Precious Gems Academy Inc

Analysis

Precious Gems Academy Inc is a registered charity in United States, based in Flemington, NJ. It received its IRS tax-exemption ruling in June 2020, 6 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Precious Gems Academy Inc reported income of $854k and spending of $1.0m, spending 123% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income grew from $470k to $854k (+82%), an average of +22% a year. The sharpest change came in the year to December 2022, when income rose by 58%. Over the whole period it spent 115% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Precious Gems Academy Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 81st percentile within NJ. Charities of a similar size with the same main cause include Womens Crisis Center of Taney County Inc ($854k), Grayson County Womens Crisis Line Inc ($854k) and Rachel Sovereign Memorial Home ($854k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.4% and program service revenue 95% of the total. Other salaries and wages came to $608k. At year end it held assets of $4,932 against liabilities of $4,932, net assets of $0.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.