Spero Academy

Analysis

Spero Academy is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in May 2004, 22 years ago. 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, Spero Academy reported income of $16.0m and spending of $15.8m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.8m to $16.0m (+105%), an average of +20% a year. The sharpest change came in the year to June 2023, when income rose by 61%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Spero Academy sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within MN. Charities of a similar size with the same main cause include Western Connecticut Health Network Inc ($16.0m), Foundation for Government Accountability Inc ($16.0m) and St Edmonds Home for Crippled Children ($16.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $121k (0.8% of expenses). Other salaries and wages came to $7.1m. At year end it held assets of $4.8m against liabilities of $6.8m, net assets of -$1.9m. It reported 219 employees.