Seeds of Promise

Analysis

Seeds of Promise is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in August 2002, 24 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Seeds of Promise reported income of $131k and spending of $243k, spending 186% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $94k to $131k (+39%), an average of +6.8% a year. The sharpest change came in the year to December 2021, when income rose by 202%. Over the whole period it spent 101% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Seeds of Promise sits at the 39th percentile: it is larger than about 39% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 43rd percentile within MI. Charities of a similar size with the same main cause include Options Pregnancy Clinic of Ava ($131k), Hammock Thrift Shop Inc ($131k) and Compton Initiative ($131k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% and program service revenue 0.7% of the total. Compensation of current officers, directors and key employees was $104k (43% of expenses). Other salaries and wages came to $44k. At year end it held assets of $37k against liabilities of $12k, net assets of $25k. It reported 6 employees.