Civic Intelligence

Episcopal Academy

990 • Fiscal year 2016 • EIN 23-1370500

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 23, 2017

1785 Bishop White DriveNewtown Square, PA 19073

(484) 424-1420

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.11x

Higher debt load relative to assets than 23% of similar nonprofits.

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

Liabilities / Revenue

53rd percentile

0.56x

Higher debt load relative to revenue than 53% of similar nonprofits.

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

Net Margin

27th percentile

-2.0%

Higher net margin than 27% of similar nonprofits.

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

Top Officer Pay

58th percentile

$557,057

Higher top officer pay than 58% of similar nonprofits.

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

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

Asset Growth

19th percentile

-4.0%

Faster asset growth than 19% of similar nonprofits.

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

Revenue Growth

36th percentile

-0.9%

Faster revenue growth than 36% of similar nonprofits.

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

Assets

Down

$237,071,180

Down $9,988,893 (-4.0%) from 2015

Net Assets

Down

$211,783,576

Down $4,557,338 (-2.1%) from 2015

Liabilities

Down

$25,287,604

Down $5,431,555 (-18%) from 2015

Revenue

Down

$44,792,280

Down $397,874 (-0.9%) from 2015

Expenses

Up

$45,670,007

Up $915,374 (+2.0%) from 2015

Net Income

Down

-$877,727

Down $1,313,248 (-302%) from 2015

Historical Trend

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $255,589,701Liabilities 2010: $42,427,630Net Assets 2010: $213,162,0712010Assets 2011: $254,774,251Liabilities 2011: $38,073,555Net Assets 2011: $216,700,6962011Assets 2012: $248,510,384Liabilities 2012: $35,390,929Net Assets 2012: $213,119,4552012Assets 2013: $246,063,295Liabilities 2013: $30,976,762Net Assets 2013: $215,086,5332013Assets 2014: $252,610,509Liabilities 2014: $30,943,441Net Assets 2014: $221,667,0682014Assets 2015: $247,060,073Liabilities 2015: $30,719,159Net Assets 2015: $216,340,9142015Assets 2016: $237,071,180Liabilities 2016: $25,287,604Net Assets 2016: $211,783,5762016Assets 2017: $245,529,312Liabilities 2017: $23,315,242Net Assets 2017: $222,214,0702017Assets 2018: $249,582,612Liabilities 2018: $21,860,595Net Assets 2018: $227,722,0172018Assets 2019: $266,352,093Liabilities 2019: $25,370,917Net Assets 2019: $240,981,1762019Assets 2020: $269,313,676Liabilities 2020: $23,339,120Net Assets 2020: $245,974,5562020Assets 2021: $290,673,894Liabilities 2021: $23,494,901Net Assets 2021: $267,178,9932021Assets 2022: $285,908,230Liabilities 2022: $23,861,011Net Assets 2022: $262,047,2192022Assets 2023: $302,553,987Liabilities 2023: $23,626,650Net Assets 2023: $278,927,3372023

Highlighted filing

2016

Assets$237,071,180
Liabilities$25,287,604
Net Assets$211,783,576

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $42,078,4652010Expenses 2011: $42,073,2332011Revenue 2012: $42,837,650Expenses 2012: $44,110,211Net Income 2012: -$1,272,5612012Revenue 2013: $43,690,628Expenses 2013: $44,821,132Net Income 2013: -$1,130,5042013Revenue 2014: $45,321,742Expenses 2014: $44,042,322Net Income 2014: $1,279,4202014Revenue 2015: $45,190,154Expenses 2015: $44,754,633Net Income 2015: $435,5212015Revenue 2016: $44,792,280Expenses 2016: $45,670,007Net Income 2016: -$877,7272016Revenue 2017: $57,083,990Expenses 2017: $48,284,996Net Income 2017: $8,798,9942017Revenue 2018: $51,712,883Expenses 2018: $48,621,897Net Income 2018: $3,090,9862018Revenue 2019: $61,333,922Expenses 2019: $51,520,930Net Income 2019: $9,812,9922019Revenue 2020: $57,388,328Expenses 2020: $52,986,794Net Income 2020: $4,401,5342020Revenue 2021: $56,548,486Expenses 2021: $52,796,713Net Income 2021: $3,751,7732021Revenue 2022: $65,492,381Expenses 2022: $57,477,386Net Income 2022: $8,014,9952022Revenue 2023: $70,693,752Expenses 2023: $57,548,966Net Income 2023: $13,144,7862023

Highlighted filing

2016

Revenue$44,792,280
Expenses$45,670,007
Net Income-$877,727
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 23, 2017
Return Version
2015v3.0
Gross Receipts
$48,572,904
Mission and Program Overview

Mission

Challenging and nurturing mind, body, and spirit, we inspire boys and girls to lead lives of purpose, faith, and integrity.

