Petoskey-Harbor Springs Area Community Foundation

Analysis

Petoskey-Harbor Springs Area Community Foundation is a registered charity in United States, based in Petoskey, MI. It received its IRS tax-exemption ruling in May 1992, 34 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 March 2024, Petoskey-Harbor Springs Area Community Foundation reported income of $9.3m and spending of $9.2m, spending 99% of its income. Across the 5 years on record, from March 2020 to March 2024, income grew from $5.2m to $9.3m (+79%), an average of +16% a year. The sharpest change came in the year to March 2022, when income rose by 21%. Over the whole period it spent 77% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Petoskey-Harbor Springs Area Community Foundation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within MI. Charities of a similar size with the same main cause include United Way of Wyoming Valley ($9.3m), Hope for the Warriors ($9.3m) and Jewish Federation of Greater Seattle ($9.3m).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 72% of the total. Compensation of current officers, directors and key employees was $131k (1.4% of expenses). Other salaries and wages came to $269k. At year end it held assets of $61.2m against liabilities of $13.5m, net assets of $47.7m. It reported 6 employees.