2024-05-09T15:58:47-05:00 2023-06-30 871353108 EISNER ADVISORY GROUP LLC 111 WOOD AVENUE SOUTH ISELIN NJ 088302700 990 2022-07-01 221487270 NEWARK ACADEMY NEWA 9739927000 91 SOUTH ORANGE AVENUE LIVINGSTON NJ 07039 SAM GOLDFISCHER DIRECTOR OF BUSINESS 9739927000 2024-05-09 1 SAM GOLDFISCHER 999009999 0 DOUGLAS TAPP P00200641 7322437000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DONALD M AUSTIN 91 SOUTH ORANGE AVENUE LIVINGSTON NJ 07039 70522463 0 X WWW.NEWARKA.EDU X 1774 NJ NEWARK ACADEMY WILL CONTRIBUTE TO SOCIETY THOUGHTFUL & COMPASSIONATE CITIZENS WHO EMBRACE THEIR RESPONSIBILITIES AS ETHICAL, INTELLECTUAL & CIVIC STEWARDS IN THE GLOBAL ENVIRONMENT. 27 26 294 85 0 0 2606641 3171404 32566029 34866737 5470176 1340594 582656 660071 41225502 40038806 3328681 3736263 0 0 17251781 20890990 0 0 630549 10022869 11967472 30603331 36594725 10622171 3444081 107399722 113056418 14402156 13228856 92997566 99827562 NEWARK ACADEMY WILL CONTRIBUTE TO SOCIETY THOUGHTFUL AND COMPASSIONATE CITIZENS WHO EMBRACE THEIR RESPONSIBILITIES AS ETHICAL, INTELLECTUAL AND CIVIC STEWARDS IN THE GLOBAL ENVIRONMENT. 0 0 28123243 3736263 35041176 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. 28123243 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 51 0 1 294 1 0 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NJ X X SAM GOLDFISCHER 9739927000 91 SOUTH ORANGE AVENUE LIVINGSTON NJ 07039 DONALD M AUSTIN BOARD MEMBER/HEAD OF SCHOO 60.00 X X 623861 0 94604 DAVID CASTELBLANCO BOARD MEMBER 1.00 X 0 0 0 PATRICIA BUDZIAK VICE CHAIRMAN 1.00 X 0 0 0 SAMUEL W CROLL CHAIRMAN 1.00 X X 0 0 0 ROHIT BAWA BOARD MEMBER 1.00 X 0 0 0 MARIKA ALZADON BOARD MEMBER 1.00 X 0 0 0 DEBRA CAPLAN BOARD MEMBER 1.00 X 0 0 0 DAVID CRALL BOARD MEMBER 1.00 X 0 0 0 JOHN BESS BOARD MEMBER 1.00 X 0 0 0 LAWRENCE G CETRULO SECRETARY 1.00 X X 0 0 0 WAYNE D KENT BOARD MEMBER 1.00 X 0 0 0 LAUREN HEDVAT BOARD MEMBER 1.00 X 0 0 0 REBECCA FREED BOG BOARD MEMBER 1.00 X 0 0 0 ROBERT FINK BOARD MEMBER 1.00 X 0 0 0 RASHEEA S WILLIAMS HALL BOARD MEMBER 1.00 X 0 0 0 LEIGH MUMFORD NAPA BOARD MEMBER 1.00 X 0 0 0 MELISSA TASSE BOARD MEMBER 1.00 X 0 0 0 ROBERT MARCUS BOARD MEMBER 1.00 X 0 0 0 ANDREW KOGAN BOARD MEMBER 1.00 X 0 0 0 KAREN GUY-SMITH BOARD MEMBER 1.00 X 0 0 0 MICHAEL ROCKOFF BOARD MEMBER 1.00 X 0 0 0 AJAY DHANKHAR BOARD MEMBER 1.00 X 0 0 0 MILWOOD HOBBS JR BOARD MEMBER 1.00 X 0 0 0 LISA POWERS BOARD MEMBER 1.00 X 0 0 0 VALERIE RADWANER VIRANY BOARD MEMBER 1.00 X 0 0 0 ELIZABETH WOODALL BOARD MEMBER 1.00 X 0 0 0 KALENAH WITCHER BOARD MEMBER 1.00 X 0 0 0 SAMUEL GOLDFISCHER DIRECTOR OF BUSINESS & FIN 50.00 X 301406 0 62495 NANCY CELENTE DIRECTOR OS SUMMER PROGRAM 40.00 X 179448 0 50073 THOMAS ASHBURN MIDDLE SCHOOL PRINCIPAL 50.00 X 214442 0 55959 ROSE MCSWEEN CHIEF ADVANCEMENT OFFICER 40.00 X 189906 0 30709 RICHARD DIBIANCA PRINCIPAL 50.00 X 190762 0 47666 1699825 0 341506 47 0 1 0 NATOLI CONSTRUCTION 293 CHANGE BRIDGE RD PINE BROOK NJ 07058 CONSTRUCTION 1533469 SAGE DINING 1402 YORK RD STE 100 LUTHERVILL MD 21093 