The Sophia Way

Analysis

The Sophia Way is a registered charity in United States, based in Bellevue, WA. It received its IRS tax-exemption ruling in December 2012, 14 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, The Sophia Way reported income of $4.0m and spending of $4.1m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.7m to $4.0m (+8.5%), an average of +2.1% a year. The sharpest change came in the year to December 2021, when income rose by 21%. 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, The Sophia Way 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 91st percentile, and in the 92nd percentile within WA. Charities of a similar size with the same main cause include Lola & Saul Kramer Senior Services Agency Inc ($4.0m), Havre Day Activity Center Inc ($4.0m) and Family Service of Chester County ($4.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 101% of the total. Compensation of current officers, directors and key employees was $208k (5.0% of expenses). Other salaries and wages came to $1.9m. It paid $26k in professional fundraising fees. At year end it held assets of $3.4m against liabilities of $285k, net assets of $3.1m. It reported 64 employees.