Hope Academy Inc

Analysis

Hope Academy Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in March 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 July 2023, Hope Academy Inc reported income of $27.0m and spending of $11.7m, leaving 57% of income unspent that year. Across the 5 years on record, from July 2019 to July 2023, income grew from $10.3m to $27.0m (+164%), an average of +27% a year. The sharpest change came in the year to July 2023, when income rose by 98%. Over the whole period it spent 60% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Hope Academy Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MN. Charities of a similar size with the same main cause include Waynflete School ($27.0m), Meadows School ($27.1m) and College of St Mary ($27.0m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 94% and program service revenue 2.9% of the total. Compensation of current officers, directors and key employees was $219k (1.9% of expenses). Other salaries and wages came to $7.2m. At year end it held assets of $42.7m against liabilities of $1.1m, net assets of $41.6m. It reported 207 employees.