Gloucester Institute Inc

Analysis

Gloucester Institute Inc is a registered charity in United States, based in Gloucester, VA. It received its IRS tax-exemption ruling in February 2007, 19 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Gloucester Institute Inc reported income of $627k and spending of $1.1m, spending 176% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $890k to $627k (-30%), an average of -8.4% a year. The sharpest change came in the year to December 2022, when income rose by 308%. Over the whole period it spent 120% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Gloucester Institute Inc sits at the 71st percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 74th percentile within VA. Charities of a similar size with the same main cause include Durham Literacy Center Inc ($626k), Roots Farm Educational Foundation ($627k) and Lancaster Preschool ($626k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $62k (5.6% of expenses). Other salaries and wages came to $171k. It paid $2,642 in professional fundraising fees. At year end it held assets of $1.9m against liabilities of $2.9m, net assets of -$1.0m. It reported 9 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.