Utopia Foundation Inc

Analysis

Utopia Foundation Inc is a registered charity in United States, based in Traverse City, MI. It received its IRS tax-exemption ruling in January 2009, 17 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Utopia Foundation Inc reported income of $1.3m and spending of $1.3m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.7m to $1.3m (-26%), an average of -7.1% a year. The sharpest change came in the year to December 2020, when income dropped by 37%. Over the whole period it spent 110% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Utopia Foundation Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 82nd percentile within MI. Charities of a similar size with the same main cause include New Market Opportunity Fund Inc ($1.3m), Financial Communications Society ($1.3m) and Skyline Park Citizens Association Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 53% and program service revenue 47% of the total. Other salaries and wages came to $288k. At year end it held assets of $1.5m against liabilities of $726k, net assets of $807k. It reported 38 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.