Solace Charities Inc

Analysis

Solace Charities Inc is a registered charity in United States, based in Grapevine, TX. It received its IRS tax-exemption ruling in May 2018, 8 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 2023, Solace Charities Inc reported income of $224k and spending of $164k, leaving 27% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $81k to $224k (+178%), an average of +29% a year. The sharpest change came in the year to December 2020, when income rose by 59%. Over the whole period it spent 95% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Solace Charities Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 60th percentile within TX. Charities of a similar size with the same main cause include Ministries of Pastoral Care ($224k), Victory Hill Therapeutic Horsemanship Inc ($224k) and Jewish Federation of Arkansas ($224k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $74k against liabilities of $0, net assets of $74k.