Insurance Society of Philadelphia

Analysis

Insurance Society of Philadelphia is a registered charity in United States, based in Mount Laurel, NJ. It received its IRS tax-exemption ruling in March 1952, 74 years ago. Its declared purposes cover mutual and membership benefit, which this site groups under other charitable purposes. 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 December 2023, Insurance Society of Philadelphia reported income of $304k and spending of $415k, spending 137% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income fell from $472k to $304k (-36%), an average of -8.5% a year. The sharpest change came in the year to December 2022, when income rose by 274%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Insurance Society of Philadelphia sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 68th percentile within NJ. Charities of a similar size with the same main cause include Louisiana Landmarks Society Inc ($304k), Little League Baseball Inc ($304k) and Volunteers of America Inc ($304k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 112% of the total. Compensation of current officers, directors and key employees was $50k (12% of expenses). At year end it held assets of $1.6m against liabilities of $63k, net assets of $1.5m.

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.