Cares Project Inc

Analysis

Cares Project Inc is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in September 2016, 10 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Cares Project Inc reported income of $425k and spending of $242k, leaving 43% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $214k to $425k (+99%), an average of +19% a year. The sharpest change came in the year to December 2023, when income rose by 252%. Over the whole period it spent 77% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cares Project Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 68th percentile, and in the 67th percentile within NC. Charities of a similar size with the same main cause include Phoenix Emerald Foundation Inc ($425k), Chosen for Life Ministries Inc ($425k) and Inspired Life Therapy ($425k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 4.7% of the total. Compensation of current officers, directors and key employees was $79k (32% of expenses). Other salaries and wages came to $48k. At year end it held assets of $505k against liabilities of $63k, net assets of $442k. It reported 4 employees.