Norris Penrose Legacy Foundation

Analysis

Norris Penrose Legacy Foundation is a registered charity in United States, based in Colorado Springs, CO. It received its IRS tax-exemption ruling in March 2022, 4 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 January 2024, Norris Penrose Legacy Foundation reported income of $7.9m and spending of $5.3m, leaving 33% of income unspent that year. Across the 2 years on record, from January 2023 to January 2024, income grew from $100k to $7.9m (+7792%), an average of +7792% a year. The sharpest change came in the year to January 2024, when income rose by 7792%. Over the whole period it spent 67% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Norris Penrose Legacy Foundation sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within CO. Charities of a similar size with the same main cause include Soccer Association Ofcolumbia Inc ($7.8m), Minnesota State High School League ($7.9m) and Young Judaea Camp Tel Yehudah Inc ($7.7m).

On its Form 990 for the period ending January 2024, revenue came from contributions and grants 83% and program service revenue 14% of the total. Compensation of current officers, directors and key employees was $173k (3.3% of expenses). Other salaries and wages came to $279k. At year end it held assets of $7.4m against liabilities of $4.7m, net assets of $2.6m. It reported 26 employees.