Prospect Schools Inc

Analysis

Prospect Schools Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in November 2008, 18 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, Prospect Schools Inc reported income of $9.0m and spending of $9.3m, spending 103% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.8m to $9.0m (+88%), an average of +17% a year. The sharpest change came in the year to June 2020, when income rose by 46%. Over the whole period it spent 100% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Prospect Schools Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 93rd percentile within NY. Charities of a similar size with the same main cause include Vista School ($9.0m), Associated Students of San Francisco State College ($9.1m) and Roseville Community Charter School ($9.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 12% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $1.5m (16% of expenses). Other salaries and wages came to $4.1m. At year end it held assets of $6.3m against liabilities of $4.4m, net assets of $1.9m. It reported 57 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.