Friends Academy EIN 11-1633485 Form 990 (PDF) Claim this org

Friends Academy

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Provides elementary and secondary education for students. For fiscal year 2025 it reported $35.1M in revenue, $38.8M in expenses, and $101.8M in net assets.Pt I

Founded
1877
Type
Public charity (501(c)(3)) · Education
Location
Locust Valley, NY
Website
www.fa.org
Filings
6 on file (2020–2025)
Revenue
$35.1MFY2025
Expenses
$38.8M
Net assets
$101.8M
People
25
Filings
6
Updates
0
More identity details & actions ⌄
EIN  11-1633485 Public charity (501(c)(3)) Locust Valley, NY Founded 1877
Form 990 (PDF)
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Figures match the IRS filing checked 8/7/26 · see original: IRS
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Size
$10–100M
What they do
Provides elementary and secondary education for students.
Leadership
Paul Stellato · Head of School · $670K
Money in and out
$35.1M revenue, $38.8M expenses
Bottom line
81% program efficiency
Where the money goes · FY2025
Total revenue
$35.1M
Pt VIII · Ln 12
Total expenses
$38.8M
Pt IX · Ln 25
Net assets
$101.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$3.8M
Where spending went · Part IX cols B–D
Program services $0.81 Management & general $0.14 Fundraising $0.04
Program efficiency
81%
of spending reaches programs▲ +1% vs prior filing year
Operating runway
24.7mo
months of highly liquid reserves at operating expense rate▲ +4% vs prior filing year
Surplus margin
-11%
revenue over expenses, this year▼ -62% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$35.1M
FY2025▼ -2%
Expenses
$38.8M
FY2025▲ +2%
Total assets
$125.1M
FY2025▲ +7%
Total liabilities
$23.4M
FY2025▲ +28%
Total revenue
$35.1M
Pt VIII · Ln 12
Total expenses
$38.8M
Pt IX · Ln 25
Net assets
$101.8M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$3.8M
Total assetsPt X · Ln 16$125.1M
Program-expense ratioPt IX · col B81%
Voting members of governing bodyPt I · Ln 319
Independent voting membersPt I · Ln 419

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CFriends Academy
EINHdr · item D11-1633485
Principal addressHdr · item CLocust Valley, NY
WebsiteHdr · item Jwww.fa.org
Year of formationHdr · item L1877
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B200)
Ruling yearIRS BMFJun 1934

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a19
Independent voting membersPt VI · Ln 1b19
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 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Head of School
$669,707Pt VII · Sec A
Director of Finance
$335,282Pt VII · Sec A
Director of Admissions
$272,386Pt VII · Sec A
Director of Advancement
$228,580Pt VII · Sec A
Assistant Head of School
$226,271Pt VII · Sec A
Dir. of Facilities
$224,914Pt VII · Sec A
Principal Thru June 2024
$215,634Pt VII · Sec A
$0Pt VII · Sec A

Paul Stellato’s $670K as Head of School is at the 95th percentile of top reported officer pay among 3682 $10–100M 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 · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Paul Stellato$669,707$309,515
Andrea Kelly$279,288$609,612$614,169$514,520$431,903
Ann Marie Tidona$335,282$319,141$306,833$301,381$284,890$270,852
Taisha Thompson$272,386$245,945$254,380$238,073
Kevin Barry$228,580$217,512$209,748$214,330$201,954$197,609
Jenifer Halliday$226,271$224,170$213,499$214,948$219,114$206,721
Scott Brugge$224,914
Dorothy Woo$215,634

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

2 program services account for $31.6M of program spending, described in the organization's own filed words · FY2024.
01

Instruction and Student Activities

Academics: as a quaker school, friends endorses the principle that all students have worth and ability, and our academic program provides for each student to find his or her own voice and achieve excellence. Character education: a center piece of our program is community service, one of the essential quaker testimonies.

