Overcoming Love Ministries Inc

Analysis

Overcoming Love Ministries Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in December 1986, 40 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 December 2023, Overcoming Love Ministries Inc reported income of $2.0m and spending of $2.5m, spending 122% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income fell from $2.8m to $2.0m (-27%), an average of -10% a year. The sharpest change came in the year to December 2023, when income dropped by 29%. Over the whole period it spent 113% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Overcoming Love Ministries Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include Community Clinic of Southwest Missouri ($2.0m), Challenge Unlimited Inc ($2.0m) and West Metro Fire Rescue District Firefighters Relief Association ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 1.8% of the total. Compensation of current officers, directors and key employees was $148k (6.0% of expenses). Other salaries and wages came to $497k. At year end it held assets of $2.7m against liabilities of $9,561, net assets of $2.7m. It reported 26 employees.

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.