Faculty Practice Foundation Inc

Analysis

Faculty Practice Foundation Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in May 1997, 29 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Faculty Practice Foundation Inc reported income of $16.1m and spending of $29.7m, spending 185% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $10.5m to $16.1m (+53%), an average of +11% a year. The sharpest change came in the year to June 2020, when income rose by 116%. Over the whole period it spent 150% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Faculty Practice Foundation Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within MA. Charities of a similar size with the same main cause include Washington School Principals Education Foundation ($16.0m), Southeast Bronx Neighborhood Centers Inc ($16.1m) and Harrisburg Area YMCA ($16.0m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $17.8m. At year end it held assets of $107.0m against liabilities of $96.6m, net assets of $10.4m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.