Spence School

Analysis

Spence School is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in March 1942, 84 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, Spence School reported income of $58.1m and spending of $68.3m, spending 118% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $49.9m to $58.1m (+16%), an average of +3.8% a year. The sharpest change came in the year to June 2020, when income rose by 46%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Spence School 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 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Spring Arbor University ($57.8m), Francis Parker School ($58.1m) and Fenton Charter Public Schools ($57.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 10% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $3.1m (4.5% of expenses). Other salaries and wages came to $28.6m. It paid $599 in professional fundraising fees. At year end it held assets of $386.7m against liabilities of $59.0m, net assets of $327.7m. It reported 388 employees.