Chelsea Academy Inc

Analysis

Chelsea Academy Inc is a registered charity in United States, based in Front Royal, VA. It received its IRS tax-exemption ruling in March 2008, 18 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 August 2023, Chelsea Academy Inc reported income of $3.0m and spending of $3.4m, spending 115% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.9m to $3.0m (+59%), an average of +12% a year. The sharpest change came in the year to August 2022, when income rose by 46%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Chelsea Academy Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within VA. Charities of a similar size with the same main cause include P E O Star Scholarship ($3.0m), New Gate School Inc ($3.0m) and Santa Barbara Education Foundation ($3.0m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 11% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $248k (7.2% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $1.2m against liabilities of $903k, net assets of $342k. It reported 50 employees.