Faith Academy Inc

Analysis

Faith Academy Inc is a registered charity in United States, based in Lake City, FL. It received its IRS tax-exemption ruling in February 2015, 11 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 December 2022, Faith Academy Inc reported income of $143k and spending of $125k, spending 87% of its income. Across the 4 years on record, from December 2019 to December 2022, income fell from $208k to $143k (-32%), an average of -12% a year. The sharpest change came in the year to December 2021, when income dropped by 22%. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Faith Academy Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 46th percentile, and in the 50th percentile within FL. Charities of a similar size with the same main cause include US Nigeria Council for Food Securit Y Trade and Investment Inc ($143k), The Balousek Family Foundation ($143k) and Burlington Township Food Pantry ($143k).

On its Form 990 for the period ending December 2022, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $13k (10% of expenses). Other salaries and wages came to $50k. At year end it held assets of $55k against liabilities of $56k, net assets of -$398.