Chance Academy
Chance Academy faces recent financial deficit and increased liabilities despite a history of fluctuating revenue.
EIN: 134361892 · Tampa, FL · NTEE: B25 · Updated: 2026-03-28
Is Chance Academy Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Chance Academy directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Chance Academy
Chance Academy (EIN: 134361892) is a nonprofit organization based in Tampa, FL, classified under NTEE code B25. The organization reported total revenue of $1.4M and total assets of $800K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Chance Academy's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Chance Academy is a mid-size nonprofit that has been operating for 19 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 22.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $996K |
| Total Expenses | $1.7M |
| Surplus / Deficit | $-681,291 |
| Total Assets | $1.2M |
| Total Liabilities | $402K |
| Net Assets | $821K |
| Operating Margin | -68.4% |
| Debt-to-Asset Ratio | 32.9% |
| Months of Reserves | 8.8 months |
Financial Health Grade: B
In 2023, Chance Academy reported a deficit of $681K with expenses exceeding revenue, holds 8.8 months of operating reserves (strong position), has a debt-to-asset ratio of 32.9% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Chance Academy's revenue has grown at a compound annual growth rate (CAGR) of 22.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -40.1% | +13.6% | -21.6% |
| 2022 | -27.9% | +37.1% | +14.5% |
| 2021 | +149.0% | +17.9% | +1047.8% |
| 2020 | +47.2% | +9.9% | +29.8% |
| 2019 | -26.0% | +15.0% | -68.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2007 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Chance Academy with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Chance Academy allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $681K, with expenses exceeding revenue.
- Debt-to-asset ratio: 32.9%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly unusual for an organization with over $1 million in revenue and suggests a strong commitment to directing funds to its mission.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Chance Academy's IRS 990 filings:
- Significant deficit in 2023 ($681,291, with expenses of $1,677,119 exceeding revenue of $995,828).
- Substantial increase in liabilities from $57,592 in 2022 to $402,230 in 2023.
- Fluctuating revenue and expenses, indicating potential instability in funding or operational costs.
- Assets decreased from $1,559,693 in 2022 to $1,223,040 in 2023 while liabilities increased.
Strengths
The following positive indicators were identified for Chance Academy:
- Consistent filing of IRS Form 990s over 13 periods, indicating good transparency practices.
- Reported 0% officer compensation across all filings, suggesting a strong commitment to program spending.
- Demonstrated ability to generate significant revenue, peaking at over $2.3 million in 2021.
- History of asset growth, reaching over $1.5 million in 2022.
Frequently Asked Questions about Chance Academy
Is Chance Academy a legitimate charity?
Based on AI analysis of IRS 990 filings, Chance Academy (EIN: 134361892) some concerns. Mission Score: 70/100. 4 red flags identified, 4 strengths noted.
How does Chance Academy spend its money?
Chance Academy directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Chance Academy tax-deductible?
Chance Academy is registered as a tax-exempt nonprofit (EIN: 134361892). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Why did Chance Academy's expenses exceed revenue by over $680,000 in 2023?
The 2023 filing shows expenses of $1,677,119 against revenue of $995,828, resulting in a deficit of $681,291. This significant deficit could be due to one-time investments, a temporary dip in funding, or increased operational costs, and warrants further investigation into the organization's financial strategy.
What caused the substantial increase in liabilities from $57,592 in 2022 to $402,230 in 2023?
The nearly seven-fold increase in liabilities in the latest filing is a significant financial event. This could indicate new debt, deferred revenue, or other obligations that need to be understood to assess the organization's financial stability.
How does Chance Academy sustain operations with 0% officer compensation?
The consistent reporting of 0% officer compensation across all filings is highly unusual for an organization of this size. It suggests that leadership may be entirely volunteer-based, compensated through other entities, or that the compensation is reported differently, which could impact the interpretation of administrative efficiency.
Filing History
IRS 990 filing history for Chance Academy showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Chance Academy's revenue has grown by 1081.6%, moving from $84K to $996K. Total assets increased by 3457.2% over the same period, from $34K to $1.2M. Total functional expenses rose by 2079.9%, from $77K to $1.7M. In its most recent filing year (2023), Chance Academy reported a deficit of $681K, with expenses exceeding revenue. The organization holds $402K in liabilities against $1.2M in assets (debt-to-asset ratio: 32.9%), resulting in net assets of $821K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $996K | $1.7M | $1.2M | $402K | — | View 990 |
| 2022 | $1.7M | $1.5M | $1.6M | $58K | — | View 990 |
| 2021 | $2.3M | $1.1M | $1.4M | $47K | — | View 990 |
| 2020 | $927K | $914K | $119K | $34K | — | View 990 |
| 2019 | $629K | $831K | $91K | $20K | — | View 990 |
| 2018 | $851K | $723K | $291K | $17K | — | View 990 |
| 2017 | $174K | $403K | $159K | $13K | — | View 990 |
| 2016 | $839K | $672K | $386K | $12K | — | View 990 |
| 2015 | $558K | $564K | $259K | $24K | — | View 990 |
| 2014 | $522K | $280K | $260K | $19K | — | View 990 |
| 2013 | $72K | $86K | $3K | $0 | — | View 990 |
| 2012 | $80K | $97K | $17K | $0 | — | View 990 |
| 2011 | $84K | $77K | $34K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $996K, expenses of $1.7M, and assets of $1.2M (revenue -40.1% year-over-year).
- 2022: Revenue of $1.7M, expenses of $1.5M, and assets of $1.6M (revenue -27.9% year-over-year).
- 2021: Revenue of $2.3M, expenses of $1.1M, and assets of $1.4M (revenue +149.0% year-over-year).
- 2020: Revenue of $927K, expenses of $914K, and assets of $119K (revenue +47.2% year-over-year).
- 2019: Revenue of $629K, expenses of $831K, and assets of $91K (revenue -26.0% year-over-year).
- 2018: Revenue of $851K, expenses of $723K, and assets of $291K (revenue +389.6% year-over-year).
- 2017: Revenue of $174K, expenses of $403K, and assets of $159K (revenue -79.3% year-over-year).
- 2016: Revenue of $839K, expenses of $672K, and assets of $386K (revenue +50.4% year-over-year).
- 2015: Revenue of $558K, expenses of $564K, and assets of $259K (revenue +6.9% year-over-year).
- 2014: Revenue of $522K, expenses of $280K, and assets of $260K (revenue +629.3% year-over-year).
- 2013: Revenue of $72K, expenses of $86K, and assets of $3K (revenue -10.6% year-over-year).
- 2012: Revenue of $80K, expenses of $97K, and assets of $17K (revenue -4.9% year-over-year).
- 2011: Revenue of $84K, expenses of $77K, and assets of $34K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Chance Academy:
Data Sources and Methodology
This transparency report for Chance Academy is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.