Worcester Academy

Analysis

Worcester Academy is a registered charity in United States, based in Worcester, MA. It received its IRS tax-exemption ruling in April 1935, 91 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, Worcester Academy reported income of $34.6m and spending of $32.1m, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $35.8m to $34.6m (-3.4%), an average of -0.9% a year. The sharpest change came in the year to June 2022, when income rose by 137%. Over the whole period it spent 78% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Worcester Academy 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 97th percentile within MA. Charities of a similar size with the same main cause include Marlborough School ($34.6m), Mast Community Charter School II ($34.6m) and Goodwill Education Initiatives Inc ($34.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 17% and program service revenue 73% of the total. Other salaries and wages came to $9.9m. At year end it held assets of $149.6m against liabilities of $19.7m, net assets of $130.0m. It reported 267 employees.