Psalms of Praise Ministries Inc

Analysis

Psalms of Praise Ministries Inc is a registered charity in United States, based in Fayetteville, NC. It received its IRS tax-exemption ruling in August 2005, 21 years ago. 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 December 2023, Psalms of Praise Ministries Inc reported income of $130k and spending of $117k, spending 90% of its income. Across the 2 years on record, from December 2022 to December 2023, income fell from $134k to $130k (-3.2%), an average of -3.2% a year. Over the whole period it spent 87% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Psalms of Praise Ministries Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 41st percentile within NC. Charities of a similar size with the same main cause include South Carolina Congress of Parents and Teachers ($130k), Best Year Yet Foundation ($130k) and Baker Home and School Club ($130k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 20% and program service revenue 80% of the total. At year end it held assets of $49k against liabilities of $0, net assets of $49k.