Promise Neighborhood of Central Minnesota

Analysis

Promise Neighborhood of Central Minnesota is a registered charity in United States, based in Saint Cloud, MN. It received its IRS tax-exemption ruling in July 2015, 11 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 December 2023, Promise Neighborhood of Central Minnesota reported income of $694k and spending of $656k, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $281k to $694k (+147%), an average of +25% a year. The sharpest change came in the year to December 2021, when income rose by 86%. Over the whole period it spent 93% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Promise Neighborhood of Central Minnesota sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within MN. Charities of a similar size with the same main cause include Womens Impact Fund ($694k), Free Store Ministry Inc ($694k) and Lighthouse Family Network Inc ($694k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $92k (14% of expenses). Other salaries and wages came to $209k. At year end it held assets of $270k against liabilities of $81k, net assets of $189k. It reported 10 employees.