Carmel Academy
- Assets
- $22.8m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 19
- Location
- Greenwich, CT
- Founding
- 12/1998
- Data as of
- 06/2022
- EIN
- 13-4013334
Organization Overview
Carmel Academy is located in Greenwich, CT. The organization was established in 1998. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Carmel Academy employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carmel 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 06/2022, Carmel Academy generated $2.1m 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 (20.4%) each year. All expenses for the organization totaled $2.6m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (18.8%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CARMEL ACADEMY IS AN EDUCATIONAL INSTITUTION THAT STRETCHES EACH CHILD'S INTELLECT AND CREATIVITY; THAT IS PASSIONATE ABOUT JEWISH IDENTITY AND VALUES; THAT IS COMMITTED TO THE BETTERMENT OF OUR WORLD AND A STRONG BOND WITH THE STATE OF ISRAEL. OUR FACULTY MODELS IT ... OUR STUDENTS LIVE IT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CARMEL ACADEMY IS A FORWARD-THINKING PRIVATE SCHOOL FOR CHILDREN OF ALL JEWISH AFFILIATIONS, OFFERING EACH OF ITS STUDENTS AN EXCEPTIONAL, CHALLENGING, AND CREATIVE EDUCATIONAL EXPERIENCE FROM KINDERGARTEN THROUGH EIGHTH GRADE. ACCREDITED WITH DISTINCTION BY THE CONNECTICUT ASSOCIATION OF INDEPENDENT SCHOOLS, CARMEL ACADEMY'S MULTI- DISCIPLINARY EDUCATIONAL APPROACH ENCOURAGES ITS STUDENTS TO MAKE CONNECTIONS BETWEEN THE CLASSROOM AND THE WORLD. EXPERIENCED, PASSIONATE MASTER TEACHERS BRING THE SCHOOL'S EDUCATIONAL PHILOSOPHY TO LIFE, INSTILLING CREATIVITY, CRITICAL THINKING, AND A JOY OF LEARNING IN EACH STUDENT. WITH THE BENEFITS OF A LOW STUDENT-TEACHER RATIO AND A DYNAMIC, DIFFERENTIATED LEARNING ENVIRONMENT, STUDENTS MASTER THE KNOWLEDGE ESSENTIAL TO CONTINUE ON TO THE FINEST SECONDARY SCHOOLS, AS WELL AS TO THINK CRITICALLY AND IN A BROADER SCOPE. THE SCHOOL'S EXPERT EDUCATIONAL LEADERSHIP DESIGNED CARMEL ACADEMY'S DUAL CURRICULUM FROM THE GROUND UP - INCORPORATING ONLY THE HIGHEST IN NATIONAL STANDARDS - TO INTEGRATE GENERAL AND JUDAIC KNOWLEDGE THROUGHOUT THE DAY.CARMEL ACADEMY CEASED OPERATIONS ON JUNE 30, 2020, AND RENTED THEIR PROPERTY TO JAPANESE EDUCATIONAL INSTITUTE WHO SHARE THE SAME PURPOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Malkin President | OfficerTrustee | 1 | $0 |
Yale Paprin Vice President | OfficerTrustee | 1 | $0 |
Pamela Feldstein Vice President | OfficerTrustee | 1 | $0 |
Rochelle Tarlowe Treasurer | OfficerTrustee | 1 | $0 |
Robye Margolius Secretary | OfficerTrustee | 1 | $0 |
Emanuel Citron Director | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,117,619 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,146,266 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $299,460 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,911 |
| Payroll taxes | $23,333 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $882,953 |
| Advertising and promotion | $0 |
| Office expenses | $48,938 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $180,872 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $48,531 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $762,358 |
| Insurance | $134,596 |
| All other expenses | $0 |
| Total functional expenses | $2,591,511 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $992,992 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $110,528 |
| Accounts receivable, net | $611,905 |
| 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 | $38,133 |
| Net Land, buildings, and equipment | $20,857,075 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $155,472 |
| Total assets | $22,766,105 |
| Accounts payable and accrued expenses | $104,490 |
| Grants payable | $0 |
| Deferred revenue | $155,472 |
| 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 | $3,614,000 |
| Unsecured mortgages and notes payable | $9,927,540 |
| Other liabilities | $1,805,129 |
| Total liabilities | $15,606,631 |
| Net assets without donor restrictions | $7,159,474 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $22,766,105 |