Franklin Academy Incorporated
- Assets
- $8.9m
- Revenue
- $7.5m
- Investments
- $0.0
- Employees
- 87
- Location
- East Haddam, CT
- Founding
- 12/2003
- Data as of
- 06/2022
- EIN
- 22-3843855
Organization Overview
Franklin Academy Incorporated is located in East Haddam, CT. The organization was established in 2003. 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, Franklin Academy Incorporated employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Academy Incorporated 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, Franklin Academy Incorporated generated $7.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $7.7m during the year ending 06/2022. While expenses have increased by 1.7% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
FRANKLIN ACADEMY IS AN ACCREDITED COLLEGE PREPARATORY BOARDING SCHOOL, SERVING BRIGHT STUDENTS IN GRADES 8-12, AND PG. FRANKLIN CREATES A COMMUNITY-FOCUSED BOARDING AND DAY SCHOOL WHERE STUDENTS WITH UNIQUE LEARNING STYLES DEVELOP AND STRENGTHEN ACADEMIC AND SOCIAL COMPETENCIES VITAL TO THE PURSUIT OF COLLEGE GOALS, PROFESSIONAL ASPIRATIONS, AND FULFILLING LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FRANKLIN ACADEMY IS AN ACCREDITED COLLEGE PREPARATORY BOARDING SCHOOL, SERVING BOYS AND GIRLS IN GRADES 8-12 WHO HAVE BEEN IDENTIFIED WITH NONVERBAL LEARNING DISABILITIES OR DIAGNOSED WITH AUTISM SPECTRUM DISORDERS, INCLUDING ASPERGER'S SYNDROME. INCLUDED IN THIS STUDENT POPULATION IS A SMALL NUMBER OF POSTGRADUATE STUDENTS WHO FIT THE NLD/ASD PROFILE. THE SCHOOL IS DEDICATED TO MEETING THE ACADEMIC AND SOCIAL NEEDS OF THESE STUDENTS IN A SAFE AND STRUCTURED ENVIRONMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Belinda Brennan Chair | OfficerTrustee | 1 | $0 |
Robert Sherlock Vice-Chair/t | OfficerTrustee | 1 | $0 |
Nancy Altschuler Board Member | Trustee | 1 | $0 |
Bruce Dutch Board Member | Trustee | 1 | $0 |
Norma Fox Board Member | Trustee | 1 | $0 |
Michelle Petryk Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sage Dining Services Dining Services | 6/29/22 | $440,124 |
Hearst Media Services Ct Marketing | 6/29/22 | $107,007 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $80,536 |
| Related organizations | $0 |
| Government grants | $48,940 |
| All other contributions, gifts, grants, and similar amounts not included above | $213,769 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,245 |
| Total Program Service Revenue | $7,181,449 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $7,524,694 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $104,757 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $189,263 |
| Compensation of current officers, directors, key employees. | $63,087 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,123,912 |
| Pension plan accruals and contributions | $88,312 |
| Other employee benefits | $1,250,913 |
| Payroll taxes | $251,254 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,342 |
| Fees for services: Accounting | $20,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,826 |
| Advertising and promotion | $141,523 |
| Office expenses | $77,035 |
| Information technology | $92,559 |
| Royalties | $0 |
| Occupancy | $224,916 |
| Travel | $43,549 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,103 |
| Interest | $438,844 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $367,063 |
| Insurance | $131,353 |
| All other expenses | $174,217 |
| Total functional expenses | $7,667,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $372,175 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $74,240 |
| Accounts receivable, net | $108,035 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $849 |
| Prepaid expenses and deferred charges | $76,622 |
| Net Land, buildings, and equipment | $8,250,823 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,232 |
| Other assets | $18,877 |
| Total assets | $8,906,853 |
| Accounts payable and accrued expenses | $114,234 |
| Grants payable | $0 |
| Deferred revenue | $2,525,920 |
| 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 | $8,658,753 |
| Unsecured mortgages and notes payable | $20,000 |
| Other liabilities | $14,193 |
| Total liabilities | $11,333,100 |
| Net assets without donor restrictions | -$2,527,337 |
| Net assets with donor restrictions | $101,090 |
| 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 | $8,906,853 |