Gen-One Inc

Analysis

Gen-One Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in December 2018, 8 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. 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 June 2023, Gen-One Inc reported income of $830k and spending of $472k, leaving 43% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $243k to $830k (+242%), an average of +51% a year. The sharpest change came in the year to June 2022, when income rose by 57%. Over the whole period it spent 57% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Gen-One Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within NC. Charities of a similar size with the same main cause include Youth Empowerment Shelter ($830k), Next Generation Men and Women Inc ($831k) and Richmond-Perrine Optimist Club Inc of Miami Florida ($829k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $72k (15% of expenses). Other salaries and wages came to $184k. At year end it held assets of $1.1m against liabilities of $3,029, net assets of $1.1m. It reported 6 employees.