Formative Foundation

Analysis

Formative Foundation is a registered charity in United States, based in Goleta, CA. It received its IRS tax-exemption ruling in December 2007, 19 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Formative Foundation reported income of $643k and spending of $1.0m, spending 157% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $848k to $643k (-24%), an average of -6.7% a year. The sharpest change came in the year to June 2021, when income rose by 406%. Over the whole period it spent 65% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Formative Foundation sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 75th percentile within CA. Charities of a similar size with the same main cause include Vero Beach Rowing Inc ($643k), Empowering Youth and Communities Inc ($643k) and Southern Crescent Technical College Foundation Inc ($643k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 82% of the total. Compensation of current officers, directors and key employees was $88k (8.7% of expenses). Other salaries and wages came to $215k. At year end it held assets of $4.9m against liabilities of $309k, net assets of $4.6m. It reported 6 employees.