The Franklin Academy

Analysis

The Franklin Academy is a registered charity in United States, based in Bellingham, WA. It received its IRS tax-exemption ruling in January 2002, 24 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 July 2023, The Franklin Academy reported income of $4.9m and spending of $5.5m, spending 112% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income grew from $3.4m to $4.9m (+46%), an average of +10% a year. The sharpest change came in the year to July 2021, when income rose by 38%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Franklin Academy sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within WA. Charities of a similar size with the same main cause include American Friends of Cancer Research Inc ($4.9m), Providence Christian Ministries Inc ($5.0m) and College Preparatory Middle School ($4.9m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 24% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $271k (4.9% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $4.7m against liabilities of $4.1m, net assets of $562k. It reported 94 employees.