Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $92,349

• 1f · All other contributions, gifts and grants

  $2,034,435

• 1g · Noncash contributions included above

  $25,925

• 2a · Program service revenue: Tuition from boarders

  total $9,974,964 · related or exempt $9,974,964

• 2b · Program service revenue: Tuition from towns

  total $7,594,461 · related or exempt $7,594,461

• 2c · Program service revenue: Auxiliary program income

  total $927,893 · related or exempt $927,893

• 2d · Program service revenue: Language program tuition

  total $583,800 · related or exempt $583,800

• 2e · Program service revenue: Other tuition & fees

  total $344,848 · related or exempt $344,848

• 3 · Investment income

  total $984,437 · excluded $984,437

• 6a · Gross rents

  real property $1,500

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,500

• 6d · Net rental income or loss

  total $1,500 · excluded $1,500

• 7a · Gross sales of assets other than inventory

  securities $7,965,121

• 7b · Less cost or other basis and sales expenses

  securities $7,070,777

• 7c · Gain or loss

  securities $894,344

• 7d · Net gain or loss

  total $894,344 · excluded $894,344

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $469,113 · program services $469,113

• 3 · Grants to foreign organizations and individuals

  total $4,804,160 · program services $4,804,160

• 5 · Compensation of officers, directors and key employees

  total $361,590 · program services $253,302 · management and general $99,976 · fundraising $8,312

• 7 · Other salaries and wages

  total $7,734,299 · program services $5,427,760 · management and general $2,128,882 · fundraising $177,657

• 8 · Pension plan contributions

  total $351,312 · program services $244,314 · management and general $98,897 · fundraising $8,101

• 9 · Other employee benefits

  total $1,319,713 · program services $917,773 · management and general $371,509 · fundraising $30,431

• 10 · Payroll taxes

  total $532,615 · program services $370,399 · management and general $149,935 · fundraising $12,281

• 11b · Fees: legal

  total $2,842 · management and general $2,842

• 11c · Fees: accounting

  total $61,209 · management and general $61,209

• 11d · Fees: lobbying

  total $2,950 · management and general $2,950

• 11f · Fees: investment management

  total $238,133 · management and general $238,133

• 11g · Fees: other

  total $767,469 · program services $767,469

• 12 · Advertising and promotion

  total $43,669 · program services $43,669

• 13 · Office expenses

  total $353,396 · management and general $222,371 · fundraising $131,025

• 14 · Information technology

  total $228,226 · management and general $228,226

• 16 · Occupancy

  total $1,612,120 · program services $1,579,937 · management and general $32,183

• 17 · Travel

  total $409,225 · program services $225,740 · management and general $173,357 · fundraising $10,128

• 19 · Conferences, conventions and meetings

  total $20,752 · program services $20,752

• 20 · Interest

  total $231,180 · management and general $231,180

• 22 · Depreciation, depletion and amortization

  total $1,440,642 · program services $1,300,971 · management and general $125,406 · fundraising $14,265

• 23 · Insurance

  total $74,704 · program services $25,491 · management and general $49,213

• 24a · Other expenses: Student activities

  total $738,637 · program services $738,637

• 24b · Other expenses: Food services

  total $707,310 · program services $707,310

• 24c · Other expenses: Alumni activities

  total $110,972 · fundraising $110,972

• 24d · Other expenses: COVID response

  total $47,656 · program services $47,656

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,175 · end of year $16,818

• 2 · Savings and temporary cash investments

  beginning of year $3,596,150 · end of year $3,229,296

• 3 · Pledges and grants receivable

  beginning of year $118,619 · end of year $55,081

• 4 · Accounts receivable

  beginning of year $106,541 · end of year $328,357

• 8 · Inventories for sale or use

  beginning of year $120,633 · end of year $128,755

• 9 · Prepaid expenses and deferred charges

  beginning of year $152,687 · end of year $88,522

• 10a · Land, buildings and equipment: cost or other basis

  $51,469,734

• 10b · Land, buildings and equipment: accumulated depreciation

  $16,987,091

• 10c · Land, buildings and equipment, net

  beginning of year $33,600,833 · end of year $34,482,643

• 11 · Investments: publicly traded securities

  beginning of year $30,911,509 · end of year $33,715,421

• 12 · Investments: other securities

  beginning of year $5,183,661 · end of year $5,293,791

• 14 · Intangible assets

  beginning of year $47,454 · end of year $46,920

• 15 · Other assets

  beginning of year $1,317,227 · end of year $1,373,652

• 17 · Accounts payable and accrued expenses

  beginning of year $1,003,282 · end of year $968,772

• 19 · Deferred revenue

  beginning of year $1,604,679 · end of year $1,301,385

• 23 · Secured mortgages and notes payable

  beginning of year $6,983,217 · end of year $6,658,463

• 25 · Other liabilities

  beginning of year $47,454 · end of year $158,263

• 27 · Net assets without donor restrictions

  beginning of year $39,818,467 · end of year $42,966,112

• 28 · Net assets with donor restrictions

  beginning of year $25,709,390 · end of year $26,706,261

The filer's explanations (Part III)

Part I, Line 1a

The Head of School lives in Fryeburg Academy housing, namely the Fessenden House, located on the Fryeburg Academy campus. The Academy estimates the annual value of this housing to be approximately $36,000. Due to the nature of the Head of School's responsibilities, including the need for the Head of School to be on campus and accessible at nearly all hours during the school semester, this lodging has been deemed by the Organization to be furnished for the convenience of Fryeburg Academy, and that such a living arrangement is required for the Head of School position. Accordingly, the value of the housing allowance has not been included in the Head of School's taxable compensation, though it is included in the total amount of non-taxable benefits reported on this Schedule J, Part II, Column D. Erin Mayo, the Organization's Former Head of School, ended her term of service on June 30, 2023. As Ms. Mayo was compensated over $100,000 during the 2023 calendar year, she has been listed as a "Former Officer" on this Form 990, Part VII in accordance with IRS Instructions. Additionally, while the Organization views the total housing benefit to be worth $36,000 on an annual basis, because Ms. Mayo ended her term of service as of June 2023, only $18,000 of non-taxable housing benefits are included in the amounts reported for her on Schedule J, Part II, Column D. Similarly, Mr. Joseph Manning, the Organization's new Head of School, began his term of service in July 2023. Therefore, Mr. Manning is also only recognizing $18,000 of non-taxable housing benefits for the 2023 calendar year; such are included in the figures reported for him on this Form 990, Part VII, Column F; and on this Schedule J, Part II, Column D.