Milkyway Education Center Inc

Analysis

Milkyway Education Center Inc is a registered charity in United States, based in Wayne, NJ. It received its IRS tax-exemption ruling in October 1995, 31 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, Milkyway Education Center Inc reported income of $10.6m and spending of $9.9m, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.0m to $10.6m (+77%), an average of +15% a year. The sharpest change came in the year to June 2022, when income rose by 30%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Milkyway Education Center Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NJ. Charities of a similar size with the same main cause include New Square Community Improvement Council Inc ($10.6m), Oregon Mennonite Residential Services Inc ($10.6m) and Murphy-Harpst Childrens Centers Inc ($10.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 7.1% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $330k (3.3% of expenses). Other salaries and wages came to $4.1m. At year end it held assets of $23.0m against liabilities of $11.9m, net assets of $11.0m. It reported 108 employees.