Commonlit Inc

Analysis

Commonlit Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in September 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Commonlit Inc reported income of $13.9m and spending of $17.2m, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.2m to $13.9m (+233%), an average of +35% a year. The sharpest change came in the year to December 2020, when income rose by 58%. Over the whole period it spent 98% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Commonlit Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 90th percentile within DC. Charities of a similar size with the same main cause include Suny Impact Foundation Inc ($13.9m), Foundation of the American College of Healthcare Executives ($13.9m) and Maryvale Preparatory Academy ($13.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $649k (3.8% of expenses). Other salaries and wages came to $10.7m. At year end it held assets of $13.1m against liabilities of $8.7m, net assets of $4.4m. It reported 128 employees.