Civic Intelligence

Grace Academy Inc.

990 • Fiscal year 2015 • EIN 27-1673012

Jul 01, 2014 to Jun 30, 2015 • Filed on Nov 07, 2015

277 Main StreetHartford, CT 06106

(860) 263-7535

Siviq Scores

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

Liabilities / Assets

28th percentile

0.02x

Higher debt load relative to assets than 28% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

23rd percentile

0.02x

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

87th percentile

35%

Higher net margin than 87% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

59th percentile

$80,000

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 7.4% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Assets

$1,044,361

No earlier filing loaded for comparison.

Net Assets

$1,027,854

No earlier filing loaded for comparison.

Liabilities

$16,507

No earlier filing loaded for comparison.

Revenue

$1,086,365

No earlier filing loaded for comparison.

Expenses

$708,637

No earlier filing loaded for comparison.

Net Income

$377,728

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2015: $1,044,361Liabilities 2015: $16,507Net Assets 2015: $1,027,8542015Assets 2016: $1,340,296Liabilities 2016: $16,770Net Assets 2016: $1,323,5262016Assets 2018: $1,722,777Liabilities 2018: $21,793Net Assets 2018: $1,700,9842018Assets 2019: $1,843,093Liabilities 2019: $29,475Net Assets 2019: $1,813,6182019Assets 2020: $3,202,185Liabilities 2020: $132,561Net Assets 2020: $3,069,6242020Assets 2021: $4,576,541Liabilities 2021: $164,073Net Assets 2021: $4,412,4682021Assets 2022: $4,383,601Liabilities 2022: $47,373Net Assets 2022: $4,336,2282022Assets 2023: $4,714,110Liabilities 2023: $34,498Net Assets 2023: $4,679,6122023Assets 2024: $5,116,724Liabilities 2024: $31,842Net Assets 2024: $5,084,8822024Assets 2025: $6,431,245Liabilities 2025: $615,213Net Assets 2025: $5,816,0322025

Highlighted filing

2015

Assets$1,044,361
Liabilities$16,507
Net Assets$1,027,854

Operations Trend

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

$3.0M$2.0M$1.0M$0Revenue 2015: $1,086,365Expenses 2015: $708,637Net Income 2015: $377,7282015Revenue 2016: $1,089,455Expenses 2016: $789,484Net Income 2016: $299,9712016Revenue 2018: $891,801Expenses 2018: $882,737Net Income 2018: $9,0642018Revenue 2019: $1,057,969Expenses 2019: $979,758Net Income 2019: $78,2112019Revenue 2020: $2,314,624Expenses 2020: $1,044,556Net Income 2020: $1,270,0682020Revenue 2021: $2,423,990Expenses 2021: $1,199,337Net Income 2021: $1,224,6532021Revenue 2022: $1,753,911Expenses 2022: $1,202,460Net Income 2022: $551,4512022Revenue 2023: $1,399,530Expenses 2023: $1,395,592Net Income 2023: $3,9382023Revenue 2024: $1,572,248Expenses 2024: $1,417,741Net Income 2024: $154,5072024Revenue 2025: $2,268,586Expenses 2025: $1,476,273Net Income 2025: $792,3132025

Highlighted filing

2015

Revenue$1,086,365
Expenses$708,637
Net Income$377,728
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 7, 2015
Return Version
2014v5.0
Gross Receipts
$1,133,170
Mission and Program Overview

Mission

To provide a tuition-free, comprehensive educational program for girls in grades 5 through 8, whose families have limited financial resources.

To provide a tuition-free, comprehensive educational program for girls in grades 5 through 8.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$514,674$706,364▲ $191,690
Accounts Receivable$1,732$75,000▲ $73,268
Land, Buildings, and Equipment, Net$93,477$63,615▼ $29,862
Investments in Publicly Traded Securities$16,263$46,603▲ $30,340
Cash and Non-Interest-Bearing Accounts$30,026$2,779▼ $27,247
Total Assets$656,172$1,044,361▲ $388,189
Other Assets Total-$150,000-
Liabilities
Accounts Payable and Accrued Expenses$11,272$16,507▲ $5,235
Total Liabilities$11,272$16,507▲ $5,235
Net Assets / Fund Balance
Unrestricted Net Assets$543,838$970,062▲ $426,224
Temporarily Rstr Net Assets$101,062$57,792▼ $43,270
Total Net Assets Fund Balance$644,900$1,027,854▲ $382,954
Total Liabilities and Net Assets / Fund Balance$656,172$1,044,361▲ $388,189

