Reed Academy Inc

Analysis

Reed Academy Inc is a registered charity in United States, based in Oakland, NJ. It received its IRS tax-exemption ruling in November 2002, 24 years ago. 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, Reed Academy Inc reported income of $6.3m and spending of $6.2m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.9m to $6.3m (+29%), an average of +6.6% a year. The sharpest change came in the year to June 2023, when income rose by 21%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Reed Academy Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within NJ. Charities of a similar size with the same main cause include Charitable Pharmacy of Central Ohio ($6.3m), United Way of Southwest Louisiana Inc ($6.3m) and Larche Erie Inc ($6.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.9% and program service revenue 99% of the total. Other salaries and wages came to $3.9m. At year end it held assets of $10.7m against liabilities of $6.1m, net assets of $4.6m. It reported 91 employees.