Friends Academy FY2021 filing

Tax-deductible

Locust Valley, NY501(c)(3)Since 1877EducationEIN 11-1633485Revenue $30.4M in FY2021

On file with the IRSfa.orgDuck Pond Rd, 11560-0000 · Locust Valley, NYTax-exempt since Jun 1934School — 170(b)(1)(A)(ii)

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To operate an independent elementary and secondary educational institution.

501(c)(3) charity; gifts are tax-deductible.
66¢ of each $1 spent went to programs.
$1.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 6
filings with a surplus
Average deficit $2.6M a year · 8% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
66%
of spending
Fine: 66% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.7M
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $194K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$16.1M
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$30.4M
-3% vs prior year
Spent
$38.9M
To programs
66%
Net assets
$101.8M
By yearFY2020–FY2025
Revenue
$30.4M
FY2021▼ -3%
Tap a bar for its year
Revenue by fiscal year
FY2020$31.5M
FY2021$30.4M
FY2022$33.6M
FY2023$33.7M
FY2024$35.6M
FY2025$35.1M
Expenses
$38.9M
FY2021▲ +28%
Tap a bar for its year
Expenses by fiscal year
FY2020$30.4M
FY2021$38.9M
FY2022$33.3M
FY2023$36.3M
FY2024$38.0M
FY2025$38.8M
Net assets
$101.8M
FY2021▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$95.0M
FY2021$101.8M
FY2022$91.6M
FY2023$94.1M
FY2024$98.7M
FY2025$101.8M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1934.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

66 cents of each dollar spent went to programs.

Program services 66% · $25.6M Management & general 31% · $12.2M Fundraising 3% · $1.1M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

23 people listed on the 990; $1.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Head of School
$514,520Pt VII · Sec A
Director of Finance
$284,890Pt VII · Sec A
Assistant Head of School
$219,114Pt VII · Sec A
Director of Advancement
$201,954Pt VII · Sec A
Upper School Principal
$186,407Pt VII · Sec A
Dean of Students
$160,553Pt VII · Sec A
Director of Branding
$157,635Pt VII · Sec A
Trustee
$0Pt VII · Sec A

Paul Stellato’s $670K as Head of School is at the 95th percentile of top reported officer pay among 3683 $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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides elementary and secondary education for students.

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2 programs · $25.6M · in their own filed words · FY2020
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.

