Foundation of Praise Incorporated

Analysis

Foundation of Praise Incorporated is a registered charity in United States, based in Escondido, CA. It received its IRS tax-exemption ruling in March 1982, 44 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Foundation of Praise Incorporated reported income of $517k and spending of $639k, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $654k to $517k (-21%), an average of -5.7% a year. The sharpest change came in the year to December 2021, when income rose by 41%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Foundation of Praise Incorporated sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 72nd percentile within CA. Charities of a similar size with the same main cause include Greencroft Central Manor Inc ($517k), LA Posada Home Inc ($517k) and Crime Stoppers of San Antonio Inc ($517k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 56% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $178k (28% of expenses). Other salaries and wages came to $76k. At year end it held assets of $5.8m against liabilities of $2,410, net assets of $5.8m. It reported 4 employees.