Norfolk Academy
- Assets
- $165.3m
- Revenue
- $31.8m
- Investments
- $95.9m
- Employees
- 420
- Location
- Norfolk, VA
- Founding
- 09/1946
- Data as of
- 06/2022
- EIN
- 54-0551901
Organization Overview
Norfolk Academy is located in Norfolk, VA. The organization was established in 1946. 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, Norfolk Academy employed 420 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norfolk 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, Norfolk Academy generated $31.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (3.0%) each year. All expenses for the organization totaled $35.2m during the year ending 06/2022. 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
NORFOLK ACADEMY SEEKS TO OFFER A COORDINATED PROGRAM FOR STUDENTS, BUILDING AND EXPANDING ON KNOWLEDGE AND EXPERIENCE FROM GRADES ONE THROUGH TWELVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMER SCHOOL & OTHER SPONSORED PROGRAMS
INSTRUCTIONAL & GENERAL PROGRAMS FOR STUDENTS GRADES 1-12
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfred M Randolph Jr President | Trustee | 5 | $0 |
Michelle Bass Adams Trustee | Trustee | 1 | $0 |
Thomas A Alberico Treasurer | Trustee | 3 | $0 |
Frances L Beasley Vice President - Education | Trustee | 3 | $0 |
Lawrence A Bernert III Vice President - Investmen | Trustee | 3 | $0 |
Ld Britt Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southeast Mechanical Inc Hvac Services | 6/29/23 | $1,018,538 |
Meriwether Godsey Food Services | 6/29/23 | $1,544,003 |
Top Guard Inc Security Services | 6/29/23 | $452,262 |
Tranquest Llc Transportation | 6/29/23 | $924,279 |
Dlr Group Bowie Gridley Contractor | 6/29/23 | $214,141 |
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 | $3,765,273 |
| Noncash contributions included in lines 1a–1f | $611,038 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,765,273 |
| Total Program Service Revenue | $26,252,889 |
| Investment income | $916,308 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $85,440 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $103,768 |
| Net Income from Gaming Activities | $21,177 |
| Net Income from Sales of Inventory | $217,039 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,774,205 |
| 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. | $1,059,958 |
| Compensation of current officers, directors, key employees. | $1,059,958 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,127,241 |
| Pension plan accruals and contributions | $1,290,411 |
| Other employee benefits | $3,446,028 |
| Payroll taxes | $1,122,122 |
| 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 | $669,166 |
| Fees for services: Other | $183,320 |
| Advertising and promotion | $101,582 |
| Office expenses | $428,765 |
| Information technology | $130,148 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $497,276 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,407 |
| Interest | $217,548 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,814,463 |
| Insurance | $306,530 |
| All other expenses | $1,230,521 |
| Total functional expenses | $35,199,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,712,440 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,238,559 |
| Accounts receivable, net | $179,372 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $220,225 |
| Prepaid expenses and deferred charges | $381,216 |
| Net Land, buildings, and equipment | $56,332,470 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $95,853,706 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,367,918 |
| Total assets | $165,285,906 |
| Accounts payable and accrued expenses | $4,451,709 |
| Grants payable | $0 |
| Deferred revenue | $1,310,969 |
| Tax-exempt bond liabilities | $9,286,465 |
| 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 | $151,845 |
| Total liabilities | $15,200,988 |
| Net assets without donor restrictions | $71,252,327 |
| Net assets with donor restrictions | $78,832,591 |
| 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 | $165,285,906 |