Black Wealth Summit Inc

Analysis

Black Wealth Summit Inc is a registered charity in United States, based in Lanham, MD. It received its IRS tax-exemption ruling in November 2021, 5 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Black Wealth Summit Inc reported income of $479k and spending of $631k, spending 132% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $533k to $479k (-10%), an average of -5.2% a year. The sharpest change came in the year to December 2022, when income rose by 50%. Over the whole period it spent 112% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Black Wealth Summit Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 69th percentile within MD. Charities of a similar size with the same main cause include Blue Stream Residential Home Inc ($479k), Fvca Thrift Inc ($479k) and Broomfield Early Childhood Council ($479k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $19k against liabilities of $180k, net assets of -$161k.