Elgin Academy

Analysis

Elgin Academy is a registered charity in United States, based in Elgin, IL. It received its IRS tax-exemption ruling in July 1941, 85 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, Elgin Academy reported income of $10.8m and spending of $9.0m, spending 84% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $8.9m to $10.8m (+21%), an average of +5.0% a year. The sharpest change came in the year to June 2023, when income rose by 31%. Over the whole period it spent 96% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Elgin Academy sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within IL. Charities of a similar size with the same main cause include Kummer Institute Foundation ($10.8m), Chicago High School for the Arts ($10.8m) and Hyde School ($10.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 46% and program service revenue 52% of the total. Compensation of current officers, directors and key employees was $370k (4.1% of expenses). Other salaries and wages came to $3.1m. At year end it held assets of $17.7m against liabilities of $7.3m, net assets of $10.4m. It reported 102 employees.