Thomas College

Analysis

Thomas College is a registered charity in United States, based in Waterville, ME. It received its IRS tax-exemption ruling in October 1960, 66 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Thomas College reported income of $34.7m and spending of $35.2m, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $33.3m to $34.7m (+4.4%), an average of +1.1% a year. The sharpest change came in the year to June 2022, when income dropped by 20%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Thomas College sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within ME. Charities of a similar size with the same main cause include Esperanza Academy Charter School ($34.7m), Converse University ($34.7m) and Southern California Institute of Architecture ($34.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 16% and program service revenue 80% of the total. Compensation of current officers, directors and key employees was $927k (2.6% of expenses). Other salaries and wages came to $9.6m. At year end it held assets of $85.3m against liabilities of $18.4m, net assets of $67.0m. It reported 429 employees.