Friends of Excel Academy Inc

Analysis

Friends of Excel Academy Inc is a registered charity in United States, based in East Boston, MA. It received its IRS tax-exemption ruling in August 2004, 22 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, Friends of Excel Academy Inc reported income of $14.3m and spending of $8.9m, leaving 38% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.3m to $14.3m (+233%), an average of +35% a year. The sharpest change came in the year to June 2021, when income rose by 173%. Over the whole period it spent 59% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Friends of Excel Academy Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within MA. Charities of a similar size with the same main cause include Legacy Traditional School-Glendale ($14.3m), Childrens First Fund the Chicago Public School Foundation ($14.3m) and Yu Ming Charter School ($14.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 57% and program service revenue 40% of the total. Compensation of current officers, directors and key employees was $724k (8.1% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $49.7m against liabilities of $28.4m, net assets of $21.3m. It reported 30 employees.