Carrabassett Valley Academy
- Assets
- $11.9m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 111
- Location
- Carrabassett Valley, ME
- Founding
- 06/1983
- Data as of
- 06/2021
- EIN
- 01-0384633
Organization Overview
Carrabassett Valley Academy is located in Carrabassett Valley, ME. The organization was established in 1983. 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, Carrabassett Valley Academy employed 111 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carrabassett Valley 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, Carrabassett Valley Academy generated $4.4m 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 (5.1%) each year. All expenses for the organization totaled $4.3m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (1.2%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COLLEGE PREPARATORY EDUCATION AND ATHLETIC TRAINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION: THE ACADEMY PROVIDES SECONDARY EDUCATION FOR APPROXIMATELY 90 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Punderson Head Of School | OfficerTrustee | 40 | $131,410 |
Steve Sitz Director Of Finance | Officer | 40 | $68,327 |
Paul Fritzson Vice Chair | OfficerTrustee | 1 | $0 |
Sean Dundon Vice Chair | OfficerTrustee | 1 | $0 |
Lindy Gruen Board Chair | OfficerTrustee | 1 | $0 |
Peter Smith Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $672,740 |
| Investment income | $28,740 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $314 |
| Net Income from Fundraising Events | $175,730 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,432,208 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $2,025 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $218,053 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,970,878 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $211,221 |
| Payroll taxes | $157,813 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,748 |
| Fees for services: Accounting | $23,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,267 |
| Fees for services: Other | $16,153 |
| Advertising and promotion | $25,745 |
| Office expenses | $50,711 |
| Information technology | $62,147 |
| Royalties | $0 |
| Occupancy | $308,742 |
| Travel | $295,908 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,797 |
| Interest | $28,083 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $286,631 |
| Insurance | $144,020 |
| All other expenses | $0 |
| Total functional expenses | $4,328,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,007,473 |
| Savings and temporary cash investments | $76,107 |
| Pledges and grants receivable | $37,864 |
| Accounts receivable, net | $98,022 |
| 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 | $119,478 |
| Investments—publicly traded securities | $1,346,886 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $529,173 |
| Total assets | $11,857,906 |
| Accounts payable and accrued expenses | $144,603 |
| Grants payable | $0 |
| Deferred revenue | $791,761 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $671,121 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $389,949 |
| Total liabilities | $1,997,434 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $9,860,472 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Carrabassett Valley Academy has recieved totaling $100,462.
| Awarding Organization | Amount |
|---|---|
Maine Community Foundation Inc Ellsworth, ME PURPOSE: Secondary & High Schools | $45,530 |
Vail Snow Sports Foundation Vail, CO PURPOSE: TO SUPPORT THE CARRABASSETT VALLEY ACADEMY WHICH FOSTERS FOCUSED INDIVIDUAL STUDENT-ATHLETE DEVELOPMENT BY PROVIDING THE OPTIMUM BALANCE BETWEEN OUTSTANDING COLLEGE PREPARATORY ACADEMICS, RESPONSIBLE COMMUNITY LIVING AND WORLD-CLASS ATHLETIC TRAINING IN COMPETITIVE SKIING AND SNOWBOARDING. | $34,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $15,000 |
The Bill And Joan Alfond Foundation Portland, ME PURPOSE: UNRESTRICTED | $5,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $332 |
Lunder Foundation Portland, ME PURPOSE: LORING FUND - SCHOOL OF EDUCATION | $100 |
Endowment Analysis
| Beg. Balance | $1,130,237 |
| Earnings | $294,754 |
| Net Contributions | $23,136 |
| Other Expense | $25,134 |
| Ending Balance | $1,422,993 |
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 |