City of Promise Inc

Analysis

City of Promise Inc is a registered charity in United States, based in Charlottesvle, VA. It received its IRS tax-exemption ruling in May 2019, 7 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 June 2023, City of Promise Inc reported income of $797k and spending of $819k, spending 103% of its income. Across the 3 years on record, from June 2021 to June 2023, income grew from $723k to $797k (+10%), an average of +5.0% a year. The sharpest change came in the year to June 2022, when income rose by 19%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, City of Promise Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within VA. Charities of a similar size with the same main cause include Community Counseling Center ($797k), Center for Community Building ($797k) and Southwest Mississippi Childrens Advocacy Center Inc ($797k).

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 $85k (10% of expenses). Other salaries and wages came to $323k. At year end it held assets of $509k against liabilities of $42k, net assets of $467k. It reported 11 employees.