Bright Minds Youth Development

Analysis

Bright Minds Youth Development is a registered charity in United States, based in Jacksonville, FL. It received its IRS tax-exemption ruling in July 2012, 14 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 December 2023, Bright Minds Youth Development reported income of $178k and spending of $250k, spending 141% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $573k to $178k (-69%), an average of -25% a year. The sharpest change came in the year to December 2020, when income dropped by 59%. Over the whole period it spent 104% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Bright Minds Youth Development sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 55th percentile within FL. Charities of a similar size with the same main cause include Third Space Chicago ($178k), Volunteers of America Inc ($178k) and Trucksville Volunteer Fire & Rescue Inc ($177k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 14% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $20k (7.8% of expenses). At year end it held assets of $34k against liabilities of $0, net assets of $34k. It reported 1 employees.