Place of Promise Inc

Analysis

Place of Promise Inc is a registered charity in United States, based in Lowell, MA. It received its IRS tax-exemption ruling in September 1994, 32 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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 June 2023, Place of Promise Inc reported income of $495k and spending of $386k, leaving 22% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income fell from $502k to $495k (-1.4%), an average of -0.4% a year. The sharpest change came in the year to June 2021, when income rose by 63%. Over the whole period it spent 63% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Place of Promise Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 71st percentile within MA. Charities of a similar size with the same main cause include Chicago Religious Leadership Network on Latin America ($495k), Ministerios Mahanaim ($495k) and Belt of Truth Ministries ($495k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 87% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $15k (4.0% of expenses). Other salaries and wages came to $205k. At year end it held assets of $1.6m against liabilities of $14k, net assets of $1.6m. It reported 12 employees.