Solutions for Independence

Analysis

Solutions for Independence is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in August 1994, 32 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 December 2022, Solutions for Independence reported income of $681k and spending of $676k, spending 99% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $392k to $681k (+74%), an average of +20% a year. The sharpest change came in the year to December 2021, when income rose by 35%. Over the whole period it spent 99% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Solutions for Independence sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within NC. Charities of a similar size with the same main cause include Great Lakes Bay Foundation ($680k), William Hodson Community Center Inc ($681k) and Hope of Winston Salem Inc ($680k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $69k (10% of expenses). Other salaries and wages came to $180k. At year end it held assets of $77k against liabilities of $0, net assets of $77k. It reported 7 employees.