Palm Beach Day Academy Inc
- Assets
- $40.0m
- Revenue
- $18.1m
- Investments
- $0.0
- Employees
- 141
- Location
- Palm Beach, FL
- Founding
- 03/1940
- Data as of
- 06/2021
- EIN
- 59-0873834
Organization Overview
Palm Beach Day Academy Inc is located in Palm Beach, FL. The organization was established in 1940. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Palm Beach Day Academy Inc employed 141 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Beach Day 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 06/2021, Palm Beach Day Academy Inc generated $18.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $15.5m during the year ending 06/2021. 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
PRIMARY EDUCATION FOR STUDENTS PRE-K THROUGH THE NINTH GRADE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION-ACCREDITED CLASSROOM INSTRUCTION FOR APPROX. 488 STUDENTS IN PRE-K THROUGH NINTH GRADE.
STUDENT ACTIVITIES-ATHLETICS, ART, DRAMATICS, LABORATORY, TYPING, CULTURAL EVENTS AND TRIPS FOR APPROX. 488 STUDENTS ENROLLED IN PRE-K THROUGH NINTH GRADE.
AUXILIARY SERVICES-BUS TRANSPORTATION, TEXTBOOKS, LUNCH & JUICE PROGRAMS PROVIDED TO APPROX. 488 STUDENTS ENROLLED IN PRE-K THROUGH NINTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fanning Hearon Head Of School | Officer | 50 | $423,187 |
William J Coyle Director Of Finance & Oper | Officer | 50 | $208,590 |
Sarah Kemeness Head Of Upper Campus | 50 | $110,125 | |
Grant Mashek President | OfficerTrustee | 5 | $0 |
Ben Alexander Vice President | OfficerTrustee | 5 | $0 |
Christopher Vecellio Treasurer | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Florida Blue Health Care | 6/29/21 | $881,152 |
Wells Fargo Bank Financial Services | 6/29/21 | $1,429,370 |
Florida Power And Light Utilities | 6/29/21 | $201,075 |
Bruce Gendelman Co Insurance | 6/29/21 | $194,043 |
Discovery Benefits Employee Benefits | 6/29/21 | $191,819 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $227,286 |
| Related organizations | $0 |
| Government grants | $1,534,716 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,577,221 |
| Noncash contributions included in lines 1a–1f | $31,905 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,339,223 |
| Total Program Service Revenue | $14,183,805 |
| Investment income | $153,294 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $431,010 |
| Net Income from Fundraising Events | -$110 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,116,482 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,609,257 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $858,206 |
| Compensation of current officers, directors, key employees. | $243,554 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,737,143 |
| Pension plan accruals and contributions | $589,177 |
| Other employee benefits | $795,416 |
| Payroll taxes | $486,791 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,436 |
| Fees for services: Accounting | $60,093 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,748 |
| Fees for services: Other | $13,000 |
| Advertising and promotion | $0 |
| Office expenses | $248,372 |
| Information technology | $148,412 |
| Royalties | $0 |
| Occupancy | $1,184,893 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,297 |
| Interest | $368,862 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,016,591 |
| Insurance | $423,273 |
| All other expenses | -$63,399 |
| Total functional expenses | $15,547,366 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,361,466 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $138,916 |
| Accounts receivable, net | $3,719 |
| 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 | $923,854 |
| Net Land, buildings, and equipment | $26,095,239 |
| Investments—publicly traded securities | $8,399,802 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,024 |
| Total assets | $39,954,020 |
| Accounts payable and accrued expenses | $1,455,915 |
| Grants payable | $0 |
| Deferred revenue | $2,936,440 |
| Tax-exempt bond liabilities | $13,801,954 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $441,847 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $18,636,156 |
| Net assets without donor restrictions | $20,350,657 |
| Net assets with donor restrictions | $967,207 |
| 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 | $39,954,020 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palm Beach Day Academy Inc has recieved totaling $545,000.
| Awarding Organization | Amount |
|---|---|
Pamela And Wayne Garrison Family Foundation Big Horn, WY PURPOSE: PROVIDE FUNDS TO ADVANCE MISSION | $545,000 |
Endowment Analysis
| Beg. Balance | $4,147,549 |
| Earnings | $913,528 |
| Net Contributions | $178,678 |
| Other Expense | $390,925 |
| Ending Balance | $4,848,830 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kings Academy Inc West Palm Beach, FL | $71,507,499 | $41,105,705 |
Bridgeprep Academy Inc Miami, FL | $11,150,990 | $35,186,838 |
Westminster Christian School Miami, FL | $63,040,762 | $31,809,440 |
Scheck Hillel Community School Inc North Miami, FL | $32,581,738 | $29,091,360 |
Cushman School Inc Miami, FL | $60,717,443 | $28,827,418 |
Mt Paran Christian School Inc Kennesaw, GA | $56,928,804 | $29,889,603 |
The Hebrew Day School Of Broward County Inc Davie, FL | $31,151,205 | $23,429,832 |
Trinity School Inc Atlanta, GA | $133,203,671 | $25,058,941 |
Carrollwood Day School Education Inc Tampa, FL | $44,857,641 | $20,567,249 |
Kipp Jacksonville Inc Jacksonville, FL | $9,839,108 | $19,518,543 |
Randolph School Huntsville, AL | $69,168,210 | $21,425,432 |
Renaissance Arts And Education Inc Palmetto, FL | $29,910,781 | $21,492,050 |