New Hope Academy

Analysis

New Hope Academy is a registered charity in United States, based in Franklin, TN. It received its IRS tax-exemption ruling in November 1996, 30 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, New Hope Academy reported income of $5.2m and spending of $4.7m, spending 91% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $4.7m to $5.2m (+11%), an average of +3.6% a year. The sharpest change came in the year to June 2022, when income rose by 23%. Over the whole period it spent 89% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, New Hope Academy sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within TN. Charities of a similar size with the same main cause include Wichita State University Union Corporation ($5.2m), Crandall Library ($5.2m) and Oklahoma Christian Academy Inc ($5.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 39% and program service revenue 61% of the total. Compensation of current officers, directors and key employees was $138k (2.9% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $5.0m against liabilities of $272k, net assets of $4.8m. It reported 61 employees.