The Forman School Inc

Analysis

The Forman School Inc is a registered charity in United States, based in Litchfield, CT. It received its IRS tax-exemption ruling in January 1935, 91 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, The Forman School Inc reported income of $24.4m and spending of $23.8m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $21.2m to $24.4m (+15%), an average of +3.6% a year. The sharpest change came in the year to June 2021, when income rose by 19%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Forman School Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 97th percentile within CT. Charities of a similar size with the same main cause include Rocky Mountain Elk Foundation Inc Group Return ($24.4m), Mercy Life Inc ($24.4m) and His House Inc ($24.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 14% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $1.7m (7.1% of expenses). Other salaries and wages came to $7.3m. At year end it held assets of $45.5m against liabilities of $11.2m, net assets of $34.4m. It reported 179 employees.