Galesburg Community Foundation

Analysis

Galesburg Community Foundation is a registered charity in United States, based in Galesburg, IL. It received its IRS tax-exemption ruling in September 1984, 42 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Galesburg Community Foundation reported income of $13.6m and spending of $4.1m, leaving 70% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.8m to $13.6m (+382%), an average of +48% a year. The sharpest change came in the year to December 2023, when income rose by 206%. Over the whole period it spent 49% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Galesburg Community Foundation sits at the 97th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within IL. Charities of a similar size with the same main cause include Eden Bridge Foundation ($13.6m), Chapel & York US Foundation Inc ($13.6m) and Feeding Pennsylvania ($13.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 1.0% of the total. Compensation of current officers, directors and key employees was $292k (7.2% of expenses). Other salaries and wages came to $319k. At year end it held assets of $48.1m against liabilities of $4.9m, net assets of $43.2m. It reported 10 employees.