Terrace Foundation

Analysis

Terrace Foundation is a registered charity in United States, based in Santa Barbara, CA. It received its IRS tax-exemption ruling in March 2018, 8 years ago. Its declared purposes cover food, agriculture and nutrition, 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, Terrace Foundation reported income of $520k and spending of $541k, spending 104% of its income. Across the 4 years on record, from December 2020 to December 2023, income fell from $1.6m to $520k (-67%), an average of -31% a year. The sharpest change came in the year to December 2021, when income dropped by 65%. Over the whole period it spent 70% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Terrace Foundation sits at the 65th percentile: it is larger than about 65% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 72nd percentile within CA. Charities of a similar size with the same main cause include Smile Through the Trial Foundation Inc ($520k), Community Christian Child Care Center Inc ($520k) and Capital Clubhouse ($520k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.5% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $35k (6.5% of expenses). Other salaries and wages came to $235k. At year end it held assets of $41k against liabilities of $175k, net assets of -$134k. It reported 20 employees.