Prep for Prep

Analysis

Prep for Prep is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 1968, 58 years ago. Its declared purposes cover education, which this site groups under education and training. 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 2024, Prep for Prep reported income of $14.4m and spending of $15.5m, spending 107% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $9.1m to $14.4m (+58%), an average of +12% a year. The sharpest change came in the year to June 2023, when income rose by 55%. Over the whole period it spent 106% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Prep for Prep sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within NY. Charities of a similar size with the same main cause include Partnership for Children of Cumberland County Inc ($14.4m), Diego Hills Public Charter Inc ($14.4m) and Corbett Preparatory School of Ids Inc ($14.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 75% of the total. Compensation of current officers, directors and key employees was $1.0m (6.6% of expenses). Other salaries and wages came to $7.2m. At year end it held assets of $63.2m against liabilities of $1.3m, net assets of $62.0m. It reported 241 employees.