Lee Academy
- Assets
- $5.2m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 66
- Location
- Lee, ME
- Founding
- 12/1942
- Data as of
- 06/2023
- EIN
- 01-0237244
Organization Overview
Lee Academy is located in Lee, ME. The organization was established in 1942. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2023, Lee Academy employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lee Academy is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Lee Academy generated $3.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.6%) each year. All expenses for the organization totaled $2.9m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (6.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE EXEMPT PURPOSE IS THE OPERATION OF A SECONDARY NONPROFIT PRIVATE SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ACHIEVEMENT IS EDUCATION THROUGH THE OPERATION OF A PRIVATE SECONDARY SCHOOL. TRANSPORTATION & DORMITORY FACILITIES ARE ALSO PROVIDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judith Mallett Trustee | Trustee | 1 | $0 |
Wallace Alexander Trustee | Trustee | 1 | $0 |
Patricia Locke Trustee | Trustee | 1 | $0 |
Richard Scribner Trustee | Trustee | 1 | $0 |
Hollie Worster Trustee | Trustee | 1 | $0 |
Dan Aldrich Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $706,671 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $706,671 |
| Total Program Service Revenue | $1,884,678 |
| Investment income | $39,008 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $325,472 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,192,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,846 |
| Compensation of current officers, directors, key employees. | $123,846 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,417,249 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $276,313 |
| Payroll taxes | $60,097 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,519 |
| Fees for services: Accounting | $63,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,620 |
| Fees for services: Other | $6,571 |
| Advertising and promotion | $38,638 |
| Office expenses | $3,533 |
| Information technology | $36,857 |
| Royalties | $0 |
| Occupancy | $170,005 |
| Travel | $57,863 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $127,586 |
| Insurance | $43,821 |
| All other expenses | $198,065 |
| Total functional expenses | $2,914,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $983,394 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $120,179 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,041 |
| Net Land, buildings, and equipment | $2,447,027 |
| Investments—publicly traded securities | $1,632,040 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,129 |
| Total assets | $5,226,810 |
| Accounts payable and accrued expenses | $204,829 |
| Grants payable | $0 |
| Deferred revenue | $59,820 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $58,371 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $323,020 |
| Net assets without donor restrictions | $2,701,326 |
| Net assets with donor restrictions | $2,202,464 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,226,810 |