Palm Bay Academy

Analysis

Palm Bay Academy is a registered charity in United States, based in Palm Bay, FL. It received its IRS tax-exemption ruling in February 1999, 27 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, Palm Bay Academy reported income of $4.1m and spending of $5.1m, spending 124% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $4.9m to $4.1m (-16%), an average of -4.2% a year. The sharpest change came in the year to June 2021, when income rose by 27%. Over the whole period it spent 107% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Palm Bay Academy sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within FL. Charities of a similar size with the same main cause include Wilderness Education Project ($4.1m), National Sporting Library Incorporated ($4.1m) and Lock Haven University Foundation ($4.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 0.6% of the total. Other salaries and wages came to $2.2m. At year end it held assets of $11.4m against liabilities of $15.1m, net assets of -$3.8m. It reported 75 employees.