Independent school education for grades pre-k through 12.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$178,239,203$175,424,146▼ $2,815,057
Investments in Publicly Traded Securities$47,726,200$44,824,721▼ $2,901,479
Savings and Temporary Cash Investments$9,558,553$5,452,005▼ $4,106,548
Investments Other Securities$3,441,502$3,361,865▼ $79,637
Pledges and Grants Receivable$3,533,103$2,830,166▼ $702,937
Prepaid Expenses and Deferred Charges$1,229,666$1,330,353▲ $100,687
Accounts Receivable$902,287$713,487▼ $188,800
Inventories for Sale or Use$41,575$49,145▲ $7,570
Cash and Non-Interest-Bearing Accounts$20$77▲ $57
Total Assets$247,060,073$237,071,180▼ $9,988,893
Other Assets Total$2,387,964$3,085,215▲ $697,251
Liabilities
Tax Exempt Bond Liabilities$17,056,386$16,154,967▼ $901,419
Deferred Revenue$8,914,414$4,754,951▼ $4,159,463
Accounts Payable and Accrued Expenses$3,434,607$3,177,592▼ $257,015
Other Liabilities$1,183,385$1,134,911▼ $48,474
Mortgage Notes Payable Secured by Investment Property$130,367$65,183▼ $65,184
Total Liabilities$30,719,159$25,287,604▼ $5,431,555
Net Assets / Fund Balance
Unrestricted Net Assets$191,193,548$186,602,453▼ $4,591,095
Permanently Rstr Net Assets$17,472,741$17,526,365▲ $53,624
Temporarily Rstr Net Assets$7,674,625$7,654,758▼ $19,867
Total Net Assets Fund Balance$216,340,914$211,783,576▼ $4,557,338
Total Liabilities and Net Assets / Fund Balance$247,060,073$237,071,180▼ $9,988,893

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$139,292,124$33,078,989$172,371,113
Land$31,192,214-$31,192,214
Equipment$4,939,808$5,934,973$10,874,781

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$50,935,639$1,283,353▼ $1,810,859$1,038,741$48,168,173
2014$53,173,533$1,517,115▼ $1,578,637$961,339$50,935,639
2013$42,104,483$3,558,196▲ $9,229,548-$53,173,533
2012$36,827,159$2,546,697▲ $4,329,738-$42,104,483
2011$35,133,575$3,824,166▼ $753,734$700,115$36,827,159
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Thomas J LockeHead of SchoolFT$354,546$202,511$557,057
Catherine HallAsst. Head of SchoolFT$196,365$67,870$264,235
Ellen UrbanskiDirector of Institutional AdvancementFT$210,265$17,608$227,873
James SquireChaplainFT$144,247$73,895$218,142
Larry CapuzziBusiness ManagerFT$174,924$6,418$181,342
Mark NotaroDirector of OperationsFT$131,079$50,177$181,256
Delvin DinkinsHead of Upper SchoolFT$166,114$9,129$175,243
Stephen MorrisHead of Middle SchoolFT$144,992$16,367$161,359
Terrence MaloneHead of Lower SchoolFT$138,226$13,534$151,760
Cheryl MclauchlanForm DeanFT$130,433$19,303$149,736

Highest Paid Contractors

ContractorServicesLocationCompensation
Southampton Window Cleaning JanitorJanitorial ServicesPO BOX 542, Southampton, PA 18966$702,158
King Sports TurfContractorPO BOX 1036, Mount Wolf, PA 17347$420,576
Eagle Wolfington Leasing CorpTransportationPO BOX 218, Exton, PA 19341$204,327
Blue Sky InternationalContractor534 BRIGHTON WAY, Phoenixville, PA 19460$155,760
Nagle Athletic SurfacesContractor6597 JOY ROAD, East Syracuse, NY 13057$146,993
Revenue and Support

