Friendship Foundation

Analysis

Friendship Foundation is a registered charity in United States, based in Roanoke, VA. It received its IRS tax-exemption ruling in February 1989, 37 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Friendship Foundation reported income of $12.0m and spending of $5.6m, leaving 53% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.4m to $12.0m (+764%), an average of +105% a year. The sharpest change came in the year to June 2023, when income rose by 942%. Over the whole period it spent 52% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Friendship Foundation sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within VA. Charities of a similar size with the same main cause include United Way of Berks County ($12.0m), Troy Foundation ($12.0m) and New York Cares Inc ($11.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 1.0% and program service revenue 31% of the total. Other salaries and wages came to $1.8m. At year end it held assets of $30.7m against liabilities of $21.4m, net assets of $9.3m. It reported 57 employees.