Soar

Analysis

Soar is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in October 2011, 15 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 July 2023, Soar reported income of $1.2m and spending of $1.2m, spending 96% of its income. Across the 5 years on record, from December 2019 to July 2023, income grew from $792k to $1.2m (+51%), an average of +11% a year. The sharpest change came in the year to July 2021, when income rose by 153%. Over the whole period it spent 95% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Soar sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within MI. Charities of a similar size with the same main cause include Options Domestic and Sexual Violence Services Inc ($1.2m), Burks Supportive Living Inc ($1.2m) and Passage of Youth Family Center Inc ($1.2m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 3.2% and program service revenue 96% of the total. Compensation of current officers, directors and key employees was $72k (6.2% of expenses). Other salaries and wages came to $725k. At year end it held assets of $759k against liabilities of $50k, net assets of $709k. It reported 81 employees.