Franklin Academy Incorporated

Analysis

Franklin Academy Incorporated is a registered charity in United States, based in East Haddam, CT. It received its IRS tax-exemption ruling in December 2003, 23 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, Franklin Academy Incorporated reported income of $8.5m and spending of $8.4m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.8m to $8.5m (+8.5%), an average of +2.1% a year. Over the whole period it spent 98% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Franklin Academy Incorporated sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within CT. Charities of a similar size with the same main cause include Appalachian School of Law ($8.5m), Richmont Graduate University ($8.5m) and Northampton County Area Community College Foundation ($8.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 6.6% and program service revenue 93% of the total. Compensation of current officers, directors and key employees was $207k (2.5% of expenses). Other salaries and wages came to $3.3m. At year end it held assets of $9.2m against liabilities of $11.5m, net assets of -$2.4m. It reported 83 employees.