Glass City Academy

Analysis

Glass City Academy is a registered charity in United States, based in Toledo, OH. It received its IRS tax-exemption ruling in July 2005, 21 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, Glass City Academy reported income of $3.5m and spending of $4.3m, spending 121% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $2.3m to $3.5m (+55%), an average of +16% a year. The sharpest change came in the year to June 2021, when income rose by 30%. Over the whole period it spent 115% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Glass City Academy sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 90th percentile within OH. Charities of a similar size with the same main cause include Suncoast Haven of Rest Rescue Mission Inc ($3.5m), FGS Inc ($3.5m) and Nami Ohio ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $3,400 (0.1% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $5.2m against liabilities of $6.6m, net assets of -$1.4m. It reported 61 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.