Towercares Foundation Inc

Analysis

Towercares Foundation Inc is a registered charity in United States, based in Laurel, MD. It received its IRS tax-exemption ruling in September 2015, 11 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Towercares Foundation Inc reported income of $707k and spending of $748k, spending 106% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $231k to $707k (+206%), an average of +32% a year. The sharpest change came in the year to December 2021, when income rose by 116%. Over the whole period it spent 76% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Towercares Foundation Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within MD. Charities of a similar size with the same main cause include Beyond Barriers Kansas Inc ($707k), Foothills Service Project ($708k) and Youth Emergency Service Foundation ($706k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. At year end it held assets of $1.1m against liabilities of $6,266, net assets of $1.1m.