Essence Prep Inc

Analysis

Essence Prep Inc is a registered charity in United States, based in San Antonio, TX. It received its IRS tax-exemption ruling in May 2021, 5 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, Essence Prep Inc reported income of $4.3m and spending of $2.7m, leaving 37% of income unspent that year. Across the 2 years on record, from August 2022 to June 2023, income grew from $1.5m to $4.3m (+185%), an average of +185% a year. The sharpest change came in the year to June 2023, when income rose by 185%. Over the whole period it spent 73% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Essence Prep Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 93rd percentile within TX. Charities of a similar size with the same main cause include Competency-Based Education Network Inc ($4.3m), Cumberland Academy of Georgia Inc ($4.3m) and Elmwood Academy ($4.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 88% of the total. Compensation of current officers, directors and key employees was $116k (4.3% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $29.6m against liabilities of $28.4m, net assets of $1.1m. It reported 33 employees.