Imagine Academy Corporation

Analysis

Imagine Academy Corporation is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in December 2008, 18 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, Imagine Academy Corporation reported income of $5.9m and spending of $5.0m, spending 86% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.2m to $5.9m (+41%), an average of +9.0% a year. The sharpest change came in the year to June 2020, when income rose by 19%. Over the whole period it spent 80% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Imagine Academy Corporation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include I S Kosloff Torah Academy High School for Girls ($5.9m), South of Market Child Care Inc ($5.9m) and Kingston Educational Holdings 1 Inc ($5.9m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $3.8m. At year end it held assets of $8.0m against liabilities of $172k, net assets of $7.8m. It reported 136 employees.