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$41,112$54,966$96,078
Other Land Buildings$22,503$33,004$55,507
Other Assets Org$150,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Fitzsimons MatthewChair Exec DirectorFT$80,000$80,000

Board Members and Trustees

NameTitle
Montanez TheaVice Chair
Allerton WendyDirector
Morrissey MarjorieSecretary
Sliney ThomasTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$825,728
Program Service Revenue
$17,935
Investment Income
$3,811
Other Revenue
$238,891
All Other Contributions
$825,728
Change in Net Assets
$377,728

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$36,861Quoted Prices
Total Noncash Contributions3$36,861-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,086,365
Revenue Not Reported on Form 990
$5,226
Total Revenue per Audited Statements
$1,091,591
Total Revenue per Form 990
$1,086,365
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$368,139
Other Expenses$340,498
Total Fundraising Expense$72,311
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$202,311$19,110$36,538$257,959
Current Officers, Directors, Trustees, and Key Employees$55,000$10,000$15,000$80,000
Other Expenses$74,036--$74,036
Depreciation Depletion$28,229$6,627-$34,856
Occupancy$31,363--$31,363
Office Expenses$16,753-$10,865$27,618
Payroll Taxes$19,618$2,220$3,929$25,767
Conferences and Meetings$19,599--$19,599
Insurance$13,667$1,518-$15,185
Fees for Services Other$6,052$3,026$3,026$12,104
Advertising$1,946$5,290$2,953$10,189
Other Employee Benefits$4,413--$4,413
Information Technology$1,737$1,737-$3,474
Total Functional Expenses$586,798$49,528$72,311$708,637

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$708,637
Total Expenses per Audited Statements$708,637
Total Expenses per Form 990$708,637
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$248,816
Fundraising Direct Expenses$9,925
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Grad Support$248,816$248,816$9,925$238,891
Total Events$248,816$248,816$9,925$238,891
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
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 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
No
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

Reviewed by executive director and finance committee of the board of directors prior to being filed.

Form 990, Part VI, Section B, Line 12

Bod reviews all conflict of interest matters and documents when appropriate.

Form 990, Part VI, Section B, Line 15

Executive director and bod reviews third party info as well as published salary ranges for executive director, other officers and key employees.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Grace Academy Inc
EIN
27-1673012
Phone
8602637535
Address
277 MAIN STREET, HARTFORD, CT 06106

Signing Officer

Name
Thomas Sliney
Title
Treasurer
Signed
2015-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Fitzsimons
Formed
2010
Legal Domicile
Ct
Voting Board Members
5
Independent Board Members
5
Employees
26
Volunteers
64

Preparer

Firm
Solakian and Company LLC
Address
PO BOX 716, NORTH BRANFORD, CT 06471
Preparer
Michael Solakian
Phone
2034838115
Supplemental Narrative

Financial Statement Notes

X 2

The Academy has adopted the provisions of FASB ASC 740-10. As a result of the implementation, the Academy did not recognize any liability for uncertain tax positions. The Academys returns for 2014, 2013 and 2012 are generally subject to examination for three years after they were filed.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Academy has adopted the provisions of FASB ASC 740-10. As a result of the implementation, the Academy did not recognize any liability for uncertain tax positions. The Academys returns for 2014, 2013 and 2012 are generally subject to examination for three years after they were filed.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVIEWED BY EXECUTIVE DIRECTOR AND FINANCE COMMITTEE OF THE BOARD OF DIRECTORS PRIOR TO BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOD REVIEWS ALL CONFLICT OF INTEREST MATTERS AND DOCUMENTS WHEN APPROPRIATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EXECUTIVE DIRECTOR AND BOD REVIEWS THIRD PARTY INFO AS WELL AS PUBLISHED SALARY RANGES FOR EXECUTIVE DIRECTOR, OTHER OFFICERS AND KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
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