Ocean of Love Inc

Analysis

Ocean of Love Inc is a registered charity in United States, based in Toms River, NJ. It received its IRS tax-exemption ruling in June 1989, 37 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2022, Ocean of Love Inc reported income of $590k and spending of $501k, spending 85% of its income. Across the 3 years on record, from June 2019 to June 2022, income fell from $621k to $590k (-4.9%), an average of -2.5% a year. The sharpest change came in the year to June 2022, when income rose by 45%. Over the whole period it spent 96% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Ocean of Love Inc sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 77th percentile within NJ. Charities of a similar size with the same main cause include El Paso Area Christian Counselingservice Inc ($590k), Academia El Principito Inc ($591k) and Freedom Center for Social Justice ($590k).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 89% of the total. Other salaries and wages came to $130k. At year end it held assets of $590k against liabilities of $3,766, net assets of $587k. It reported 4 employees.