Project42

Analysis

Project42 is a registered charity in United States, based in Apple Valley, MN. It received its IRS tax-exemption ruling in June 2019, 7 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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, Project42 reported income of $3.3m and spending of $2.9m, spending 89% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $234k to $3.3m (+1311%), an average of +94% a year. The sharpest change came in the year to December 2021, when income rose by 202%. Over the whole period it spent 86% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Project42 sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MN. Charities of a similar size with the same main cause include Yehudi Inc ($3.3m), Torchbearers International ($3.3m) and Northstar Church Inc ($3.3m).

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 $132k (4.5% of expenses). Other salaries and wages came to $169k. At year end it held assets of $1.1m against liabilities of $1,200, net assets of $1.1m. It reported 5 employees.