Initiatives of Change Inc

Analysis

Initiatives of Change Inc is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in October 1941, 85 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Initiatives of Change Inc reported income of $394k and spending of $851k, spending 216% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.1m to $394k (-63%), an average of -22% a year. The sharpest change came in the year to December 2021, when income dropped by 72%. Over the whole period it spent 146% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Initiatives of Change Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 66th percentile within VA. Charities of a similar size with the same main cause include Rivertown Dance Academy ($394k), Aspire Creative Arts Program ($394k) and Moravian Music Foundation Inc ($394k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 75% and program service revenue 1.1% of the total. Other salaries and wages came to $252k. At year end it held assets of $5.8m against liabilities of $285k, net assets of $5.6m. It reported 3 employees.

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.