Friends Academy 
The information on this page was last updated 4/21/2023. If you see errors or omissions, please email: [email protected]
Summary
At Friends Academy, students are taught that integrity matters in all they do, and that the standards we keep in the classrooms and hallways of our school are indicators of how we'll impact the world.
What is a Quaker Education?
We take an excellent education and contextualize it with real-world questions, and then equip students with the knowledge and resources to develop real-time solutions. We do all of this with our values at the forefront to guide us through decisions and milestones with intention and discernment.
When a child's entire educational experience is based on a foundation of essential, human values, they develop into open, caring, and confident adults. Our Quaker approach to education is rooted in our core values of simplicity, peace, integrity, community, equity, stewardship, and service.
While these values are historical tenets of Quakerism, at Friends Academy, they are values that are very much present, active, and alive. We don't just teach or learn what's in front us, we dive deeper into the "why."
Contact information
Mailing address:
Friends Academy
270 Duck Pond Road
Locust Valley, NY 11560
Website: friendsacademy.org
Phone: 516-676-0393
Email: [email protected]
Organization details
EIN: 111633485
CEO/President: Paul J. Stellato
Chairman: Frank Ingrassia
Board size: 21
Founder:
Ruling year: 1934
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: No
Member of ECFA since:
Purpose
We achieve educational excellence by committing to the highest standards of learning and living.
Our diverse and welcoming community is strengthened by our Quaker values, which empower our students to inquire, reflect, and engage in their classrooms, in their neighborhoods, and in the world.
Because when we inspire students to learn and live with purpose, they achieve greatness without sacrificing goodness.
We keep our attention on what truly matters, simplifying whenever possible so that we can always stay close to the issue at hand. We know that less is more, in more ways than one. The world is a complicated place, and it's easy to get lost in the complexities. We know when to overlook the unnecessary so that the necessary can speak. This enables us to learn and live with the highest standards.
We see conflict as an opportunity for growth, approaching that inevitable tension with an intention of peace and dignity. Valuing peace doesn't mean we never take a stand or defend our ideas. We know the value of healthy debate and the beauty of seeing all sides of the story. We believe in the power of poise and self-control as the best ways to listen, learn, and compromise.
We balance the needs of individuals with the needs of our community and understand the relationship between both. We believe in the power of friendship, support, and connection, and we know that our world needs our collective efforts. We commit to each other so that we may solve our community's challenges and foster a sense of belonging for everyone. When we band together, we learn and live to the fullest.
We are seekers of equality and advocates for equity. We lift one another up and unify the light in us all. We respect all differences, and are curious about ideas, faiths, and backgrounds. We believe that society should be equitable and that inclusivity is not a goal to check off a list, but rather a culture that is intentionally woven into our lives. As a result, we learn from and with everyone we encounter.
We take accountability for the world around us through education, appreciation, and service. We approach education with a purpose to serve so that we may use our knowledge and our talents to push for social change and positively impact our community and our world.
Modeling the right relationship with our natural surroundings ensures a healthier world for generations to come. We understand the importance of educating our students about limited resources, how we can protect them, and why we must be stewards of our earth including and on behalf of those that may not be able to do so. This intentional balance of equity fuels creative ideas and sustainable solutions for our community and for our planet.
We believe in treating others with respect and honesty, seeing each interaction as a chance to act with integrity. We know that the standards we keep in the classrooms and hallways of our school are indicators of how we'll impact the world. We have high expectations of ourselves, and we reflect on our actions often so that we may shine our brightest.
Mission statement
Guided by our Quaker principles, Friends Academy educates our students to discover and develop the best of who they are and who they can become.
