Civic Intelligence

Grace Academy Inc.

990 • Fiscal year 2024 • EIN 27-1673012

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

Organization ProfileWWW.GRACEACADEMYHARTFORD.ORG
457 Main StreetHartford, CT 06103

(860) 263-7535

Siviq Scores

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

Liabilities / Assets

17th percentile

0.01x

Higher debt load relative to assets than 17% of similar nonprofits.

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

Liabilities / Revenue

18th percentile

0.02x

Higher debt load relative to revenue than 18% of similar nonprofits.

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

Net Margin

61st percentile

9.8%

Higher net margin than 61% of similar nonprofits.

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

Top Officer Pay

47th percentile

$121,602

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 7.7% of source-year revenue.

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

Asset Growth

61st percentile

8.5%

Faster asset growth than 61% of similar nonprofits.

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

Revenue Growth

58th percentile

12%

Faster revenue growth than 58% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$5,116,724

Up $402,614 (+8.5%) from 2023

Net Assets

Up

$5,084,882

Up $405,270 (+8.7%) from 2023

Liabilities

Down

$31,842

Down $2,656 (-7.7%) from 2023

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin61st percentile

Revenue

Up

$1,572,248

Up $172,718 (+12%) from 2023

Expenses

Up

$1,417,741

Up $22,149 (+1.6%) from 2023

Net Income

Up

$154,507

Up $150,569 (+3823%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth61st percentile

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

2024

Assets$5,116,724
Liabilities$31,842
Net Assets$5,084,882
Open 2024 Filing

Operations Trend

Revenue Growth58th percentile

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

2024

Revenue$1,572,248
Expenses$1,417,741
Net Income$154,507
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$2,115,709
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.

Grace academy is an independent, interfaith, tuition-free middle school for girls from underserved families in the city of hartford. We transform the lives of our students by providing them with individualized attention, a challenging and diverse academic program, and a safe and inspiring environment that prepares girls to succeed in high school, college and life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,759,442$4,484,794▲ $725,352
Cash and Non-Interest-Bearing Accounts$-9,505$282,225▲ $291,730
Land, Buildings, and Equipment, Net$222,981$186,628▼ $36,353
Accounts Receivable$947$147,682▲ $146,735
Prepaid Expenses and Deferred Charges$12,932$15,315▲ $2,383
Savings and Temporary Cash Investments$727,313$80▼ $727,233
Total Assets$4,714,110$5,116,724▲ $402,614
Liabilities
Accounts Payable and Accrued Expenses$34,498$31,842▼ $2,656
Total Liabilities$34,498$31,842▼ $2,656
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,420,076$4,828,359▲ $408,283
Net Assets With Donor Restrictions$259,536$256,523▼ $3,013
Total Net Assets Fund Balance$4,679,612$5,084,882▲ $405,270
Total Liabilities and Net Assets / Fund Balance$4,714,110$5,116,724▲ $402,614

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$184,827$135,681$320,508
Equipment$1,801$12,852$14,653
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Princess HyattExecutive DirectorFT$121,602$121,602
Lindsey McpheeDirector-$27,923$27,923

Board Members and Trustees

NameTitle
Yvette Highsmith-francisBoard Chair
Michael BerginBoard Chair Emeritus
Karen JarmocVice Chair
Aura AlvaradoDirector
Christine Jean-louisDirector
Janel SimpsonDirector
Jennifer CentroneDirector
John CharetteDirector
Kara MitchellDirector
Lakesha RiveraDirector
Lori GrothDirector
Marcia HerreraDirector
Marco CarducciDirector
Marjorie MorriseyDirector
Natalie CorbettDirector
Rachel TressyDirector
Sandra Marin LautierDirector
Sarah Lahr FitzsimonsDirector
Sr Mary Rose CrowleyDirector
Suzanne TamburroDirector
Thomas SlineyDirector
Hillary Rockwell CahnSecretary
Kathy BromageTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,342,458
Program Service Revenue
$7,224
Investment Income
$245,096
Other Revenue
$-22,530
All Other Contributions
$847,456
Change in Net Assets
$154,507

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded6$69,482Traded Value
Food Inventory2$35,500Purchase Price
Other Non Cash Contri Table25$17,509Purchase Price
Other Non Cash Contri Table13$5,200Purchase Price
Other Non Cash Contri Table1$5,000Purchase Price
Other Non Cash Contri Table1$947Purchase Price
Other Non Cash Contri Table2$750Purchase Price
Total Noncash Contributions50$134,388-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$888,733
Other Expenses$529,008
Total Fundraising Expense$111,815
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$467,408$93,482$62,321$623,211
Current Officers, Directors, Trustees, and Key Employees$112,144$22,428$14,953$149,525
Occupancy$112,559--$112,559
Office Expenses$39,129$19,565$19,564$78,258
Payroll Taxes$43,841$8,768$5,846$58,455
Other Employee Benefits$35,567$7,113$4,743$47,423
Depreciation Depletion$30,900$5,453-$36,353
Fees for Service Investment Mgmnt Fees-$20,493-$20,493
Advertising$10,916$5,458$1,819$18,193
Other Expenses$9,341$4,670$1,557$15,568
Insurance$12,565$2,217-$14,782
Pension Plan Contributions$7,589$1,518$1,012$10,119
All Other Expenses$8,052$138-$8,190
Travel$3,657--$3,657
Fees for Services Legal-$3,500-$3,500
Conferences and Meetings$527--$527
Fees for Services Other-$475-$475
Total Functional Expenses$1,110,648$195,278$111,815$1,417,741
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$47,085
Fundraising Gross Income$24,555
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Event$519,557$24,555$5,021$19,534
Total Events$519,557$24,555$47,085$-22,530
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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 11B

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

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

“The board of directors is required to review and sign the conflict of interest policy on an annual basis.”

