Grace Academy Inc
- Assets
- $4.4m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 36
- Location
- Hartford, CT
- Founding
- 08/2010
- Data as of
- 06/2022
- EIN
- 27-1673012
Organization Overview
Grace Academy Inc is located in Hartford, CT. The organization was established in 2010. 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, Grace Academy Inc employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Academy Inc 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, Grace Academy Inc generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $1.2m during the year ending 06/2022. While expenses have increased by 6.2% 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
GRACE ACADEMY IS AN INDEPENDENT, INTERFAITH, TUITION-FREE MIDDLE SCHOOL FOR GIRLS FROM UNDERSERVED FAMILIES IN THE CITY OF HARTFORD. WE TRANSFORM THE LIVES OF OUR STUDENTS BY PROVIDING THEM WITH INDIVIDUALIZED ATTENTION, A CHALLENGING AND DIVERSE ACADEMIC PROGRAM, AND A SAFE AND INSPIRING ENVIRONMENT THAT PREPARES GIRLS TO SUCCEED IN HIGH SHOOL, COLLEGE AND LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACADEMICS: ACADEMICS ARE THE CORNERSTONE OF A GRACE ACADEMY EDUCATION. THE FACULTY IS ALWAYS MINDFUL THAT THEY ARE PREPARING THEIR YOUNG STUDENTS TO SUCCEED IN DEMANDING HIGH SCHOOL AND COLLEGE PROGRAMS. HIGHLIGHTS OF THE ACADEMIC PROGRAM INCLUDE A CHALLENGING ACADEMIC CURRICULUM THAT INCLUDES LANGUAGE ARTS AND READING, MATHEMATICS, SCIENCE, SOCIAL STUDIES, SPANISH, RELIGION, MEDIA/TECHNOLOGY, HEALTH, ART AND MUSIC; AN INTENTIONALLY SMALL COMMUNITY WITH SMALL, STRUCTURED CLASSES TO FOSTER AS MUCH INDIVIDUAL ATTENTION AS POSSIBLE; A HOMEWORK BLOCK OF TIME WITH INDIVIDUAL TUTORING AVAILABLE; AND FORMAL PROGRESS REPORTS AND REPORT CARD SESSIONS WITH THE PARENTS.
GRADUATE SUPPORT PROGRAM: GRACE ACADEMY'S GOAL IS THAT ALL OF ITS STUDENTS SUCCESSFULLY GRADUATE FROM A SELECTIVE, HIGHLY REGARDED, COLLEGE PREPARATORY HIGH SCHOOL, AND CONTINUE ON TO POST-SECONDARY EDUCATION SO THEY ARE IN THE POSITION TO SUPPORT THEMSELVES, THEIR FAMILIES, AND HELP CHANGE THEIR COMMUNITIES. THE GRADUATE SUPPORT PROGRAM HELPS FACILITATE A SMOOTH AND SUCCESSFUL TRANSITION INTO PRIVATE OR COMPETITIVE PUBLIC CHARTER/MAGNET SCHOOLS BY PROVIDING ASSISTANCE WITH SSAT PREP CLASSES, HIGH SCHOOL SELECTION, APPLICATION, REGISTRATION, AND FINANCIAL AID COUNSELING; MONITORING ACADEMIC PROGRESS THROUGH HIGH SCHOOL; OFFERING SUPPORT, IN COLLABORATION WITH HIGH SCHOOL COUNSELING STAFF WITH COLLEGE PREPARATORY AND PLACEMENT ACTIVITIES; AND MAINTAINING ONGOING CONTACT WITH ALUMNAE AND ORGANIZING EVENTS THAT PROVIDE THEM WITH THE OPPORTUNITY TO RE-ENGAGE WITH GRACE ACADEMY AND REUNITE WITH THEIR PEERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Fitzsimons Executive Director | OfficerTrustee | 50 | $107,115 |
Lindsey Mcphee Director | Trustee | 8 | $15,000 |
Michael Bergin Chairman | OfficerTrustee | 4 | $0 |
Kathy Bromage Treasurer | OfficerTrustee | 3 | $0 |
Karen Jarmoc Secretary | OfficerTrustee | 2 | $0 |
Yvette Highsmith-Francis Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $496,126 |
| Related organizations | $0 |
| Government grants | $277,286 |
| All other contributions, gifts, grants, and similar amounts not included above | $837,824 |
| Noncash contributions included in lines 1a–1f | $72,485 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,611,236 |
| Total Program Service Revenue | $3,256 |
| Investment income | $110,863 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,539 |
| Net Income from Fundraising Events | -$3,983 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,753,911 |
| 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. | $122,115 |
| Compensation of current officers, directors, key employees. | $18,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $492,116 |
| Pension plan accruals and contributions | $11,723 |
| Other employee benefits | $16,784 |
| Payroll taxes | $46,750 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,598 |
| Fees for services: Other | $3,996 |
| Advertising and promotion | $26,115 |
| Office expenses | $50,122 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $109,603 |
| Travel | $11,701 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $120 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,828 |
| Insurance | $20,143 |
| All other expenses | $24,582 |
| Total functional expenses | $1,202,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,386 |
| Savings and temporary cash investments | $1,015,760 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $158,586 |
| 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 | $5,654 |
| Net Land, buildings, and equipment | $259,734 |
| Investments—publicly traded securities | $2,906,481 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,383,601 |
| Accounts payable and accrued expenses | $47,373 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $47,373 |
| Net assets without donor restrictions | $4,138,014 |
| Net assets with donor restrictions | $198,214 |
| 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 | $4,383,601 |
Grants Recieved
Over the last fiscal year, we have identified 21 grants that Grace Academy Inc has recieved totaling $1,147,227.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $845,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $110,002 |
Raymond James Charitable Endowment Fund St Petersberg, FL PURPOSE: GENERAL SUPPORT | $30,000 |
Hartford Foundation For Public Giving Hartford, CT PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: EDUCATION | $25,000 |
Hartford Foundation For Public Giving Hartford, CT PURPOSE: EDUCATION | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Albany Academy Albany, NY | $58,726,077 | $27,181,105 |
Cambridge School Of Weston Inc Weston, MA | $57,046,494 | $20,616,161 |
Nichols School Of Buffalo Buffalo, NY | $102,003,479 | $42,213,694 |
Yeshiva Shaare Torah Inc Brooklyn, NY | $32,363,623 | $20,724,747 |
Ideal School Of Manhattan New York, NY | $22,538,816 | $19,239,739 |
Harvey School Katonah, NY | $30,358,551 | $19,988,341 |
Lincoln School Providence, RI | $36,052,997 | $18,197,199 |
The Harley School Rochester, NY | $36,830,266 | $16,619,746 |
Quad Preparatory School New York, NY | $14,717,917 | $18,563,667 |
Amber Charter School New York, NY | $18,229,334 | $20,911,182 |
Green Vale School Old Brookville, NY | $64,002,052 | $17,567,329 |
Winchendon School Inc Winchendon, MA | $68,621,046 | $15,557,946 |