Praise Network Inc

Analysis

Praise Network Inc is a registered charity in United States, based in Oneill, NE. It received its IRS tax-exemption ruling in October 1988, 38 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 May 2023, Praise Network Inc reported income of $1.3m and spending of $1.2m, spending 93% of its income. Across the 3 years on record, from May 2020 to May 2023, income grew from $1.2m to $1.3m (+11%), an average of +5.3% a year. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Praise Network Inc sits at the 81st percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within NE. Charities of a similar size with the same main cause include Tuckahoe Montessori School ($1.3m), American Snowsports Education Assoc Inc - Education Foundation ($1.3m) and Elim Care Inc ($1.3m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 66% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $105k (8.7% of expenses). Other salaries and wages came to $492k. At year end it held assets of $1.0m against liabilities of $150k, net assets of $866k. It reported 29 employees.