Isle of Wight County Education Foundation

Analysis

Isle of Wight County Education Foundation is a registered charity in United States, based in Isle of Wight, VA. It received its IRS tax-exemption ruling in February 1988, 38 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, Isle of Wight County Education Foundation reported income of $5.4m and spending of $5.7m, spending 105% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.3m to $5.4m (+2.8%), an average of +0.7% a year. The sharpest change came in the year to June 2022, when income rose by 17%. Over the whole period it spent 106% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Isle of Wight County Education Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within VA. Charities of a similar size with the same main cause include Montgomery City-County Public Library ($5.4m), Northern New Mexico College Foundation ($5.4m) and Friends of Hebrew Language Academy Charter School Inc ($5.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.2% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $3.5m (61% of expenses). At year end it held assets of $5.6m against liabilities of $1.3m, net assets of $4.3m. It reported 130 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.