Psalms Inc

Analysis

Psalms Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in November 1982, 44 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Psalms Inc reported income of $26.3m and spending of $30.2m, spending 115% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income fell from $30.1m to $26.3m (-13%), an average of -4.4% a year. The sharpest change came in the year to December 2021, when income dropped by 18%. Over the whole period it spent 103% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Psalms Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within TN. Charities of a similar size with the same main cause include Gateway-Longview ($26.3m), Seacoast Health Systems Inc ($26.4m) and Community Action Commission of Santa Barbara County ($26.3m).

On its Form 990 for the period ending December 2022, revenue came from program service revenue 99% of the total. Other salaries and wages came to $8.8m. At year end it held assets of $74.2m against liabilities of $94.0m, net assets of -$19.8m. It reported 475 employees.