The Episcopal Academy 
The information on this page was last updated 5/19/2023. If you see errors or omissions, please email: [email protected]
Summary
Episcopal's 1,200 students-from Pre-Kindergarten through 12th grade-learn in an atmosphere that is both challenging and supportive, buoyed by a strong community of students, caring teachers and coaches, and unparalleled classroom and campus resources.
Contact information
Mailing address:
The Episcopal Academy
1785 Bishop White Drive
Newtown Square, PA 19073
Website: episcopalacademy.org
Phone: 484-424-1400
Email: [email protected]
Organization details
EIN: 231370500
CEO/President: Dr. T.J. Locke
Chairman: Elizabeth A. Corrigan
Board size: 29
Founder: Rt. Rev. William White
Ruling year: 1943
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: No
Member of ECFA since:
Purpose
At The Episcopal Academy, we take a robust approach to Mind, Body, and Spirit as an holistic approach to educating, nurturing, and developing boys and girls. We do not believe that Mind, Body, and Spirit are competing interests, but rather that the three are clearly inseparable and mutually reinforcing.
Mission statement
Challenging and nurturing Mind, Body, and Spirit, we inspire boys and girls to lead lives of purpose, faith, and integrity.
Statement of faith
Faith-Based Culture: While religious services are rooted in teachings from the Episcopal faith, our community welcomes families of all faiths.
At their core, religion courses and services teach our students to think beyond themselves and to recognize their responsibilities as citizens and human beings. Our Chapel program centers around the liturgy, a word that means, "work of the people." This work brings together students, faculty, staff, and parents to reflect, ask hard questions, and celebrate the divine in one another. It is an affirmation of our wide range of faiths, cultures, and traditions, and the powerful conversations we enjoy as a community in order to enrich our individual understanding.
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 | | 399 of 1118 | 26 of 49 |
| Fund acquisition rating | | 289 of 1119 | 24 of 49 |
| Resource allocation rating | | 305 of 1119 | 12 of 49 |
| Asset utilization rating | | 813 of 1118 | 40 of 49 |
Financial ratios
| Funding ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 11% | 15% | 15% | 16% | 21% | 14% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 4% | 4% | 4% | 5% | 4% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 13% | 28% | 29% | 22% | 22% | 29% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 5% | 5% | 4% | 5% | 5% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 87% | 72% | 71% | 78% | 78% | 71% |
| Operating ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 87% | 88% | 88% | 85% | 85% |
Spending ratio Spending ratio = Total expenses / Total revenue | 98% | 81% | 88% | 93% | 92% | 84% |
Program output ratio Program output ratio = Program services / Total revenue | 80% | 71% | 77% | 82% | 78% | 71% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 2% | 19% | 12% | 7% | 8% | 16% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 5% | 3% | 1% | 2% | 4% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 8% | 7% | 8% | 10% | 10% |
| Investing ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.50 | 0.19 | 0.20 | 0.18 | 0.20 | 0.19 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 3.10 | 2.15 | 2.39 | 2.41 | 2.85 | 2.92 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.87 | 0.41 | 0.48 | 0.44 | 0.56 | 0.56 |
| Liquidity ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Current ratio Current ratio = Total current assets / Total current liabilities | 3.06 | 9.10 | 8.08 | 9.03 | 7.57 | 6.71 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.33 | 0.11 | 0.12 | 0.11 | 0.13 | 0.15 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 3.17 | 26.09 | 21.93 | 24.38 | 18.57 | 18.08 |
| Solvency ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 32% | 8% | 8% | 8% | 9% | 10% |
Debt ratio Debt ratio = Debt / Total assets | 9% | 3% | 3% | 3% | 4% | 4% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 137% | 485% | 456% | 506% | 464% | 468% |
Financials
| Balance sheet | |||||
| Assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cash | $20,323,097 | $17,280,683 | $15,269,604 | $12,480,600 | $10,665,261 |
| Receivables, inventories, prepaids | $20,350,425 | $15,871,761 | $11,914,929 | $11,131,126 | $12,938,097 |
| Short-term investments | $99,887,427 | $86,697,468 | $93,422,894 | $70,855,000 | $67,618,277 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $140,560,949 | $119,849,912 | $120,607,427 | $94,466,726 | $91,221,635 |
| Long-term investments | $9,900,000 | $9,900,001 | $8,900,000 | $8,200,000 | $8,250,000 |
| Fixed assets | $151,443,976 | $155,481,360 | $160,188,546 | $165,112,576 | $165,071,853 |
| Other long-term assets | $649,062 | $676,957 | $977,921 | $1,534,374 | $1,808,605 |
| Total long-term assets | $161,993,038 | $166,058,318 | $170,066,467 | $174,846,950 | $175,130,458 |
| Total assets | $302,553,987 | $285,908,230 | $290,673,894 | $269,313,676 | $266,352,093 |
| Liabilities | 2023 | 2022 | 2021 | 2020 | 2019 |
| Payables and accrued expenses | $3,895,036 | $4,675,811 | $3,066,190 | $4,034,926 | $4,657,735 |
| Other current liabilities | $11,549,298 | $10,149,953 | $10,285,616 | $8,448,761 | $8,946,002 |
| Total current liabilities | $15,444,334 | $14,825,764 | $13,351,806 | $12,483,687 | $13,603,737 |
| Debt | $7,833,115 | $8,575,842 | $9,295,984 | $9,994,228 | $10,950,710 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $349,201 | $459,405 | $847,111 | $861,205 | $816,470 |
