Palm Beach Tech Foundation Inc

Analysis

Palm Beach Tech Foundation Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in August 2019, 7 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 2020, Palm Beach Tech Foundation Inc reported income of $358k and spending of $399k, spending 112% of what it took in. Across the 2 years on record, from December 2019 to December 2020, income fell from $514k to $358k (-30%), an average of -30% a year. The sharpest change came in the year to December 2020, when income dropped by 30%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Palm Beach Tech Foundation Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 68th percentile within FL. Charities of a similar size with the same main cause include Riley Area Development Corporation ($357k), Operation Our Town ($358k) and Kennedy Heights Neighborhood Association Inc ($357k).

On its Form 990 for the period ending December 2020, revenue came from contributions and grants 95% of the total. Compensation of current officers, directors and key employees was $116k (29% of expenses). At year end it held assets of $755 against liabilities of $26k, net assets of -$26k. It reported 7 employees.