Family Promise of Summit County Inc

Analysis

Family Promise of Summit County Inc is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in June 2003, 23 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 December 2023, Family Promise of Summit County Inc reported income of $538k and spending of $615k, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $841k to $538k (-36%), an average of -11% a year. The sharpest change came in the year to December 2020, when income dropped by 49%. Over the whole period it spent 89% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Family Promise of Summit County Inc sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 72nd percentile within OH. Charities of a similar size with the same main cause include One by One Foundation ($538k), Ashland Child Development Center Inc ($538k) and Modern Guidance Services Inc ($537k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 91% of the total. Compensation of current officers, directors and key employees was $67k (11% of expenses). Other salaries and wages came to $175k. At year end it held assets of $835k against liabilities of $26k, net assets of $810k. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.