Summit Academy of Central Virginia Inc

Analysis

Summit Academy of Central Virginia Inc is a registered charity in United States, based in Fredericksbrg, VA. It received its IRS tax-exemption ruling in June 2016, 10 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 2024, Summit Academy of Central Virginia Inc reported income of $1.2m and spending of $1.1m, spending 96% of its income. Across the 6 years on record, from June 2019 to June 2024, income grew from $562k to $1.2m (+106%), an average of +16% a year. The sharpest change came in the year to June 2022, when income rose by 99%. Over the whole period it spent 85% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Summit Academy of Central Virginia Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within VA. Charities of a similar size with the same main cause include Clemson Architectural Foundation ($1.2m), Kingsborough Community College Association Inc ($1.2m) and Ridge View Academy ($1.2m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 29% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $24k (2.2% of expenses). Other salaries and wages came to $668k. At year end it held assets of $1.3m against liabilities of $495k, net assets of $782k. It reported 18 employees.