Penny Foundation

Analysis

Penny Foundation is a registered charity in United States, based in Birmingham, AL. It received its IRS tax-exemption ruling in July 2018, 8 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Penny Foundation reported income of $2.7m and spending of $2.5m, spending 94% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $570k to $2.7m (+369%), an average of +117% a year. The sharpest change came in the year to December 2022, when income rose by 198%. Over the whole period it spent 87% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Penny Foundation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 92nd percentile within AL. Charities of a similar size with the same main cause include Wynn Resorts Limited Employee Foundation ($2.7m), Cristosal Inc ($2.7m) and United Way of Rock River Valley ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $92k (3.6% of expenses). At year end it held assets of $762k against liabilities of $19k, net assets of $742k. It reported 5 employees.