Spartanburg Methodist College

Analysis

Spartanburg Methodist College is a registered charity in United States, based in Spartanburg, SC. It received its IRS tax-exemption ruling in August 1943, 83 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 2024, Spartanburg Methodist College reported income of $25.5m and spending of $27.6m, spending 109% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $23.1m to $25.5m (+10%), an average of +2.5% a year. The sharpest change came in the year to June 2021, when income rose by 22%. Over the whole period it spent 103% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Spartanburg Methodist College sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within SC. Charities of a similar size with the same main cause include Memphis Business Academy ($25.4m), Clarksville Charter School ($25.5m) and Kohelet Yeshiva High School Inc ($25.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 9.1% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $1.3m (4.8% of expenses). Other salaries and wages came to $9.2m. At year end it held assets of $57.9m against liabilities of $9.5m, net assets of $48.4m. It reported 342 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.