The Pittsburgh Promise Foundation

Analysis

The Pittsburgh Promise Foundation is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in September 2008, 18 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, The Pittsburgh Promise Foundation reported income of $10.1m and spending of $12.3m, spending 121% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $10.1m to $10.1m (+0.0%), an average of +0.0% a year. The sharpest change came in the year to June 2022, when income rose by 88%. Over the whole period it spent 120% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, The Pittsburgh Promise Foundation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within PA. Charities of a similar size with the same main cause include Honeywell Foundation Inc ($10.1m), United Way of Greater New Haven Inc ($10.1m) and Oprah Winfrey Leadership Academy Foundation ($10.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 108% of the total. Compensation of current officers, directors and key employees was $240k (2.0% of expenses). Other salaries and wages came to $1.4m. It paid $166k in professional fundraising fees. At year end it held assets of $61.8m against liabilities of $276k, net assets of $61.5m. It reported 94 employees.