Lee Academy
- Assets
- $6.1m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 65
- Location
- Lee, ME
- Founding
- 12/1942
- Data as of
- 06/2021
- 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 06/2021, Lee Academy employed 65 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 06/2021, Lee Academy generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $3.1m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (8.0%) per year over the past 5 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
2021
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.
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 |
|---|---|---|---|
Luke Shorty Headmaster | Officer | 1 | $105,575 |
Scott Mallory Trustee/2nd VP | OfficerTrustee | 1 | $0 |
Victoria Burpee Trustee/treasurer | OfficerTrustee | 1 | $0 |
Sean Opie Macdonald Trustee/1st VP | OfficerTrustee | 1 | $0 |
Victoria Nute Merry Trustee/president | OfficerTrustee | 1 | $0 |
Wendy Saba Dunbar Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $597,955 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,831 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $663,786 |
| Total Program Service Revenue | $2,165,679 |
| Investment income | $30,183 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $27,777 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,254,955 |
| 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. | $105,574 |
| Compensation of current officers, directors, key employees. | $100,296 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,480,440 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $380,260 |
| Payroll taxes | $55,934 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,746 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,041 |
| Fees for services: Other | $49,458 |
| Advertising and promotion | $13,186 |
| Office expenses | $5,189 |
| Information technology | $24,838 |
| Royalties | $0 |
| Occupancy | $122,428 |
| Travel | $3,137 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $61,951 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $141,190 |
| Insurance | $43,360 |
| All other expenses | $265,681 |
| Total functional expenses | $3,110,313 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,026,857 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $176,731 |
| 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 | $24,041 |
| Net Land, buildings, and equipment | $2,839,684 |
| Investments—publicly traded securities | $1,647,346 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $400,277 |
| Total assets | $6,114,936 |
| Accounts payable and accrued expenses | $328,718 |
| Grants payable | $0 |
| Deferred revenue | $91,418 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $45,124 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $70,500 |
| Secured mortgages and notes payable | $1,501,934 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,037,694 |
| Net assets without donor restrictions | $1,506,347 |
| Net assets with donor restrictions | $2,570,895 |
| 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 | $6,114,936 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lee Academy has recieved totaling $3,013.
| Awarding Organization | Amount |
|---|---|
Melmac Education Foundation Augusta, ME PURPOSE: TGM SCHOLARSHIP | $2,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $13 |
Endowment Analysis
| Beg. Balance | $1,390,118 |
| Earnings | $287,028 |
| Other Expense | $29,800 |
| Ending Balance | $1,647,346 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Derryfield School Manchester, NH | $44,949,554 | $20,323,202 |
Tilton School Tilton, NH | $51,782,047 | $28,426,192 |
Gould Academy Bethel, ME | $51,802,466 | $16,747,864 |
Kents Hill School Kents Hill, ME | $53,732,644 | $12,333,982 |
The Trustees Of Fryeburg Academy Fryeburg, ME | $79,323,577 | $20,722,502 |
Coe-Brown Northwood Academy Northwood, NH | $14,207,279 | $13,826,653 |
North Yarmouth Academy Yarmouth, ME | $20,098,579 | $17,214,127 |
Dublin School Inc Dublin, NH | $31,365,781 | $17,498,470 |
Lincoln Academy New Castle, ME | $30,176,614 | $16,577,404 |
The White Mountain School Bethlehem, NH | $18,684,439 | $10,223,577 |
Maine Central Institute Pittsfield, ME | $27,592,245 | $10,693,279 |
Hyde School Bath, ME | $46,617,199 | $8,609,134 |