Caringmatters Inc

Analysis

Caringmatters Inc is a registered charity in United States, based in Gaithersburg, MD. It received its IRS tax-exemption ruling in December 1988, 38 years ago. Its declared purposes cover human services, 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 June 2023, Caringmatters Inc reported income of $836k and spending of $1.0m, spending 122% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $676k to $836k (+24%), an average of +7.4% a year. The sharpest change came in the year to June 2021, when income rose by 107%. Over the whole period it spent 85% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Caringmatters Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within MD. Charities of a similar size with the same main cause include Corbin Senior Activity Center ($836k), Avon-Avon Lake Community Resource Services Inc ($836k) and Omega Home Inc ($836k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 55% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $276k (27% of expenses). Other salaries and wages came to $426k. At year end it held assets of $4.4m against liabilities of $110k, net assets of $4.3m. It reported 16 employees.