Fredericksburg Academy

Nonprofit profile at a glance

EIN
541568499
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Fredericksburg, VA, USA
Phone
5408980020
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$13,087,943
Expenses
$12,066,363
Assets
$20,953,920
Liabilities
$10,527,032

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • LAUREN-NICOLE JINIER (FIRST VICE PRESIDENT)
  • JOSEPH AMBERGER (PRESIDENT)

Highest reported compensation

  • KAREN MOSCHETTO (HEAD OF SCHOOL): $198,601 total reported compensation
  • PATRICIA ESTES (HEAD OF LOWER SCHOOL): $118,239 total reported compensation
  • ANTHONY DURSO (HEAD OF UPPER SCHOOL): $111,717 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We inspire and empower our students to discover, to engage, and to imagine the limitless nature of themselves and the world.

What it reported doing in 2024

The school has three divisions: lower school, which includes the early childhood program through fifth grade; middle school, grades six through eight; upper school, grades nine through twelve. Lower school accomplishments include cross-grade-level connections and mentorship opportunities, foreign language instruction for all students, character education, multiple opportunities to speak publicly and perform on stage, the introduction of a digital portfolio, an ipad program, and extracurricular opportunities such as junior master gardeners, international club, and running club. Middle school accomplishments include multiple opportunities for elected student leadership, a hands-on focus on sustainability in science curriculum, emphasis on service and global citizenship across the curriculum, the global explorers program, meaningful off-campus experiences, interscholastic athletics, a thriving fine arts program, and a faculty advisory program. Upper school accomplishments include the 1:1 laptop program and integration of instructional technology across the curriculum, the senior exhibit independent - study experience, individualized college counseling, a faculty advisory program, thriving programs in the arts and scholastic journalism, interscholastic athletics, emphasis on effective written and oral communication, and authentic leadership by the student government, honor council, and discipline committee.

Operating model

Revenue model
Other-operating. 95% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 74% for direct work, and 26% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 83
  • Accountability: 86
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.9%; rating input score 86
  • Program expense ratio: 92.9%; rating input score 93
  • Fundraising efficiency: $9.15 raised per $1 spent on fundraising; rating input score 36; 36th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.1%; rating input score 94; 27th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.8%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 1.74; rating input score 57; 57th percentile among comparable filings
  • Liabilities to assets ratio: 0.5; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 3.7% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 0.1% per year; rating input score 100; 10th percentile among comparable filings

Details

  • Where the money goes: 85.9% of revenue deployed · 92.9% of spending went to programs
  • Governance: 16 of 17 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $11.2M in reported program spending
  • Leadership: top reported pay $199K · 19 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $884K reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 36/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.