Covenant Academy

Analysis

Covenant Academy is a registered charity in United States, based in Cypress, TX. It received its IRS tax-exemption ruling in October 2003, 23 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, Covenant Academy reported income of $2.3m and spending of $2.3m, spending 103% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $2.3m (+38%), an average of +8.3% a year. The sharpest change came in the year to June 2023, when income rose by 16%. Over the whole period it spent 105% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Covenant Academy sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 90th percentile within TX. Charities of a similar size with the same main cause include Kind World Inc ($2.3m), Association of Va Hematology Oncology Inc ($2.3m) and Thrive Foundation ($2.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 10% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $114k (4.9% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $3.2m against liabilities of $791k, net assets of $2.4m. It reported 39 employees.