Promise Fund of Florida Inc

Analysis

Promise Fund of Florida Inc is a registered charity in United States, based in West Palm Beach, FL. It received its IRS tax-exemption ruling in May 2019, 7 years ago. Its declared purposes cover diseases, disorders and medical disciplines, which this site groups under health and saving lives. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Fund of Florida Inc reported income of $2.0m and spending of $2.7m, spending 135% of what it took in. Across the 5 years on record, from March 2020 to December 2023, income grew from $1.8m to $2.0m (+11%), an average of +2.6% a year. The sharpest change came in the year to March 2022, when income rose by 290%. Over the whole period it spent 77% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Promise Fund of Florida Inc sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 88th percentile within FL. Charities of a similar size with the same main cause include Exalta Health ($2.0m), Exceptional Equestrians Company ($2.0m) and Central Valley Health Network Inc ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 88% of the total. Compensation of current officers, directors and key employees was $487k (18% of expenses). Other salaries and wages came to $369k. It paid $1,963 in professional fundraising fees. At year end it held assets of $4.2m against liabilities of $765k, net assets of $3.4m. It reported 15 employees.