New Way Academy

Analysis

New Way Academy is a registered charity in United States, based in Phoenix, AZ. It received its IRS tax-exemption ruling in January 1969, 57 years ago. 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 Way Academy reported income of $7.4m and spending of $7.2m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.2m to $7.4m (+2.8%), an average of +0.7% a year. The sharpest change came in the year to June 2022, when income dropped by 20%. Over the whole period it spent 95% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Way Academy sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within AZ. Charities of a similar size with the same main cause include Covenant Christian Academy Inc ($7.4m), Galilee Majestic Arms Incorporated ($7.4m) and Massachusetts Golf Association Inc ($7.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 3.0% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $398k (5.5% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $7.1m against liabilities of $1.2m, net assets of $5.9m. It reported 93 employees.