Rainbow Omega Inc

Analysis

Rainbow Omega Inc is a registered charity in United States, based in Eastaboga, AL. It received its IRS tax-exemption ruling in January 1992, 34 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 September 2023, Rainbow Omega Inc reported income of $8.3m and spending of $8.9m, spending 107% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $7.9m to $8.3m (+5.0%), an average of +1.2% a year. Over the whole period it spent 91% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Rainbow Omega Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 96th percentile within AL. Charities of a similar size with the same main cause include Urban Impact Foundation ($8.3m), Central Texas 4c Inc ($8.3m) and Urban Gleaners ($8.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 20% and program service revenue 78% of the total. Other salaries and wages came to $5.4m. At year end it held assets of $11.2m against liabilities of $3.4m, net assets of $7.8m. It reported 216 employees.