The Forbes Funds

Analysis

The Forbes Funds is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in June 1982, 44 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, The Forbes Funds reported income of $2.7m and spending of $2.6m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.1m to $2.7m (+24%), an average of +5.5% a year. The sharpest change came in the year to December 2021, when income rose by 58%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Forbes Funds sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within PA. Charities of a similar size with the same main cause include Hampden Dubose Academy ($2.7m), The Griffin Foundation Inc ($2.7m) and Central Lakes College Foundation ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 74% and program service revenue 8.7% of the total. Compensation of current officers, directors and key employees was $296k (11% of expenses). Other salaries and wages came to $470k. It paid $900 in professional fundraising fees. At year end it held assets of $10.3m against liabilities of $572k, net assets of $9.8m. It reported 12 employees.