Faith Academy

Analysis

Faith Academy is a registered charity in United States, based in Iowa City, IA. It received its IRS tax-exemption ruling in August 2018, 8 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 May 2023, Faith Academy reported income of $1.4m and spending of $915k, leaving 33% of income unspent that year. Across the 4 years on record, from May 2019 to May 2023, income grew from $327k to $1.4m (+321%), an average of +61% a year. The sharpest change came in the year to May 2020, when income rose by 134%. Over the whole period it spent 78% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Faith Academy sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within IA. Charities of a similar size with the same main cause include The Jewish Education Agency ($1.4m), Triumphant Learning Center ($1.4m) and Manna University ($1.4m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 94% and program service revenue 4.1% of the total. Other salaries and wages came to $624k. At year end it held assets of $1.1m against liabilities of $0, net assets of $1.1m. It reported 31 employees.