FOOD SERVICE 1136219 HARVARD CLEANING 570 SEVENTH AVE NEW YORK NY 08807 CLEANING SERVICES 242209 BELAIR TRANSPORTATION 641 TREMOND AVENUE ORANGE NJ 07050 TRANSPORTATION 235895 SUNBELT RENTALS PO BOX 409211 ATLANTIC GA 303849211 GENERATORS 235242 8 3171404 207530 3171404 TUITION AND FEES 611600 31524126 31524126 SUMMER SCHOOL 611600 2210945 2210945 FOOD SERVICES 611600 1068816 1068816 MATRICULATION & ADMISSION 611600 62850 62850 34866737 1561613 1561613 478483 19516 458967 458967 458967 30237900 30458919 -221019 -221019 -221019 31887 5222 26665 26665 TECHNOLOGY FEES 611710 147182 147182 OTHER REVENUE 611710 27257 27257 174439 40038806 35041176 0 1826226 X 3736263 3736263 623862 436703 174583 12576 14825055 10377539 4148679 298837 4307580 3012513 1204327 90740 1134493 810482 324011 30568 15284 15284 537424 537424 707075 503232 201180 2663 19437 19437 1650781 1650781 412862 137621 275241 FOOD SERVICES 1038165 1038165 SUMMER SCHOOL AND CAMP 1020436 1020436 CONTRACTED SERVICES 929185 929185 MAINTENANCE SUPPLIES 625800 208600 417200 4995739 3689578 1080428 225733 36594725 28123243 7840933 630549 35962431 36113529 1113503 618324 221800 249800 74549 88671 112334 177999 63363032 28156353 33216289 35206679 36445273 40074515 253543 526901 107399722 113056418 2636646 3544058 6812030 7349358 2338250 0 2615230 2335440 14402156 13228856 X 55336625 57924194 37660941 41903368 92997566 99827562 107399722 113056418 X 3444081 3106125 279790 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35880793 730652 3848626 223295 40236776 41192257 847300 -5906868 251896 35880793 32795759 43825 8583980 231307 41192257 31812658 54475 1133613 204987 32795759 31061082 21050 1717919 987393 31812658 0.50000 0.50000 0 0 274334 274334 49165863 28156353 21009510 7916133 7916133 3908337 3908337 2098365 2098365 35206679 POSTRETIREMENT HEALTH BENEFITS 2335440 2335440 X 36548300 24738 24738 36523562 3515244 3515244 40038806 32883200 0 32883200 3711525 3711525 36594725 PART V, LINE 4: THE ACADEMY HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR NO MORE THAN 5% OF THE VALUE OF THE ENDOWMENT FUND. AS OF JULY 1, 2009, THE ACADEMY IMPLEMENTED A NEW SPENDING POLICY WHICH IS TO ANNUALLY APPROPRIATE NOT MORE THAN 5% OF THE TRAILING THREE-YEAR AVERAGE OF THE FUNDS' TOTAL ASSET VALUE TO THE GENERAL OPERATING FUND OF THE ACADEMY, WITH THE GENERAL UNDERSTANDING THAT THIS SPENDING RATE, WHEN ADDED TO THE OVERALL RATE OF INFLATION, WILL NOT NORMALLY EXCEED THE TOTAL RETURN RECEIVED FROM INVESTMENT OF THE FUNDS' ASSETS. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ACADEMY AND HAS CONCLUDED THAT AS OF JUNE 30, 2023 AND 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE THE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ACADEMY RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WERE NO INCOME TAX-RELATED INTEREST AND PENALTIES RECORDED FOR THE YEARS ENDED JUNE 30, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASSED 5,222. RENTAL EXPENSES RECLASSED 19,516. