Mikeys Way Foundation

Analysis

Mikeys Way Foundation is a registered charity in United States, based in Fairfield, CT. It received its IRS tax-exemption ruling in March 2006, 20 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 2022, Mikeys Way Foundation reported income of $285k and spending of $313k, spending 110% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $499k to $285k (-43%), an average of -17% a year. The sharpest change came in the year to December 2020, when income dropped by 37%. Over the whole period it spent 105% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Mikeys Way Foundation sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 58th percentile within CT. Charities of a similar size with the same main cause include Connected Hearts Ministry ($285k), Houston Barc Foundation ($285k) and Little Stevens Policemans Ball Inc ($285k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $75k (24% of expenses). Other salaries and wages came to $46k. At year end it held assets of $344k against liabilities of $0, net assets of $344k. It reported 2 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.