Source Studio Inc

Analysis

Source Studio Inc is a registered charity in United States, based in Burnsville, NC. It received its IRS tax-exemption ruling in November 2017, 9 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 2022, Source Studio Inc reported income of $404k and spending of $200k, leaving 51% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $308k to $404k (+31%), an average of +9.5% a year. The sharpest change came in the year to December 2022, when income rose by 420%. Over the whole period it spent 62% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Source Studio Inc sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 66th percentile within NC. Charities of a similar size with the same main cause include Rural Empowerment Association for Community Help ($404k), Greater Hopes Inc ($404k) and Pathways to Independence Inc ($404k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 98% and program service revenue 1.7% of the total. Compensation of current officers, directors and key employees was $69k (35% of expenses). Other salaries and wages came to $2,463. At year end it held assets of $425k against liabilities of $7,890, net assets of $417k. It reported 2 employees.