Virtus Academy of South Carolina

Analysis

Virtus Academy of South Carolina is a registered charity in United States, based in Florence, SC. It received its IRS tax-exemption ruling in October 2017, 9 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Virtus Academy of South Carolina reported income of $8.0m and spending of $6.7m, spending 83% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.0m to $8.0m (+296%), an average of +41% a year. The sharpest change came in the year to June 2021, when income rose by 85%. Over the whole period it spent 87% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Virtus Academy of South Carolina sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 96th percentile within SC. Charities of a similar size with the same main cause include Camp Fire ($8.0m), YWCA Nashville & Middle Tennessee ($8.0m) and North Central Missouri College Foundation Inc ($8.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 3.7% of the total. Compensation of current officers, directors and key employees was $92k (1.4% of expenses). Other salaries and wages came to $3.3m. At year end it held assets of $16.7m against liabilities of $13.4m, net assets of $3.4m.