Civic Intelligence

The Franklin Academy Inc

EIN 22-3843855 • 501(c)3 • East Haddam, CT

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Profile

Franklin academy is an accredited college preparatory boarding school, serving boys and girls in grades 8-12. Franklin creates a community- focused boarding and day school where students with unique learning styles develop and strengthen academic and social competencies vital to the pursuit of college goals, professional aspirations, and fulfilling lives.

Refreshing map…

140 River RdEast Haddam, CT 06423

www.fa-ct.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

1.34x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

1.48x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

23rd percentile

-7.2%

Higher net margin than 23% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

79th percentile

$214,289

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

17th percentile

-5.7%

Faster asset growth than 17% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

22nd percentile

-8.1%

Faster revenue growth than 22% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$8,634,571

Down $524,744 (-5.7%) from 2023

Liabilities

Up

$11,549,147

Up $35,672 (+0.3%) from 2023

Net Assets

Down

-$2,914,576

Down $560,416 (-24%) from 2023

Operations
Liabilities / Revenue88th percentileNet Margin23rd percentile

Revenue

Down

$7,778,324

Down $685,081 (-8.1%) from 2023

Expenses

Down

$8,338,740

Down $52,578 (-0.6%) from 2023

Net Income

Down

-$560,416

Down $632,503 (-877%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth17th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0-$5.0MAssets 2011: $4,979,111Liabilities 2011: $9,218,932Net Assets 2011: -$4,239,8212011Assets 2012: $4,968,169Liabilities 2012: $8,424,154Net Assets 2012: -$3,455,9852012Assets 2013: $5,274,559Liabilities 2013: $7,988,490Net Assets 2013: -$2,713,9312013Assets 2014: $4,782,664Liabilities 2014: $7,476,304Net Assets 2014: -$2,693,6402014Assets 2015: $4,959,123Liabilities 2015: $7,666,550Net Assets 2015: -$2,707,4272015Assets 2016: $10,070,067Liabilities 2016: $12,477,393Net Assets 2016: -$2,407,3262016Assets 2017: $9,707,112Liabilities 2017: $12,364,952Net Assets 2017: -$2,657,8402017Assets 2018: $9,701,035Liabilities 2018: $12,823,875Net Assets 2018: -$3,122,8402018Assets 2019: $9,311,916Liabilities 2019: $11,888,823Net Assets 2019: -$2,576,9072019Assets 2020: $9,210,907Liabilities 2020: $11,665,153Net Assets 2020: -$2,454,2462020Assets 2021: $9,116,364Liabilities 2021: $11,399,722Net Assets 2021: -$2,283,3582021Assets 2022: $8,906,853Liabilities 2022: $11,333,100Net Assets 2022: -$2,426,2472022Assets 2023: $9,159,315Liabilities 2023: $11,513,475Net Assets 2023: -$2,354,1602023Assets 2024: $8,634,571Liabilities 2024: $11,549,147Net Assets 2024: -$2,914,5762024

Highlighted filing

2024

Assets$8,634,571
Liabilities$11,549,147
Net Assets-$2,914,576
Open 2024 Filing

Operations Trend

Revenue Growth22nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2011: $7,081,948Expenses 2011: $6,825,519Net Income 2011: $256,4292011Revenue 2012: $7,187,013Expenses 2012: $7,220,883Net Income 2012: -$33,8702012Revenue 2013: $7,315,927Expenses 2013: $7,224,036Net Income 2013: $91,8912013Revenue 2014: $8,065,837Expenses 2014: $8,045,546Net Income 2014: $20,2912014Revenue 2015: $6,816,576Expenses 2015: $6,830,363Net Income 2015: -$13,7872015Revenue 2016: $7,097,902Expenses 2016: $6,797,801Net Income 2016: $300,1012016Revenue 2017: $6,671,854Expenses 2017: $6,922,368Net Income 2017: -$250,5142017Revenue 2018: $6,689,342Expenses 2018: $7,154,342Net Income 2018: -$465,0002018Revenue 2019: $7,797,679Expenses 2019: $7,251,746Net Income 2019: $545,9332019Revenue 2020: $7,234,432Expenses 2020: $7,111,771Net Income 2020: $122,6612020Revenue 2021: $7,416,320Expenses 2021: $7,245,432Net Income 2021: $170,8882021Revenue 2022: $7,524,694Expenses 2022: $7,667,583Net Income 2022: -$142,8892022Revenue 2023: $8,463,405Expenses 2023: $8,391,318Net Income 2023: $72,0872023Revenue 2024: $7,778,324Expenses 2024: $8,338,740Net Income 2024: -$560,4162024

