Belmont Academy Inc

Analysis

Belmont Academy Inc is a registered charity in United States, based in Lake City, FL. It received its IRS tax-exemption ruling in November 2012, 14 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, Belmont Academy Inc reported income of $7.9m and spending of $7.4m, spending 93% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $4.5m to $7.9m (+76%), an average of +21% a year. The sharpest change came in the year to June 2022, when income rose by 37%. 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, Belmont Academy Inc 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 95th percentile within FL. Charities of a similar size with the same main cause include Chico Country Day School ($7.9m), Rolesville Charter Academy Inc ($7.9m) and Vail Christian School Inc ($7.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 18% and program service revenue 81% of the total. Compensation of current officers, directors and key employees was $234k (3.2% of expenses). Other salaries and wages came to $3.7m. At year end it held assets of $14.6m against liabilities of $12.3m, net assets of $2.3m. It reported 119 employees.