Step of Faith Ministry Inc

Analysis

Step of Faith Ministry Inc is a registered charity in United States, based in Brick, NJ. It received its IRS tax-exemption ruling in August 2003, 23 years ago. Its declared purposes cover international, foreign affairs and national security, which this site groups under overseas aid and international. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Step of Faith Ministry Inc reported income of $300k and spending of $278k, spending 92% of its income. Across the 4 years on record, from December 2020 to December 2023, income grew from $207k to $300k (+45%), an average of +13% a year. The sharpest change came in the year to December 2021, when income rose by 40%. Over the whole period it spent 97% of the income it received.

Among 10,317 United States charities whose main cause is overseas aid and international and that reported income, Step of Faith Ministry Inc sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 68th percentile within NJ. Charities of a similar size with the same main cause include Fudep Fomenta El Desarrollo Humano Corp ($300k), Mustard Seed International ($300k) and Sai Help Foundation ($300k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $58k (21% of expenses). At year end it held assets of $131k against liabilities of $0, net assets of $131k. It reported 2 employees.