Highlighted filing

2024

Revenue$7,778,324
Expenses$8,338,740
Net Income-$560,416
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$8,634,571
Liabilities
$11,549,147
Net assets
-$2,914,576
Revenue
$7,778,324
Expenses
$8,338,740
Net income
-$560,416
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.63$11.5$2.91$7.78$8.34$0.56
2023Summary only. Only limited summary data is available for this year.$9.16$11.5$2.35$8.46$8.39$0.07
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.91$11.3$2.43$7.52$7.67$0.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.12$11.4$2.28$7.42$7.25$0.17
2020Summary only. Only limited summary data is available for this year.$9.21$11.7$2.45$7.23$7.11$0.12
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.31$11.9$2.58$7.80$7.25$0.55
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.70$12.8$3.12$6.69$7.15$0.47
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.71$12.4$2.66$6.67$6.92$0.25
2016Detailed filing. Detailed filing data is available for this year.$10.1$12.5$2.41$7.10$6.80$0.30
2015Summary only. Only limited summary data is available for this year.$4.96$7.67$2.71$6.82$6.83$0.01
2014Summary only. Only limited summary data is available for this year.$4.78$7.48$2.69$8.07$8.05$0.02
2013Summary only. Only limited summary data is available for this year.$5.27$7.99$2.71$7.32$7.22$0.09
2012Summary only. Only limited summary data is available for this year.$4.97$8.42$3.46$7.19$7.22$0.03
2011Summary only. Only limited summary data is available for this year.$4.98$9.22$4.24$7.08$6.83$0.26
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 12, 2025
Return Version
2023v6.0
Gross Receipts
$7,778,324
Mission and Program Overview

Mission

Franklin academy is an accredited college preparatory boarding school, serving boys and girls in grades 8-12. Franklin creates a community- focused boarding and day school where students with unique learning styles develop and strengthen academic and social competencies vital to the pursuit of college goals, professional aspirations, and fulfilling lives.

Franklin academy is an accredited college preparatory boarding school, serving bright students in grades 8-12, and pg. Franklin creates a community-focused boarding and day school where students with unique learning styles develop and strengthen academic and social competencies vital to the pursuit of college goals, professional aspirations, and fulfilling lives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,096,619$7,988,893▼ $107,726
Cash and Non-Interest-Bearing Accounts$693,285$270,620▼ $422,665
Loans From Officers Directors-$150,000-
Accounts Receivable$90,521$100,480▲ $9,959
Pledges and Grants Receivable$152,000$95,000▼ $57,000
Prepaid Expenses and Deferred Charges$85,474$38,906▼ $46,568
Inventories for Sale or Use$40$57▲ $17
Total Assets$9,159,315$8,634,571▼ $524,744
Other Assets Total$41,376$140,615▲ $99,239
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,586,140$8,517,007▼ $69,133
Deferred Revenue$2,697,600$2,245,981▼ $451,619
Accounts Payable and Accrued Expenses$208,609$497,794▲ $289,185
Other Liabilities$21,126$123,365▲ $102,239
Unsecured Notes Loans Payable-$15,000-
Total Liabilities$11,513,475$11,549,147▲ $35,672
Net Assets / Fund Balance
Net Assets With Donor Restrictions$92,413$15,770▼ $76,643
Net Assets Without Donor Restrictions$-2,446,573$-2,930,346▼ $483,773
Total Net Assets Fund Balance$-2,354,160$-2,914,576▼ $560,416
Total Liabilities and Net Assets / Fund Balance$9,159,315$8,634,571▼ $524,744

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,258,329$1,787,550$6,045,879
Leasehold Improvements$2,545,996$2,126,532$4,672,528
Equipment$345,853$915,335$1,261,188
Land$826,885-$826,885
Other Land Buildings$11,830$626,048$637,878
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
A Fred WeissbachPresidentFT$201,550$12,739$214,289
Leland BarsomOperations DFT$128,500$17,706$146,206
Cynthia PopeAdmissions DFT$128,514$9,432$137,946
Seymore HaysHead of SchoFT$123,514$8,982$132,496

Board Members and Trustees

NameTitle
Belinda BrennanChair
Robert SherlockVice-chair
Albert Brayson IiiBoard Member
Bruce DutchBoard Member
David YoungBoard Member
Denise MannBoard Member
Fong WangBoard Member
Henry SchreiberBoard Member
Jodi GlouBoard Member
Michelle PetrykBoard Member
Nancy AltschulerBoard Member
Beatrice AldaSecretary
Norma FoxTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Dining ServicesDining Services1402 YORK ROAD, Lutherville, MD 21093$574,135
Hearst Media Services CtMarketing301 MERRITT 7 - SUITE 1, Norwalk, CT 06851$163,960
Revenue and Support

Revenue Composition

Contributions and Grants
$315,042
Program Service Revenue
$7,463,282
Investment Income
$0
Other Revenue
$0
All Other Contributions
$219,222
Change in Net Assets
$-560,416

