Precious Blessings Academy
Precious Blessings Academy faces significant financial instability with growing liabilities and persistent operating deficits.
EIN: 205990637 · Richmond, VA · NTEE: B20 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $234K |
| Total Expenses | $368K |
| Program Spending | 70% |
| Net Assets | $-248,764 |
| Transparency Score | 45/100 |
Is Precious Blessings Academy Legit?
Significant Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Precious Blessings Academy directs 70% of its spending to programs. This meets the industry benchmark of 65% for efficient nonprofits.
About Precious Blessings Academy
Precious Blessings Academy (EIN: 205990637) is a nonprofit organization based in Richmond, VA, classified under NTEE code B20. The organization reported total revenue of $234K and total assets of $220K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Precious Blessings Academy's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Precious Blessings Academy is a small nonprofit that has been operating for 18 years, with 11 years of IRS 990 filings on record (2012–2022). Revenue has grown at a compound annual rate of 1.2%.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
| Total Revenue | $234K |
| Total Expenses | $368K |
| Surplus / Deficit | $-133,791 |
| Total Assets | $220K |
| Total Liabilities | $468K |
| Net Assets | $-248,764 |
| Operating Margin | -57.1% |
| Debt-to-Asset Ratio | 213.3% |
| Months of Reserves | 7.2 months |
Financial Health Grade: C
In 2022, Precious Blessings Academy reported a deficit of $134K with expenses exceeding revenue, holds 7.2 months of operating reserves (strong position), has a debt-to-asset ratio of 213.3% (high leverage).
Financial Trends
Over 11 years of filings (2012–2022), Precious Blessings Academy's revenue has grown at a compound annual growth rate (CAGR) of 1.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -26.3% | -21.9% | -38.3% |
| 2021 | +24.2% | +112.9% | +140.1% |
| 2020 | +7.0% | -6.7% | +3686.7% |
| 2019 | -12.9% | -12.0% | +95.8% |
| 2018 | +16.5% | +12.4% | — |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2008 |
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 Precious Blessings Academy with a Mission Score of 45 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 20%
- programs: 70%
- fundraising: 10%
According to IRS 990 filings, Precious Blessings Academy allocates its expenses as follows: admin: 20%, programs: 70%, fundraising: 10%. Approximately 70% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2022)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $134K, with expenses exceeding revenue.
- Debt-to-asset ratio: 213.3%.
Executive Compensation Analysis
Precious Blessings Academy consistently reports 0% officer compensation across all available filings, indicating that no compensation is paid to its officers, which is a positive sign for minimizing overhead in this area.
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 Precious Blessings Academy's IRS 990 filings:
- Persistent operating deficits: Expenses exceeded revenue in 8 out of 10 reported periods, including significant deficits in 2021 and 2022.
- High liabilities relative to assets: In 2022, liabilities ($468,343) were more than double assets ($219,579), indicating a precarious financial position.
- Significant increase in liabilities: Liabilities jumped from $109,852 in 2020 to $471,117 in 2021 and $468,343 in 2022, a substantial increase in debt.
- Declining assets: Assets decreased from $356,144 in 2021 to $219,579 in 2022, while liabilities remained high.
Strengths
The following positive indicators were identified for Precious Blessings Academy:
- No officer compensation reported: The organization consistently reports 0% officer compensation, indicating good stewardship in executive pay.
Frequently Asked Questions about Precious Blessings Academy
Is Precious Blessings Academy a legitimate charity?
Precious Blessings Academy (EIN: 205990637) is a registered tax-exempt nonprofit based in Virginia. Our AI analysis gives it a Mission Score of 45/100. It has 11 years of IRS 990 filings on record. Total revenue: $234K. 4 red flags identified. 1 strength noted. Financial health grade: C.
How does Precious Blessings Academy spend its money?
Precious Blessings Academy directs 70% of its spending to programs and services. Fundraising costs 10%. This meets the 65% industry benchmark.
Are donations to Precious Blessings Academy tax-deductible?
Precious Blessings Academy is registered as a tax-exempt nonprofit (EIN: 205990637). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Precious Blessings Academy's spending goes to programs?
