Grace Academy Inc

Analysis

Grace Academy Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in August 2010, 16 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 2024, Grace Academy Inc reported income of $1.6m and spending of $1.4m, spending 90% of its income. Across the 5 years on record, from June 2020 to June 2024, income fell from $2.3m to $1.6m (-32%), an average of -9.2% a year. The sharpest change came in the year to June 2022, when income dropped by 28%. Over the whole period it spent 66% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Grace Academy Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 82nd percentile within CT. Charities of a similar size with the same main cause include Cascadia School ($1.6m), Childswork Learning Center Inc ($1.6m) and Gary K Herberger Young Scholars Academy ($1.6m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 85% and program service revenue 0.5% of the total. Compensation of current officers, directors and key employees was $150k (11% of expenses). Other salaries and wages came to $623k. At year end it held assets of $5.1m against liabilities of $32k, net assets of $5.1m. It reported 37 employees.