$24.9Mprogram 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…

$679Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

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 →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$30.4M
Ln 12
Fees for servicesLn 2g$26.1M
Gifts and grantsLn 1h$2.8M
Investment incomeLn 3$1.2M
Money outPt IX
$38.9M
Ln 25
Programscol B$25.6M
Managementcol C$12.2M
Fundraisingcol D$1.1M
Owns and owesPt X
$101.8M
net assets · Ln 32
Cash and savingsLn 1–2$6.7M
Total assetsLn 16$117.9M
LiabilitiesLn 26$16.1M
PeoplePt VI, VII
23
listed · VII A
PaidVII A7
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.8M
Government grantsLn 1e$313K
Noncash giftsLn 1g$251K
Fundraising eventsLn 1c$317K
Fees for servicesLn 2g$26.1M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$321K
Gains on assetsLn 7−$5K
Total revenueLn 12$30.4M
Assets in detailPt X, end of year
CashLn 1$6.7M
SavingsLn 2$21K
Cash and savings togetherLn 1–2$6.7M
InvestmentsLn 11–13$69.0M
Land, buildings, equipmentLn 10c$41.5M
Total assetsLn 16$117.9M
LiabilitiesLn 26$16.1M
Net assetsLn 32$101.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 6215
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$4.5M$6.7M
InvestmentsLn 11–13$62.7M$69.0M
Land, buildings, equipmentLn 10c$41.5M$41.5M
Total assetsLn 16$109.7M$117.9M
LiabilitiesLn 26$14.8M$16.1M
Net assetsLn 32$95.0M$101.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.1M$2.1M
Pay of current officers, directors and key staffLn 5$935K$935K
Other salaries and wagesLn 7$14.1M$12.0M$1.5M$657K
Pension plan contributionsLn 8$719K$626K$59K$34K
Other employee benefitsLn 9$3.6M$2.9M$494K$159K
Payroll taxesLn 10$1.1M$849K$161K$46K
Legal feesLn 11b$132K$132K
Accounting feesLn 11c$38K$38K
Other fees for servicesLn 11g$1.5M$953K$470K$120K
Advertising and promotionLn 12$77K$6K$69K$3K
Office expensesLn 13$560K$391K$107K$62K
Information technologyLn 14$532K$74K$428K$30K
OccupancyLn 16$1.7M$1.6M$40K$13K
TravelLn 17$39K$39K
Conferences, conventions and meetingsLn 19$42K$36K$3K$2K
Depreciation, depletion and amortizationLn 22$1.5M$1.5M$77K
InsuranceLn 23$424K$393K$21K$10K
Other expenses (24a–d)Ln 24$9.6M$1.7M$7.9M$11K
All other expensesLn 24e$294K$294K
Total functional expensesLn 25$38.9M$25.6M$12.2M$1.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $35.1M$38.8M−$3.8M$101.8M 990 PDF
FY2024 $35.6M$38.0M−$2.4M$98.7M 990 PDF
FY2023 $33.7M$36.3M−$2.6M$94.1M 990 PDF
FY2022 $33.6M$33.3M$361K$91.6M 990 PDF
FY2021 Viewing $30.4M$38.9M−$8.5M$101.8M 990 PDF
FY2020 $31.5M$30.4M$1.1M$95.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $30,411,338 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,047,511$2,779,270
I-9 Program service revenuePrior year $26,681,954$26,094,302
I-10 Investment incomePrior year $1,576,679$1,217,204
I-11 Other revenuePrior year $164,327$320,562
I-12 Total revenuePrior year $31,470,471$30,411,338
I-13 Grants and similar amounts paidPrior year $2,137,621$2,123,999
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $20,320,803$20,378,836
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,958,389$16,437,358
I-18 Total expensesPrior year $30,416,813$38,940,193
I-19 Revenue less expensesPrior year $1,053,658−$8,528,855
Part VI · Governance 15 of 15 board members independent, no flags
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $30,411,338 across 12 lines filed
VIII-1c Fundraising events$317,485
VIII-1e Government grants$313,073
VIII-1f All other contributions, gifts and grants$2,148,712
VIII-1g Noncash contributions (included above)$250,723
VIII-1h Total contributions, gifts and grants$2,779,270
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $26,094,302$26,094,302
VIII-3 Investment incomeExcluded from tax $1,222,025$1,222,025
VIII-6 Net rental income or lossExcluded from tax $197,403$197,403
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$4,821−$4,821
VIII-8 Net income from fundraising eventsExcluded from tax $115,762$115,762
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $7,397$7,397
VIII-12 Total revenueRelated to mission $26,094,302 · Unrelated business $0 · Excluded from tax $1,537,766$30,411,338
Part IX · Statement of functional expenses $38,940,193 across 19 lines filed
IX-2 Grants to domestic individualsPrograms $2,123,999$2,123,999
IX-5 Pay of current officers, directors and key staffManagement $934,763$934,763
IX-7 Other salaries and wagesPrograms $12,000,771 · Management $1,454,464 · Fundraising $657,328$14,112,563
IX-8 Pension plan contributionsPrograms $625,933 · Management $58,606 · Fundraising $34,285$718,824
IX-9 Other employee benefitsPrograms $2,903,244 · Management $494,154 · Fundraising $159,022$3,556,420
IX-10 Payroll taxesPrograms $848,943 · Management $160,823 · Fundraising $46,500$1,056,266
IX-11b Legal feesPrograms $132,409$132,409
IX-11c Accounting feesManagement $37,575$37,575
IX-11g Other fees for servicesPrograms $953,471 · Management $470,269 · Fundraising $120,068$1,543,808
IX-12 Advertising and promotionPrograms $5,766 · Management $68,675 · Fundraising $2,742$77,183
IX-13 Office expensesPrograms $391,221 · Management $107,164 · Fundraising $61,800$560,185
IX-14 Information technologyPrograms $74,050 · Management $428,045 · Fundraising $29,760$531,855
IX-16 OccupancyPrograms $1,605,189 · Management $39,855 · Fundraising $13,285$1,658,329
IX-17 TravelPrograms $39,117$39,117
IX-19 Conferences, conventions and meetingsPrograms $35,833 · Management $3,374 · Fundraising $2,400$41,607
IX-22 Depreciation, depletion and amortizationPrograms $1,465,766 · Management $77,009$1,542,775
IX-23 InsurancePrograms $392,958 · Management $20,988 · Fundraising $10,036$423,982
IX-24 Other expenses (24a–d)Programs $1,693,056 · Management $7,850,699 · Fundraising $11,216$9,554,971
IX-24e All other expensesPrograms $293,562$293,562
IX-25 Total functional expensesPrograms $25,585,288 · Management $12,206,463 · Fundraising $1,148,442$38,940,193
Part X · Balance sheet $117,905,530 assets, 18 lines filed
Asset lines not itemized here account for $2,712; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $4,514,108$6,659,647
X-2 Savings and temporary cash investmentsStart of year $341$20,691
X-3 Pledges and grants receivableStart of year $313,808$139,196
X-4 Accounts receivableStart of year $578,912$187,869
X-8 Inventories for sale or useStart of year $9,346$16,010
X-9 Prepaid expenses and deferred chargesStart of year $148,889$456,594
X-10c Land, buildings and equipment, netStart of year $41,508,672$41,454,252
X-11 Publicly traded securitiesStart of year $62,453,290$68,851,560
X-12 Other securitiesStart of year $209,336$116,999
X-16 Total assetsStart of year $109,741,355$117,905,530
X-17 Accounts payable and accrued expensesStart of year $1,803,204$2,653,763
X-19 Deferred revenueStart of year $3,233,444$4,173,381
X-20 Tax-exempt bond liabilitiesStart of year $9,714,003$9,320,037
X-26 Total liabilitiesStart of year $14,750,651$16,147,181
X-27 Net assets without donor restrictionsStart of year $90,373,637$96,167,292
X-28 Net assets with donor restrictionsStart of year $4,617,067$5,591,057
X-32 Total net assets or fund balancesStart of year $94,990,704$101,758,349
X-33 Total liabilities and net assetsStart of year $109,741,355$117,905,530
Part XI · Reconciliation of net assets $101,758,349 net assets at year end
XI-1 Total revenue$30,411,338
XI-2 Total expenses$38,940,193
XI-3 Revenue less expenses−$8,528,855
XI-4 Net assets at start of year$94,990,704
XI-5 Net unrealized gains (losses) on investments$15,296,500
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$101,758,349

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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