WORCESTER ACADEMY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1834

Legal Domicile

Principal Officer

ELIZABETH BUDZINSKI

Phone

5087545302

Tax Period

2023-07-01 to 2024-06-30

WORCESTER ACADEMY, founded in 1834, is a mid-sized nonprofit in the Education sector that reported $36.7M in total revenue in fiscal year 2023. Expenses of $33.1M left a modest 10% surplus.

Mission

WORCESTER ACADEMY EXISTS TO INSTILL IN ITS STUDENTS THE DESIRE TO LEARN THROUGHOUT LIFE, TO ENGAGE PASSIONATELY WITH THE WORLD AROUND THEM, AND TO BE HONORABLE PERSONS OF STRONG AND RESOURCEFUL CHARACTER.

Program Service Accomplishments

Program 1

Expenses: $27,615,422 Revenue: $27,594,136

OPERATION OF PREPARATORY SCHOOL FOR 530 STUDENTS IN GRADES 6 - 12 AND POSTGRADUATES.

Program 2

Expenses: $142,407 Revenue: $321,349

SUMMER PROGRAMS BENEFITING STUDENTS AGES 7 - 14.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $5,269,274

Program Service Revenue $27,207,034

Investment Income $4,094,850

Other Revenue $144,509

TOTAL REVENUE $36,715,667

Expense Breakdown

Grants Paid $7,217,885

Salaries & Benefits $13,962,394

Fundraising Expenses $1,472,957

Program Expenses $27,757,829

Other Expenses $11,651,573

TOTAL EXPENSES $33,119,852

Year-over-Year Comparison

	2023	2022	Change
Revenue	$36,715,667	$34,587,965	+0.1%
Expenses	$33,119,852	$32,083,898	+0.0%
Net Income	$3,595,815	$2,504,067	+0.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

260

Volunteers

N/A

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

$718,820

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAROLINE REICH	SECRETARY	2.00	Officer Director	$0	$0	$0
WAI YAN RONALD CHAN	TRUSTEE	2.00	Director	$0	$0	$0
DR MARLA E ABODEELY	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL J O'NEIL JR	TREASURER	2.00	Officer Director	$0	$0	$0
NORA BROOKS	TRUSTEE	2.00	Director	$0	$0	$0
DR DANIEL R APELIAN	TRUSTEE	2.00	Director	$0	$0	$0
DR JORDAN EISENSTOCK	TRUSTEE	2.00	Director	$0	$0	$0
MEG O'LEARY	PRESIDENT	2.00	Officer Director	$0	$0	$0
LAWRENCE A GORDON	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
JONATHAN STUART	TREASURER	2.00	Officer Director	$0	$0	$0
LUKE VAILLANCOURT	TRUSTEE	2.00	Director	$0	$0	$0
EVA NAZAREWICZ	TRUSTEE	2.00	Director	$0	$0	$0
CANAAN SEVERIN	TRUSTEE	2.00	Director	$0	$0	$0
DANIEL R BONNETTE	TRUSTEE	2.00	Director	$0	$0	$0
COURTNEY N CARR ESQ	TRUSTEE	2.00	Director	$0	$0	$0
PETER CRONIN	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM HADDAD	TRUSTEE	2.00	Director	$0	$0	$0
SARAH A COLLINS	TRUSTEE	2.00	Director	$0	$0	$0
MICHAL GRABIAS	TRUSTEE	2.00	Director	$0	$0	$0
HENRY DORMITZER III	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL J MANGAUDIS	TRUSTEE	2.00	Director	$0	$0	$0
DR TRENT MASIKI	TRUSTEE	2.00	Director	$0	$0	$0
DR MICHAEL T SHANNON	TRUSTEE	2.00	Director	$0	$0	$0
DOUGLAS POSKITT	DEAN OF FACULTY	40.00	Officer	$131,408	$17,024	$148,432
ELIZABETH BUDZINSKI	CHIEF FINANCIAL OFFICER	40.00	Officer	$153,487	$29,305	$182,792
KEVIN BREEN	HEAD OF SCHOOL	40.00	Officer	$345,567	$42,029	$387,596
JENNIFER DIFRANCO	DIRECTOR OF ADVANCEMENT	40.00	Highest	$178,647	$30,989	$209,636
MARNIE KUT	ASSOCIATE HEAD OF SCHOOL	40.00	Highest	$170,565	$26,799	$197,364

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	No data	No data	No data	No data
2024	$36,715,667	$33,119,852	$159,374,601	$3,595,815
2023	$34,587,965	$32,083,898	$149,640,223	$2,504,067
2022	$71,283,222	$32,353,683	$144,370,971	$38,929,539
2021	$30,022,634	$31,235,426	$121,807,023	$-1,212,792
2020	$31,140,946	$31,611,678	$109,627,128	$-470,732
2019	$35,817,730	$31,739,303	$109,749,508	$4,078,427
2018	$31,145,696	$31,132,557	$105,465,505	$13,139