Sophia Academy
- Assets
- $6.9m
- Revenue
- $4.0m
- Investments
- $2.0m
- Employees
- 20
- Location
- Providence, RI
- Founding
- 02/2001
- Data as of
- 06/2021
- EIN
- 31-1736069
Organization Overview
Sophia Academy is located in Providence, RI. The organization was established in 2001. 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 06/2021, Sophia Academy employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sophia 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, Sophia Academy generated $4.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $1.7m during the year ending 06/2021. While expenses have increased by 7.5% 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
MIDDLE SCHOOL FOR GIRLS FROM LOW-INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDDLE SCHOOL FOR GIRLS FROM LOW-INCOME FAMILIES WHICH OPENED SEPTEMBER, 2001 WITH 65 GIRLS ENROLLED. MINIMAL TUITION FEES ARE CHARGED TO THE FAMILIES SO THE FUNDS TO OPERATE COME MAINLY FROM PUBLIC AND PRIVATE SOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Maura Farrell Executive Director | Officer | 40 | $126,603 |
Alison Eichler President | OfficerTrustee | 1 | $0 |
Patricia Andreu Secretary | OfficerTrustee | 0.5 | $0 |
Joy Fox First Vice President | OfficerTrustee | 0.5 | $0 |
Suzanne Magaziner Second Vice-President | OfficerTrustee | 0.5 | $0 |
Kim Perry Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $260,230 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,446,233 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,706,463 |
| Total Program Service Revenue | $35,827 |
| Investment income | $18,032 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $63,198 |
| Net Income from Fundraising Events | $159,109 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,982,629 |
| 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. | $148,475 |
| Compensation of current officers, directors, key employees. | $17,460 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $777,517 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $63,412 |
| Payroll taxes | $81,320 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $42,938 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,476 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,116 |
| Office expenses | $954 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,216 |
| Insurance | $23,505 |
| All other expenses | $108,934 |
| Total functional expenses | $1,664,114 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $89,310 |
| Savings and temporary cash investments | $611,264 |
| Pledges and grants receivable | $2,375,381 |
| Accounts receivable, net | $7,614 |
| 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 | $24,775 |
| Net Land, buildings, and equipment | $1,771,737 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,012,751 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,892,832 |
| Accounts payable and accrued expenses | $92,248 |
| Grants payable | $0 |
| Deferred revenue | $6,700 |
| 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 | $53,333 |
| Other liabilities | $0 |
| Total liabilities | $152,281 |
| Net assets without donor restrictions | $2,083,612 |
| Net assets with donor restrictions | $4,656,939 |
| 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 | $6,892,832 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Sophia Academy has recieved totaling $12,100.
| Awarding Organization | Amount |
|---|---|
H T Ewald Foundation West Bloomfield, MI PURPOSE: CHARITABLE | $10,000 |
William C Bowling Sr Memorial Fund Warwick, RI PURPOSE: SUPPORT EDUCATION FOR RI YOUTH | $2,000 |
Independence Public Media Of Philadelphia Inc Philadelphia, PA PURPOSE: BOARD OR STAFF DONATION | $100 |
Endowment Analysis
| Beg. Balance | $1,364,832 |
| Earnings | $508,483 |
| Net Contributions | $200,000 |
| Other Expense | $11,476 |
| Grants | $49,098 |
| Ending Balance | $2,012,741 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cambridge School Of Weston Inc Weston, MA | $57,046,494 | $20,616,161 |
Lincoln School Providence, RI | $36,052,997 | $18,197,199 |
Winchendon School Inc Winchendon, MA | $68,621,046 | $15,557,946 |
St Andrews School Barrington, RI | $60,735,668 | $19,789,044 |
Indian Mountain School Incorporated Lakeville, CT | $33,045,889 | $17,309,940 |
Wooster School Corporation Danbury, CT | $18,150,234 | $16,138,780 |
Derby Academy Trustees Hingham, MA | $40,362,447 | $16,149,654 |
Cotting School Inc Lexington, MA | $147,947,033 | $17,302,179 |
Whitney Academy Inc East Freetown, MA | $11,551,971 | $14,053,846 |
Renbrook School Incorporated West Hartford, CT | $44,373,501 | $14,836,915 |
Rocky Hill Country Day School East Greenwich, RI | $9,744,638 | $13,328,816 |
Times2 Inc Providence, RI | $26,856,103 | $11,916,845 |