Grace Covenant Academy

Analysis

Grace Covenant Academy is a registered charity in United States, based in Frisco, TX. It received its IRS tax-exemption ruling in September 2014, 12 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 May 2023, Grace Covenant Academy reported income of $1.4m and spending of $1.4m, spending 98% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $862k to $1.4m (+64%), an average of +13% a year. The sharpest change came in the year to May 2022, when income rose by 26%. Over the whole period it spent 96% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Grace Covenant Academy sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 86th percentile within TX. Charities of a similar size with the same main cause include Salam Academy Incorporated ($1.4m), Nittany Christian School ($1.4m) and Ceti ($1.4m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 13% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $162k (12% of expenses). Other salaries and wages came to $745k. At year end it held assets of $187k against liabilities of $24k, net assets of $163k. It reported 32 employees.