Florida Memorial University Inc

Analysis

Florida Memorial University Inc is a registered charity in United States, based in Miami Gardens, FL. It received its IRS tax-exemption ruling in April 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 2023, Florida Memorial University Inc reported income of $50.4m and spending of $49.0m, spending 97% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $36.5m to $50.4m (+38%), an average of +8.4% a year. The sharpest change came in the year to June 2022, when income rose by 16%. Over the whole period it spent 110% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Florida Memorial University Inc 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 FL. Charities of a similar size with the same main cause include Universidad Del Sagrado Corazon Inc ($50.4m), Ilead California Charters 1 ($50.5m) and University of Mount Olive Inc ($50.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 36% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $1.2m (2.4% of expenses). Other salaries and wages came to $12.5m. At year end it held assets of $84.3m against liabilities of $10.9m, net assets of $73.4m. It reported 455 employees.