LA Promise Fund

Analysis

LA Promise Fund is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in June 2006, 20 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, LA Promise Fund reported income of $13.7m and spending of $15.3m, spending 111% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.3m to $13.7m (+48%), an average of +10% a year. The sharpest change came in the year to June 2020, when income rose by 29%. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, LA Promise Fund sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within CA. Charities of a similar size with the same main cause include Asian and Pacific Islander American Scholarship Fund ($13.7m), Cedar Tree Academy Public Charter School ($13.7m) and Providence Christian Academy Inc ($13.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 108% of the total. Compensation of current officers, directors and key employees was $422k (2.8% of expenses). Other salaries and wages came to $7.2m. At year end it held assets of $48.2m against liabilities of $42.2m, net assets of $6.0m. It reported 144 employees.