Practice Space Inc

Analysis

Practice Space Inc is a registered charity in United States, based in El Cerrito, CA. It received its IRS tax-exemption ruling in November 2017, 9 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, Practice Space Inc reported income of $1.0m and spending of $743k, leaving 29% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $214k to $1.0m (+388%), an average of +49% a year. The sharpest change came in the year to December 2023, when income rose by 79%. Over the whole period it spent 83% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Practice Space Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 81st percentile within CA. Charities of a similar size with the same main cause include Hold on to Your Music Inc ($1.0m), Boilermakers Local Lodge 647 Education Trust ($1.0m) and Garrett Community College Foundation Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 69% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $90k (12% of expenses). Other salaries and wages came to $404k. At year end it held assets of $506k against liabilities of $231, net assets of $506k. It reported 28 employees.