Promote Carmel Inc

Analysis

Promote Carmel Inc is a registered charity in United States, based in Carmel, IN. It received its IRS tax-exemption ruling in June 2022, 4 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promote Carmel Inc reported income of $684k and spending of $612k, spending 89% of its income. Across the 4 years on record, from December 2020 to December 2023, income grew from $281k to $684k (+144%), an average of +35% a year. The sharpest change came in the year to December 2023, when income rose by 108%. Over the whole period it spent 77% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Promote Carmel Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 75th percentile within IN. Charities of a similar size with the same main cause include Building Science Technology and Education Partnerships Inc ($684k), Junction Coalition ($684k) and Shanta Foundation Inc ($684k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 72% of the total. Compensation of current officers, directors and key employees was $65k (11% of expenses). Other salaries and wages came to $98k. At year end it held assets of $374k against liabilities of $0, net assets of $374k. It reported 42 employees.