Penimi Inc

Analysis

Penimi Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 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, Penimi Inc reported income of $1.7m and spending of $1.7m, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $655k to $1.7m (+159%), an average of +27% a year. The sharpest change came in the year to December 2021, when income rose by 46%. Over the whole period it spent 102% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Penimi Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 81st percentile within NY. Charities of a similar size with the same main cause include Protection of the Educational Rights of Kids ($1.7m), Next Charter School ($1.7m) and Cottonwood Montessori School ($1.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 85% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $120k (7.0% of expenses). At year end it held assets of $632k against liabilities of $630k, net assets of $2,514. It reported 13 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.