Ibac Corporation

Analysis

Ibac Corporation is a registered charity in United States, based in Elkmont, AL. It received its IRS tax-exemption ruling in November 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, Ibac Corporation reported income of $363k and spending of $300k, spending 83% of its income. Across the 2 years on record, from December 2022 to December 2023, income fell from $411k to $363k (-12%), an average of -12% a year. Over the whole period it spent 68% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Ibac Corporation sits at the 63rd percentile: it is larger than about 63% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 67th percentile within AL. Charities of a similar size with the same main cause include Porat Yosef Foundation ($363k), Grace Manor Ministries ($363k) and International Order of the Rainbow Girls Supreme Assembly ($363k).

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 $47k (16% of expenses). At year end it held assets of $311k against liabilities of $62k, net assets of $249k.