Civic Intelligence

Episcopal Academy

990 • Fiscal year 2023 • EIN 23-1370500

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

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

21st percentile

0.08x

Higher debt load relative to assets than 21% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

34th percentile

0.33x

Higher debt load relative to revenue than 34% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

83rd percentile

19%

Higher net margin than 83% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

58th percentile

$992,022

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

55th percentile

5.8%

Faster asset growth than 55% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

63rd percentile

7.9%

Faster revenue growth than 63% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Assets

Flat

$302,553,987

Flat from 2023

Net Assets

Flat

$278,927,337

Flat from 2023

Liabilities

Flat

$23,626,650

Flat from 2023

Revenue

Flat

$70,693,752

Flat from 2023

Expenses

Flat

$57,548,966

Flat from 2023

Net Income

Flat

$13,144,786

Flat from 2023

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: $278,927,3372023Assets 2023: $302,553,987Liabilities 2023: $23,626,650Net Assets 2023: $278,927,3372023

Highlighted filing

2023

Assets$302,553,987
Liabilities$23,626,650
Net Assets$278,927,337

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: $13,144,7862023Revenue 2023: $70,693,752Expenses 2023: $57,548,966Net Income 2023: $13,144,7862023

Highlighted filing

2023

Revenue$70,693,752
Expenses$57,548,966
Net Income$13,144,786
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$76,212,402
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.

A co-educational independent day school for grades pre-k through twelve.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$155,481,360$151,443,976▼ $4,037,384
Investments in Publicly Traded Securities$86,697,468$99,887,427▲ $13,189,959
Savings and Temporary Cash Investments$17,264,097$20,302,411▲ $3,038,314
Pledges and Grants Receivable$11,649,876$14,046,317▲ $2,396,441
Investments Other Securities$9,900,001$9,900,000▼ $1
Prepaid Expenses and Deferred Charges$3,806,812$5,915,337▲ $2,108,525
Intangible Assets$676,957$649,062▼ $27,895
Accounts Receivable$380,800$327,160▼ $53,640
Inventories for Sale or Use$34,273$61,611▲ $27,338
Cash and Non-Interest-Bearing Accounts$16,586$20,686▲ $4,100
Total Assets$285,908,230$302,553,987▲ $16,645,757
Liabilities
Deferred Revenue$10,149,953$11,549,298▲ $1,399,345
Tax Exempt Bond Liabilities$8,575,842$7,833,115▼ $742,727
Accounts Payable and Accrued Expenses$4,675,811$3,895,036▼ $780,775
Other Liabilities$459,405$349,201▼ $110,204
Total Liabilities$23,861,011$23,626,650▼ $234,361
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$209,966,140$219,796,674▲ $9,830,534
Net Assets With Donor Restrictions$52,081,079$59,130,663▲ $7,049,584
Total Net Assets Fund Balance$262,047,219$278,927,337▲ $16,880,118
Total Liabilities and Net Assets / Fund Balance$285,908,230$302,553,987▲ $16,645,757

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$118,888,742$61,915,654$180,804,396
Land$31,192,214-$31,192,214
Equipment$1,363,020$15,338,619$16,701,639

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$96,472,122$6,398,051▲ $9,857,657$665,316$109,560,932
2021$101,712,362$11,185,196▼ $12,989,705$1,133,299$96,472,122
2020$78,514,854$6,474,221▲ $19,836,127$1,578,572$101,712,362
2019$75,509,056$2,995,972▲ $3,124,486$1,866,065$78,514,854
2018$68,418,545$5,906,209▲ $3,280,789$1,120,451$75,509,056
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Thomas J LockeHead of SchoolFT$708,417$283,605$992,022
Lawrence CapuzziChief Financial OfficerFT$300,064$36,641$336,705
Jennifer FiferDirector of Institutional AdvancementFT$244,746$28,061$272,807
Jennifer FiferDirector of Institutional Advancemen-$244,746$28,061$272,807
Mark NotaroChief Operating OfficerFT$199,421$61,226$260,647
Christopher TorinoAssistant Head of SchoolFT$227,011$27,475$254,486
Terrence MaloneHead of Lower SchoolFT$201,239$29,326$230,565
Michael LettsHead of Upper SchoolFT$197,102$24,214$221,316