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSES 3,736,263. REALIZED GAIN ON INVESTMENT -221,019. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSES 3,736,263. COST OF GOODS SOLD RECLASSED -5,222. RENTAL EXPENSES RECLASSED -19,516. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 ALL ADMISSIONS PUBLICATIONS CONTAIN THE ORGANIZATION'S RACIALLY NONDISCRIMINATORY POLICY. 1 FINANCIAL AID 110 3736263 PART I, LINE 2: GRANT FUNDS USUALLY USED TO REDUCE TUITION BURDEN OF STUDENTS, WHICH ARE PROCESSED BY POLICY ESTABLISHED BY SCHOOL ADMINISTRATION. X 0 0 0 0 0 0 0 0 0 DONALD M AUSTIN BOARD MEMBER/HEAD OF SCHOO 623861 0 0 0 0 0 61000 0 33604 0 718465 0 0 0 SAMUEL GOLDFISCHER DIRECTOR OF BUSINESS & FIN 301406 0 0 0 0 0 35328 0 27167 0 363901 0 0 0 THOMAS ASHBURN MIDDLE SCHOOL PRINCIPAL 214442 0 0 0 0 0 22473 0 33486 0 270401 0 0 0 RICHARD DIBIANCA PRINCIPAL 190762 0 0 0 0 0 20637 0 27029 0 238428 0 0 0 NANCY CELENTE DIRECTOR OS SUMMER PROGRAM 179448 0 0 0 0 0 16627 0 33446 0 229521 0 0 0 ROSE MCSWEEN CHIEF ADVANCEMENT OFFICER 189906 0 0 0 0 0 10647 0 20062 0 220615 0 0 0 PART II NONTAXABLE BENEFITS NONTAXABLE BENEFITS IN PART II CONSIST OF MEDICAL & DENTAL INSURANCE, LIFE INSURANCE AND AUTO LEASE EXPENSE. X 11 138408 SELLING PRICE X GIFTS-IN-KIND 36 69122 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B HEAD OF SCHOOL AND CFO REVIEW FORM 990 BEFORE IT IS FILED. FINANCIAL STATEMENTS WERE REVIEWED BY THE BOARD IN SEPTEMBER MEETING. FORM 990, PART VI, SECTION B, LINE 12C HEAD OF SCHOOL AND CFO PERIODICALLY REVIEW COMPLIANCE WITH CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION LEVELS FOR HEAD OF SCHOOL AND DIRECTOR OF BUSINESS AND FINANCE ARE SET BY THE CHAIRMAN OF THE BOARD IN CONSULTATION WITH THE CHAIR OF THE FINANCE COMMITTEE AND OTHER EXECUTIVE COMMITTEE MEMBERS. BENCHMARKING WITH OTHER NEW JERSEY ASSOCIATION INDEPENDENT SCHOOLS AND NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS IS PERFORMED ANNUALLY FOR ALL EMPLOYEE CATEGORIES. FORM 990, PART VI, SECTION C, LINE 19 THE INSTITUTION'S FORM 990 IS AVAILABLE UPON REQUEST AND CAN BE FOUND ON VARIOUS WEBSITES SUCH AS CHARITY NAVIGATOR. THE INSTITUTION'S POLICIES, FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E TRANSPORTATION: PROGRAM SERVICE EXPENSES 622,605. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 622,605. GENERAL ADMISSIONS: PROGRAM SERVICE EXPENSES 192,523. MANAGEMENT AND GENERAL EXPENSES 385,045. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 577,568. DEVELOPMENT: PROGRAM SERVICE EXPENSES 169,639. MANAGEMENT AND GENERAL EXPENSES 339,278. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 508,917. CONTRIBUTED TENTS AND PROJECTORS: PROGRAM SERVICE EXPENSES 407,885. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 407,885. FIELD TRIPS: PROGRAM SERVICE EXPENSES 348,074. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 348,074. ATHLETICS: PROGRAM SERVICE EXPENSES 339,418. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 339,418. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 85,837. MANAGEMENT AND GENERAL EXPENSES 160,787. