Friends of Bermuda Community Foundation

Analysis

Friends of Bermuda Community Foundation is a registered charity in United States, based in Bermuda. It received its IRS tax-exemption ruling in December 2014, 12 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 June 2023, Friends of Bermuda Community Foundation reported income of $2.1m and spending of $2.1m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $2.1m (+25%), an average of +5.8% a year. The sharpest change came in the year to June 2020, when income dropped by 100%. Over the whole period it spent 93% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Friends of Bermuda Community Foundation sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 86th percentile. Charities of a similar size with the same main cause include United Way of Northern Arizona ($2.1m), Holocaust Museum Houston Foundation ($2.1m) and The Evergreen Foundation ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $126k against liabilities of $49k, net assets of $77k.