LINCOLN ACADEMY

EIN: 010219126 501(c)(3)

NEWCASTLE, ME

Total Revenue
$12,671,251
Total Expenses
$13,986,256
Total Assets
$24,223,170
Net Assets
$14,813,365
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Financial Trends

Organization Details

Formation Year
1801
Legal Domicile
ME
Principal Officer
WENDY CORLETT
Phone
2075633596
Tax Period
2024-07-01 to 2025-06-30

LINCOLN ACADEMY is a 501(c)(3) with EIN 010219126, based in NEWCASTLE, ME. Founded in 1801, the organization files IRS Form 990 and reported its most recent data for fiscal year 2024. In that period, it reported $12,671,251 in total revenue and $13,986,256 in total expenses, with net assets of $14,813,365.

Mission

GROUNDED IN COMMUNITY, GLOBAL IN VISION, AND RICH IN OPPORTUNITY, LINCOLN ACADEMY CHALLENGES ALL STUDENTS TO GROW IN SKILLS AND SCHOLARSHIP, SERVE OTHERS, AND LEAD FULFILLING LIVES.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $473,920
Program Service Revenue $11,771,393
Investment Income $232,219
Other Revenue $193,719
TOTAL REVENUE $12,671,251

Expense Breakdown

Grants Paid $1,053,890
Salaries & Benefits $8,222,436
Fundraising Expenses $201,297
Program Expenses $8,959,230
Other Expenses $4,709,930
TOTAL EXPENSES $13,986,256

Year-over-Year Comparison

2024 2023 Change
Revenue $12,671,251 $11,231,669 +0.1%
Expenses $13,986,256 $12,831,551 +0.1%
Net Income $-1,315,005 $-1,599,882 -0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
16
Employees
207
Volunteers
10

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$397,716
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JEFFREY BURROUGHS HEAD OF SCHO 50.00
Officer
$196,246 $40,049 $236,295
WENDY CORLETT CFO 50.00
Officer
$127,475 $33,946 $161,421
CINDY WADE CHAIR 5.00
Officer Director
$0 $0 $0
JUDI HILTON VICE CHAIR 2.00
Officer Director
$0 $0 $0
FAUSTINE RENY SECRETARY 2.00
Officer Director
$0 $0 $0
PAUL ANDERSON TRUSTEE 1.00
Director
$0 $0 $0
NANCY STARMER TRUSTEE 1.00
Director
$0 $0 $0
STEVEN HUFNAGEL TRUSTEE 1.00
Director
$0 $0 $0
JILL GRIFFIN TRUSTEE 1.00
Director
$0 $0 $0
SAM BELKNAP TRUSTEE 1.00
Director
$0 $0 $0
CHRISTOPHER OLSON TRUSTEE 1.00
Director
$0 $0 $0
JULIET KELSEY-HOLMES TRUSTEE 1.00
Director
$0 $0 $0
SARA MITCHELL TRUSTEE 1.00
Director
$0 $0 $0
JOHN ERAKLIS TRUSTEE 1.00
Director
$0 $0 $0
DAVID FIELDS TRUSTEE 1.00
Director
$0 $0 $0
SARAH MAURER TRUSTEE 1.00
Director
$0 $0 $0
ELIZABETH STORER TRUSTEE 1.00
Director
$0 $0 $0
JENNIFER RIBEIRO TRUSTEE 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $12,671,251 $13,986,256 $24,223,170 $-1,315,005
2024 No data No data No data No data
2023 $10,810,192 $12,284,906 $25,783,868 $-1,474,714
2022 $10,154,906 $11,836,064 $26,912,812 $-1,681,158
2021 $16,577,404 $10,707,345 $30,176,614 $5,870,059
2020 $10,041,123 $11,308,453 $24,424,181 $-1,267,330
2019 $12,434,372 $12,665,791 $25,443,922 $-231,419
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