Granite Edvance Corporation

Analysis

Granite Edvance Corporation is a registered charity in United States, based in Concord, NH. It received its IRS tax-exemption ruling in April 1983, 43 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Granite Edvance Corporation reported income of $61.7m and spending of $60.4m, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $54.8m to $61.7m (+13%), an average of +3.0% a year. The sharpest change came in the year to September 2021, when income rose by 37%. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Granite Edvance Corporation sits at the 99th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NH. Charities of a similar size with the same main cause include Asbury College ($61.7m), Johnson C Smith University Incorporated ($61.8m) and Bay Path University ($61.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.2% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $1.2m (2.0% of expenses). Other salaries and wages came to $7.4m. At year end it held assets of $915.7m against liabilities of $619.5m, net assets of $296.3m. It reported 147 employees.