Wheels of Success Inc

Analysis

Wheels of Success Inc is a registered charity in United States, based in Tampa, FL. It received its IRS tax-exemption ruling in March 2004, 22 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 June 2023, Wheels of Success Inc reported income of $732k and spending of $737k, spending 101% of its income. Across the 6 years on record, from June 2018 to June 2023, income fell from $906k to $732k (-19%), an average of -4.2% a year. The sharpest change came in the year to June 2021, when income rose by 165%. Over the whole period it spent 88% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wheels of Success Inc sits at the 71st percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 78th percentile within FL. Charities of a similar size with the same main cause include Cornerstone Community Development Corporation Inc ($732k), Recipe for Success Foundation ($732k) and Rappahannock Pantry Inc ($732k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 79% and program service revenue 4.8% of the total. Compensation of current officers, directors and key employees was $93k (13% of expenses). Other salaries and wages came to $7,270. At year end it held assets of $667k against liabilities of $15k, net assets of $652k. It reported 2 employees.