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Dining Services INCDining Services1402 YORK ROAD, Lutherville, MD 21093$1,673,548
Southampton Window CleaningJanitorial Services726 PENNSYLVANIA AVENUE, Southampton, PA 18966$1,000,750
Ws Cumby INCConstruction Services938 LINCOLN AVENUE, Springfield, PA 19064$956,154
Johnson ControlsSustainability ServicesPO BOX 730068, Dallas, TX 75373$629,484
Krapf's CoachesTransportation1060 SAUNDERS LANE, West Chester, PA 19380$325,092
Revenue and Support

Revenue Composition

Contributions and Grants
$20,039,728
Program Service Revenue
$47,090,875
Investment Income
$3,612,017
Other Revenue
$-48,868
All Other Contributions
$19,295,269
Change in Net Assets
$13,144,786

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 Traded21$231,856Nyse and Nasdaq
Total Noncash Contributions21$231,856-

Audited Revenue Reconciliation

Revenue per Audited Statements
$58,620,101
Revenue Not Reported on Financial Statements
$12,073,651
Revenue Not Reported on Form 990
$8,797,148
Other Revenue Adjustments
$12,073,651
Total Revenue per Audited Statements
$67,417,249
Total Revenue per Form 990
$70,693,752
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$32,897,859
Other Expenses$15,665,015
Grants and Similar Amounts Paid$8,986,092
Total Fundraising Expense$2,979,997
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$22,548,063$2,446,924$988,282$25,983,269
Grants to Domestic Individuals$8,935,384--$8,935,384
Depreciation Depletion$4,786,026$519,381$209,772$5,515,179
Other Employee Benefits$1,915,001$207,817$83,935$2,206,753
Payroll Taxes$1,754,291$184,853$74,660$2,013,804
Occupancy$1,593,402$172,834$69,805$1,836,041
Pension Plan Contributions$1,346,463$146,119$59,015$1,551,597
Office Expenses$1,265,960$28,683$10,923$1,305,566
Fees for Services Other$1,112,543$120,734$48,762$1,282,039
Travel$1,169,139$9,041$29,361$1,207,541
Current Officers, Directors, Trustees, and Key Employees$802,985$333,097$6,354$1,142,436
Information Technology$608,478$39,405$15,915$663,798
All Other Expenses$502,195$30,460$52,037$584,692
Insurance$256,899$27,879$11,260$296,038
Interest$224,957$24,412$9,860$259,229
Other Expenses$137,838$33,347$3,252$137,838
Fees for Services Legal$84,688$9,460$33,649$127,797
Advertising$57,755$5,217$52,198$115,170
Fees for Services Accounting$53,070$5,490$2,440$61,000
Foreign Grants$50,708--$50,708
Fees for Service Investment Mgmnt Fees-$46,043-$46,043
Total Functional Expenses$50,177,773$4,391,196$2,979,997$57,548,966

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$57,548,966
Total Expenses per Audited Statements$50,537,131
Expenses per Audited Statements$48,282,545
Expenses Not Reported on Financial Statements$9,266,421
Other Expense Adjustments$9,220,378
Expenses Not Reported on Form 990$2,254,586
International Activity

International Summary

Offices
0
Employees
0
Spending
$50,708

International Compliance

Foreign grant records maintained
No
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 CaribbeanProgram ServicesTo Support the Operations of a School Whose Mission Is to Educate Students to Live Purposefully and With Faith and Integrity.--$50,708
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$197,498
Fundraising Gross Income$156,362
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Starfest$316,622$43,550$8,271$35,279
Horizons$210,225$18,770$3,785$14,985
Total Events$647,533$156,362$197,498$-41,136
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
Sara CapuzziSpouse of CFOLiterary CoachNo$125,250
Grace LimayeSpouse of Board MemberUpper School Science TeacherNo$108,467
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Discount on Future Interests$274,383
Other Liabilities$74,818

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADelaware County Industrial Development Authority2012-12-07$10,500,000Repayment of prior bonds used for financing costs of construction project

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,500,000-$2,666,885-

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
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 11B

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 and the board of trustees for their approval.

