Rhode Island Mayoral Academy

Analysis

Rhode Island Mayoral Academy is a registered charity in United States, based in Cumberland, RI. It received its IRS tax-exemption ruling in March 2011, 15 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, Rhode Island Mayoral Academy reported income of $42.1m and spending of $43.0m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $29.0m to $42.1m (+45%), an average of +9.8% a year. The sharpest change came in the year to June 2022, when income rose by 24%. Over the whole period it spent 99% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Rhode Island Mayoral 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 98th percentile within RI. Charities of a similar size with the same main cause include Keck Graduate Institute ($42.1m), American Embassy School Association ($42.2m) and Columbus Academy ($42.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 17% and program service revenue 83% of the total. Compensation of current officers, directors and key employees was $305k (0.7% of expenses). Other salaries and wages came to $23.0m. At year end it held assets of $58.6m against liabilities of $49.3m, net assets of $9.3m. It reported 459 employees.