North Lakes Academy

Analysis

North Lakes Academy is a registered charity in United States, based in Forest Lake, MN. It received its IRS tax-exemption ruling in February 2000, 26 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, North Lakes Academy reported income of $8.4m and spending of $8.5m, spending 101% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.0m to $8.4m (+70%), an average of +14% a year. The sharpest change came in the year to June 2020, when income rose by 40%. Over the whole period it spent 102% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, North Lakes Academy sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within MN. Charities of a similar size with the same main cause include Alexandria Country Day School Inc ($8.4m), Nevada State High School ($8.4m) and Laura Holland Uzzell Foundation ($8.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 2.7% of the total. Compensation of current officers, directors and key employees was $486k (5.7% of expenses). Other salaries and wages came to $3.4m. At year end it held assets of $3.9m against liabilities of $7.0m, net assets of -$3.1m. It reported 136 employees.