Revenue Composition

Contributions and Grants
$5,342,237
Program Service Revenue
$36,738,583
Investment Income
$2,250,148
Other Revenue
$461,312
All Other Contributions
$4,838,907
Change in Net Assets
$-877,727

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 Traded51$794,471Nyse and Nasdaq
Books and Publications-$164,065Purchase Price
Total Noncash Contributions51$958,536-

Audited Revenue Reconciliation

Revenue per Audited Statements
$46,627,957
Revenue Not Reported on Financial Statements
$-1,835,677
Revenue Not Reported on Form 990
$-11,836,914
Other Revenue Adjustments
$-1,944,195
Total Revenue per Audited Statements
$34,791,043
Total Revenue per Form 990
$44,792,280
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$25,417,076
Other Expenses$13,159,605
Grants and Similar Amounts Paid$7,083,954
Total Fundraising Expense$2,146,375
Professional Fundraising Fees$9,372

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$16,406,358$2,751,860$932,828$20,091,046
Grants to Domestic Individuals$7,023,446--$7,023,446
Depreciation Depletion$3,863,215$647,982$219,654$4,730,851
Occupancy$1,465,143$245,750$83,305$1,794,198
Payroll Taxes$1,209,234$202,826$68,754$1,480,814
Current Officers, Directors, Trustees, and Key Employees$961,955$185,870$235,105$1,382,930
Pension Plan Contributions$1,048,279$175,829$59,603$1,283,711
Other Employee Benefits$962,425$161,429$54,721$1,178,575
Office Expenses$998,778$50,468$71,078$1,120,324
Fees for Services Other$1,019,068$16,551$3,197$1,038,816
Information Technology$644,179$28,159$9,545$681,883
Travel$658,994--$658,994
Interest$471,324$79,056$26,798$577,178
Insurance$395,413$66,323$22,482$484,218
Advertising$125,749$41,748$99,205$266,702
All Other Expenses$175,815$30,302$11,588$217,705
Fees for Services Legal$130,818$21,942$7,438$160,198
Fees for Service Investment Mgmnt Fees-$108,518-$108,518
Other Expenses$82,258$13,797$4,676$100,731
Conferences and Meetings$37,036$8,736$27,713$73,485
Fees for Services Accounting$49,862$8,363$2,835$61,060
Foreign Grants$60,508--$60,508
Fees for Services Professional Fundraising--$9,372$9,372
Total Functional Expenses$38,678,123$4,845,509$2,146,375$45,670,007

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$45,670,007
Total Expenses per Audited Statements$40,349,659
Expenses per Audited Statements$38,405,464
Expenses Not Reported on Financial Statements$7,264,543
Other Expense Adjustments$7,156,025
Expenses Not Reported on Form 990$1,944,195
International Activity

International Summary

Offices
0
Employees
0
Spending
$3,422,373

International Compliance

Foreign grant records maintained
Yes
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
Central America and the CaribbeanInvestments-00$3,361,865
Central America and the CaribbeanProgram ServicesThe Organization Organized and Financially Supported the Building of a School and Water Filtration System as Part of Its Mission to Educate Students to Live Purposefully and With Faith and Integrity.00$60,508
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$365,724
Fundraising Gross Income$200,236
Professional Fundraising Fees$9,372

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Starfest Auction$311,065$169,425$25,277$144,148
House Tour$71,245$8,608$5,325$3,283
Total Events$499,339$200,236$365,724$-165,488
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Discount for Future Interests$834,542
Deferred Compensation$215,083
Agency Funds$61,307
Interest Payable$23,979

Bond Issues

BondIssuerIssuedIssue PricePurpose
BDelaware County Industrial Development Authority2012-12-07$10,500,000Repayment of prior bonds used for financing costs of construction project
CUpper Darby Industrial Development Authority2004-12-23$9,300,000Land acquisition and preliminary site improvements
AUpper Darby Industrial Development Authority2006-12-07$2,500,000Financing partial costs of acquisition, construction & equipping new campus

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$10,500,000---
C$9,300,000---
A$2,500,000-$6,445,033$50,000

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
Yes
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 B, Line 11

The school compiles all necessary schedules and information for the tax preparer to upload into the return. Once prepared by the tax preparer, a draft copy of the 990 is circulated amongst the audit committee for review and discussion with the business manager, controller and tax preparer. The audit committee then votes to recommend the draft 990 be submitted to the board of trustees for their approval. The draft 990 is uploaded to the board portal for 10 days for the board of trustees to review and approve.

