Norwich Free Academy
- Assets
- $43.7m
- Revenue
- $42.6m
- Investments
- $0.0
- Employees
- 484
- Location
- Norwich, CT
- Founding
- 07/1934
- Data as of
- 06/2021
- EIN
- 06-0762783
Organization Overview
Norwich Free Academy is located in Norwich, CT. The organization was established in 1934. 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 06/2022, Norwich Free Academy employed 484 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwich Free 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, Norwich Free Academy generated $42.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $39.5m during the year ending 06/2021. While expenses have increased by 0.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
PROVIDE SECONDARY EDUCATION FOR HIGH SCHOOL STUDENTS IN THE CITY OF NORWICH AND THE NINE SURROUNDING TOWNS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED SECONDARY EDUCATION (GRADE 9-12) FOR THE CITY OF NORWICH AND NINE SURROUNDING TOWNS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diana Bosclair Trustee | Trustee | 2 | $0 |
Allyn Brown III Trustee | Trustee | 2 | $0 |
Betsy Conway Secretary | OfficerTrustee | 2 | $0 |
Keith Fontaine Trustee | Trustee | 2 | $0 |
Chris Jewell True | Trustee | 2 | $0 |
Devol Joyner Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Horizon Services Corporation Facility Management | 6/29/22 | $1,043,828 |
Chartwells Cafeteria Services | 6/29/22 | $637,675 |
Ricoh Usa Inc Digital Printing Services | 6/29/22 | $267,730 |
Madsen Prestley And Parenteau Llc Legal Services | 6/29/22 | $108,643 |
Fred C Church Inc Broker | 6/29/22 | $155,686 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,627,434 |
| Investment income | $66,583 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $73,200 |
| Net Gain/Loss on Asset Sales | $7,037 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,617,337 |
| Statement of Expenses | |
|---|---|
| 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. | $702,343 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,764,530 |
| Pension plan accruals and contributions | $1,071,803 |
| Other employee benefits | $4,529,689 |
| Payroll taxes | $1,700,794 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $119,062 |
| Fees for services: Accounting | $83,124 |
| Fees for services: Lobbying | $30,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,372,582 |
| Advertising and promotion | $73,262 |
| Office expenses | $443,380 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $921,992 |
| Travel | $46,442 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $443,452 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,210,992 |
| Insurance | $294,422 |
| All other expenses | $0 |
| Total functional expenses | $39,532,672 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,426 |
| Savings and temporary cash investments | $5,993,300 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,728 |
| 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 | $0 |
| Investments—publicly traded securities | $3,749,485 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,556,633 |
| Total assets | $43,738,913 |
| Accounts payable and accrued expenses | $2,314,632 |
| Grants payable | $0 |
| Deferred revenue | $598,801 |
| Tax-exempt bond liabilities | $10,726,966 |
| Escrow or custodial account liability | $0 |
| 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 | $7,047,919 |
| Total liabilities | $20,688,318 |
| 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 | $23,050,595 |