Soky Food Bank Inc

Analysis

Soky Food Bank Inc is a registered charity in United States, based in Adolphus, KY. It received its IRS tax-exemption ruling in January 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2022, Soky Food Bank Inc reported income of $855k and spending of $375k, leaving 56% of income unspent that year. Across the 3 years on record, from December 2020 to December 2022, income grew from $428k to $855k (+100%), an average of +41% a year. The sharpest change came in the year to December 2022, when income rose by 159%. Over the whole period it spent 39% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Soky Food Bank Inc sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 78th percentile within KY. Charities of a similar size with the same main cause include Mash Pantry and Resource Center ($855k), Living Independence for Everyone ($855k) and Tenderfoot Child and Family Development Center ($854k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 100% and program service revenue 0.2% of the total. At year end it held assets of $1.4m against liabilities of $0, net assets of $1.4m.