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 246,624. FUNDRAISING ANNUAL GIVING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 219,351. TOTAL EXPENSES 219,351. OTHER SCHOOL RELATED: PROGRAM SERVICE EXPENSES 198,973. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 198,973. DESIGNATED SCHOLARSHIP: PROGRAM SERVICE EXPENSES 192,677. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 192,677. DEPARTMENT EXPENSES: PROGRAM SERVICE EXPENSES 178,727. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 178,727. IMMERSION/STRATEGIC: PROGRAM SERVICE EXPENSES 49,679. MANAGEMENT AND GENERAL EXPENSES 99,359. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 149,038. ADMISSIONS: PROGRAM SERVICE EXPENSES 120,230. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 120,230. OTHER STUDENT ACTIVITIES: PROGRAM SERVICE EXPENSES 113,934. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 113,934. SPECIAL FUNCTIONS: PROGRAM SERVICE EXPENSES 113,280. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 113,280. FACULTY CONFERENCE: PROGRAM SERVICE EXPENSES 83,970. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 83,970. CAPITAL EXPENSE: PROGRAM SERVICE EXPENSES 27,443. MANAGEMENT AND GENERAL EXPENSES 54,887. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 82,330. REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 77,799. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 313. TOTAL EXPENSES 78,112. PLANT REPAIR AND MAINTENANCE: PROGRAM SERVICE EXPENSES 20,536. MANAGEMENT AND GENERAL EXPENSES 41,072. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 61,608. COMMENCEMENT: PROGRAM SERVICE EXPENSES 57,013. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 57,013. HEAD OF SCHOOL EXPENSES: PROGRAM SERVICE EXPENSES 51,912. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 51,912. YEARBOOK: PROGRAM SERVICE EXPENSES 51,072. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 51,072. RECRUITING: PROGRAM SERVICE EXPENSES 46,484. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 46,484. DISCRETIONARY SCHOLAR NEEDS: PROGRAM SERVICE EXPENSES 31,011. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 31,011. CURRICULUM DEVELOPMENT: PROGRAM SERVICE EXPENSES 29,593. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 29,593. COLLEGE COUNSELING: PROGRAM SERVICE EXPENSES 23,769. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 23,769. STUDENT STORE: PROGRAM SERVICE EXPENSES 22,345. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,345. GLOBAL SPEAKER SERIES: PROGRAM SERVICE EXPENSES 21,012. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,012. REGISTRAR: PROGRAM SERVICE EXPENSES 6,899. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,899. ALUMNI PROGRAM: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 6,069. TOTAL EXPENSES 6,069. UPPER SCHOOL: PROGRAM SERVICE EXPENSES 5,239. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 279,790. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.