Spectrum Academy

Analysis

Spectrum Academy is a registered charity in United States, based in N Salt Lake, UT. It received its IRS tax-exemption ruling in September 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, Spectrum Academy reported income of $32.9m and spending of $31.6m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $20.5m to $32.9m (+60%), an average of +12% a year. The sharpest change came in the year to June 2021, when income rose by 16%. Over the whole period it spent 99% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Spectrum Academy 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 99th percentile within UT. Charities of a similar size with the same main cause include Intrinsic Schools ($32.7m), Great Jobs Kansas City ($32.9m) and Groves Academy ($32.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $299k (0.9% of expenses). Other salaries and wages came to $21.4m. At year end it held assets of $48.7m against liabilities of $43.2m, net assets of $5.5m. It reported 851 employees.