Family Promise Inc

Analysis

Family Promise Inc is a registered charity in United States, based in Summit, NJ. It received its IRS tax-exemption ruling in November 1988, 38 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Family Promise Inc reported income of $6.6m and spending of $5.8m, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.1m to $6.6m (+59%), an average of +12% a year. The sharpest change came in the year to December 2020, when income rose by 92%. Over the whole period it spent 90% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Family Promise Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within NJ. Charities of a similar size with the same main cause include Bethesda Project ($6.6m), The Shepherds House ($6.6m) and Center Communities of Brookline Inc ($6.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 89% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $579k (10% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $7.6m against liabilities of $450k, net assets of $7.1m. It reported 36 employees.