Foodbank of Monmouth and Ocean Counties Inc

Analysis

Foodbank of Monmouth and Ocean Counties Inc is a registered charity in United States, based in Neptune, NJ. It received its IRS tax-exemption ruling in November 1986, 40 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 June 2023, Foodbank of Monmouth and Ocean Counties Inc reported income of $37.2m and spending of $35.5m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $23.6m to $37.2m (+58%), an average of +12% a year. The sharpest change came in the year to June 2020, when income rose by 41%. Over the whole period it spent 93% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Foodbank of Monmouth and Ocean Counties Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NJ. Charities of a similar size with the same main cause include Brazos Valley Community Action Agency Inc ($37.2m), Childrens Friend and Service ($37.2m) and Ki Bois Community Action Foundation Inc ($37.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $212k (0.6% of expenses). Other salaries and wages came to $2.8m. At year end it held assets of $29.3m against liabilities of $3.7m, net assets of $25.6m. It reported 70 employees.