Source MN Inc

Analysis

Source MN Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in June 1988, 38 years ago. 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 August 2023, Source MN Inc reported income of $3.1m and spending of $3.0m, spending 96% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.2m to $3.1m (+169%), an average of +28% a year. The sharpest change came in the year to August 2022, when income rose by 175%. Over the whole period it spent 83% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Source MN Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within MN. Charities of a similar size with the same main cause include Safe and Fear-Free Environment ($3.1m), Seton School ($3.1m) and Early Connections Inc ($3.1m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 103% of the total. Compensation of current officers, directors and key employees was $94k (3.1% of expenses). Other salaries and wages came to $345k. At year end it held assets of $3.0m against liabilities of $527k, net assets of $2.5m. It reported 23 employees.