Higher Purpose Co

Analysis

Higher Purpose Co is a registered charity in United States, based in Clarksdale, MS. It received its IRS tax-exemption ruling in September 2018, 8 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Higher Purpose Co reported income of $1.8m and spending of $2.6m, spending 142% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $1.8m (+20%), an average of +4.6% a year. The sharpest change came in the year to December 2023, when income rose by 111%. Over the whole period it spent 82% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Higher Purpose Co sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 86th percentile within MS. Charities of a similar size with the same main cause include Spirit of Springfield Inc ($1.8m), Nevins Inc ($1.8m) and Neighborhood Resilience Project ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $826k. At year end it held assets of $1.3m against liabilities of $20k, net assets of $1.3m. It reported 8 employees.