Newark Academy

Nonprofit profile at a glance

EIN
221487270
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Livingston, NJ, US
Phone
(973) 992-7000
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Primary, Elementary Schools

Official website

Reported finances

Revenue
$45,705,961
Expenses
$41,827,783
Assets
$132,738,812
Liabilities
$14,564,939

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

Leadership & pay

34 people listed

Highest reported compensation

  • DONALD M AUSTIN (BOARD MEMBER/HEAD OF SCHOOL): $785,390 total reported compensation
  • SAMUEL GOLDFISCHER (DIRECTOR OF BUSINESS & FIN): $404,063 total reported compensation
  • THOMAS ASHBURN (MIDDLE SCHOOL PRINCIPAL): $286,649 total reported compensation

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

Overview

Mission

Newark Academy will contribute to the world engaged individuals instilled with a passion for learning, a standard of excellence, and a generosity of spirit

What it reported doing in 2024

Newark academy (the "academy") is an independent school located in livingston, nj that offers an academically rigorous college preparatory program to a student body composed of diverse, multi-cultural, international group of young people. Tuition represents the academy's primary source of revenue.

Operating model

Revenue model
Earned-program. 84% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 86% 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

SUPPORTED - 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: 64
  • Transparency & Controls: 75
  • Accountability: 93
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.6%; rating input score 67
  • Program expense ratio: 76.2%; rating input score 76
  • Fundraising efficiency: $3.91 raised per $1 spent on fundraising; rating input score 15; 15th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 95.8%; rating input score 96; 29th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 8.5%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 3.17; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 7.5%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 6% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • What they do: 6 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 66.6% of revenue deployed · 76.2% of spending went to programs
  • Governance: 23 of 24 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $31.9M in reported program spending
  • Leadership: top reported pay $785K · 34 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.8M reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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 15/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.