Wit Network Inc

Analysis

Wit Network Inc is a registered charity in United States, based in Ocean, NJ. It received its IRS tax-exemption ruling in October 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, Wit Network Inc reported income of $660k and spending of $770k, spending 117% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income grew from $65k to $660k (+916%), an average of +59% a year. The sharpest change came in the year to December 2019, when income rose by 250%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wit Network 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 78th percentile within NJ. Charities of a similar size with the same main cause include Wisconsin Association for Runaway Services ($660k), Hooks-Dimmick Child Care Group Inc ($660k) and Cannon House ($660k).

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 $200k (26% of expenses). Other salaries and wages came to $70k. At year end it held assets of $216k against liabilities of $4,434, net assets of $212k.