Liabilities 2018: $20,576,352Net Assets 2018: $86,051,6282018Assets 2019: $108,742,707Liabilities 2019: $16,543,081Net Assets 2019: $92,199,6262019Assets 2020: $109,741,355Liabilities 2020: $14,750,651Net Assets 2020: $94,990,7042020Assets 2021: $117,905,530Liabilities 2021: $16,147,181Net Assets 2021: $101,758,3492021Assets 2022: $106,966,643Liabilities 2022: $15,387,898Net Assets 2022: $91,578,7452022Assets 2023: $110,501,779Liabilities 2023: $16,400,088Net Assets 2023: $94,101,6912023Assets 2024: $116,909,317Liabilities 2024: $18,235,245Net Assets 2024: $98,674,0722024Assets 2025: $125,122,795Liabilities 2025: $23,355,321Net Assets 2025: $101,767,4742025

Highlighted filing

2015

Assets$93,001,260
Liabilities$23,887,532
Net Assets$69,113,728

Operations Trend

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

$40M$20M$0-$20MExpenses 2010: $25,830,9932010Expenses 2011: $25,585,0982011Revenue 2012: $26,693,442Expenses 2012: $26,753,994Net Income 2012: -$60,5522012Revenue 2013: $27,794,344Expenses 2013: $27,165,584Net Income 2013: $628,7602013Revenue 2014: $28,983,179Expenses 2014: $28,364,546Net Income 2014: $618,6332014Revenue 2015: $29,507,129Expenses 2015: $28,837,264Net Income 2015: $669,8652015Revenue 2016: $29,821,287Expenses 2016: $29,711,450Net Income 2016: $109,8372016Revenue 2017: $31,265,827Expenses 2017: $30,578,469Net Income 2017: $687,3582017Revenue 2018: $31,301,505Expenses 2018: $30,341,951Net Income 2018: $959,5542018Revenue 2019: $31,973,924Expenses 2019: $31,856,754Net Income 2019: $117,1702019Revenue 2020: $31,470,471Expenses 2020: $30,416,813Net Income 2020: $1,053,6582020Revenue 2021: $30,411,338Expenses 2021: $38,940,193Net Income 2021: -$8,528,8552021Revenue 2022: $33,637,084Expenses 2022: $33,276,246Net Income 2022: $360,8382022Revenue 2023: $33,707,583Expenses 2023: $36,300,239Net Income 2023: -$2,592,6562023Revenue 2024: $35,633,692Expenses 2024: $37,994,599Net Income 2024: -$2,360,9072024Revenue 2025: $35,060,495Expenses 2025: $38,821,389Net Income 2025: -$3,760,8942025

Highlighted filing

2015

Revenue$29,507,129
Expenses$28,837,264
Net Income$669,865
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Dec 16, 2015
Return Version
2014v5.0
Gross Receipts
$43,947,118
Mission and Program Overview

Mission

The school's philosophy is based on the quaker principles of integrity, simplicity, patience, moderation and peaceful resolution of conflict, and a belief that the silence and simple ministry of the "gathered meeting" brings the presence of god into the midst of busy lives. Friends is committed to developing a diverse community whose members value excellence in learning and growth in knowledge and skill, a genuine commitment to service and ethical action, and a realization that every life is to be explored, celebrated and enjoyed in the spirit of the society of friends.

