Frassati Residence

Analysis

Frassati Residence is a registered charity in United States, based in North Smithfield, RI. It received its IRS tax-exemption ruling in March 1946, 80 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, Frassati Residence reported income of $5.1m and spending of $5.0m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.8m to $5.1m (+5.2%), an average of +1.3% a year. 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, Frassati Residence sits at the 91st percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within RI. Charities of a similar size with the same main cause include Aviva Childrens Services ($5.1m), Team Management 2000 Inc ($5.1m) and Womans Missionary Union Foundation ($5.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.1% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $95k (1.9% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $6.2m against liabilities of $4.1m, net assets of $2.1m. It reported 92 employees.