Norfolk Academy

Analysis

Norfolk Academy is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in September 1946, 80 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, Norfolk Academy reported income of $33.1m and spending of $37.1m, spending 112% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $32.1m to $33.1m (+3.3%), an average of +0.8% a year. Over the whole period it spent 111% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Norfolk Academy sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within VA. Charities of a similar size with the same main cause include Compass Charter Schools ($33.1m), Education Trust Inc ($33.1m) and Franklin W Olin College of Engineering Inc ($33.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 12% and program service revenue 82% of the total. Compensation of current officers, directors and key employees was $1.0m (2.8% of expenses). Other salaries and wages came to $15.5m. At year end it held assets of $163.0m against liabilities of $14.0m, net assets of $149.0m. It reported 420 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.