Caroline & Joseph S Gruss Life Monument Funds Inc

Analysis

Caroline & Joseph S Gruss Life Monument Funds Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 1991, 35 years ago. Its declared purposes cover education, which this site groups under education and training. 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 December 2023, Caroline & Joseph S Gruss Life Monument Funds Inc reported income of $1.9m and spending of $22.0m, spending 1167% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.9m (+51%), an average of +11% a year. The sharpest change came in the year to December 2020, when income rose by 760%. Over the whole period it spent 343% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Caroline & Joseph S Gruss Life Monument Funds Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 82nd percentile within NY. Charities of a similar size with the same main cause include Kings Academy Christian School ($1.9m), Lake Eola Charter School Inc ($1.9m) and Sheboygan Leadership Academy Inc ($1.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.0% of the total. Compensation of current officers, directors and key employees was $704k (3.2% of expenses). Other salaries and wages came to $774k. At year end it held assets of $6.2m against liabilities of $217k, net assets of $6.0m. It reported 28 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.