First Academy INC EIN 06-1426905 Form 990 (PDF) Claim this org

First Academy INC FY2020 filing

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Offers safe, nurturing programs fostering active learning and support for children's development. For fiscal year 2020 it reported $414K in revenue, $472K in expenses, and $-149K in net assets.Pt I

Type
Public charity (501(c)(3)) · Education
Location
Bloomfield, CT
Filings
5 on file (2020–2020)
Revenue
$414KFY2020
Expenses
$472K
Net assets
$-149K
People
7
Filings
5
Updates
0
More identity details & actions ⌄
EIN  06-1426905 Public charity (501(c)(3)) Bloomfield, CT
Form 990 (PDF)
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Offers safe, nurturing programs fostering active learning and support for children's development.
Leadership
Evoni Davis · School Director · $57K
Money in and out
$414K revenue, $472K expenses
Bottom line
80% program efficiency
Where the money goes · FY2020
Total revenue
$414K
Pt VIII · Ln 12
Total expenses
$472K
Pt IX · Ln 25
Net assets
$-149K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$58K
Where spending went · Part IX cols B–D
Program services $0.80 Management & general $0.20
Program efficiency
80%
of spending reaches programs
Operating runway
3.9mo
months of highly liquid reserves at operating expense rate
Surplus margin
-14%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$414K
FY2020
Expenses
$472K
FY2020
Total assets
$217K
FY2020
Total liabilities
$365K
FY2020
Total revenue
$414K
Pt VIII · Ln 12
Total expenses
$472K
Pt IX · Ln 25
Net assets
$-149K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$58K
Total assetsPt X · Ln 16$217K
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 36
Independent voting membersPt I · Ln 4pending

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CFirst Academy INC
EINHdr · item D06-1426905
Principal addressHdr · item CBloomfield, CT
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCT
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B21)
Ruling yearIRS BMFJan 2017

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a6
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
School Director
$56,769Pt VII · Sec A
$5,200Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Elith Howard’s $60K as School Director is at the 52nd percentile of top reported officer pay among 1612 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Elith Howard$60,000$65,000$61,000
Evoni Davis$43,615$56,769
Venice Easterling$7,800$7,956$7,800
Venice Easterling$7,300$5,200
Elith Howard$6,923

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

1 program service account for $375K of program spending, described in the organization's own filed words · FY2020.
01

Provided safe and effective learning environment for toddler to PK-4. also provided distance learning for school aged children during COVID-19 closures

$375Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue100%$413K
Contributions & grants$818
Total revenueLn 12$414K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.20
Program services80%$375K
Management & general20%$97K
Total functional expensesLn 25$472K

Balance Sheet

Part X · end of year
CashLn 1$153K
Total assetsLn 16$217K
Total liabilitiesLn 26$365K
Total net assetsLn 32$-149K
Months of cash on handcomputed3.9

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $153K · Operating expenses/yr $472K
3.9 months
Where the money goes
Program services
Program services $375K · Total expenses $472K
80%
Management & General
Management & general $97K · Total expenses $472K
20%
Fundraising
Fundraising $0 · Total expenses $472K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $818
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $818 · Total revenue $414K
0.2%
Government reliance
Government grants — · Total revenue $414K
Earned-income share
Program service revenue $413K · Total revenue $414K
100%
Investment reliance
Investment income $0 · Total revenue $414K
0%
Program self-sufficiency
Program service revenue $413K · Total expenses $472K
88%
Growth & trend
Revenue growth (YoY)
This year $414K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $-149K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $414K · Expenses $472K
-14%
Liabilities-to-Assets
Total liabilities — · Total assets $217K
Net-asset ratio
Net assets $-149K · Total assets $217K
-69%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $217K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Evoni Davis · Reported title SCHOOL DIRECTOR · Highest reported compensation $57K · Total expenses $472K
12%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $363K · Total expenses $472K
77%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 80%
Overhead ratio 20%
Fundraising cost ratio 0%
Legal fee ratio 0.5%
Accounting fee ratio 2%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$895K revenue · ⤓ 990 PDF
FY2023$748K revenue · ⤓ 990 PDF
FY2022$575K revenue · ⤓ 990 PDF
FY2021$614K revenue · ⤓ 990 PDF
FY2020$414K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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