Hobgood Academy Inc

Analysis

Hobgood Academy Inc is a registered charity in United States, based in Hobgood, NC. It received its IRS tax-exemption ruling in December 1971, 55 years ago. 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 2024, Hobgood Academy Inc reported income of $190k and spending of $217k, spending 114% of what it took in. Across the 3 years on record, from June 2022 to June 2024, income fell from $217k to $190k (-13%), an average of -6.5% a year. The sharpest change came in the year to June 2023, when income dropped by 21%. Over the whole period it spent 123% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hobgood Academy Inc sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 50th percentile within NC. Charities of a similar size with the same main cause include Schenectady Symphony Orchestra Association Inc ($190k), Habersham Community Theater Inc ($190k) and League of Women Voters of Maryland Inc ($190k).

On its Form 990-EZ for the period ending June 2024, revenue came from contributions and grants 13% and program service revenue 87% of the total. At year end it held assets of $26k against liabilities of $6,717, net assets of $19k.

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.