To operate an independent elementary and secondary school located on the north shore of long island.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$40,282,139$39,983,477▼ $298,662
Investments Other Securities$26,958,304$24,204,890▼ $2,753,414
Investments in Publicly Traded Securities$16,183,497$17,928,749▲ $1,745,252
Cash and Non-Interest-Bearing Accounts$7,507,371$6,027,322▼ $1,480,049
Savings and Temporary Cash Investments$36,836$3,909,616▲ $3,872,780
Accounts Receivable$276,572$335,343▲ $58,771
Pledges and Grants Receivable$283,238$247,843▼ $35,395
Prepaid Expenses and Deferred Charges$443,816$240,748▼ $203,068
Inventories for Sale or Use$61,433$12,785▼ $48,648
Other Notes and Loans Receivable, Net$7,826$2,526▼ $5,300
Total Assets$92,156,705$93,001,260▲ $844,555
Other Assets Total$115,673$107,961▼ $7,712
Liabilities
Other Liabilities$12,252,162$12,538,946▲ $286,784
Tax Exempt Bond Liabilities$5,983,352$5,759,553▼ $223,799
Deferred Revenue$4,475,033$4,111,049▼ $363,984
Accounts Payable and Accrued Expenses$1,563,843$1,477,984▼ $85,859
Total Liabilities$24,274,390$23,887,532▼ $386,858
Net Assets / Fund Balance
Unrestricted Net Assets$65,645,848$66,675,117▲ $1,029,269
Permanently Rstr Net Assets$1,215,227$1,368,323▲ $153,096
Temporarily Rstr Net Assets$1,021,240$1,070,288▲ $49,048
Total Net Assets Fund Balance$67,882,315$69,113,728▲ $1,231,413
Total Liabilities and Net Assets / Fund Balance$92,156,705$93,001,260▲ $844,555

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$36,646,563$16,032,729$52,679,292
Equipment$1,182,763$2,004,590$3,187,353
Other Land Buildings$1,192,805$1,066,175$2,258,980
Land$961,346-$961,346
Other Securities$3,608,159--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$45,115,410$3,095,623▲ $1,162,495$1,356,000$48,017,528
2013$35,607,464$5,527,241▲ $5,188,705$1,208,000$45,115,410
2012$31,985,316$525,779▲ $4,271,369$1,175,000$35,607,464
2011$32,459,945$1,270,485▼ $594,114$1,151,000$31,985,316
2010$28,628,143$627,375▲ $4,287,427$1,083,000$32,459,945
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William G Morris JrHead of SchoolFT$316,265$40,048$356,313
Ann Marie TidonaDirector of FinanceFT$209,562$47,313$256,875
Deborah SchomanUS Principal/assoc. HeadFT$190,452$20,892$211,344
James MichalekDirector of DevelopmentFT$147,209$32,106$179,315
Ron BaskindDirector of Student LifeFT$125,718$38,495$164,213
Nina WaechterDirector of Admissions & Financial AidFT$129,148$31,241$160,389
Stephen E RubenackerMs PrincipalFT$115,018$37,007$152,025

Highest Paid Contractors

ContractorServicesLocationCompensation
Flik Independent School DiningFood ServicePO BOX 417632, Boston, MA 02241$1,085,722
Brown Brothers HarrimanFinancial Services140 BROADWAY, New York, NY 10005$498,421
Loyal Building ServicesCustodial Services41A DEGNON BLVD, Bay Shore, NY 11706$302,700
Dell Transportation CorpTransporation20 HAVEN AVE, Port Washington, NY 11050$224,423
Copeland Coating CompanyPaving And Surfacing3600 US ROUTE 20 PO BOX 595, Nassau, NY 12123$191,580
Revenue and Support

Revenue Composition

Contributions and Grants
$3,176,671
Program Service Revenue
$24,516,746
Investment Income
$1,508,293
Other Revenue
$305,419
All Other Contributions
$2,962,241
Change in Net Assets
$669,865

