Covenant Academy

Analysis

Covenant Academy is a registered charity in United States, based in Crossville, TN. It received its IRS tax-exemption ruling in June 2007, 19 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 May 2024, Covenant Academy reported income of $1.5m and spending of $1.5m, spending 100% of its income. Across the 5 years on record, from May 2020 to May 2024, income grew from $658k to $1.5m (+134%), an average of +24% a year. The sharpest change came in the year to May 2021, when income rose by 82%. 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, Covenant Academy sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within TN. Charities of a similar size with the same main cause include Newport Community School ($1.5m), Maor Academy LA Inc ($1.5m) and LA Paz Global ($1.5m).

On its Form 990 for the period ending May 2024, revenue came from contributions and grants 6.3% and program service revenue 91% of the total. Other salaries and wages came to $963k. At year end it held assets of $1.9m against liabilities of $1.3m, net assets of $629k. It reported 107 employees.