Fayette Academy

Analysis

Fayette Academy is a registered charity in United States, based in Somerville, TN. It received its IRS tax-exemption ruling in January 2000, 26 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, Fayette Academy reported income of $7.3m and spending of $6.3m, spending 86% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.2m to $7.3m (+40%), an average of +8.7% a year. The sharpest change came in the year to June 2023, when income rose by 25%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Fayette Academy sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within TN. Charities of a similar size with the same main cause include Spartanburg Preparatory School ($7.3m), Cooper Lanning Square Renaissance School Facilities Inc ($7.3m) and The Foundation for Santa Barbara City College ($7.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 20% and program service revenue 81% of the total. Other salaries and wages came to $3.3m. At year end it held assets of $10.0m against liabilities of $8.1m, net assets of $1.9m. It reported 118 employees.