Imagine Foundation Inc

Analysis

Imagine Foundation Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in November 2005, 21 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Imagine Foundation Inc reported income of $385k and spending of $406k, spending 106% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $444k to $385k (-13%), an average of -3.5% a year. The sharpest change came in the year to June 2021, when income dropped by 36%. Over the whole period it spent 103% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Imagine Foundation Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 62nd percentile within NY. Charities of a similar size with the same main cause include The Scholarship Fund of Concord and Carlisle ($385k), Friends of Hearts for Honduras Foundation Inc ($385k) and Parent Booster USA Inc ($385k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $45k. At year end it held assets of $4.0m against liabilities of $1.7m, net assets of $2.3m.

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.