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

Members of the governing board submit a related party and conflict of interest questionnaire annually. The board liaison, an employee with the school, reviews the forms for any conflicts of interest. Board members with an actual or potential conflict of interest recuse themselves from the meeting and do not vote on the matter causing the conflict of interest. Other parties who may exert influence over the school, such as committee members who may not otherwise sit on the board, may also be asked to sign an annual questionnaire. Family and business relationships are expressly mentioned in the conflict of interest questionnaire form.

Form 990, Part VI, Section B, Line 15

The executive committee of the board is responsible for setting and determining the compensation of the head of school. National peer school data (index) and local independent school data is gathered in order to make comparisons to ensure executive compensation is within fair market value in the industry. Decisions of this committee regarding compensation are documented.

Form 990, Part VI, Section C, Line 19

The school makes its governing documents, conflict of interest policy, and financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
Episcopal Academy
EIN
23-1370500
Phone
4844241420
Address
1785 BISHOP WHITE DRIVE, NEWTOWN SQUARE, PA 19073

Signing Officer

Name
Larry Capuzzi
Title
Business Manager
Phone
4844241420
Signed
2017-02-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Thomas J Locke
Formed
1785
Legal Domicile
Pa
Voting Board Members
33
Independent Board Members
32
Employees
426
Volunteers
149

Preparer

Firm
Bbd Llp
Address
1835 MARKET STREET 26TH FLOOR, PHILADELPHIA, PA 19103
Preparer
Jennifer Solot
Phone
2155677770
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split interest agreements -63,091. Bad debt expense -583,337.

Financial Statement Notes

PART V, LINE 4:

It is the policy of the school to distribute up to 4.5% annually of the three year trailing average of the endowment's total market value. The calculation to arrive at the distribution for the final budget of each fiscal year will be made at june 30 using that year and the previous two years. The amount distributed is used to fund episcopal academy, up to but not limited to staff salaries, information technology, staff development, operations and maintenance, athletics, financial aid and scholarships, and administrative expenses.

PART X, LINE 2:

The school is a non-profit organization which has been determined by the internal revenue service to be exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The school accounts for uncertainties in income taxes in accordance with authoritative guidance, which prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The school believes there are no uncertainties which would require any recognition on tax benefits or tax liabilities for the years ended june 30, 2016 and 2015. The school's form 990 for the years ended june 30, 2016, 2015, 2014 and 2013 is subject to examination by the irs, generally for three years after they were filed.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Bad debt expense -583,337. Change in value of split interest agreements -63,091. Financial aid -7,023,446. Capital campaign expenses -132,577.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of goods sold -1,483,302. Fundraising expenses -365,724. Rental expenses -95,169.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 1,483,302. Fundraising expenses 365,724. Rental expense 95,169.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 7,023,446. Capital campaign expenses and other 132,579.

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IRS990/Desc0THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,250 STUDENTS.THE EPISCOPAL ACADEMY'S MISSION IS TO INSPIRE ITS STUDENTS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. THE SCHOOL'S COMMUNITY SERVICE WORK EXEMPLIFIES ALL THREE OF THOSE CHARACTERISTICS. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $7 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$303$23.6$279$70.7$57.5$13.1
2022Summary only. Only limited summary data is available for this year.$286$23.9$262$65.5$57.5$8.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$291$23.5$267$56.5$52.8$3.75
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$269$23.3$246$57.4$53.0$4.40
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$266$25.4$241$61.3$51.5$9.81
2018Detailed filing. Detailed filing data is available for this year.$250$21.9$228$51.7$48.6$3.09
2017Summary only. Only limited summary data is available for this year.$246$23.3$222$57.1$48.3$8.80
2016Detailed filing. Detailed filing data is available for this year.$237$25.3$212$44.8$45.7$0.88
2015Detailed filing. Detailed filing data is available for this year.$247$30.7$216$45.2$44.8$0.44
2014Summary only. Only limited summary data is available for this year.$253$30.9$222$45.3$44.0$1.28
2013Summary only. Only limited summary data is available for this year.$246$31.0$215$43.7$44.8$1.13
2012Summary only. Only limited summary data is available for this year.$249$35.4$213$42.8$44.1$1.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$255$38.1$217$42.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$256$42.4$213$42.1
Peer Organizations

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