Pencils of Promise Incorporated

Analysis

Pencils of Promise Incorporated is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in February 2009, 17 years ago. Its declared purposes cover international, foreign affairs and national security, which this site groups under overseas aid and international. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Pencils of Promise Incorporated reported income of $3.5m and spending of $3.9m, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $6.6m to $3.5m (-48%), an average of -15% a year. The sharpest change came in the year to December 2023, when income dropped by 36%. Over the whole period it spent 112% of the income it received.

Among 10,317 United States charities whose main cause is overseas aid and international and that reported income, Pencils of Promise Incorporated sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 87th percentile within NY. Charities of a similar size with the same main cause include Asap Ministries Inc ($3.5m), National Defense Transportation Association ($3.5m) and The Africa-America Institute ($3.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 110% of the total. Compensation of current officers, directors and key employees was $311k (8.0% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $1.8m against liabilities of $35k, net assets of $1.8m. It reported 15 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.