2026-04-17T14:02:10-05:00 2025-06-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2024-07-01 010211505 Fryeburg Academy FRYE 2079352001 745 Main Street Fryeburg ME 04037 Barbara Mazzeo Budget and Finance Director 2079352001 2026-04-09 1 0 Connor Smart P02285543 2078792100 2026-04-09 2024 2025-03-06 01:10:19Z Christopher M Gordon 745 Main Street Fryeburg ME 04037 38588394 0 X www.fryeburgacademy.org X 1792 ME Independent secondary school that serves a widely diverse population of students. 20 19 263 19 0 0 2126784 2594266 19425966 21434812 1878781 3329898 1500 5600 23433031 27364576 5273273 5648004 0 0 10299529 11603793 0 0 433850 7091092 7418194 22663894 24669991 769137 2694585 78759256 83803444 9086883 9680879 69672373 74122565 X Fryeburg Academy serves its students, the local and global community, and the future by providing diverse learning opportunities, fostering achievement and inclusivity, and cultivating responsible citizenship. 0 0 14912733 5648004 20526781 Providing secondary education for a diverse population of local, national, and international high school students. 2736948 0 0 Performing plant improvements and maintenance of facilities. 1977337 0 359440 Providing meals and extra-curricular activities for students. 323246 548591 The Fryeburg Academy supports many auxiliary programs which contribute to its students' education and quality of life, and which further the Academy's exempt mission. These programs include student-sporting events, performing arts, fitness programs, health centers, the campus store, student housing services, and IT support. 323246 548591 19950264 1 1 0 1 0 0 0 1 0 1 1 1 0 0 0 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 1 45 0 1 263 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Barbara Mazzeo Finance Director 2079352001 745 Main Street Fryeburg ME 04037 Christopher Burk Trustee 5.00 X 0 0 0 John Chandler Trustee 5.00 X 0 0 0 Kendell Clark Trustee 5.00 X 0 0 0 Steven P Cote Trustee 5.00 X 0 0 0 Sheila Duane Trustee 5.00 X 0 0 0 Gerry Durgin Trustee 5.00 X 0 0 0 Heather P Hart Trustee 5.00 X 0 0 0 Kathleen Dekutoski Hunsicker Trustee 5.00 X 0 0 0 Bradford Littlefield Trustee 5.00 X 0 0 0 Gary MacFarlane Trustee 5.00 X 0 0 0 Shannon McKeen Trustee 5.00 X 0 0 0 Andrea Smith Osgood Trustee 5.00 X 0 0 0 Mary Poyner Trustee 5.00 X 0 0 0 Jessica Russell Trustee 5.00 X 0 0 0 Nicola Soares Trustee 5.00 X 0 0 0 Renee Thomas Trustee 5.00 X 0 0 0 Christopher M Gordon President 5.00 X X 0 0 0 Michael H Hill Vice President 5.00 X X 0 0 0 Joseph Shaffner Treasurer 5.00 X X 0 0 0 Brenda Thibodeau Secretary 5.00 X X 0 0 0 Joseph R Manning Head of School 40.00 X 295800 0 72058 David Kenney Dean of Campus Life 40.00 X 118500 0 28133 Barbara Mazzeo Finance Director 40.00 X 124500 0 28325 538800 0 128516 3 0 1 0 Khiel Excavation PO Box 85 Denmark ME 04022 Construction services 450500 Littlefield Builders Inc PO Box 41 Fryeburg ME 04037 Construction services 171876 Cook Plumbing & Heating 485 Falmouth Road Windham ME 04062 Construction services 160222 McIver Electrical Contracting 221 Portland Street Bridgton ME 04009 Electrical services 157458 4 101260 2493006 179115 2594266 Tuition from boarders 611110 10879389 10879389 Tuition from towns 611110 8289619 8289619 Auxiliary program income 611110 1201920 1201920 Language program tuition 611110 633150 633150 Other tuition & fees 611110 430734 430734 21434812 1107705 1107705 5600 0 5600 5600 5600 13446011 11223818 2222193 2222193 2222193 27364576 21434812 0 3335498 462375 462375 5185629 5185629 373708 273957 91778 7973 8747691 6418287 2140879 188525 415701 303636 103571 8494 1475036 1077395 367502 30139 591657 432158 147410 12089 37007 37007 55643 55643 3127 3127 254071 254071 826905 826905 12865 12865 429521 151077 227163 51281 219784 219784 1590807 1570607 20200 401545 174991 221664 4890 26071 26071 218453 218453 1532525 1385214 131537 15774 69961 23873 46088 Student activities 843134 843134 Food services 782090 782090 Alumni activities 114685 114685 24669991 19950264 4285877 433850 16818 18847 3229296 3667287 55081 51237 328357 767436 128755 124027 88522 184665 53600954 18365310 34482643 35235644 33715421 36433496 5293791 6316186 46920 46369 1373652 958250 78759256 83803444 968772 1344436 1301385 1885122 6658463 6322202 158263 129119 9086883 9680879 X 42966112 45699648 26706261 28422917 69672373 74122565 78759256 83803444 2694585 1755607 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 3127 0 0 0 3127 0 Part II-B, Line 1: The Organization was a member of the Maine Association of Independent Schools (MAIS) during the period covered by this tax return. MAIS collects dues from its various members in order to promote mission-related causes and to provide resources to its member-schools. During this tax year, the Organization paid dues to MAIS of $3,127. The Organization estimates that a portion of these dues may have been used for lobbying purposes. To maintain transparency the Organization has reported 100% of dues paid to MAIS on this Schedule C as grants paid for lobbying purposes even though the actual amount used for lobbying purposes may be less. 0 958250 X 0 41559975 1035805 4577869 1058715 361930 598511 45154493 38455057 1009290 