Crete Academy

Analysis

Crete Academy is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in December 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 2023, Crete Academy reported income of $5.4m and spending of $6.3m, spending 117% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.2m to $5.4m (+150%), an average of +26% a year. The sharpest change came in the year to June 2022, when income rose by 47%. Over the whole period it spent 100% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Crete Academy 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 92nd percentile, and in the 93rd percentile within CA. Charities of a similar size with the same main cause include Arkansas Community Colleges Foundation ($5.4m), Mount Alverno High School ($5.4m) and Academy for the Integrated Arts ($5.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $394k (6.2% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $2.3m against liabilities of $2.0m, net assets of $313k. It reported 51 employees.