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,019,062
Revenue Not Reported on Financial Statements
$1,488,067
Revenue Not Reported on Form 990
$191,277
Other Revenue Adjustments
$1,488,067
Total Revenue per Audited Statements
$28,210,339
Total Revenue per Form 990
$29,507,129
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,271,680
Other Expenses$8,028,784
Grants and Similar Amounts Paid$1,536,800
Total Fundraising Expense$926,183
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,760,939$1,323,804$422,884$12,507,627
Other Employee Benefits$3,926,299$512,510$132,577$4,571,386
Grants to Domestic Individuals$1,536,800--$1,536,800
Occupancy$1,304,659$49,537$71,978$1,426,174
Depreciation Depletion$1,245,760$61,438-$1,307,198
Payroll Taxes$764,197$134,912$24,950$924,059
Pension Plan Contributions$565,172$64,980$13,618$643,770
Current Officers, Directors, Trustees, and Key Employees-$624,838-$624,838
Fees for Services Other$467,839$73,937$74,881$616,657
Travel$470,721-$1,814$472,535
Conferences and Meetings$352,724$18,198$68,984$439,906
Fees for Service Investment Mgmnt Fees-$370,271-$370,271
Office Expenses$244,124$6,507$107,741$358,372
Insurance$289,733$10,062$6,756$306,551
Interest-$285,284-$285,284
Information Technology-$215,240-$215,240
Other Expenses$185,643--$185,643
All Other Expenses$158,073$24,438-$182,511
Advertising$17,231$41,403-$58,634
Fees for Services Accounting-$43,500-$43,500
Total Functional Expenses$24,050,222$3,860,859$926,183$28,837,264

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$28,837,264
Expenses per Audited Statements$27,349,197
Total Expenses per Audited Statements$26,978,926
Expenses Not Reported on Financial Statements$1,488,067
Other Expense Adjustments$1,488,067
Expenses Not Reported on Form 990$-370,271
International Activity

International Summary

Offices
0
Employees
0
Spending
$18,130,721

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
North America - Canada and Mexico, But But Not the United StatesInvestments-00$5,772,674
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments-00$5,278,129
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestments-00$4,545,716
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Investments-00$2,534,202
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$507,264
Fundraising Direct Expenses$205,073
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$536,928$333,498$22,239$311,259
Fall Fair$100,528$89,528$46,538$42,990
Total Events$721,694$507,264$205,073$302,191
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Postretirement Benefits Payable$12,538,946

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADormitory Authority of the State of New York2010-01-25$6,500,000Renovation of the lower school

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$6,500,000--$95,946

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
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 A, Line 2

Frank ingrassia and elizabeth ingrassia have a family relationship.

Form 990, Part VI, Section B, Line 11

The board of trustees receive an electronic form of the final 990 before it is filed with the irs. The trustees review the information on their own and are asked to direct any questions to the head of the school and director of finance. The 990 is discussed at a board meeting.

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

Friends academy monitors and enforces a conflict of interest policy. The policy clearly identifies areas of potential conflict, review procedures, and disclosure responsibilities. The policy is reviewed annually and each trustee and officer is required to sign an annual conflict of interest disclosure form. The policy clearly states that where a potential conflict of interest exists, it shall be the responsibility of the person involved to notify the board of trustees of the circumstances resulting in the potential conflict so that the board of trustees can provide guidance and take appropriate action. An officer or trustee who has a potential conflict of interest in a decision-making process shall recuse himself or herself from the decision-making process.

Form 990, Part VI, Section B, Line 15

The committee on compensation and conflicts consisting of four board members have the authority to fix the head of school's salary. Reasonable compensation is determined based upon performance and comparison of comparable institutions. The aforementioned process was completed in 2014 for 2015 salaries.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Friends Academy
EIN
11-1633485
Phone
5166760393
Address
270 DUCK POND ROAD, LOCUST VALLEY, NY 11560

Signing Officer

Name
Ann Marie Tidona
Title
Director of Finance
Phone
5166760393
Signed
2015-12-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ann Marie Tidona
Formed
1877
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
17
Employees
442
Volunteers
210

Preparer

Firm
Loeb & Troper Llp
Address
655 THIRD AVENUE 12TH FLOOR, NEW YORK, NY 10017
Preparer
Aaron Shapiro
Phone
2128674000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Post-retirement medical benefits plan adjustment 537,075.

Form 990, Part XI, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

PART V, LINE 4:

The donor restricted endowment fund assets are to be held in perpetuity. The income from the assets are used to support the academy's general activities.

PART X, LINE 2:

The academy has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Periods ending june 30, 2012 and subsequent remain subject to examination by applicable taxing authorities.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Investment fees -370,271. Postretirement benefit adjustment 537,075.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Scholarship - financial aid 1,536,800. Book store expenses -48,733.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Investment fees -370,271.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarship - financial aid 1,536,800. Book store expenses -48,733.

