Family Promise of Wake County Inc

Analysis

Family Promise of Wake County Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in January 1994, 32 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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, Family Promise of Wake County Inc reported income of $1.9m and spending of $945k, leaving 50% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $655k to $1.9m (+188%), an average of +30% a year. The sharpest change came in the year to December 2023, when income rose by 63%. Over the whole period it spent 72% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Family Promise of Wake County Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 86th percentile within NC. Charities of a similar size with the same main cause include Mission Square Inc ($1.9m), Vestedin ($1.9m) and Hoosier Housing Group Inc ($1.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $98k (10% of expenses). Other salaries and wages came to $251k. At year end it held assets of $3.5m against liabilities of $1.3m, net assets of $2.2m. It reported 11 employees.