Promise House Inc

Analysis

Promise House Inc is a registered charity in United States, based in Dallas, TX. It received its IRS tax-exemption ruling in August 1987, 39 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 August 2022, Promise House Inc reported income of $4.9m and spending of $5.9m, spending 123% of what it took in. Across the 4 years on record, from August 2019 to August 2022, income fell from $5.1m to $4.9m (-4.3%), an average of -1.5% a year. The sharpest change came in the year to August 2020, when income rose by 36%. Over the whole period it spent 106% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Promise House Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 94th percentile within TX. Charities of a similar size with the same main cause include Santa Barbara Rescue Mission ($4.8m), Rufino Contreras Affordable Housing Corporation Inc ($4.9m) and Breaking Ground II Housing Development Fund Corporation ($4.8m).

On its Form 990 for the period ending August 2022, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $431k (7.3% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $2.0m against liabilities of $1.6m, net assets of $467k. It reported 95 employees.