LA Promesa Foundation

Analysis

LA Promesa Foundation is a registered charity in United States, based in Midland, TX. It received its IRS tax-exemption ruling in May 1996, 30 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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, LA Promesa Foundation reported income of $5.7m and spending of $5.3m, spending 93% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.6m to $5.7m (+2.3%), an average of +0.6% a year. Over the whole period it spent 89% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, LA Promesa Foundation 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 93rd percentile, and in the 95th percentile within TX. Charities of a similar size with the same main cause include The Veritas Forum Inc ($5.7m), Mosdos Shaarei Chaim ($5.7m) and Bellevue Foundation Inc ($5.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% and program service revenue 0.8% of the total. Compensation of current officers, directors and key employees was $671k (13% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $6.9m against liabilities of $119k, net assets of $6.8m. It reported 30 employees.