Project 58

Analysis

Project 58 is a registered charity in United States, based in Lexington, NC. It received its IRS tax-exemption ruling in November 2016, 10 years ago. Its declared purposes cover religion-related, which this site groups under religion. The IRS classifies it as a private non-operating foundation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2020, Project 58 reported income of $65k and spending of $466k, spending 718% of what it took in. Across the 2 years on record, from December 2019 to December 2020, income fell from $820k to $65k (-92%), an average of -92% a year. The sharpest change came in the year to December 2020, when income dropped by 92%. Over the whole period it spent 114% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Project 58 sits at the 28th percentile: it is larger than about 28% of them. Against every charity in United States with reported income it ranks in the 26th percentile, and in the 23rd percentile within NC. Charities of a similar size with the same main cause include Good Word Ministries Inc ($65k), Joseph and Sarah Weinberg Foundation Inc ($65k) and Ministerio de Restauracion ($65k).

On its Form 990 for the period ending December 2020, revenue came from contributions and grants 100% of the total. At year end it held assets of $1.9m against liabilities of $2,913, net assets of $1.9m.