Friends of Canaan Inc

Analysis

Friends of Canaan Inc is a registered charity in United States, based in Canaan, IN. It received its IRS tax-exemption ruling in May 2011, 15 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, Friends of Canaan Inc reported income of $2.5m and spending of $1.7m, leaving 31% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $2.5m (+89%), an average of +17% a year. The sharpest change came in the year to June 2022, when income rose by 64%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Friends of Canaan Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within IN. Charities of a similar size with the same main cause include Liberty Classical Schools Educational Services Inc ($2.5m), Baltimore Design School Inc ($2.5m) and Accelerated Christian Education Ministries Inc ($2.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 0.3% of the total. Other salaries and wages came to $896k. At year end it held assets of $1.5m against liabilities of $66k, net assets of $1.5m. It reported 45 employees.