Bread of Life Ministries Inc

Analysis

Bread of Life Ministries Inc is a registered charity in United States, based in Augusta, ME. It received its IRS tax-exemption ruling in April 1987, 39 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 2023, Bread of Life Ministries Inc reported income of $2.2m and spending of $2.0m, spending 89% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.9m to $2.2m (+17%), an average of +4.1% a year. The sharpest change came in the year to December 2022, when income rose by 37%. Over the whole period it spent 90% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Bread of Life Ministries Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within ME. Charities of a similar size with the same main cause include Reclaim Round II Housing Development Fund Corporation ($2.2m), Homeaid Hawaii ($2.2m) and Twin Oaks Mutual Housing Community ($2.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $117k (6.0% of expenses). Other salaries and wages came to $626k. At year end it held assets of $5.0m against liabilities of $1.1m, net assets of $3.9m. It reported 44 employees.