Civic Intelligence

Franklin Academy Incorporated

990 • Fiscal year 2021 • EIN 22-3843855

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 27, 2021

Organization ProfileWWW.FA-CT.ORG

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140 River RdEast Haddam, CT 06423

(860) 873-2700

Siviq Scores

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

Liabilities / Assets

96th percentile

1.25x

Higher debt load relative to assets than 96% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

88th percentile

1.54x

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

29th percentile

2.3%

Higher net margin than 29% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

81st percentile

$222,803

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

21st percentile

-1.0%

Faster asset growth than 21% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

35th percentile

2.5%

Faster revenue growth than 35% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$9,116,364

Down $94,543 (-1.0%) from 2020

Net Assets

Up

-$2,283,358

Up $170,888 (+7.0%) from 2020

Liabilities

Down

$11,399,722

Down $265,431 (-2.3%) from 2020

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin29th percentile

Revenue

Up

$7,416,320

Up $181,888 (+2.5%) from 2020

Expenses

Up

$7,245,432

Up $133,661 (+1.9%) from 2020

Net Income

Up

$170,888

Up $48,227 (+39%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

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

$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

2021

Assets$9,116,364
Liabilities$11,399,722
Net Assets-$2,283,358
Open 2021 Filing

Operations Trend

Revenue Growth35th percentile

Revenue, expenses, and net income across loaded years, with this 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

2021

Revenue$7,416,320
Expenses$7,245,432
Net Income$170,888
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 27, 2021
Return Version
2020v4.0
Gross Receipts
$7,455,106
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,611,504$8,435,171▼ $176,333
Cash and Non-Interest-Bearing Accounts$365,280$391,409▲ $26,129
Accounts Receivable$172,520$224,210▲ $51,690
Prepaid Expenses and Deferred Charges$15,599$40,020▲ $24,421
Intangible Assets$6,012$5,622▼ $390
Inventories for Sale or Use$597$581▼ $16
Pledges and Grants Receivable$250--
Total Assets$9,210,907$9,116,364▼ $94,543
Other Assets Total$39,145$19,351▼ $19,794
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,324,006$8,912,256▼ $411,750
Deferred Revenue$1,425,556$2,331,400▲ $905,844
Unsecured Notes Loans Payable$706,600--
Accounts Payable and Accrued Expenses$208,991$156,066▼ $52,925
Total Liabilities$11,665,153$11,399,722▼ $265,431
Net Assets / Fund Balance
Net Assets With Donor Restrictions$12,150$12,150→ $0
Net Assets Without Donor Restrictions$-2,466,396$-2,295,508▲ $170,888
Total Net Assets Fund Balance$-2,454,246$-2,283,358▲ $170,888
Total Liabilities and Net Assets / Fund Balance$9,210,907$9,116,364▼ $94,543

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,723,400$1,322,479$6,045,879
Leasehold Improvements$2,786,681$1,628,864$4,415,545
Equipment$96,194$816,975$913,169
Land$826,885-$826,885
Other Land Buildings$2,011$622,860$624,871
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
A Fred WeissbachHead of SchoFT$206,350$16,453$222,803
A Fred WeissbachHead of School-$206,350$16,453$222,803
Cynthia PopeAdmissions DFT$121,500$8,671$130,171
Rebecca HaysProgram DireFT$108,000$15,751$123,751
Mary MurphyDevelopmentFT$118,500$3,886$122,386
Seymore HaysAsst Head ofFT$116,500$4,906$121,406
Leland BarsomOperations DFT$108,500$8,281$116,781

Board Members and Trustees

NameTitle
Belinda BrennanChair
Robert SherlockVice-chair/t
Bruce DutchBoard Member
David YoungBoard Member
Henry SchreiberBoard Member
Michelle PetrykBoard Member
Nancy AltschulerBoard Member
Norma FoxBoard Member
Peyton PettyBoard Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Dining ServicesDining Services1402 YORK ROAD, Lutherville, MD 21093$306,118
Hearst Media Services CtMarketing301 MERRITT 7 - SUITE 1, Norwalk, CT 06851$122,110
Revenue and Support

Revenue Composition

Contributions and Grants
$1,084,326
Program Service Revenue
$6,355,181
Investment Income
$-34,286
Other Revenue
$11,099
All Other Contributions
$377,726
Change in Net Assets
$170,888

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,416,320
Total Revenue per Audited Statements
$7,416,320
Total Revenue per Form 990
$7,416,320
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,650,694
Other Expenses$2,467,738
Total Fundraising Expense$230,978
Grants and Similar Amounts Paid$127,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,048,534$697,772$107,646$2,853,952
Other Employee Benefits$1,060,497$154,021$23,981$1,238,499
Interest$371,176$83,574-$454,750
Depreciation Depletion$318,424$56,192-$374,616
Payroll Taxes$179,673$65,156$15,125$259,954
Current Officers, Directors, Trustees, and Key Employees$70,751$70,751$70,751$212,253
Occupancy$155,675$24,946-$180,621
Information Technology$117,107$16,254-$133,361
Grants to Domestic Individuals$127,000--$127,000
Advertising-$116,837-$116,837
All Other Expenses$96,092$16,116-$112,208
Insurance$84,403$12,347-$96,750
Other Expenses$81,097$14,311-$95,408
Pension Plan Contributions$60,225$21,509$4,302$86,036
Office Expenses$67,592$12,003$4,711$84,306
Fees for Services Other$39,555$21,259-$60,814
Fees for Services Accounting-$19,695-$19,695
Travel$12,776$6,899-$19,675
Conferences and Meetings-$9,270$4,462$13,732
Fees for Services Legal-$7,206-$7,206
Total Functional Expenses$5,525,856$1,488,598$230,978$7,245,432

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,245,432
Total Expenses per Audited Statements$7,245,432
Total Expenses per Form 990$7,245,432
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,099
Professional Fundraising Fees$0
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
Fred WeissbachKey EmployeeRental of PropertyNo-
Josh WeissbachFamily MemberEmploymentNo-
Mary MurphyKey EmployeeRental of PropertyNo-
Tom Rebecca HaysKey EmployeesRental of PropertyNo-
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
A Fred Weissbach
Title
Head of School
Phone
8608732700
Signed
2021-03-27

Organization Details

Principal Officer
Belinda Brennan
Formed
2001
Legal Domicile
Ct
Voting Board Members
9
Independent Board Members
9
Employees
79

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 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.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9HEAD OF SCHO
IRS990/Form990PartVIISectionAGrp/TitleTxt10ADMISSIONS D
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DEVELOPMENT
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IRS990/InsuranceGrp/ManagementAndGeneralAmt012347
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IRS990/InsuranceGrp/TotalAmt096750
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IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0FRANKLIN 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.
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt08912256
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IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-34286
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt024946
IRS990/OccupancyGrp/ProgramServicesAmt0155675
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt012003
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IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc1REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/Desc2PREPAID TUITION DISCOUNTS
IRS990/OtherExpensesGrp/Desc3COVID 19 TESTING & SUPPLI
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IRS990/OtherExpensesGrp/ProgramServicesAmt2153950
IRS990/OtherExpensesGrp/ProgramServicesAmt381097
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IRS990/OtherExpensesGrp/TotalAmt1196655
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt02048534
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IRS990/PensionPlanContributionsGrp/FundraisingAmt04302
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IRS990/PYContributionsGrantsAmt0156291
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,116,364
Liabilities
$11,399,722
Net assets
-$2,283,358
Revenue
$7,416,320
Expenses
$7,245,432
Net income
$170,888
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
2021Detailed filing. Detailed filing data is available for this year.$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