Statement of faith
Donor confidence score
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: K-12 Schools/Academies
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 876 of 1107 | 47 of 50 |
| Fund acquisition rating | | 959 of 1108 | 47 of 50 |
| Resource allocation rating | | 675 of 1108 | 33 of 50 |
| Asset utilization rating | | 601 of 1107 | 32 of 50 |
Financial ratios
| Funding ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 11% | 47% | 49% | 31% | 41% | 36% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 4% | 4% | 4% | 4% | 4% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 13% | 9% | 9% | 11% | 9% | 10% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 4% | 4% | 4% | 3% | 4% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 87% | 91% | 91% | 89% | 91% | 90% |
| Operating ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 80% | 80% | 82% | 66% | 83% |
Spending ratio Spending ratio = Total expenses / Total revenue | 97% | 107% | 108% | 99% | 128% | 97% |
Program output ratio Program output ratio = Program services / Total revenue | 80% | 86% | 86% | 82% | 84% | 81% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 3% | -7% | -8% | 1% | -28% | 3% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | -2% | -3% | 0% | -8% | 1% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 16% | 16% | 14% | 31% | 13% |
| Investing ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.49 | 0.32 | 0.33 | 0.31 | 0.33 | 0.28 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 3.10 | 1.53 | 1.58 | 1.63 | 1.54 | 1.61 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.65 | 0.50 | 0.52 | 0.51 | 0.51 | 0.45 |
| Liquidity ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 3.25 | 10.25 | 10.56 | 10.16 | 11.18 | 13.50 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.31 | 0.10 | 0.09 | 0.10 | 0.09 | 0.07 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 3.21 | 21.78 | 20.88 | 21.38 | 21.42 | 24.85 |
| Solvency ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 32% | 16% | 15% | 14% | 14% | 13% |
Debt ratio Debt ratio = Debt / Total assets | 9% | 9% | 9% | 8% | 8% | 9% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 142% | 260% | 259% | 275% | 261% | 312% |
Financials
| Balance sheet | |||||
| Assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Cash | $9,280,758 | $8,493,309 | $7,408,984 | $6,680,338 | $4,514,449 |
| Receivables, inventories, prepaids | $1,264,885 | $897,022 | $1,331,209 | $799,669 | $1,050,955 |
| Short-term investments | $65,885,505 | $60,374,570 | $57,027,441 | $68,851,560 | $62,453,290 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $76,431,148 | $69,764,901 | $65,767,634 | $76,331,567 | $68,018,694 |
| Long-term investments | $0 | $0 | $63,060 | $116,999 | $209,336 |
| Fixed assets | $40,476,282 | $40,733,898 | $41,134,915 | $41,454,252 | $41,508,672 |
| Other long-term assets | $1,887 | $2,980 | $1,034 | $2,712 | $4,653 |
| Total long-term assets | $40,478,169 | $40,736,878 | $41,199,009 | $41,573,963 | $41,722,661 |
| Total assets | $116,909,317 | $110,501,779 | $106,966,643 | $117,905,530 | $109,741,355 |
| Liabilities | 2024 | 2023 | 2022 | 2021 | 2020 |
| Payables and accrued expenses | $2,891,925 | $2,019,831 | $2,264,360 | $2,653,763 | $1,803,204 |
| Other current liabilities | $4,564,945 | $4,587,712 | $4,207,248 | $4,173,381 | $3,233,444 |
| Total current liabilities | $7,456,870 | $6,607,543 | $6,471,608 | $6,827,144 | $5,036,648 |
| Debt | $10,778,375 | $9,792,545 | $8,916,290 | $9,320,037 | $9,714,003 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total long-term liabilities | $10,778,375 | $9,792,545 | $8,916,290 | $9,320,037 | $9,714,003 |
| Total liabilities | $18,235,245 | $16,400,088 | $15,387,898 | $16,147,181 | $14,750,651 |
| Net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Without donor restrictions | $93,604,936 | $89,747,917 | $87,655,678 | $96,167,292 | $90,373,637 |
| With donor restrictions | $5,069,136 | $4,353,774 | $3,923,067 | $5,591,057 | $4,617,067 |
| Net assets | $98,674,072 | $94,101,691 | $91,578,745 | $101,758,349 | $94,990,704 |
| Revenues and expenses | |||||
| Revenue | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total contributions | $3,362,304 | $2,879,353 | $3,819,168 | $2,779,270 | $3,047,511 |
| Program service revenue | $30,049,398 | $29,136,807 | $28,433,081 | $26,094,302 | $26,681,954 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $2,048,700 | $1,262,022 | $1,394,558 | $1,217,204 | $1,576,679 |
| Other revenue | $173,290 | $429,401 | ($9,723) | $320,562 | $164,327 |
| Total other revenue | $32,271,388 | $30,828,230 | $29,817,916 | $27,632,068 | $28,422,960 |
| Total revenue | $35,633,692 | $33,707,583 | $33,637,084 | $30,411,338 | $31,470,471 |
| Expenses | 2024 | 2023 | 2022 | 2021 | 2020 |
| Program services | $30,500,451 | $29,069,043 | $27,435,781 | $25,585,288 | $25,347,317 |
| Management and general | $5,903,496 | $5,815,394 | $4,658,106 | $12,206,463 | $3,960,987 |
| Fundraising | $1,590,652 | $1,415,802 | $1,182,359 | $1,148,442 | $1,108,509 |
| Total expenses | $37,994,599 | $36,300,239 | $33,276,246 | $38,940,193 | $30,416,813 |
| Change in net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Surplus (deficit) | ($2,360,907) | ($2,592,656) | $360,838 | ($8,528,855) | $1,053,658 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($2,360,907) | ($2,592,656) | $360,838 | ($8,528,855) | $1,053,658 |
Compensation
| Name | Title | Compensation |
| Paul Stellato | Head of School | $415,433 |
| Andrea Kelly | Former Head of School | $392,719 |
| Ann Marie Tidona | Director of Finance | $386,709 |
| Jenifer Halliday | Assistant Head of School | $370,423 |
| Taisha Thompson | Director of Admissions | $296,878 |
| Mark Schoeffel | Upper School Principal | $259,891 |
| Kevin Barry | Director of Advancement | $251,420 |
| Diana Parente | Director of Athletics & P.e. | $247,425 |
Compensation data as of: 6/30/2024
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 4/21/2023. To update the information below, please email: [email protected]