Hope Academy Charter School

Analysis

Hope Academy Charter School is a registered charity in United States, based in Asbury Park, NJ. It received its IRS tax-exemption ruling in January 2012, 14 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, Hope Academy Charter School reported income of $6.8m and spending of $6.0m, spending 89% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.2m to $6.8m (+61%), an average of +13% a year. The sharpest change came in the year to June 2022, when income rose by 27%. Over the whole period it spent 89% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Hope Academy Charter School 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 94th percentile, and in the 95th percentile within NJ. Charities of a similar size with the same main cause include Glenwood Academy ($6.8m), Tyler Junior College Foundation ($6.8m) and Memphis Delta Preparatory Charter School Inc ($6.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 103% of the total. Compensation of current officers, directors and key employees was $342k (5.6% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $10.8m against liabilities of $5.5m, net assets of $5.3m. It reported 60 employees.