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Nonprofit · EIN 87-1348785

POTOMAC ACADEMY CORP

Tax-exempt · GREAT FALLS, VA 22066

Financials

$219K$37K2024
Revenue Expenses · by fiscal year end
Financials of POTOMAC ACADEMY CORP by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$218,705$37,192$181,513$261,363$0$261,363
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$218,705
Program service revenue
$0
Investment income
$0
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Occupancy
$3,778
Program services (functional)
$30,892
Management and general (functional)
$4,750
Fundraising (functional)
$1,550

Balance sheet and other

Total assets, start of year
$79,850
Total assets, end of year
$261,363
Total liabilities, end of year
$0
Net assets, end of year
$261,363
Net assets without donor restrictions
$261,363
Gross receipts
$218,705
Employees
0
Year formed
2021
State of legal domicile
VA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
Jasper LiDirector
Trustee or director
0$0
Leo LiaoDirector
Trustee or director
0$0
Iche ChiuExecutive Director
Officer
2$0

Address and contacts

Address (IRS master file)
9200 VERNON DR, GREAT FALLS, VA 22066-2220
In care of
% ICHE CHIU
Mailing address (990-N for 2023)
9200 VERNON DR, Great Falls VA 22066
Principal officer (990 for 2024)
Iche Chiu, 9200 VERNON DR, Great Falls, VA 22066
Principal officer (990-N for 2023)
Iche Chiu, 9200 VERNON DR, Great Falls VA 22066
Signed the 990
ICHE CHIU, Executive Director
Phone
(202) 770-0600
Return prepared by
MyAdvisor360

Mission

To educate young students by providing training and hands-on experiences in business skills, entrepreneurship, and leadership development, with the goal of preparing them to become innovative, responsible, and effective leaders in their communities.

990 for the year ended December 31, 2024

Program accomplishments

  • This summers entrepreneurship camp successfully engaged young students in developing core business and leadership skills through interactive workshops, team projects, and mentorship sessions. Participants created and pitched their own business ideas, gaining hands-on experience in planning, problem-solving, and collaboration. Many students demonstrated significant growth in confidence and entrepreneurial thinking, with several projects showing strong potential for real-world application.
    Expenses $30,892 · revenue $218,705

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990-N on file

IRS record

EIN
87-1348785
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2021
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$261,363
Income (IRS master file)
$218,705

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$218,705$37,192$261,363XML
990-N for 2023
Officer: Iche Chiu
December 31, 2023≤ $50,000 receipts––e-Postcard

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 87-1348785).

Questions about POTOMAC ACADEMY CORP

What is the EIN of POTOMAC ACADEMY CORP?
The employer identification number (EIN) of POTOMAC ACADEMY CORP is 87-1348785.
Is POTOMAC ACADEMY CORP tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2021.
Are donations to POTOMAC ACADEMY CORP tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does POTOMAC ACADEMY CORP file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of POTOMAC ACADEMY CORP due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did POTOMAC ACADEMY CORP last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of POTOMAC ACADEMY CORP?
The 990 for the year ended December 31, 2024 names Iche Chiu.
Who are the officers and directors of POTOMAC ACADEMY CORP?
The 990 for the year ended December 31, 2024 lists 3 people; 0 received compensation from the organization.
How much revenue does POTOMAC ACADEMY CORP have?
On its 990 for the year ended December 31, 2024 it reported revenue of $218,705, expenses of $37,192 and total assets of $261,363 at year end.

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