Solace Friends Inc

Analysis

Solace Friends Inc is a registered charity in United States, based in Madison, WI. It received its IRS tax-exemption ruling in April 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 December 2023, Solace Friends Inc reported income of $646k and spending of $160k, leaving 75% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $232k to $646k (+179%), an average of +179% a year. The sharpest change came in the year to December 2023, when income rose by 179%. Over the whole period it spent 29% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Solace Friends Inc sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 74th percentile within WI. Charities of a similar size with the same main cause include Bainbridge Youth Services ($646k), Hosanna ($646k) and Congregations for Kids ($646k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $13k (7.8% of expenses). Other salaries and wages came to $39k. At year end it held assets of $1.2m against liabilities of $398k, net assets of $835k. It reported 3 employees.