Worcester Academy

Nonprofit profile at a glance

EIN
042105855
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Worcester, MA, USA
Phone
5087545302
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$36,037,921
Expenses
$35,600,941
Assets
$170,781,959
Liabilities
$29,463,130

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

Leadership & pay

31 people listed

Executive titles in this filing

  • MEGAN A O'LEARY (PRESIDENT)
  • LAWRENCE A GORDON (VICE PRESIDENT)

Highest reported compensation

  • KEVIN BREEN (HEAD OF SCHOOL): $388,258 total reported compensation
  • JENNIFER DIFRANCO (DIRECTOR OF ADVANCEMENT): $219,133 total reported compensation
  • MARNIE KUT (ASSOCIATE HEAD OF SCHOOL): $208,774 total reported compensation

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

Overview

Mission

Worcester academy exists to instill in its students the desire to learn throughout life, to engage passionately with the world around them, and to be honorable persons of strong and resourceful character.

What it reported doing in 2024

Operation of preparatory school for 530 students in grades 6 - 12 and postgraduates.

Operating model

Revenue model
Earned-program. 84% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 74% for direct work, and 26% for grants.
  • 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: 74
  • Transparency & Controls: 91
  • Accountability: 95
  • Sustainability: 58
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.6%; rating input score 82
  • Program expense ratio: 83.8%; rating input score 84
  • Fundraising efficiency: $1.64 raised per $1 spent on fundraising; rating input score 5; 5th 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: Missing
    • Other Form 990s reviewed: Pass
    • 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: 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: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.2%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 4.8; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.17; rating input score 62; 62nd percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 4% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: 4% per year; rating input score 100; 34th percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 81.6% of revenue deployed · 83.8% of spending went to programs
  • Governance: 25 of 25 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $29.8M in reported program spending
  • Leadership: top reported pay $388K · 31 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $10.5M reported
  • Consistency: 37 of 37 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: 6 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 5/100.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.