Edadvance

Analysis

Edadvance is a registered charity in United States, based in Litchfield, CT. It received its IRS tax-exemption ruling in April 1970, 56 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Edadvance reported income of $42.9m and spending of $38.5m, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $29.0m to $42.9m (+48%), an average of +10% a year. The sharpest change came in the year to June 2023, when income rose by 16%. Over the whole period it spent 97% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Edadvance sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within CT. Charities of a similar size with the same main cause include Albedo Insurance Company Ic ($42.9m), Cardinal Cushing Centers Inc ($43.0m) and Ampp Global Center Inc ($42.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 36% and program service revenue 64% of the total. Compensation of current officers, directors and key employees was $999k (2.6% of expenses). Other salaries and wages came to $20.9m. At year end it held assets of $25.3m against liabilities of $10.2m, net assets of $15.0m. It reported 810 employees.