Gem Legacy Inc

Analysis

Gem Legacy Inc is a registered charity in United States, based in Royal Oak, MI. It received its IRS tax-exemption ruling in June 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, Gem Legacy Inc reported income of $174k and spending of $91k, leaving 48% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $101k to $174k (+71%), an average of +71% a year. The sharpest change came in the year to December 2023, when income rose by 71%. Over the whole period it spent 67% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Gem Legacy Inc sits at the 45th percentile: it is larger than about 45% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 50th percentile within MI. Charities of a similar size with the same main cause include James Blake Foundation Inc ($174k), Tent Minstries ($174k) and Sober Af Entertainment ($174k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $292k against liabilities of $0, net assets of $292k.