First Academy Inc

Analysis

First Academy Inc is a registered charity in United States, based in Bloomfield, CT. It received its IRS tax-exemption ruling in January 2017, 9 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 December 2022, First Academy Inc reported income of $575k and spending of $604k, spending 105% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income grew from $538k to $575k (+6.9%), an average of +2.2% a year. The sharpest change came in the year to December 2021, when income rose by 48%. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, First Academy Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 70th percentile within CT. Charities of a similar size with the same main cause include Southwestern Community College Foundation Inc ($575k), The Houston Mesivta ($575k) and Lake Trabis Athletic Booster Club Inc ($575k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 42% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $69k (11% of expenses). Other salaries and wages came to $361k. At year end it held assets of $73k against liabilities of $189k, net assets of -$116k. It reported 24 employees.