Friends of Prentice

Analysis

Friends of Prentice is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 1994, 32 years ago. 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 August 2023, Friends of Prentice reported income of $615k and spending of $638k, spending 104% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $427k to $615k (+44%), an average of +9.5% a year. The sharpest change came in the year to August 2020, when income rose by 43%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Friends of Prentice sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 73rd percentile within IL. Charities of a similar size with the same main cause include Wat Tummaprateip Washington DC ($615k), Steward Speakers Inc ($615k) and Litchfield Historical Society ($615k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 121% of the total. Compensation of current officers, directors and key employees was $162k (25% of expenses). At year end it held assets of $669k against liabilities of $490k, net assets of $179k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.