Somerset Academy Foundation Inc

Analysis

Somerset Academy Foundation Inc is a registered charity in United States, based in Pembroke Pnes, FL. It received its IRS tax-exemption ruling in March 2016, 10 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Somerset Academy Foundation Inc reported income of $3.5m and spending of $1.8m, leaving 48% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.1m to $3.5m (+214%), an average of +33% a year. The sharpest change came in the year to June 2023, when income rose by 97%. Over the whole period it spent 72% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Somerset Academy Foundation Inc sits at the 87th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within FL. Charities of a similar size with the same main cause include High Meadow School Inc ($3.5m), Telluride Mountain School Inc ($3.5m) and Crossroads Christian School Inc ($3.5m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 84% of the total. At year end it held assets of $31.8m against liabilities of $29.0m, net assets of $2.8m.