Montclair Kimberly Academy Foundation
- Assets
- $92.3m
- Revenue
- $53.5m
- Investments
- $33.2k
- Employees
- 455
- Location
- Montclair, NJ
- Founding
- 09/1974
- Data as of
- 06/2023
- EIN
- 23-7365263
Organization Overview
Montclair Kimberly Academy Foundation is located in Montclair, NJ. The organization was established in 1974. 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 06/2023, Montclair Kimberly Academy Foundation employed 455 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montclair Kimberly Academy Foundation 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 06/2023, Montclair Kimberly Academy Foundation generated $53.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $49.1m during the year ending 06/2023. While expenses have increased by 3.1% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION: PRIMARY, MIDDLE AND UPPER SCHOOL EDUCATION. NUMBER OF STUDENTS- 1,050
PLANT: REPAIRS, REPLACEMENT & IMPROVEMENTS OF EXISTING GROUNDS & FACILITIES. NUMBER OF STUDENTS- 1,050
AUXILIARY OPERATIONS. NUMBER OF STUDENTS- 1,050
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nigel D Furlonge Head Of School | OfficerTrustee | 65 | $370,854 |
Craig Solomon Member Trustee | Trustee | 5 | $0 |
Caitlin Diruggiero Member Trustee | Trustee | 5 | $0 |
Clifford Finkle Member Trustee | Trustee | 5 | $0 |
James L Bromley Member Trustee | Trustee | 5 | $0 |
Jeffrey G Szilagyi Officer: Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $441,225 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,038,573 |
| Noncash contributions included in lines 1a–1f | $235,619 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,479,798 |
| Total Program Service Revenue | $47,965,117 |
| Investment income | $1,214,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $137,780 |
| Net Gain/Loss on Asset Sales | $687,405 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,487,855 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,667,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $782,263 |
| Compensation of current officers, directors, key employees. | $782,263 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,095,063 |
| Pension plan accruals and contributions | $1,513,527 |
| Other employee benefits | $4,398,886 |
| Payroll taxes | $1,506,318 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,051 |
| Fees for services: Accounting | $41,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $440,532 |
| Fees for services: Other | $309,366 |
| Advertising and promotion | $352,902 |
| Office expenses | $342,444 |
| Information technology | $882,017 |
| Royalties | $0 |
| Occupancy | $561,631 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $433,671 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,953,228 |
| Insurance | $474,371 |
| All other expenses | $580,444 |
| Total functional expenses | $49,131,523 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,234,842 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $995,468 |
| Accounts receivable, net | $85,801 |
| 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 | $567,156 |
| Net Land, buildings, and equipment | $31,052,736 |
| Investments—publicly traded securities | $46,318,670 |
| Investments—other securities | $33,173 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $92,287,846 |
| Accounts payable and accrued expenses | $914,012 |
| Grants payable | $0 |
| Deferred revenue | $8,717,301 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,631,313 |
| Net assets without donor restrictions | $69,291,830 |
| Net assets with donor restrictions | $13,364,703 |
| 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 | $92,287,846 |