Somerset Academy Inc

Analysis

Somerset Academy Inc is a registered charity in United States, based in San Antonio, TX. It received its IRS tax-exemption ruling in January 1998, 28 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, Somerset Academy Inc reported income of $372.1m and spending of $355.3m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $224.9m to $372.1m (+65%), an average of +13% a year. The sharpest change came in the year to June 2021, when income rose by 17%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Somerset Academy Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within TX. Charities of a similar size with the same main cause include Uma Education Inc ($371.8m), Providence College ($372.9m) and University Medical Service Association Inc ($370.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 6.8% of the total. Other salaries and wages came to $154.4m. At year end it held assets of $546.1m against liabilities of $425.0m, net assets of $121.1m. It reported 4,334 employees.