Friendship Ark Inc

Analysis

Friendship Ark Inc is a registered charity in United States, based in Ames, IA. It received its IRS tax-exemption ruling in November 1999, 27 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Friendship Ark Inc reported income of $5.6m and spending of $4.6m, spending 82% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $3.6m to $5.6m (+56%), an average of +16% a year. The sharpest change came in the year to June 2023, when income rose by 32%. Over the whole period it spent 86% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Friendship Ark Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within IA. Charities of a similar size with the same main cause include Housing Economic Reinvestment Opportunities Inc ($5.6m), African Community Housing & Development ($5.6m) and Quail Summit Inc ($5.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 22% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $107k (2.3% of expenses). Other salaries and wages came to $3.2m. At year end it held assets of $5.4m against liabilities of $847k, net assets of $4.6m. It reported 102 employees.