Lakes International Language Academy

Analysis

Lakes International Language Academy is a registered charity in United States, based in Forest Lake, MN. It received its IRS tax-exemption ruling in August 2004, 22 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, Lakes International Language Academy reported income of $18.4m and spending of $17.7m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $12.6m to $18.4m (+46%), an average of +9.9% a year. The sharpest change came in the year to June 2020, when income rose by 21%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lakes International Language Academy sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within MN. Charities of a similar size with the same main cause include Vanguard Classical School Inc ($18.3m), Summit Public Schools Washington ($18.4m) and Evangelical Christian School Inc ($18.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 88% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $571k (3.2% of expenses). Other salaries and wages came to $9.5m. At year end it held assets of $12.7m against liabilities of $14.8m, net assets of -$2.1m. It reported 426 employees.