Richmond Promise Inc

Analysis

Richmond Promise Inc is a registered charity in United States, based in Richmond, CA. It received its IRS tax-exemption ruling in October 2016, 10 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Richmond Promise Inc reported income of $857k and spending of $3.2m, spending 368% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income grew from $826k to $857k (+3.8%), an average of +0.7% a year. The sharpest change came in the year to December 2021, when income rose by 265%. Over the whole period it spent 240% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Richmond Promise Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 78th percentile within CA. Charities of a similar size with the same main cause include J Center for Early Learning Inc ($857k), Providence Christian Academy Association Inc ($857k) and Briteway Inc ($857k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% of the total. Compensation of current officers, directors and key employees was $176k (5.6% of expenses). Other salaries and wages came to $557k. At year end it held assets of $23.8m against liabilities of $468k, net assets of $23.4m. It reported 8 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.