Friends Academy

Nonprofit profile at a glance

EIN
111633485
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Locust Valley, NY, US
Phone
516.676.0393
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$35,060,495
Expenses
$38,821,389
Assets
$125,122,795
Liabilities
$23,355,321

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

Leadership & pay

26 people listed

Executive titles in this filing

  • FRANK INGRASSIA (PRESIDENT)
  • RACHEL ETESS GREEN (VICE PRESIDENT)

Highest reported compensation

  • PAUL STELLATO (HEAD OF SCHOOL): $797,439 total reported compensation
  • JENIFER HALLIDAY (ASSISTANT HEAD OF SCHOOL): $406,799 total reported compensation
  • ANN MARIE TIDONA (DIRECTOR OF FINANCE): $406,722 total reported compensation

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

Overview

Mission

Friends Academy offers an exceptional academic experience rooted in a deep tradition of Quaker education, preparing students to lead lives of purpose, integrity, and impact.

What it reported doing in 2024

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. We offer age appropriate service opportunities for all our students as we teach them that individuals can make a difference in the world. College preparation: we are committed to preparing students not only for college, but also for responsible citizenship. To that end, beyond community service, we nurture leadership, civic responsibility, and community especially in terms of equality and diversity. Friends academy served 650 students during the 2024-2025 school year.

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 91% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 91
  • Accountability: 95
  • Sustainability: 38
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.7%; rating input score 89
  • Program expense ratio: 81.4%; rating input score 81
  • Fundraising efficiency: $1.47 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • 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: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -10.7%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 3.22; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 60; 60th percentile among comparable filings
  • Officer compensation ratio: 7.4%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 2.4% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 2.2% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 2.9% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 88.7% of revenue deployed · 81.4% of spending went to programs
  • Governance: 19 of 19 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $31.6M in reported program spending
  • Leadership: top reported pay $797K · 26 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5.9M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 10 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: 7 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.

  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Sustainability: Operating margin scored 9/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.