5678388 2522883 482750 577127 41559975 34659920 3216852 2068857 1002571 488001 38455057 40561685 15000 -4928528 730659 257578 34659920 32967503 50993 8881793 1123630 214974 40561685 0.39483 0.34412 0.26105 1 0 731278 731278 47757126 16201862 31555264 87307 87307 0 4582655 2076141 2506514 442588 442588 35235644 Investments in perpetual trusts 2258090 F Bond investments 4058096 F 6316186 Operating lease liability 46369 Finance Lease Obligations 82750 129119 X 23218108 1755607 1755607 21462501 254071 5648004 5902075 27364576 18767916 0 18767916 254071 5648004 5902075 24669991 Part III, Line 4: Fryeburg Academy's art collection consists of numerous works that were donated for display at the Stephen Pace Gallery in the Performing Arts Center and several other locations on campus. All of the works included in the collection have been appraised by a noted art appraiser. Part V, Line 4: The endowment spending policy specifies that the Academy can withdraw up to 3% annually on the endowment based on the average quarterly market value of the endowment over the past 3 years. Such a policy attempts to provide a predictable stream of funding to programs supported by the endowment while seeking to maintain the purchasing power of the endowment assets. The portfolio is invested in a manner that is intended to generate annual returns while assuming a moderate level of risk. The Board uses outside professionals to manage its investment portfolio. The endowment spending policy specifies an annual maximum of 3% based on the average of the prior twelve quarters. This annual maximum amount can be modified by vote of the full Board of Trustees. Part X, Line 2: The Academy is recognized as an organization exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code and the statutes of the State of Maine. Accordingly, no provision for income taxes is provided on the accompanying financial statements. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. Management has evaluated the Academy's tax positions taken on its filed tax returns and concluded that the Academy has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment to the financial statements. Part XI, Line 4b - Other Adjustments: Scholarships and financial aid 5,648,004. Part XII, Line 4b - Other Adjustments: Scholarships and financial aid 5,648,004. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Fryeburg Academy has over 500 students. Our student population continues to be a mix of students from different local districts and from around the world. The Academy has contracted with Maine School Administrative District #72 (S.A.D. #72) to provide secondary education for public students residing in S.A.D. #72. These students comprised 56% and 61% of the Academy's enrollment for the years ended June 30, 2025 and 2024, respectively. Tuition revenue from S.A.D. #72 comprised 34% and 35% of the Academy's tuition and fees for the years ended June 30, 2025 and 2024, respectively. The amount of tuition that may be charged to S.A.D. #72 is capped by State law. The Academy's contract with S.A.D. #72 expires on June 30, 2029. In 2025, students from China and Spain comprised 4% and 3%, respectively, of the Academy's enrollment and 6% and 3%, respectively, of the Academy's tuition and fees. Schedule E, Part I, Line 6 Fryeburg Academy is a private academy that also serves as the district high school. The Academy receives for each district student educated at the Academy the Maine State Average Tuition times 1.125, plus an Insured Value Factor. 1 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 197088 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 990625 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 2468017 North America - Canada and Mexico, but not the United States 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 518128 Russia and Neighboring States - Armenia, Azerbijan, Belarus, 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 646528 South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 176225 Sub-Saharan Africa - Angola, Benin, Botswana, Burkina Faso, 0 0 Tuition Reduction for Students from Region Financial aid is given in the form of tuition reduction to international students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. 189018 0 0 0 0 0 0 5185629 0 5185629 Financial Aid and Scholarships to Foreign Students Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 22 N/A 197088 See Part V Actual Value Financial Aid and Scholarships to Foreign Students East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 38 N/A 990625 See Part V Actual Value Financial Aid and Scholarships to Foreign Students Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgiu 80 N/A 2468017 See Part V Actual Value Financial Aid and Scholarships to Foreign Students North America - Canada and Mexico, but not the United States 3 N/A 518128 See Part V Actual Value Financial Aid and Scholarships to Foreign Students Russia and Neighboring States - Armenia, Azerbijan, Belarus, 16 N/A 646528 See Part V Actual Value Financial Aid and Scholarships to Foreign Students South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 11 N/A 176225 See Part V Actual Value Financial Aid and Scholarships to Foreign Students Sub-Saharan Africa - Angola, Benin, Botswana, Burkina Faso, 5 N/A 189018 See Part V Actual Value 0 0 0 0 0 0 Part I, Line 2: Financial aid is awarded in the form of tuition reduction only to students attending Fryeburg Academy. 