Raw XML AppendixShowing 400 of 940 raw XML fields

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/Desc0INSTRUCTION AND STUDENT ACTIVITIES - SEE SCHEDULE OACADEMICS: AS A QUAKER SCHOOL, FRIENDS ENDORSES THE PRINCIPLE THAT ALL STUDENTS HAVE WORTH AND ABILITY, AND OUR ACADEMIC PROGRAM PROVIDES THE OPPORTUNITY FOR EACH STUDENT TO FIND HIS OR HER OWN VOICE AND ACHIEVE EXCELLENCE.CHARACTER EDUCATION: A CENTER PIECE OF OUR PROGRAM IS COMMUNITY SERVICE, ONE OF THE ESSENTIAL QUAKER TESTIMONIES. WE OFFER AGE APPROPRIATE SERVICE OPPORTUNITIES FOR ALL OF OUR STUDENTS AS WE TEACH THEM THAT INDIVIDUALS CAN MAKE A DIFFERENCE IN THE WORLD.COLLEGE PREPARATION: WE ARE COMMITTED TO PREPARING STUDENTS NOT ONLY FOR COLLEGE, BUT ALSO FOR RESPONSIBLE CITIZENSHIP. TO THAT END, BEYOND COMMUNITY SERVICE, WE NURTURE LEADERSHIP, CIVIC RESPONSIBILITY, AND COMMUNITY ESPECIALLY IN TERMS OF EQUALITY AND DIVERSITY. FRIENDS SERVED APPROXIMATELY 780 STUDENTS IN 2015.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CO-PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt19US PRINCIPAL/ASSOC. HEAD
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIR OF ADMISSIONS & FINANCIAL AID
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF STUDENT LIFE
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IRS990/MissionDesc0THE SCHOOL'S PHILOSOPHY IS BASED ON THE QUAKER PRINCIPLES OF INTEGRITY, SIMPLICITY, PATIENCE, MODERATION AND PEACEFUL RESOLUTION OF CONFLICT, AND A BELIEF THAT THE SILENCE AND SIMPLE MINISTRY OF THE "GATHERED MEETING" BRINGS THE PRESENCE OF GOD INTO THE MIDST OF BUSY LIVES. FRIENDS IS COMMITTED TO DEVELOPING A DIVERSE COMMUNITY WHOSE MEMBERS VALUE EXCELLENCE IN LEARNING AND GROWTH IN KNOWLEDGE AND SKILL, A GENUINE COMMITMENT TO SERVICE AND ETHICAL ACTION, AND A REALIZATION THAT EVERY LIFE IS TO BE EXPLORED, CELEBRATED AND ENJOYED IN THE SPIRIT OF THE SOCIETY OF FRIENDS.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$125$23.4$102$35.1$38.8$3.76
2024Detailed filing. Detailed filing data is available for this year.$117$18.2$98.7$35.6$38.0$2.36
2023Detailed filing. Detailed filing data is available for this year.$111$16.4$94.1$33.7$36.3$2.59
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$107$15.4$91.6$33.6$33.3$0.36
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$118$16.1$102$30.4$38.9$8.53
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$110$14.8$95.0$31.5$30.4$1.05
2019Detailed filing. Detailed filing data is available for this year.$109$16.5$92.2$32.0$31.9$0.12
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$107$20.6$86.1$31.3$30.3$0.96
2017Detailed filing. Detailed filing data is available for this year.$102$31.3$70.7$31.3$30.6$0.69
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.3$29.4$63.0$29.8$29.7$0.11
2015Detailed filing. Detailed filing data is available for this year.$93.0$23.9$69.1$29.5$28.8$0.67
2014Detailed filing. Detailed filing data is available for this year.$92.2$24.3$67.9$29.0$28.4$0.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$86.6$23.1$63.4$27.8$27.2$0.63
2012Summary only. Only limited summary data is available for this year.$81.6$24.8$56.8$26.7$26.8$0.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.9$21.9$60.0$25.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.9$21.3$54.5$25.8
Peer Organizations

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