Sound Mind Live Inc

Analysis

Sound Mind Live Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 2020, 6 years ago. Its declared purposes cover mental health and crisis intervention, which this site groups under health and saving lives. 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, Sound Mind Live Inc reported income of $711k and spending of $897k, spending 126% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income grew from $241k to $711k (+195%), an average of +43% a year. The sharpest change came in the year to December 2021, when income rose by 126%. Over the whole period it spent 105% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Sound Mind Live Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within NY. Charities of a similar size with the same main cause include Lincoln County Dental Inc ($711k), Lifeline Crisis Pregnancy Center Inc ($711k) and South Shore Peer Recovery Inc ($710k).

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 $102k (11% of expenses). Other salaries and wages came to $199k. At year end it held assets of $52k against liabilities of $148k, net assets of -$97k. It reported 3 employees.