Chelsea Academy Inc
Chelsea Academy Inc. experiences revenue growth but faces periods of deficit spending and increasing liabilities.
EIN: 208995583 · Front Royal, VA · NTEE: B20 · Updated: 2026-03-28
Is Chelsea Academy Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Chelsea Academy Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Chelsea Academy Inc
Chelsea Academy Inc (EIN: 208995583) is a nonprofit organization based in Front Royal, VA, classified under NTEE code B20. The organization reported total revenue of $3.6M and total assets of $1.3M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Chelsea Academy Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Chelsea Academy Inc with a Mission Score of 75 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: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Chelsea Academy Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Chelsea Academy Inc. consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is a strong positive for directing resources 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 Chelsea Academy Inc's IRS 990 filings:
- Expenses exceeding revenue in multiple recent periods (e.g., 202308, 202008, 201808), indicating deficit spending.
- Significant increase in liabilities, reaching $903,104 in 202308, which is a high proportion of total assets ($1,244,665 in 202308).
Strengths
The following positive indicators were identified for Chelsea Academy Inc:
- Consistent reporting of 0% officer compensation, indicating strong commitment to mission-focused spending.
- Substantial growth in total assets from $158,340 in 201606 to $1,310,122 currently, demonstrating increased capacity.
- Significant revenue growth, with latest reported revenue at $3,588,459.
Frequently Asked Questions about Chelsea Academy Inc
Is Chelsea Academy Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Chelsea Academy Inc (EIN: 208995583) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Chelsea Academy Inc spend its money?
Chelsea Academy Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Chelsea Academy Inc tax-deductible?
Chelsea Academy Inc is registered as a tax-exempt nonprofit (EIN: 208995583). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Chelsea Academy Inc. financially stable given its fluctuating revenue and expenses?
While Chelsea Academy Inc. has seen significant revenue growth, it has experienced periods where expenses exceeded revenue, such as in 202308 ($3,419,646 in expenses vs. $2,974,291 in revenue). This indicates a need for careful financial planning to ensure long-term stability, despite overall asset growth.
How does the organization manage its increasing liabilities?
Liabilities have grown significantly, reaching $903,104 in 202308. While assets have also increased, the ratio of liabilities to assets (approximately 69% in 202308) warrants attention to understand the nature of these liabilities and the organization's strategy for managing them.
What is the impact of 0% officer compensation on the organization?
The consistent reporting of 0% officer compensation is a strong positive, suggesting that the organization's leadership is either volunteer-based or compensated through other means not classified as officer compensation. This practice generally allows a greater proportion of funds to be directed towards program services.
Filing History
IRS 990 filing history for Chelsea Academy Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2023), Chelsea Academy Inc's revenue has grown by 375.7%, moving from $625K to $3.0M. Total assets increased by 316% over the same period, from $299K to $1.2M. Total functional expenses rose by 352.3%, from $756K to $3.4M. In its most recent filing year (2023), Chelsea Academy Inc reported a deficit of $445K, with expenses exceeding revenue. The organization holds $903K in liabilities against $1.2M in assets (debt-to-asset ratio: 72.6%), resulting in net assets of $342K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $3.0M | $3.4M | $1.2M | $903K | — | View 990 |
| 2022 | $2.8M | $2.2M | $1.9M | $1.1M | — | View 990 |
| 2021 | $1.9M | $1.5M | $1.2M | $682K | — | View 990 |
| 2020 | $1.5M | $1.6M | $819K | $726K | — | View 990 |
| 2019 | $1.9M | $1.7M | $773K | $602K | — | View 990 |
| 2018 | $2.0M | $2.1M | $799K | $852K | — | View 990 |
| 2017 | $1.2M | $255K | $1.2M | $52K | — | View 990 |
| 2017 | $1.8M | $1.7M | $311K | $36K | — | View 990 |
| 2016 | $1.3M | $1.4M | $158K | $35K | — | View 990 |
| 2015 | $1.2M | $1.2M | $277K | $41K | — | View 990 |
| 2014 | $1.1M | $1.1M | $294K | $35K | — | View 990 |
| 2013 | $812K | $802K | $315K | $29K | — | View 990 |
| 2012 | $625K | $756K | $299K | $24K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $3.0M, expenses of $3.4M, and assets of $1.2M (revenue +6.6% year-over-year).
- 2022: Revenue of $2.8M, expenses of $2.2M, and assets of $1.9M (revenue +45.7% year-over-year).
- 2021: Revenue of $1.9M, expenses of $1.5M, and assets of $1.2M (revenue +26.0% year-over-year).
- 2020: Revenue of $1.5M, expenses of $1.6M, and assets of $819K (revenue -18.9% year-over-year).
- 2019: Revenue of $1.9M, expenses of $1.7M, and assets of $773K (revenue -6.6% year-over-year).
- 2018: Revenue of $2.0M, expenses of $2.1M, and assets of $799K (revenue +71.5% year-over-year).
- 2017: Revenue of $1.2M, expenses of $255K, and assets of $1.2M (revenue -36.4% year-over-year).
- 2017: Revenue of $1.8M, expenses of $1.7M, and assets of $311K (revenue +38.2% year-over-year).
- 2016: Revenue of $1.3M, expenses of $1.4M, and assets of $158K (revenue +13.2% year-over-year).
- 2015: Revenue of $1.2M, expenses of $1.2M, and assets of $277K (revenue +9.8% year-over-year).
- 2014: Revenue of $1.1M, expenses of $1.1M, and assets of $294K (revenue +32.0% year-over-year).
- 2013: Revenue of $812K, expenses of $802K, and assets of $315K (revenue +29.9% year-over-year).
- 2012: Revenue of $625K, expenses of $756K, and assets of $299K.
Data Sources and Methodology
This transparency report for Chelsea Academy Inc 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.