New Beginnings Family Academy Inc

Analysis

New Beginnings Family Academy Inc is a registered charity in United States, based in Bridgeport, CT. It received its IRS tax-exemption ruling in March 2002, 24 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, New Beginnings Family Academy Inc reported income of $7.8m and spending of $8.1m, spending 103% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.7m to $7.8m (+17%), an average of +4.1% a year. The sharpest change came in the year to June 2021, when income rose by 18%. Over the whole period it spent 104% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, New Beginnings Family Academy Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within CT. Charities of a similar size with the same main cause include Indian River Charter High School Inc ($7.8m), Complete College America Inc ($7.8m) and Dayspring Christian Academy ($7.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.3% of the total. Compensation of current officers, directors and key employees was $418k (5.2% of expenses). Other salaries and wages came to $4.5m. At year end it held assets of $5.9m against liabilities of $2.8m, net assets of $3.1m. It reported 137 employees.