Benedict College

Analysis

Benedict College is a registered charity in United States, based in Columbia, SC. It received its IRS tax-exemption ruling in February 1945, 81 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, Benedict College reported income of $69.7m and spending of $65.4m, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $60.5m to $69.7m (+15%), an average of +3.6% a year. The sharpest change came in the year to June 2021, when income rose by 70%. Over the whole period it spent 84% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Benedict College sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within SC. Charities of a similar size with the same main cause include Project Lead the Way Inc ($69.7m), Goal Scholarship Program Inc ($69.7m) and Central Pennsylvania Scholarship Fund ($69.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 33% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $450k (0.7% of expenses). Other salaries and wages came to $15.7m. At year end it held assets of $142.8m against liabilities of $39.0m, net assets of $103.9m. It reported 450 employees.