Faithworks

Analysis

Faithworks is a registered charity in United States, based in Dallas, TX. It received its IRS tax-exemption ruling in May 2021, 5 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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, Faithworks reported income of $1.0m and spending of $1.0m, spending 97% of its income. Across the 3 years on record, from December 2021 to December 2023, income fell from $1.4m to $1.0m (-24%), an average of -13% a year. The sharpest change came in the year to December 2022, when income dropped by 31%. Over the whole period it spent 70% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Faithworks sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 84th percentile within TX. Charities of a similar size with the same main cause include Catapult Labs ($1.0m), Bnai Torah Foundation Inc ($1.0m) and Youth and Family Outreach ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $128k (13% of expenses). Other salaries and wages came to $239k. At year end it held assets of $991k against liabilities of $6,033, net assets of $985k. It reported 6 employees.