Promise Ministries Inc

Analysis

Promise Ministries Inc is a registered charity in United States, based in Waxahachie, TX. It received its IRS tax-exemption ruling in February 2003, 23 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Ministries Inc reported income of $786k and spending of $762k, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $605k to $786k (+30%), an average of +6.8% a year. The sharpest change came in the year to December 2021, when income rose by 39%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Promise Ministries Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 80th percentile within TX. Charities of a similar size with the same main cause include Casa for Kids Inc ($786k), LA Puente Enterprises Inc ($787k) and Sheridan Child Development Center Inc ($786k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $119k (16% of expenses). Other salaries and wages came to $393k. At year end it held assets of $962k against liabilities of $427k, net assets of $535k. It reported 36 employees.