Form 990, Part VI, Section B, Line 15

“Executive director and board of directors 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
457 MAIN STREET, HARTFORD, CT 06103

Signing Officer

Name
Kathleen Bromage
Title
Treasurer
Phone
8602637535
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathleen Bromage
Formed
2010
Legal Domicile
Ct
Voting Board Members
25
Independent Board Members
25
Employees
37
Volunteers
105

Preparer

Firm
Harperwhitfield Pc
Address
314 FARMINGTON AVENUE, FARMINGTON, CT 06032
Preparer
Mary E Shutran CPA
Phone
8606779188
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IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt24EXECUTIVE DIRECTOR
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IRS990/FormationYr02010
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IRS990/FSAuditedInd00
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IRS990/GrantToRelatedPersonInd00
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IRS990/MembersOrStockholdersInd00
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0GRACE ACADEMY IS AN INDEPENDENT, INTERFAITH, TUITION-FREE MIDDLE SCHOOL FOR GIRLS FROM UNDERSERVED FAMILIES IN THE CITY OF HARTFORD. WE TRANSFORM THE LIVES OF OUR STUDENTS BY PROVIDING THEM WITH INDIVIDUALIZED ATTENTION, A CHALLENGING AND DIVERSE ACADEMIC PROGRAM, AND A SAFE AND INSPIRING ENVIRONMENT THAT PREPARES GIRLS TO SUCCEED IN HIGH SCHOOL, COLLEGE AND LIFE.
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IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/TotalAmt179021
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IRS990/ProgSrvcAccomActy2Grp/Desc0GRADUATE SUPPORT PROGRAM: GRACE ACADEMY'S GOAL IS THAT ALL OF ITS STUDENTS SUCCESSFULLY GRADUATE FROM A SELECTIVE, HIGHLY REGARDED, COLLEGE PREPARATORY HIGH SCHOOL, AND CONTINUE ON TO POST-SECONDARY EDUCATION SO THEY ARE IN THE POSITION TO SUPPORT THEMSELVES, THEIR FAMILIES, AND HELP CHANGE THEIR COMMUNITIES. THE GRADUATE SUPPORT PROGRAM HELPS FACILITATE A SMOOTH AND SUCCESSFUL TRANSITION INTO PRIVATE OR COMPETITIVE PUBLIC CHARTER/MAGNET SCHOOLS BY PROVIDING ASSISTANCE WITH SSAT PREP CLASSES, HIGH SCHOOL SELECTION, APPLICATION, REGISTRATION, AND FINANCIAL AID COUNSELING; MONITORING ACADEMIC PROGRESS THROUGH HIGH SCHOOL; OFFERING SUPPORT, IN COLLABORATION WITH HIGH SCHOOL COUNSELING STAFF WITH COLLEGE PREPARATORY AND PLACEMENT ACTIVITIES; AND MAINTAINING ONGOING CONTACT WITH ALUMNAE AND ORGANIZING EVENTS THAT PROVIDE THEM WITH THE OPPORTUNITY TO RE-ENGAGE WITH GRACE ACADEMY AND REUNITE WITH THEIR PEERS.
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IRS990/PYOtherExpensesAmt0525283
IRS990/PYOtherRevenueAmt0-30481
IRS990/PYProgramServiceRevenueAmt04165
IRS990/PYRevenuesLessExpensesAmt03938
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,116,724
Liabilities
$31,842
Net assets
$5,084,882
Revenue
$1,572,248
Expenses
$1,417,741
Net income
$154,507
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$6.43$0.62$5.82$2.27$1.48$0.79
2024Detailed filing. Detailed filing data is available for this year.$5.12$0.03$5.08$1.57$1.42$0.15
2023Detailed filing. Detailed filing data is available for this year.$4.71$0.03$4.68$1.40$1.40$0.00
2022Detailed filing. Detailed filing data is available for this year.$4.38$0.05$4.34$1.75$1.20$0.55
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.58$0.16$4.41$2.42$1.20$1.22
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.20$0.13$3.07$2.31$1.04$1.27
2019Detailed filing. Detailed filing data is available for this year.$1.84$0.03$1.81$1.06$0.98$0.08
2018Detailed filing. Detailed filing data is available for this year.$1.72$0.02$1.70$0.89$0.88$0.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.34$0.02$1.32$1.09$0.79$0.30
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.04$0.02$1.03$1.09$0.71$0.38
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $5M-$10M nonprofits