Soar 365

Analysis

Soar 365 is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in November 1954, 72 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, Soar 365 reported income of $23.4m and spending of $22.2m, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $19.3m to $23.4m (+21%), an average of +4.9% a year. The sharpest change came in the year to December 2023, when income rose by 22%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Soar 365 sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within VA. Charities of a similar size with the same main cause include Middle Georgia Community Food Bank Inc ($23.4m), Alianza Municipal de Servicios ($23.4m) and Northwest Medical Center Association Inc ($23.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $1.6m (7.4% of expenses). Other salaries and wages came to $11.8m. At year end it held assets of $23.0m against liabilities of $7.2m, net assets of $15.7m. It reported 506 employees.