Sophia Academy

Analysis

Sophia Academy is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in February 2001, 25 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, Sophia Academy reported income of $1.4m and spending of $1.7m, spending 127% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.6m to $1.4m (-18%), an average of -4.7% a year. The sharpest change came in the year to June 2021, when income rose by 158%. Over the whole period it spent 62% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Sophia Academy sits at the 79th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within RI. Charities of a similar size with the same main cause include Hebron Band Boosters Club ($1.4m), Educating Students Together Inc ($1.4m) and Marin County Bicycle Coalition ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 3.4% of the total. Compensation of current officers, directors and key employees was $135k (7.9% of expenses). Other salaries and wages came to $804k. At year end it held assets of $8.7m against liabilities of $96k, net assets of $8.6m. It reported 18 employees.