Heart and Seoul Gospel Ministries Inc

Analysis

Heart and Seoul Gospel Ministries Inc is a registered charity in United States, based in Phoenix, AZ. It received its IRS tax-exemption ruling in November 2000, 26 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, Heart and Seoul Gospel Ministries Inc reported income of $309k and spending of $265k, spending 86% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $330k to $309k (-6.5%), an average of -1.7% a year. The sharpest change came in the year to December 2021, when income rose by 33%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Heart and Seoul Gospel Ministries Inc sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 60th percentile within AZ. Charities of a similar size with the same main cause include Raregivers Inc ($309k), Burkburnett Grace Ministries Inc ($309k) and Ray of Sunshine Foundation Inc ($309k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $53k (20% of expenses). Other salaries and wages came to $87k. At year end it held assets of $1.4m against liabilities of $7,474, net assets of $1.4m. It reported 6 employees.