Carenet Inc

Analysis

Carenet Inc is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in December 1996, 30 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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 December 2023, Carenet Inc reported income of $5.2m and spending of $6.4m, spending 122% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income grew from $3.8m to $5.2m (+36%), an average of +6.4% a year. The sharpest change came in the year to December 2022, when income rose by 112%. Over the whole period it spent 106% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Carenet Inc sits at the 93rd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within NC. Charities of a similar size with the same main cause include Ignite Presque Isle ($5.2m), Opportunities Unlimited Incorporated ($5.2m) and African American Chamber of Commerce of New Jersey Inc ($5.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.5% and program service revenue 98% of the total. Compensation of current officers, directors and key employees was $46k (0.7% of expenses). Other salaries and wages came to $4.5m. At year end it held assets of $2.2m against liabilities of $2.9m, net assets of -$625k.

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.