Socrates Academy Inc

Analysis

Socrates Academy Inc is a registered charity in United States, based in Rutherfordton, NC. It received its IRS tax-exemption ruling in February 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 June 2023, Socrates Academy Inc reported income of $9.3m and spending of $8.6m, spending 92% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.3m to $9.3m (+48%), an average of +10% a year. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Socrates Academy Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Council of International Schools Inc ($9.3m), Brookwood School Inc ($9.3m) and Fox Creek School Inc ($9.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% and program service revenue 1.9% of the total. Compensation of current officers, directors and key employees was $134k (1.6% of expenses). Other salaries and wages came to $4.6m. At year end it held assets of $9.0m against liabilities of $13.0m, net assets of -$4.0m. It reported 149 employees.