Phit World Foundation Inc

Analysis

Phit World Foundation Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover food, agriculture and nutrition, 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, Phit World Foundation Inc reported income of $492k and spending of $526k, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.3m to $492k (-62%), an average of -22% a year. The sharpest change came in the year to December 2020, when income dropped by 68%. Over the whole period it spent 83% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Phit World Foundation Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 43rd percentile within DC. Charities of a similar size with the same main cause include Oasis Central Minnesota Inc ($492k), Dream Makers Youth Foundation Inc ($492k) and Small Cell Ovarian Cancer Foundation Inc ($492k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% of the total. Compensation of current officers, directors and key employees was $28k (5.3% of expenses). At year end it held assets of $651k against liabilities of $29k, net assets of $622k.