Providence Promise

Analysis

Providence Promise is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in February 2015, 11 years ago. Its declared purposes cover education, which this site groups under education and training. 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 June 2023, Providence Promise reported income of $819k and spending of $812k, spending 99% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $241k to $819k (+239%), an average of +50% a year. The sharpest change came in the year to June 2021, when income rose by 88%. Over the whole period it spent 84% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Providence Promise sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 73rd percentile within RI. Charities of a similar size with the same main cause include STEM to the Future ($819k), Florida West Coast Operating Engineers Apprenticeship Trust Fun ($819k) and Artesia General Hospital Foundation ($819k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $88k (11% of expenses). Other salaries and wages came to $290k. At year end it held assets of $689k against liabilities of $296k, net assets of $392k. It reported 18 employees.