Southminster Inc

Analysis

Southminster Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in November 1984, 42 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 September 2023, Southminster Inc reported income of $51.2m and spending of $51.3m, spending 100% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $33.5m to $51.2m (+53%), an average of +11% a year. The sharpest change came in the year to September 2022, when income rose by 20%. Over the whole period it spent 100% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Southminster Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include LA Posada at Park Centre Inc ($51.2m), Suburban Adult Services Inc ($51.3m) and National Center for Children and Families ($51.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.7% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $1.2m (2.3% of expenses). Other salaries and wages came to $15.7m. It paid $18k in professional fundraising fees. At year end it held assets of $248.7m against liabilities of $264.8m, net assets of -$16.1m. It reported 674 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.