Precious Blessings Academy directs 70% to programs, 10% to fundraising. This meets the 65% industry benchmark for efficient nonprofits.
How does Precious Blessings Academy compare to similar nonprofits?
With a transparency score of 45/100 (Fair), Precious Blessings Academy is near average for NTEE category B20 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Precious Blessings Academy located?
Precious Blessings Academy is headquartered in Richmond, Virginia and files with the IRS under EIN 205990637. It is classified under NTEE code B20.
How many years of IRS 990 filings does Precious Blessings Academy have?
Precious Blessings Academy has 11 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $234K in total revenue.
Is Precious Blessings Academy financially sustainable?
Based on the latest filings, Precious Blessings Academy is not financially sustainable. In 2022, expenses ($368,146) significantly outstripped revenue ($234,355), and liabilities ($468,343) are more than double its assets ($219,579), indicating a severe financial imbalance.
Why are liabilities so high compared to assets?
The organization's liabilities have surged, reaching $468,343 in 2022, while assets are only $219,579. This suggests the organization has accumulated significant debt or other financial obligations that are not covered by its current assets, posing a substantial financial risk.
What caused the large deficits in 2021 and 2022?
In 2021, expenses ($471,335) exceeded revenue ($317,853) by over $150,000, and in 2022, expenses ($368,146) exceeded revenue ($234,355) by over $130,000. The specific causes for these large operating deficits are not detailed in the provided summary data, but they indicate a consistent pattern of spending more than the organization brings in.
Filing History
IRS 990 filing history for Precious Blessings Academy showing financial trends over 11 years of public records:
Over 11 years of IRS 990 filings (2012–2022), Precious Blessings Academy's revenue has grown by 13%, moving from $207K to $234K. Total functional expenses rose by 54.4%, from $238K to $368K. In its most recent filing year (2022), Precious Blessings Academy reported a deficit of $134K, with expenses exceeding revenue. The organization holds $468K in liabilities against $220K in assets (debt-to-asset ratio: 213.3%), resulting in net assets of $-248,764.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2022 | $234K | $368K | $220K | $468K | — | View 990 |
| 2021 | $318K | $471K | $356K | $471K | — | View 990 |
| 2020 | $256K | $221K | $148K | $110K | — | View 990 |
| 2019 | $239K | $237K | $4K | $0 | — | View 990 |
| 2018 | $275K | $270K | $2K | $0 | — | View 990 |
| 2017 | $236K | $240K | $0 | $3K | — | View 990 |
| 2016 | $299K | $301K | $868 | $0 | — | View 990 |
| 2015 | $240K | $241K | $3K | $0 | — | View 990 |
| 2014 | $268K | $237K | $4K | $0 | — | View 990 |
| 2013 | $249K | $280K | $0 | $27K | — | View 990 |
| 2012 | $207K | $238K | $0 | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2022: Revenue of $234K, expenses of $368K, and assets of $220K (revenue -26.3% year-over-year).
- 2021: Revenue of $318K, expenses of $471K, and assets of $356K (revenue +24.2% year-over-year).
- 2020: Revenue of $256K, expenses of $221K, and assets of $148K (revenue +7.0% year-over-year).
- 2019: Revenue of $239K, expenses of $237K, and assets of $4K (revenue -12.9% year-over-year).
- 2018: Revenue of $275K, expenses of $270K, and assets of $2K (revenue +16.5% year-over-year).
- 2017: Revenue of $236K, expenses of $240K, and assets of $0 (revenue -21.0% year-over-year).
- 2016: Revenue of $299K, expenses of $301K, and assets of $868 (revenue +24.6% year-over-year).
- 2015: Revenue of $240K, expenses of $241K, and assets of $3K (revenue -10.5% year-over-year).
- 2014: Revenue of $268K, expenses of $237K, and assets of $4K (revenue +7.6% year-over-year).
- 2013: Revenue of $249K, expenses of $280K, and assets of $0 (revenue +20.1% year-over-year).
- 2012: Revenue of $207K, expenses of $238K, and assets of $0.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Precious Blessings Academy:
Data Sources and Methodology
This transparency report for Precious Blessings 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.