Trufund Financial Services Inc

Analysis

Trufund Financial Services Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in December 2005, 21 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Trufund Financial Services Inc reported income of $12.0m and spending of $10.6m, spending 88% of its income. Across the 3 years on record, from December 2019 to December 2023, income grew from $2.3m to $12.0m (+418%), an average of +128% a year. The sharpest change came in the year to December 2022, when income rose by 591%. Over the whole period it spent 83% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Trufund Financial Services Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 94th percentile within NY. Charities of a similar size with the same main cause include Abilities Inc of Florida ($12.0m), South Bronx Overall Economic Development Corporation ($12.0m) and Detroit Regional Chamber Foundation Inc ($12.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 67% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $730k (6.9% of expenses). Other salaries and wages came to $5.0m. At year end it held assets of $51.8m against liabilities of $32.1m, net assets of $19.8m. It reported 73 employees.