$31.1Mprogram expense
02

Summer Program

Friends academy summer camp programs are based on the belief in the unique worth of every child. Program accomplishments include developing each camper's self-confidence as fully as possible by providing a place where children can have fun, make friends, and learn in a safe and friendly environment, implementing an organized program of…

$500Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$30.3M · 86%
Contributions & grants$2.4M · 7%
Investment income$2.0M · 6%
Other revenue$305K · 1%
Program service revenue86%$30.3M
Contributions & grants7%$2.4M
Investment income6%$2.0M
Other revenue1%$305K
— government grantsLn 1e$302K
Total revenueLn 12$35.1M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.81 Management & general $0.14 Fundraising $0.04
Program services81%$31.6M
Management & general14%$5.6M
Fundraising4%$1.7M
Total functional expensesLn 25$38.8M

Balance Sheet

Part X · end of year
CashLn 1$9.9M
Total assetsLn 16$125.1M
Total liabilitiesLn 26$23.4M
Total net assetsLn 32$101.8M
Months of cash on handcomputed3.0

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $79.8M · Operating expenses (Pt IX) $38.8M · Less non-cash grants $46K · Cash operating expenses/yr $38.8M
24.7 months
Where the money goes
Program services
Program services $31.6M · Total expenses $38.8M
81%
Management & General
Management & general $5.6M · Total expenses $38.8M
14%
Fundraising
Fundraising $1.7M · Total expenses $38.8M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $1.6M · Solicited contributions (3-yr avg) $2.5M
$0.61 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $2.4M · Total revenue $35.1M
7%
Government reliance
Government grants $302K · Total revenue $35.1M
0.9%
Earned-income share
Program service revenue $30.3M · Total revenue $35.1M
86%
Investment reliance
Investment income $2.0M · Total revenue $35.1M
+6%
Program self-sufficiency
Program service revenue $30.3M · Total expenses $38.8M
78%
Growth & trend
Revenue growth (YoY)
This year $35.1M · Prior year $35.6M
-2%
Revenue CAGR
FY2019 $31.5M · FY2024 $35.1M
+2%
Net-asset trend (YoY)
End of year $101.8M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $35.1M · Expenses $38.8M
-11%
Liabilities-to-Assets
Total liabilities — · Total assets $125.1M
Net-asset ratio
Net assets $101.8M · Total assets $125.1M
81%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $69.9M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $125.1M
56%
People & payroll
Highest Reported Total Compensation
Individual Paul Stellato · Reported title HEAD OF SCHOOL · Highest reported compensation $670K · Total expenses $38.8M
2%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $24.6M · Total expenses $38.8M
63%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 81%
Overhead ratio 14%
Fundraising cost ratio 68%
Revenue growth -2%
Legal fee ratio 0.2%
Accounting fee ratio 0.1%

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.

Grants

Schedule I · received and paid
Grants received · FY2024
See all 5 funders →
Grants paid · 25 grants · $13.7M · 2019–2024
Unitemized GrantFY2024$2,618,175
Unitemized GrantFY2024$69,440
Unitemized GrantFY2024$28,919
Unitemized GrantFY2024$7,000
Unitemized GrantFY2023$2,540,600
Unitemized GrantFY2023$97,403
Unitemized GrantFY2023$51,980
Unitemized GrantFY2023$7,000
Unitemized GrantFY2022$2,025,092
Unitemized GrantFY2022$66,123
Unitemized GrantFY2022$49,920
Unitemized GrantFY2022$7,000
Unitemized GrantFY2021$1,795,418
Unitemized GrantFY2021$73,560
Unitemized GrantFY2021$36,580
Unitemized GrantFY2021$7,077
Unitemized GrantFY2020$1,880,600
Unitemized GrantFY2020$117,013
See all 25 grants →

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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
FY2025 (Latest)$35.1M revenue · viewing · ⤓ 990 PDF
FY2024$35.6M revenue · ⤓ 990 PDF
FY2023$33.7M revenue · ⤓ 990 PDF
FY2022$33.6M revenue · ⤓ 990 PDF
FY2021$30.4M revenue · ⤓ 990 PDF
FY2020$31.5M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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