Palms for Life Fund Inc

Analysis

Palms for Life Fund Inc is a registered charity in United States, based in Bronxville, NY. It received its IRS tax-exemption ruling in July 2006, 20 years ago. Its declared purposes cover public safety, disaster preparedness and relief, which this site groups under armed forces, emergency and public safety. 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 December 2023, Palms for Life Fund Inc reported income of $5.8m and spending of $5.1m, spending 89% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $2.4m to $5.8m (+143%), an average of +56% a year. The sharpest change came in the year to December 2022, when income rose by 84%. Over the whole period it spent 90% of the income it received.

Among 9,128 United States charities whose main cause is armed forces, emergency and public safety and that reported income, Palms for Life Fund Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Middle Atlantic-Great Lakes Organized Crime Law Enforcement Ne ($5.8m), Lowes Employee Relief Fund Inc ($5.8m) and Guil-Rand Fire Protective Association Inc ($5.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 4.6% of the total. Compensation of current officers, directors and key employees was $109k (2.1% of expenses). Other salaries and wages came to $44k. At year end it held assets of $1.4m against liabilities of $143k, net assets of $1.3m. It reported 2 employees.