Hanover Academy

Analysis

Hanover Academy is a registered charity in United States, based in Ashland, VA. It received its IRS tax-exemption ruling in November 1960, 66 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, Hanover Academy reported income of $868k and spending of $780k, spending 90% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $462k to $868k (+88%), an average of +23% a year. The sharpest change came in the year to June 2021, when income rose by 101%. Over the whole period it spent 74% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Hanover Academy sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 78th percentile within VA. Charities of a similar size with the same main cause include Baltimore Polytechnic Institute Foundation Inc ($868k), Bay Area Bioscience Education Community ($869k) and Dorothys Soft Touch Corp ($868k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 11% and program service revenue 83% of the total. Other salaries and wages came to $564k. At year end it held assets of $909k against liabilities of $295k, net assets of $615k. It reported 26 employees.