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 board chair in consultation with other board members 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.

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
Lawrence Capuzzi
Title
Chief Financial Officer
Phone
4844241420
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Thomas J Locke
Formed
1785
Legal Domicile
Pa
Voting Board Members
30
Independent Board Members
30
Employees
551
Volunteers
149

Preparer

Firm
Bbd Llp
Address
1835 MARKET STREET SUITE 300, PHILADELPHIA, PA 19103
Preparer
Adam Watson
Phone
2155677770
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split interest agreements 4,036. Bad debt expense (recovery) -2,857,309.

Financial Statement Notes

PART V, LINE 4:

It is the policy of the school to draw 4.00% for the years ending june 30, 2023 and 2022, of the twelve quarter trailing average of the endowment's market value. The amount distributed is used to fund the school, 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 believes there are no uncertainties which would require any recognition of tax benefits or tax liabilities for the years ended june 30, 2023, 2022 and 2021.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 2,254,586. Investment management fees -46,043.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 8,935,383. Change in value of split interest agreements -4,036. Bad debt expense (recovery) 2,857,309. Capital campaign expense 284,995.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 2,254,586.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 8,935,383. Capital campaign expenses 284,995.

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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 1,274 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $8.5 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN [CONT. ON SCH. O]TO ATTEND THE SCHOOL. APPROXIMATELY 22% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 85% OF THE AVERAGE TUITION.
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IRS990/Form990PartVIISectionAGrp/PersonNm9ROBERT R CORRATO
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IRS990/Form990PartVIISectionAGrp/PersonNm15BILLY KING
IRS990/Form990PartVIISectionAGrp/PersonNm16ANN M KRAFTSON
IRS990/Form990PartVIISectionAGrp/PersonNm17RYAN D LIMAYE
IRS990/Form990PartVIISectionAGrp/PersonNm18WILLIAM L LO
IRS990/Form990PartVIISectionAGrp/PersonNm19CHRISTOPHER K MCHUGH
IRS990/Form990PartVIISectionAGrp/PersonNm20ROBERT S MCMENAMIN
IRS990/Form990PartVIISectionAGrp/PersonNm21ADAM J MURRAY
IRS990/Form990PartVIISectionAGrp/PersonNm22RYAN L NEWMAN
IRS990/Form990PartVIISectionAGrp/PersonNm23DAVID J REAPE
IRS990/Form990PartVIISectionAGrp/PersonNm24KARIN A RISI
IRS990/Form990PartVIISectionAGrp/PersonNm25LAURA M ROOKLIN
IRS990/Form990PartVIISectionAGrp/PersonNm26CALVIN W SCHMIDT
IRS990/Form990PartVIISectionAGrp/PersonNm27JULIEANN G SHANAHAN
IRS990/Form990PartVIISectionAGrp/PersonNm28MOHAMMED A TOURE
IRS990/Form990PartVIISectionAGrp/PersonNm29ROBERT C WRIGHT JR
IRS990/Form990PartVIISectionAGrp/PersonNm30DR THOMAS J LOCKE
IRS990/Form990PartVIISectionAGrp/PersonNm31LAWRENCE CAPUZZI
IRS990/Form990PartVIISectionAGrp/PersonNm32JENNIFER FIFER
IRS990/Form990PartVIISectionAGrp/PersonNm33CHRISTOPHER TORINO
IRS990/Form990PartVIISectionAGrp/PersonNm34TERRENCE MALONE
IRS990/Form990PartVIISectionAGrp/PersonNm35MARK NOTARO
IRS990/Form990PartVIISectionAGrp/PersonNm36MICHAEL LETTS
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt28TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt29TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt30HEAD OF SCHOOL

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$303$23.6$279$70.7$57.5$13.1
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
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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