Jumoke Academy Inc

Analysis

Jumoke Academy Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in September 1997, 29 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, Jumoke Academy Inc reported income of $9.8m and spending of $9.6m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.1m to $9.8m (+8.0%), an average of +2.0% a year. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Jumoke Academy Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within CT. Charities of a similar size with the same main cause include Advantage Academy of Pinellas Inc ($9.8m), University Preparation School Atcsu Channel Islands ($9.8m) and Rawson-Saunders School ($9.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 13% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $314k (3.3% of expenses). Other salaries and wages came to $4.8m. At year end it held assets of $11.0m against liabilities of $4.5m, net assets of $6.5m. It reported 138 employees.