New Day Schools Inc

Analysis

New Day Schools Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in September 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 June 2023, New Day Schools Inc reported income of $19.0m and spending of $17.0m, spending 89% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.8m to $19.0m (+966%), an average of +81% a year. The sharpest change came in the year to June 2020, when income rose by 881%. Over the whole period it spent 81% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, New Day Schools Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within TN. Charities of a similar size with the same main cause include Viera Charter Schools Inc ($19.0m), Gibault Foundation Inc ($19.1m) and New Mexico State University Foundation Inc ($19.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 24% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $292k (1.7% of expenses). Other salaries and wages came to $9.7m. At year end it held assets of $16.2m against liabilities of $2.1m, net assets of $14.1m. It reported 264 employees.