Overview
What is Fryeburg Academy Trust?
Fryeburg Academy Trust is a nonprofit organization based in Fryeburg, Maine, with a postal address of PO Box 290. Their primary mission involves investing their assets, generating net income, and subsequently channeling it to Fryeburg Academy, a private secondary school, for its general educational purposes. The nonprofit's role in this arrangement is to provide financial support, thereby contributing to the overall education of students at the Fryeburg Academy.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (50%)
Fryeburg Academy Trust has earned a One-Star rating from Charity Navigator, reflecting significant concerns regarding its governance and transparency practices. With an overall score of 50%, the organization lacks independent board members and has not established essential policies such as a conflict of interest policy or a whistleblower policy, which are critical for accountability.
Despite these weaknesses, the Trust does demonstrate a strong commitment to its programs, as indicated by a program expense ratio of 75.79%. This suggests that a substantial portion of its resources is allocated towards its mission-related activities. However, the absence of a website listed on its tax form and missing board meeting minutes raises questions about its operational transparency.
Overall, while Fryeburg Academy Trust shows promise in its programmatic focus, the critical gaps in governance and financial accountability highlighted by its low scores in these areas warrant attention and improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Fryeburg Academy Trust legitimate?
Fryeburg Academy Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fryeburg Academy Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $4,356
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Fryeburg Academy Trust?
The Fryeburg Academy Trust's mission is centered around financial support. It invests its assets, with all net income being paid to Fryeburg Academy, a private secondary school. The primary objective of the trust is to provide financial aid for general education at this institution. The entire net investment income, after deducting expenses, is distributed as a grant to Fryeburg Academy, to be utilized for its educational purposes. In essence, the Fryeburg Academy Trust plays a crucial role in financially sustaining the educational needs of a private secondary school.
Who is the CEO of Fryeburg Academy Trust?
David R Hastings Iii is the Trustee of Fryeburg Academy Trust.
What is the revenue of Fryeburg Academy Trust?
Fryeburg Academy Trust's revenue in 2022 was $76,872.
Who are the executives of Fryeburg Academy Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $4,356
- Related: $0
- Other: $0
Where can I find the form 990 for Fryeburg Academy Trust?
Fryeburg Academy Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Fryeburg Academy Trust
The Fryeburg Academy Trust is committed to providing financial support to the educational endeavors of Fryeburg Academy, a renowned private, non-profit secondary school. By investing its assets and distributing its net income, the Trust plays a crucial role in bolstering the educational sector within this esteemed institution. This financial aid is used to serve various educational purposes at Fryeburg Academy, thereby contributing significantly to its overall academic growth.
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Impact
August, 2024
The impact of Fryeburg Academy Trust is clear and direct: it provides crucial financial support to Fryeburg Academy, a private secondary school in Fryeburg, Maine. By investing its assets and distributing all net income to the academy, the trust ensures that the school has the resources needed to continue offering quality education and support its general educational purposes. This support ultimately benefits the students, faculty, and community associated with Fryeburg Academy, strengthening the school's ability to provide a high standard of education and opportunities for growth and development.
This information is meant to be a general summary of Fryeburg Academy Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $76,872
- Gross Receipts: $146,081
Assets and Liabilities:
- Total Assets: $305,331
- Total Liabilities: $0
- Net Assets: $305,331
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Organization Details
Founding Year
1961
Phone
(207) 935-2061Principal Officer
David R Hastings Iii
Main Address
PO BOX 290, FRYEBURG, ME, 04037
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