THE NORFOLK ACADEMY (EIN 540551901) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1960

Legal Domicile

Principal Officer

TRAVIS J LARRABEE

Phone

7574616236

Tax Period

2024-07-01 to 2025-06-30

The Norfolk Academy, founded in 1960, is a mid-sized nonprofit in the Education sector that reported $35.5M in total revenue in fiscal year 2017. Expenses of $31.5M left a modest 11% surplus.

Mission

NORFOLK ACADEMY SEEKS TO OFFER A COORDINATED PROGRAM FOR STUDENTS, BUILDING AND EXPANDING ON KNOWLEDGE AND EXPERIENCE FROM GRADES ONE THROUGH TWELVE.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,815,621

Program Service Revenue $29,065,402

Investment Income $1,882,878

Other Revenue $1,142,392

TOTAL REVENUE $35,906,293

Expense Breakdown

Grants Paid $0

Salaries & Benefits $24,700,543

Fundraising Expenses $1,486,932

Program Expenses $32,974,957

Other Expenses $15,603,820

TOTAL EXPENSES $40,304,363

Year-over-Year Comparison

	2024	2023	Change
Revenue	$35,906,293	$36,529,507	0.0%
Expenses	$40,304,363	$39,878,940	+0.0%
Net Income	$-4,398,070	$-3,349,433	+0.3%

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

434

Volunteers

1300

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

$958,587

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TRAVIS LARRABEE	HEAD OF SCHOOL	40.00	Officer	$510,890	$60,445	$571,335
JEFFREY A MARTIN	ASSISTANT HEAD OF SCHOOL	40.00	Officer	$327,206	$60,046	$387,252
GRAYSON K BRYANT	ASSISTANT HEAD OF SCHOOL	40.00	Highest	$224,380	$53,529	$277,909
MICHELLE ALEXANDER	DIRECTOR, LOWER SCHOOL	40.00	Highest	$185,423	$41,641	$227,064
LINDA GORSLINE	ASSOCIATE HEAD OF SCHOOL	40.00	Highest	$246,324	$25,399	$271,723
JENNIFER SCOTT	DIRECTOR, COLLEGE COUNSELING	40.00	Highest	$159,280	$44,504	$203,784
THOMAS HUDGINS	ASSOCIATE DIRECTOR, COLLEGE COUNSELING	40.00	Highest	$153,599	$29,206	$182,805
JOHN O WYNNE JR	TRUSTEE - CHAIR OF THE BOARD	5.00	Director	$0	$0	$0
MICHELLE BASS ADAMS	TRUSTEE - CHAIR - BUILDING AND GROUNDS	3.00	Director	$0	$0	$0
THOMAS A ALBERICO	TRUSTEE - SECRETARY	3.00	Director	$0	$0	$0
NEIL J BARR	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD C BURROUGHS JR	TRUSTEE	1.00	Director	$0	$0	$0
MIKE C CREEDON	TRUSTEE	1.00	Director	$0	$0	$0
JASON A DEANS	TRUSTEE	1.00	Director	$0	$0	$0
RHONDA G DURHAM	TRUSTEE	1.00	Director	$0	$0	$0
GUY R FRIDDELL III	TRUSTEE	1.00	Director	$0	$0	$0
JOHN L GIBSON III	TRUSTEE	1.00	Director	$0	$0	$0
OWEN D GRIFFIN JR	TRUSTEE - CHAIR - EDUCATION	3.00	Director	$0	$0	$0
KATHERINE M HINES	TRUSTEE	1.00	Director	$0	$0	$0
IAN A HOLDER	TRUSTEE	1.00	Director	$0	$0	$0
JOANNE M INMAN	TRUSTEE	1.00	Director	$0	$0	$0
JOHN P JUMPER	TRUSTEE	1.00	Director	$0	$0	$0
SANDRA PORTER LEON	TRUSTEE	1.00	Director	$0	$0	$0
DEREK R MELVIN	TRUSTEE	1.00	Director	$0	$0	$0
KATHLEEN KELLY OBERG	TRUSTEE	1.00	Director	$0	$0	$0
J CHRISTOPHER PERRY	TRUSTEE - TREASURER, CHAIR - FINANCE	3.00	Director	$0	$0	$0
ALFRED M RANDOLPH JR	TRUSTEE - CHAIR - GOVERNANCE	3.00	Director	$0	$0	$0
JOHN REED	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS V RUEGER JR	TRUSTEE	1.00	Director	$0	$0	$0
JOHN W RUFFIN	TRUSTEE - CHAIR - DEVELOPMENT	3.00	Director	$0	$0	$0
SAMUEL E STEINGOLD	TRUSTEE	1.00	Director	$0	$0	$0
TIMOTHY J STIFFLER	TRUSTEE	1.00	Director	$0	$0	$0
AARTHY THAMODARAN	TRUSTEE	1.00	Director	$0	$0	$0
RONY THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
JENNIFER GEORGE WARD	TRUSTEE	1.00	Director	$0	$0	$0
FRANK J WOOD III	TRUSTEE - CHAIR - INVESTMENT	3.00	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	$35,906,293	$40,304,363	$167,622,196	$-4,398,070
2024	$36,529,507	$39,878,940	$163,764,684	$-3,349,433
2023	$33,112,865	$37,141,903	$163,000,776	$-4,029,038
2022	$31,774,205	$35,199,350	$165,285,906	$-3,425,145
2021	$29,402,812	$34,445,206	$173,962,964	$-5,042,394
2020	$29,484,040	$31,826,486	$147,079,429	$-2,342,446
2019	$32,063,367	$34,187,902	$153,407,738	$-2,124,535
2018	$35,461,413	$31,534,161	$158,222,547	$3,927,252

THE NORFOLK ACADEMY