Project Genesis Incorporated

Analysis

Project Genesis Incorporated is a registered charity in United States, based in Willimantic, CT. It received its IRS tax-exemption ruling in December 1992, 34 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Project Genesis Incorporated reported income of $5.4m and spending of $7.6m, spending 140% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $8.4m to $5.4m (-35%), an average of -10% a year. The sharpest change came in the year to June 2023, when income dropped by 22%. Over the whole period it spent 105% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Project Genesis Incorporated sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 91st percentile within CT. Charities of a similar size with the same main cause include Entrepreneur Educational Center ($5.4m), Community Assistance Programs ($5.4m) and The Kiwanis Club of Carefree Benefit Foundation Inc ($5.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 2.9% and program service revenue 138% of the total. Compensation of current officers, directors and key employees was $328k (4.3% of expenses). Other salaries and wages came to $5.2m. At year end it held assets of $10.5m against liabilities of $628k, net assets of $9.9m. It reported 277 employees.