Safenet Services Inc

Analysis

Safenet Services Inc is a registered charity in United States, based in Claremore, OK. It received its IRS tax-exemption ruling in June 1989, 37 years ago. 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, Safenet Services Inc reported income of $1.9m and spending of $1.8m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.7m to $1.9m (+12%), an average of +2.9% a year. The sharpest change came in the year to June 2023, when income rose by 59%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Safenet Services Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within OK. Charities of a similar size with the same main cause include Historic Santa Fe Foundation Inc ($1.9m), Still Serving Vets ($1.9m) and Tri City Joint Apprenticeship and Training Committee ($1.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 76% and program service revenue 4.8% of the total. Compensation of current officers, directors and key employees was $70k (3.9% of expenses). Other salaries and wages came to $795k. At year end it held assets of $6.6m against liabilities of $474k, net assets of $6.2m. It reported 51 employees.