Maritime Academy of Toledo Inc

Analysis

Maritime Academy of Toledo Inc is a registered charity in United States, based in Toledo, OH. It received its IRS tax-exemption ruling in August 2007, 19 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, Maritime Academy of Toledo Inc reported income of $4.4m and spending of $4.3m, spending 98% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $3.2m to $4.4m (+35%), an average of +10% a year. The sharpest change came in the year to June 2021, when income rose by 18%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Maritime Academy of Toledo Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within OH. Charities of a similar size with the same main cause include Madison Park Housing Inc ($4.4m), Minnesota Humanities Center ($4.4m) and Linville Hill Christian School ($4.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% and program service revenue 0.5% of the total. Compensation of current officers, directors and key employees was $8,875 (0.2% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $4.4m against liabilities of $6.1m, net assets of -$1.7m. It reported 63 employees.