American Promise Education Fund Inc

Analysis

American Promise Education Fund Inc is a registered charity in United States, based in Concord, MA. It received its IRS tax-exemption ruling in November 2015, 11 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 December 2023, American Promise Education Fund Inc reported income of $2.1m and spending of $2.5m, spending 119% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $2.1m (+89%), an average of +17% a year. The sharpest change came in the year to December 2021, when income rose by 141%. Over the whole period it spent 85% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, American Promise Education Fund Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 85th percentile within MA. Charities of a similar size with the same main cause include Waypoint Montessori ($2.1m), Tualatin Hills United Soccer Club ($2.1m) and Kirby Enterprises ($2.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $222k (9.0% of expenses). Other salaries and wages came to $978k. It paid $25k in professional fundraising fees. At year end it held assets of $1.8m against liabilities of $481k, net assets of $1.3m. It reported 29 employees.