Trustees of Newark Academy

Analysis

Trustees of Newark Academy is a registered charity in United States, based in Livingston, NJ. It received its IRS tax-exemption ruling in February 1938, 88 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, Trustees of Newark Academy reported income of $40.0m and spending of $36.6m, spending 91% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $32.4m to $40.0m (+24%), an average of +5.5% a year. Over the whole period it spent 86% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Trustees of Newark Academy sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NJ. Charities of a similar size with the same main cause include Uc Santa Barbara Foundation ($40.0m), Umuc Ventures Inc ($40.1m) and Charles E Smith Jewish Day School of Greater Washington Inc ($40.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 7.9% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $624k (1.7% of expenses). Other salaries and wages came to $14.8m. At year end it held assets of $113.1m against liabilities of $13.2m, net assets of $99.8m. It reported 294 employees.