Ware Academy Inc

Analysis

Ware Academy Inc is a registered charity in United States, based in Gloucester, VA. It received its IRS tax-exemption ruling in April 1953, 73 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, Ware Academy Inc reported income of $2.7m and spending of $2.4m, spending 88% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.7m to $2.7m (+57%), an average of +16% a year. The sharpest change came in the year to June 2023, when income rose by 21%. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Ware Academy Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 89th percentile within VA. Charities of a similar size with the same main cause include Constellation Schools Lorain Community Elementary ($2.7m), Bishop Carroll Catholic High School Inc ($2.7m) and Jones Library Inc ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 24% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $114k (4.8% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $2.3m against liabilities of $209k, net assets of $2.1m. It reported 47 employees.