Belmont Abbey College

Analysis

Belmont Abbey College is a registered charity in United States, based in Belmont, NC. It received its IRS tax-exemption ruling in February 1978, 48 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 May 2023, Belmont Abbey College reported income of $60.0m and spending of $54.9m, spending 91% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $39.5m to $60.0m (+52%), an average of +11% a year. The sharpest change came in the year to May 2023, when income rose by 26%. Over the whole period it spent 98% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Belmont Abbey College sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include East Texas Baptist University ($59.9m), The Hill School ($60.2m) and Genesee Education Consultant Services Inc ($59.9m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 37% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $1.5m (2.7% of expenses). Other salaries and wages came to $16.1m. At year end it held assets of $49.8m against liabilities of $27.1m, net assets of $22.7m. It reported 612 employees.