Financial Communications Society

Analysis

Financial Communications Society is a registered charity in United States, based in Westfield, NJ. It received its IRS tax-exemption ruling in June 1991, 35 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 August 2023, Financial Communications Society reported income of $1.3m and spending of $1.2m, spending 93% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.3m to $1.3m (+0.7%), an average of +0.2% a year. The sharpest change came in the year to August 2022, when income rose by 320%. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Financial Communications Society sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 84th percentile within NJ. Charities of a similar size with the same main cause include Utopia Foundation Inc ($1.3m), Jobworks Inc ($1.3m) and New Market Opportunity Fund Inc ($1.3m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 24% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $130k (11% of expenses). Other salaries and wages came to $52k. At year end it held assets of $722k against liabilities of $23k, net assets of $699k. It reported 2 employees.