Promise Resource Network Inc

Analysis

Promise Resource Network Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in July 2018, 8 years ago. Its declared purposes cover mental health and crisis intervention, which this site groups under health and saving lives. 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, Promise Resource Network Inc reported income of $4.1m and spending of $4.1m, spending 101% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.8m to $4.1m (+126%), an average of +31% a year. The sharpest change came in the year to June 2021, when income rose by 81%. Over the whole period it spent 95% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Promise Resource Network Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within NC. Charities of a similar size with the same main cause include New Jersey Chapter American Academy of Pediatrics Inc ($4.1m), Skagit Valley Hospital Foundation ($4.1m) and Lancaster Volunteer Ambulance Corps Inc ($4.1m).

On its Form 990 for the period ending June 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $150k (3.7% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $4.6m against liabilities of $3.6m, net assets of $986k. It reported 68 employees.