Sharks Foundation

Analysis

Sharks Foundation is a registered charity in United States, based in San Jose, CA. It received its IRS tax-exemption ruling in January 2017, 9 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Sharks Foundation reported income of $1.6m and spending of $1.5m, spending 98% of its income. Across the 5 years on record, from July 2019 to June 2023, income fell from $1.6m to $1.6m (-1.7%), an average of -0.4% a year. The sharpest change came in the year to June 2021, when income dropped by 48%. Over the whole period it spent 97% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Sharks Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 85th percentile within CA. Charities of a similar size with the same main cause include Reaching Our Community Kids ($1.6m), Y2y Network ($1.6m) and Optimist International Youth Programs Foundation Inc ($1.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 64% and program service revenue 2.1% of the total. Other salaries and wages came to $339k. At year end it held assets of $1.0m against liabilities of $509k, net assets of $508k.