The Friends of Foster Care

Analysis

The Friends of Foster Care is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in July 2016, 10 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, The Friends of Foster Care reported income of $2.2m and spending of $1.3m, leaving 40% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $594k to $2.2m (+271%), an average of +39% a year. The sharpest change came in the year to December 2023, when income rose by 93%. Over the whole period it spent 71% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, The Friends of Foster Care sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within VA. Charities of a similar size with the same main cause include Friends of Mayanot Institute Inc ($2.2m), Luther C Fischer Foundation ($2.2m) and United Way of Allen County Inc ($2.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $198k (15% of expenses). At year end it held assets of $2.4m against liabilities of $4,941, net assets of $2.4m. It reported 7 employees.