Friends of Drake Well Inc

Analysis

Friends of Drake Well Inc is a registered charity in United States, based in Titusville, PA. It received its IRS tax-exemption ruling in June 1984, 42 years ago. 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 2023, Friends of Drake Well Inc reported income of $284k and spending of $221k, leaving 22% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $241k to $284k (+18%), an average of +4.2% a year. The sharpest change came in the year to June 2023, when income rose by 51%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Friends of Drake Well Inc sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 59th percentile within PA. Charities of a similar size with the same main cause include PTA California Congress of Parents Teachers & Students Inc ($284k), Ojai Valley Historical Society and Museum ($284k) and North Wales Area Library ($284k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 60% and program service revenue 14% of the total. Other salaries and wages came to $103k. At year end it held assets of $907k against liabilities of $2,384, net assets of $905k. It reported 11 employees.