1 Financial Aid to Domestic Students 44 0 462375 Actual Value Financial aid is given in the form of tuition reduction to domestic students. Financial aid reduces the amount of tuition that the parent is required to pay the Academy for the education, room, and board of each student receiving an award. There is some portion of the endowment fund that is used to support financial aid, but the bulk of financial aid is tuition reduction. Part I, Line 2: Financial aid is awarded in the form of tuition reduction only to students attending Fryeburg Academy. The Organization may also from time-to-time award scholarships and awards to graduating students who exhibit exceptional attention and commitment to academic success, community involvement, personal character and development, or have satisfied some other criteria for selection and acknowledgement by the Organization's scholarship committees. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Joseph R Manning Head of School 284425 0 0 0 11375 0 13222 0 58836 0 367858 0 0 0 Barbara Mazzeo Finance Director 124500 0 0 0 0 0 7470 0 20855 0 152825 0 0 0 Part I, Line 1a The Head of School lives in Fryeburg Academy housing, namely the Fessenden House, located on the Fryeburg Academy campus. The Academy estimates the annual value of this housing to be approximately $36,000. Due to the nature of the Head of School's responsibilities, including the need for the Head of School to be on campus and accessible at nearly all hours during the school semester, this lodging has been deemed by the Organization to be furnished for the convenience of Fryeburg Academy, and that such a living arrangement is required for the Head of School position. Accordingly, the value of the housing allowance has not been included in the Head of School's taxable compensation, though it is included in the total amount of non-taxable benefits reported on this Schedule J, Part II, Column D. Maria Manning Wife of Head of School 30000 Maria Manning is employed by Fryeburg Academy. Her W-2 wages for her services in such capacity was $30,000 for the year. Her husband, Joseph Manning, is the Head of School. 0 Bradford Littlefield Officer, Trustee 171876 Brad Littlefield serves on the Academy's Board of Trustees. Mr. Littlefield is also an owner of the firm Littlefield Builders, Inc. During this tax year, the Academy engaged Littlefield Builders to provide construction and contractor services. The Academy compensated Littlefield Builders $171,876 in return for these services. This arrangement was deemed by the Organization to be conducted at fair market value and to be reasonable and necessary to the Academy's ongoing operations. 0 X 100 Book value X 4621 Book value X 2 114694 Book value X 1 59700 Book value 0 1 1 Form 990, Part VI, Section B, line 11b The Form 990 was prepared by an outside independent accounting firm in cooperation with Fryeburg Academy finance staff. The Form 990 was then reviewed by the Academy's Treasurer and finance committee, then made available to the entire Board of Trustees. Form 990, Part VI, Section B, line 12c Every new Trustee shall be advised of the Academy's conflict of interest policy upon assuming appointment as a Trustee and shall sign a statement acknowledging his or her understanding of and agreement with the policy's provisions. In addition, on an annual basis, each Trustee shall sign a statement which affirms that such Trustee: (a) has received a copy of the conflict of interest policy, (b) has read and understands the policy, (c) has agreed to comply with the policy, and (d) understands that the Academy is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Form 990, Part VI, Section B, line 15 Compensation for the Head of School is determined annually by the Executive Committee of the Board of Trustees, who examine relevant data from the IRS Form 990s for independent schools in New England, as well as from surveys conducted by the National Association of Independent Schools and the Independent School Association of Northern New England. Compensation for the Fianance Director and other key staff is determined annually by the Head of School who examines relevant data from the surveys conducted by the National Association of Independent Schools and the Independent School Association of Northern New England. Form 990, Part VI, Section C, line 19 Fryeburg Academy gains its accreditation from the New England Association of Schools and Colleges. They routinely inspect Fryeburg Academy's governing documents, educational and co-curricular programs, and financial statements. The results of this accreditation are shared with the State of Maine as a requirement of our School approval. The results are also shared with the Maine School Administrative District #72 as a matter of legal contract. Maine School Administrative District #72 has a local, elected public school board. Form 990, Part XII, Line 2c The audit process has not changed from the prior year.