1040 Initiative

Analysis

1040 Initiative is a registered charity in United States, based in Norman, OK. It received its IRS tax-exemption ruling in April 2010, 16 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, 1040 Initiative reported income of $119k and spending of $580k, spending 487% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income fell from $764k to $119k (-84%), an average of -31% a year. The sharpest change came in the year to December 2023, when income dropped by 74%. Over the whole period it spent 118% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, 1040 Initiative sits at the 37th percentile: it is larger than about 37% of them. Against every charity in United States with reported income it ranks in the 41st percentile, and in the 42nd percentile within OK. Charities of a similar size with the same main cause include Tetelestai House Inc ($119k), Quad Cities Missing Persons Network ($119k) and BG Social Learning Center ($119k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $110k (19% of expenses). Other salaries and wages came to $7,685. At year end it held assets of $784k against liabilities of $263k, net assets of $521k. It reported 3 employees.