Project Adventure Inc

Analysis

Project Adventure Inc is a registered charity in United States, based in Beverly, MA. It received its IRS tax-exemption ruling in February 1982, 44 years ago. 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, Project Adventure Inc reported income of $3.7m and spending of $3.7m, spending 99% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $3.4m to $3.7m (+8.2%), an average of +1.6% a year. The sharpest change came in the year to December 2021, when income rose by 145%. Over the whole period it spent 89% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Project Adventure Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MA. Charities of a similar size with the same main cause include Western Gateway Elementary School Inc ($3.7m), Marvin S Robinson Charitable TR ($3.7m) and Crim Fitness Foundation Inc ($3.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 7.4% and program service revenue 88% of the total. Other salaries and wages came to $2.0m. At year end it held assets of $2.3m against liabilities of $1.1m, net assets of $1.2m. It reported 60 employees.