Philips Academy of North Carolina Inc

Analysis

Philips Academy of North Carolina Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in December 2006, 20 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 2024, Philips Academy of North Carolina Inc reported income of $3.7m and spending of $2.0m, leaving 45% of income unspent that year. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.2m to $3.7m (+200%), an average of +32% a year. The sharpest change came in the year to June 2024, when income rose by 103%. Over the whole period it spent 70% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Philips Academy of North Carolina Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within NC. Charities of a similar size with the same main cause include Foundation for the Los Angeles Community Colleges ($3.7m), Rivendell School ($3.7m) and University of Kentucky Alumni Association Inc ($3.7m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 55% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $125k (6.3% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $6.8m against liabilities of $1.2m, net assets of $5.6m. It reported 23 employees.