2025-05-14T09:07:51-05:00 2024-06-30 871353108 EISNER ADVISORY GROUP LLC 111 WOOD AVENUE SOUTH ISELIN NJ 088302700 990 2023-07-01 221487270 NEWARK ACADEMY NEWA 9739927000 91 SOUTH ORANGE AVENUE LIVINGSTON NJ 07039 SAM GOLDFISCHER DIRECTOR OF BUSINESS 9739927000 2025-05-13 1 1 DOUGLAS TAPP P00200641 7322437000 2023 2025-03-06 01:10:19Z DONALD M AUSTIN 91 SOUTH ORANGE AVENUE LIVINGSTON NJ 07039 46329859 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. 26 25 331 85 0 0 3171404 5139951 34866737 36037708 1340594 2442830 660071 784520 40038806 44405009 3736263 4004742 0 0 20890990 22493500 0 0 542651 11967472 13149866 36594725 39648108 3444081 4756901 113056418 123655235 13228856 13971486 99827562 109683749 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 30271692 4004742 36245769 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. 30271692 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 49 0 1 331 1 0 0 0 0 0 0 0 0 0 0 0 0 X 26 25 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 SCHOOL 60.00 X X 648277 0 99424 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 LORRAINE DIAS-SOTIRIOU NAPA BOARD MEMBER 1.00 X 0 0 0 BASEL KAYYALI BOARD MEMBER 1.00 X 0 0 0 ROBERT MARCUS TREASURER 1.00 X 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 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 313872 0 65124 LOUIS SCERRA CHIEF STRATEGY OFFICER 40.00 X 166675 0 54532 THOMAS ASHBURN MIDDLE SCHOOL PRINCIPAL 50.00 X 223332 0 26389 ROSE MCSWEEN CHIEF ADVANCEMENT OFFICER 40.00 X 218542 0 32968 CATHERINE ATWELL PRINCIPAL 50.00 X 160966 0 23924 1731664 0 302361 65 0 1 0 NATOLI CONSTRUCTION 293 CHANGE BRIDGE RD PINE BROOK NJ 07058 CONSTRUCTION 5125996 HARVARD CLEANING 570 SEVENTH AVE NEW YORK NY 08807 CLEANING 398949 BELAIR TRANSPORTATION 641 TREMOND AVENUE ORANGE NJ 07050 TRANSPORTATION 283110 DAVID ELLIS EVENTS 1121 SPRINGFIELD RD UNION NJ 07083 CATERING 250158 ANDERSON KILL PC ONE GATEWAY CENTER SUITE 1500 NEWWARK NY 07102 LEGAL SERVICES 250006 13 5139951 73651 5139951 TUITION AND FEES 611600 32454792 32454792 SUMMER SCHOOL 611600 2455926 2455926 FOOD SERVICES 611600 1057856 1057856 MATRICULATION & ADMISSION 611600 69134 69134 36037708 2286570 2286570 598352 24532 573820 573820 573820 2027908 1871648 156260 156260 156260 31309 28670 2639 2639 TECHNOLOGY FEES 611710 131306 131306 OTHER REVENUE 611710 76755 76755 208061 44405009 36245769 0 3019289 X 4004742 4004742 648277 453794 183347 11136 15983332 11188332 4520445 274555 4640700 3260614 1317393 62693 1221191 869775 351416 30802 15401 15401 552830 552830 687817 489887 197930 1355 1355 1913319 1913319 374779 124926 249853 SUMMER SCHOOL AND CAMP 1194823 1194823 CONTRACTED SERVICES 1149492 1149492 FOOD SERVICES 860369 860369 DEVELOPMENT 808739 269580 539159 5575541 3922453 1458821 194267 39648108 30271692 8833765 542651 36113529 34673491 618324 2228679 249800 157800 88671 75843 177999 343329 69349910 30069672 35206679 39280238 40074515 45999432 526901 896423 113056418 123655235 3544058 2888002 7349358 8789408 2335440 2294076 13228856 13971486 X 57924194 59232231 41903368 50451518 99827562 109683749 113056418 123655235 X 4756901 4869802 229484 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 40236776 2931029 6195279 255988 49107096 35880793 730652 3848626 223295 40236776 41192257 847300 -5906868 251896 35880793 32795759 43825 8583980 231307 41192257 31812658 54475 1133613 204987 32795759 0.50000 0.50000 0 0 274334 274334 54968628 30069672 24898956 9870492 9870492 4236456 4236456 39280238 POSTRETIREMENT HEALTH BENEFITS 2105956 LEASE LIABILITIES 188120 2294076 X 40297209 53202 53202 40244007 4161002 4161002 44405009 35696568 0 35696568 3951540 3951540 39648108 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, 2024 AND 2023, 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, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASSED 28,670. RENTAL EXPENSES RECLASSED 24,532. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSES 4,004,742. REALIZED GAIN ON INVESTMENT 156,260. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSES 4,004,742. COST OF GOODS SOLD RECLASSED -28,670. RENTAL EXPENSES RECLASSED -24,532. 