Southern College of Optometry

Analysis

Southern College of Optometry is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in March 1942, 84 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, Southern College of Optometry reported income of $30.5m and spending of $34.2m, spending 112% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $28.9m to $30.5m (+5.6%), an average of +1.4% a year. Over the whole period it spent 106% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Southern College of Optometry 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 TN. Charities of a similar size with the same main cause include Carrollwood Day School Education Inc ($30.5m), Ascent Academies of Utah ($30.6m) and Moody Endowment ($30.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 5.5% and program service revenue 89% of the total. Compensation of current officers, directors and key employees was $594k (1.7% of expenses). Other salaries and wages came to $16.9m. At year end it held assets of $90.4m against liabilities of $16.7m, net assets of $73.7m. It reported 230 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.