Corolla Education Foundation

Analysis

Corolla Education Foundation is a registered charity in United States, based in Rutherfordton, NC. It received its IRS tax-exemption ruling in August 2011, 15 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Corolla Education Foundation reported income of $1.2m and spending of $545k, leaving 54% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $474k to $1.2m (+152%), an average of +36% a year. The sharpest change came in the year to June 2023, when income rose by 54%. Over the whole period it spent 65% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Corolla Education Foundation sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 82nd percentile within NC. Charities of a similar size with the same main cause include Every Child Has Opportunities Charter School ($1.2m), Next Generation Scholars Inc ($1.2m) and Upper Darby Arts and Education Foundation Inc ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $750 (0.1% of expenses). Other salaries and wages came to $325k. At year end it held assets of $1.6m against liabilities of $2,820, net assets of $1.6m. It reported 9 employees.