| Total long-term liabilities | $8,182,316 | $9,035,247 | $10,143,095 | $10,855,433 | $11,767,180 |
| Total liabilities | $23,626,650 | $23,861,011 | $23,494,901 | $23,339,120 | $25,370,917 |
| Net assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Without donor restrictions | $219,796,674 | $209,966,140 | $214,683,288 | $203,942,851 | $202,865,929 |
| With donor restrictions | $59,130,663 | $52,081,079 | $52,495,705 | $42,031,705 | $38,115,247 |
| Net assets | $278,927,337 | $262,047,219 | $267,178,993 | $245,974,556 | $240,981,176 |
| Revenues and expenses | |||||
| Revenue | 2023 | 2022 | 2021 | 2020 | 2019 |
| Total contributions | $20,019,558 | $18,977,266 | $12,406,105 | $12,631,586 | $17,489,420 |
| Program service revenue | $47,090,875 | $46,296,624 | $42,594,856 | $41,929,013 | $41,388,975 |
| Membership dues | $20,170 | $8,950 | $0 | $10,090 | $15,820 |
| Investment income | $3,612,017 | $196,222 | $1,973,265 | $2,770,930 | $1,815,450 |
| Other revenue | ($48,868) | $13,319 | ($425,740) | $46,709 | $624,257 |
| Total other revenue | $50,674,194 | $46,515,115 | $44,142,381 | $44,756,742 | $43,844,502 |
| Total revenue | $70,693,752 | $65,492,381 | $56,548,486 | $57,388,328 | $61,333,922 |
| Expenses | 2023 | 2022 | 2021 | 2020 | 2019 |
| Program services | $50,177,773 | $50,545,581 | $46,568,358 | $44,974,964 | $43,793,559 |
| Management and general | $4,391,196 | $4,065,501 | $4,195,109 | $5,333,105 | $5,276,583 |
| Fundraising | $2,979,997 | $2,866,304 | $2,033,246 | $2,678,725 | $2,450,788 |
| Total expenses | $57,548,966 | $57,477,386 | $52,796,713 | $52,986,794 | $51,520,930 |
| Change in net assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Surplus (deficit) | $13,144,786 | $8,014,995 | $3,751,773 | $4,401,534 | $9,812,992 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $13,144,786 | $8,014,995 | $3,751,773 | $4,401,534 | $9,812,992 |
Compensation
| Name | Title | Compensation |
| Dr Thomas J Locke | Head of School | $992,022 |
| Lawrence Capuzzi | Chief Financial Officer | $336,705 |
| Jennifer Fifer | Director of Institutional Advancement | $272,807 |
| Mark Notaro | Chief Operating Officer | $260,647 |
| Christopher Torino | Assistant Head of School | $254,486 |
| Terrence Malone | Head of Lower School | $230,565 |
| Michael Letts | Head of Upper School | $221,316 |
Compensation data as of: 6/30/2023
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 5/19/2023. To update the information below, please email: [email protected]
History
The Episcopal Academy celebrates a rich history steeped in the academic tradition.
Since 1785, Episcopal has transformed from a small schoolhouse to an expansive, state-of-the-art campus. It has embraced coeducation to inspire boys and girls to learn and achieve together. Its classroom learning has developed into an innovated curriculum that provides students with dynamic opportunities in the classroom, off campus, and online.
Through so many changes over 230 years, some things remain the same: Episcopal's dedicated faculty, challenging academics, and unwavering commitment to challenge and nurture Mind, Body, and Spirit.
It was 1785. A mere nine years after the United States gained independence from Britain, the Rt. Rev. William White founded The Episcopal Academy in Philadelphia.
Initially an all-boys school, The Episcopal Academy offered a curriculum focused on classical languages, religion, and mathematics. Trustees included two signers of the Declaration of Independence, as well as bankers, merchants, and reverends. The faculty was composed of notable figures like Noah Webster Jr. of Webster Dictionaries.
In its first 60 years, The Episcopal Academy endured tumultuous periods of debt and resurgence. It was first reconstituted as a free school in 1798, but then became a Second Classical Academy in 1816 and a free school again in 1828.
In 1846, The Episcopal Academy was again reconstituted and has operated continuously since. In 1850, the school moved to a building at Juniper and Locust Street, and remained there until its 1921 move to the Merion campus.
This major change would be followed fifty-three years later with the addition of a new lower school in Devon, as well as the transition to a coeducational learning environment.
The shift to coeducation was the product of years of strategic planning. Girls were admitted to Devon's kindergarten class in 1974, and would be added to each year's incoming class thereafter until the school was fully coeducational. The first coeducational class graduated from The Episcopal Academy in 1984.
Over the next few decades, The Episcopal Academy would outgrow its Merion and Devon campuses. A 123-acre tract of land in Newtown Square was purchased with a $20 million donation, and the $212.5 million campus project would be completed in time to open for the 2008-2009 school year.
Today's Newtown Square campus boasts state-of-the-art academic, arts, athletic, and spiritual facilities. However, it also features keepsakes from the Merion and Devon campuses: original stained glass windows in the Class of 1944 Chapel, the clock that currently stands on the Clark Campus Green, and several artifacts in the Crawford Campus Center.
Today, students enjoy a rigorous curriculum that includes Advanced Placement (AP) classes, opportunities to study abroad, interdisciplinary study, and online courses with internationally renowned faculty. They are enriched by vibrant arts, dominant athletics, and inspiring spiritual programs.