Advancect Foundation Inc

Analysis

Advancect Foundation Inc is a registered charity in United States, based in New Haven, CT. It received its IRS tax-exemption ruling in February 2020, 6 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Advancect Foundation Inc reported income of $51k and spending of $44k, spending 86% of its income. Across the 4 years on record, from December 2020 to December 2023, income fell from $1.0m to $51k (-95%), an average of -63% a year. The sharpest change came in the year to December 2021, when income dropped by 95%. Over the whole period it spent 89% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Advancect Foundation Inc sits at the 21st percentile: it is larger than about 21% of them. Against every charity in United States with reported income it ranks in the 20th percentile, and in the 18th percentile within CT. Charities of a similar size with the same main cause include MCPR Services Inc ($51k), Rimta Foundation ($51k) and Scaling Wellness in Milwaukee Ltd ($51k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% of the total. At year end it held assets of $133k against liabilities of $0, net assets of $133k.