The Carolina Academy

Analysis

The Carolina Academy is a registered charity in United States, based in Lake City, SC. It received its IRS tax-exemption ruling in March 1976, 50 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, The Carolina Academy reported income of $2.2m and spending of $1.9m, spending 86% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.2m to $2.2m (-0.0%), an average of +-0.0% a year. The sharpest change came in the year to June 2021, when income rose by 38%. Over the whole period it spent 81% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Carolina Academy sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 89th percentile within SC. Charities of a similar size with the same main cause include Unitypoint Broadlawns Psychiatry Education Foundation ($2.2m), Golden West College Foundation ($2.2m) and Ibew Local 1049 Craft Division Skill Improvement Fund ($2.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 22% and program service revenue 78% of the total. Other salaries and wages came to $1.1m. At year end it held assets of $4.2m against liabilities of $343k, net assets of $3.8m. It reported 72 employees.