Friendship Academy of the Arts

Analysis

Friendship Academy of the Arts is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in May 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, Friendship Academy of the Arts reported income of $5.7m and spending of $6.2m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.6m to $5.7m (+118%), an average of +22% a year. The sharpest change came in the year to June 2021, when income rose by 66%. 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, Friendship Academy of the Arts sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include Anser of Idaho Inc ($5.7m), Santa Fe Community College Foundation ($5.7m) and Desert Star Academy ($5.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% and program service revenue 0.2% of the total. Other salaries and wages came to $2.8m. At year end it held assets of $3.3m against liabilities of $4.6m, net assets of -$1.3m. It reported 110 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.