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,778,324
Total Revenue per Audited Statements
$7,778,324
Total Revenue per Form 990
$7,778,324
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,229,924
Other Expenses$2,972,316
Total Fundraising Expense$240,163
Grants and Similar Amounts Paid$136,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,294,704$921,596$104,932$3,321,232
Other Employee Benefits$1,146,428$156,995$27,936$1,331,359
Interest$382,676$68,123$37$450,836
Depreciation Depletion$317,656$56,057-$373,713
Payroll Taxes$200,793$63,829$13,386$278,008
Occupancy$203,015$31,488-$234,503
All Other Expenses$203,325$15,891$13,537$232,753
Current Officers, Directors, Trustees, and Key Employees$69,151$69,151$69,151$207,453
Advertising-$180,263$897$181,160
Insurance$120,644$18,830-$139,474
Grants to Domestic Individuals$136,500--$136,500
Information Technology$89,700$15,829-$105,529
Pension Plan Contributions$68,904$18,374$4,594$91,872
Other Expenses$69,148$4,800-$73,948
Fees for Services Other$56,860$13,415-$70,275
Office Expenses$46,715$14,287$702$61,704
Fees for Services Accounting-$43,240-$43,240
Travel$21,568$16,830$3,476$41,874
Fees for Services Legal-$15,220-$15,220
Conferences and Meetings-$5,378$1,515$6,893
Total Functional Expenses$6,272,943$1,825,634$240,163$8,338,740

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,338,740
Total Expenses per Audited Statements$8,338,740
Total Expenses per Form 990$8,338,740
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
School Auction$95,820---
Total Events$95,820---
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
Amy PaxsonFamily MemberEmploymentNo-
Bruce DutchBoard MemberRental of PropertyNo-
Fred WeissbachKey EmployeeRental of PropertyNo-
Josh WeissbachFamily MemberEmploymentNo-
Rebecca HaysFamily MemberEmploymentNo-
Robert SherlockBoard MemberShort Term LoanNo-
Seymore HaysKey EmployeeRental of PropertyNo-

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$150,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liabilities$123,365
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 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
Yes
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, Page 6, Part VI, Line 11B

“The form 990 is reviewed by the entire board of trustees prior to the filing of the return.”

Form 990, Page 6, Part VI, Line 12C

“Regular meetings are held where this issue can be discussed.”

Form 990, Page 6, Part VI, Line 15A

“Compensation decisions are determined by the board.”

Form 990, Page 6, Part VI, Line 15B

“Compensation decisions are determined by the board.”

Form 990, Page 6, Part VI, 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
The Franklin Academy Inc
EIN
22-3843855
Phone
8608732700
Address
140 RIVER RD, EAST HADDAM, CT 06423

Signing Officer

Name
Belinda Brennan
Title
Chair
Phone
8608732700
Signed
2025-05-12

Organization Details

Principal Officer
Belinda Brennan
Formed
2001
Legal Domicile
Ct
Voting Board Members
13
Independent Board Members
13
Employees
76

Preparer

Firm
COMER & COMPANY CPA'S LLC
Address
61 MAIN STREET, MIDDLETOWN, CT 06457-3408
Preparer
Thomas D Comer CPA
Phone
8603462100
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Franklin academy is an accredited college preparatory boarding school, serving bright students in grades 8-12, and pg. Franklin creates a community-focused boarding and day school where students with unique learning styles develop and strengthen academic and social competencies vital to the pursuit of college goals, professional aspirations, and fulfilling lives.”

Raw XML AppendixShowing 400 of 597 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.

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt0100480
IRS990/ActivitiesConductedPrtshpInd0false
IRS990/ActivityOrMissionDesc0FRANKLIN ACADEMY IS AN ACCREDITED COLLEGE PREPARATORY BOARDING SCHOOL, SERVING BRIGHT STUDENTS IN GRADES 8-12, AND PG. FRANKLIN CREATES A COMMUNITY-FOCUSED BOARDING AND DAY SCHOOL WHERE STUDENTS WITH UNIQUE LEARNING STYLES DEVELOP AND STRENGTHEN ACADEMIC AND SOCIAL COMPETENCIES VITAL TO THE PURSUIT OF COLLEGE GOALS, PROFESSIONAL ASPIRATIONS, AND FULFILLING LIVES.
IRS990/AdvertisingGrp/FundraisingAmt0897
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IRS990/CashNonInterestBearingGrp/BOYAmt0693285
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IRS990/CYContributionsGrantsAmt0315042
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IRS990/CYRevenuesLessExpensesAmt0-560416
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IRS990/Desc0FRANKLIN ACADEMY IS AN ACCREDITED COLLEGE PREPARATORY BOARDING SCHOOL, SERVING BOYS AND GIRLS IN GRADES 8-12 WHO HAVE BEEN IDENTIFIED WITH NONVERBAL LEARNING DISABILITIES OR DIAGNOSED WITH AUTISM SPECTRUM DISORDERS, INCLUDING ASPERGER'S SYNDROME. INCLUDED IN THIS STUDENT POPULATION IS A SMALL NUMBER OF POSTGRADUATE STUDENTS WHO FIT THE NLD/ASD PROFILE. THE SCHOOL IS DEDICATED TO MEETING THE ACADEMIC AND SOCIAL NEEDS OF THESE STUDENTS IN A SAFE AND STRUCTURED ENVIRONMENT.
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