Foundations in Faith Inc

Analysis

Foundations in Faith Inc is a registered charity in United States, based in Norwalk, CT. It received its IRS tax-exemption ruling in March 1946, 80 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Foundations in Faith Inc reported income of $1.6m and spending of $1.3m, spending 80% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $11.7m to $1.6m (-86%), an average of -39% a year. The sharpest change came in the year to June 2020, when income dropped by 61%. Over the whole period it spent 46% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Foundations in Faith 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 84th percentile, and in the 83rd percentile within CT. Charities of a similar size with the same main cause include Phi Mu Foundation ($1.6m), Schmitt Island Development Corporation ($1.6m) and Masonic Brotherhood Foundation Inc ($1.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 42% of the total. At year end it held assets of $25.5m against liabilities of $1.0m, net assets of $24.5m.