Fonag Inc

Analysis

Fonag Inc is a registered charity in United States, based in Canton, MI. It received its IRS tax-exemption ruling in September 2007, 19 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, Fonag Inc reported income of $399k and spending of $520k, spending 131% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $207k to $399k (+93%), an average of +18% a year. The sharpest change came in the year to December 2020, when income rose by 49%. Over the whole period it spent 115% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Fonag Inc sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 67th percentile within MI. Charities of a similar size with the same main cause include Mission 823 Inc ($399k), Mighty Moms ($399k) and Evac Inc ($398k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $22k against liabilities of $0, net assets of $22k.

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.