The Franklin Academy

Nonprofit profile at a glance

EIN
911434401
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Bellingham, WA, USA
Phone
3607331750
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Reported finances

Revenue
$6,457,104
Expenses
$6,034,815
Assets
$6,641,012
Liabilities
$5,611,481

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

Leadership & pay

16 people listed

Executive titles in this filing

  • Matt Conner (President)
  • Sarah Kaiser (1st Vice President)

Highest reported compensation

  • Gretchen Bucsko (Head of School): $198,652 total reported compensation
  • Melanie Hurley (Associate Head of School): $121,466 total reported compensation
  • Anne-Marie Misko-Kennedy (Director of Finance and Op): $94,889 total reported compensation

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

Overview

Mission

Provide education integrating STEM, rigor, and leadership while developing character based on timeless values in a close-knit community.

What it reported doing in 2024

The Academy's programs include a preschool for children ages 2 1/2 and up, as well as an elementary/middle school for children in grades Kindergarten through 8th grade. The academic programs aim to provide a strong foundation for learning, global citizenship, and a life of significance. The Academy joins other schools and universities that celebrate a love of challenging questions, rigorous inquiry, free expression and service to others.Grants include Academy-funded financial aid to eligible families and discounts to employees.

Operating model

Revenue model
Earned-program. 75% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 87% 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 44
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.3%; rating input score 71
  • Program expense ratio: 76.8%; rating input score 77
  • Fundraising efficiency: $11.36 raised per $1 spent on fundraising; rating input score 42; 42nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • 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; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.5%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 1.1; rating input score 40; 40th percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: -3.4% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 71.3% of revenue deployed · 76.8% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $4.6M in reported program spending
  • Leadership: top reported pay $199K · 16 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $404K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 42/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.