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 122 4004742 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 SCHOOL 648277 0 0 0 0 0 65000 0 34424 0 747701 0 0 0 SAMUEL GOLDFISCHER DIRECTOR OF BUSINESS & FIN 313872 0 0 0 0 0 37603 0 27521 0 378996 0 0 0 ROSE MCSWEEN CHIEF ADVANCEMENT OFFICER 218542 0 0 0 0 0 12151 0 20817 0 251510 0 0 0 THOMAS ASHBURN MIDDLE SCHOOL PRINCIPAL 223332 0 0 0 0 0 24982 0 1407 0 249721 0 0 0 LOUIS SCERRA CHIEF STRATEGY OFFICER 166675 0 0 0 0 0 19810 0 34722 0 221207 0 0 0 CATHERINE ATWELL PRINCIPAL 160966 0 0 0 0 0 10240 0 13684 0 184890 0 0 0 PART II NONTAXABLE BENEFITS NONTAXABLE BENEFITS IN PART II CONSIST OF MEDICAL & DENTAL INSURANCE, LIFE INSURANCE AND AUTO LEASE EXPENSE. X 15 65148 FMV X GIFTS-IN-KIND 42 8503 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 683,035. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 683,035. MAINTENANCE SUPPLIES: PROGRAM SERVICE EXPENSES 208,963. MANAGEMENT AND GENERAL EXPENSES 417,927. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 626,890. GENERAL ADMISSIONS: PROGRAM SERVICE EXPENSES 197,196. MANAGEMENT AND GENERAL EXPENSES 394,391. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 591,587. IMMERSION/STRATEGIC: PROGRAM SERVICE EXPENSES 186,891. MANAGEMENT AND GENERAL EXPENSES 373,781. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 560,672. ATHLETICS: PROGRAM SERVICE EXPENSES 359,829. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 359,829. FIELD TRIPS: PROGRAM SERVICE EXPENSES 318,897. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 318,897. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 102,022. MANAGEMENT AND GENERAL EXPENSES 188,988. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 291,010. DESIGNATED SCHOLARSHIP: PROGRAM SERVICE EXPENSES 284,943. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 284,943. DEPARTMENT EXPENSES: PROGRAM SERVICE EXPENSES 230,561. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 230,561. OTHER SCHOOL RELATED: PROGRAM SERVICE EXPENSES 186,881. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 186,881. FUNDRAISING ANNUAL GIVING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 186,464. TOTAL EXPENSES 186,464. RECRUITING: PROGRAM SERVICE EXPENSES 156,726. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 156,726. OTHER STUDENT ACTIVITIES: PROGRAM SERVICE EXPENSES 136,131. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 136,131. ADMISSIONS: PROGRAM SERVICE EXPENSES 125,883. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 125,883. SPECIAL FUNCTIONS: PROGRAM SERVICE EXPENSES 120,305. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 120,305. HEAD OF SCHOOL EXPENSES: PROGRAM SERVICE EXPENSES 119,872. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 119,872. FACULTY CONFERENCE: PROGRAM SERVICE EXPENSES 108,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 108,500. PLANT REPAIR AND MAINTENANCE: PROGRAM SERVICE EXPENSES 28,916. MANAGEMENT AND GENERAL EXPENSES 57,833. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 86,749. REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 79,416. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 3,003. TOTAL EXPENSES 82,419. YEARBOOK: PROGRAM SERVICE EXPENSES 74,098. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 74,098. COMMENCEMENT: PROGRAM SERVICE EXPENSES 53,569. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 53,569. DISCRETIONARY SCHOLAR NEEDS: PROGRAM SERVICE EXPENSES 39,181. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 39,181. CAPITAL EXPENSE: PROGRAM SERVICE EXPENSES 12,950. MANAGEMENT AND GENERAL EXPENSES 25,901. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,851. STUDENT STORE: PROGRAM SERVICE EXPENSES 28,671. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,671. COLLEGE COUNSELING: PROGRAM SERVICE EXPENSES 26,535. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 26,535. CURRICULUM DEVELOPMENT: PROGRAM SERVICE EXPENSES 21,348. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,348. GLOBAL SPEAKER SERIES: PROGRAM SERVICE EXPENSES 20,370. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 20,370. REGISTRAR: PROGRAM SERVICE EXPENSES 5,698. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,698. UPPER SCHOOL: PROGRAM SERVICE EXPENSES 5,066. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,066. ALUMNI PROGRAM: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 4,800. TOTAL EXPENSES 4,800. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 229,484. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.