Evolve502 Inc

Analysis

Evolve502 Inc is a registered charity in United States, based in Louisville, KY. It received its IRS tax-exemption ruling in July 2019, 7 years ago. 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, Evolve502 Inc reported income of $8.3m and spending of $5.1m, leaving 38% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $122k to $8.3m (+6658%), an average of +187% a year. The sharpest change came in the year to December 2020, when income rose by 1639%. Over the whole period it spent 57% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Evolve502 Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 94th percentile within KY. Charities of a similar size with the same main cause include Volunteers of America Inc ($8.3m), All Care Resources Inc ($8.3m) and Welfare Research Inc ($8.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. Compensation of current officers, directors and key employees was $159k (3.1% of expenses). Other salaries and wages came to $674k. At year end it held assets of $20.2m against liabilities of $1.0m, net assets of $19.2m. It reported 15 employees.