At-Takaful Islamic Society

Analysis

At-Takaful Islamic Society is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in January 1992, 34 years ago. The IRS classifies it as a church under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, At-Takaful Islamic Society reported income of $1.0m and spending of $634k, leaving 39% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $839k to $1.0m (+24%), an average of +5.5% a year. The sharpest change came in the year to December 2023, when income rose by 43%. Over the whole period it spent 83% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, At-Takaful Islamic Society 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 80th percentile, and in the 79th percentile within IL. Charities of a similar size with the same main cause include Circle Program ($1.0m), Tilden Study Center Inc ($1.0m) and Arlington Neighborhood Villages ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Other salaries and wages came to $181k. At year end it held assets of $4.2m against liabilities of $285k, net assets of $3.9m. It reported 5 employees.