Fit Academy

Analysis

Fit Academy is a registered charity in United States, based in Apple Valley, MN. It received its IRS tax-exemption ruling in February 2016, 10 years ago. 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, Fit Academy reported income of $5.7m and spending of $5.8m, spending 102% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.9m to $5.7m (+45%), an average of +9.7% a year. The sharpest change came in the year to June 2023, when income rose by 30%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Fit Academy sits at the 93rd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include Christian Retirement Center of Northern Calif ($5.7m), Regional Services and Education Center Inc ($5.7m) and Crefeld School ($5.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 83% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $423k (7.3% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $9.8m against liabilities of $10.2m, net assets of -$456k. It reported 73 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.