Souly Business Inc

Analysis

Souly Business Inc is a registered charity in United States, based in Alpharetta, GA. It received its IRS tax-exemption ruling in November 2004, 22 years ago. 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 December 2023, Souly Business Inc reported income of $239k and spending of $217k, spending 91% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $238k to $239k (+0.5%), an average of +0.1% a year. The sharpest change came in the year to December 2020, when income dropped by 39%. Over the whole period it spent 97% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Souly Business Inc sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 57th percentile, and in the 61st percentile within GA. Charities of a similar size with the same main cause include Laguna Hills High School Athletic Boosters ($239k), Texas Rice Improvement Association ($239k) and Art Reach of Mid Michigan ($239k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 53% and program service revenue 46% of the total. Compensation of current officers, directors and key employees was $77k (36% of expenses). Other salaries and wages came to $31k. At year end it held assets of $182k against liabilities of $0, net assets of $182k.