Utahs Promise

Analysis

Utahs Promise is a registered charity in United States, based in Salt Lake Cty, UT. It received its IRS tax-exemption ruling in August 1942, 84 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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 June 2023, Utahs Promise reported income of $14.9m and spending of $15.5m, spending 104% of its income. Across the 4 years on record, from June 2020 to June 2023, income fell from $21.9m to $14.9m (-32%), an average of -12% a year. The sharpest change came in the year to June 2022, when income dropped by 38%. Over the whole period it spent 86% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Utahs Promise sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within UT. Charities of a similar size with the same main cause include Humboldt Area Foundation ($14.9m), Cass County Community Foundation Inc ($15.0m) and Connecticut Community Foundation Inc ($14.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 94% and program service revenue 0.8% of the total. Compensation of current officers, directors and key employees was $405k (2.6% of expenses). Other salaries and wages came to $5.6m. At year end it held assets of $28.9m against liabilities of $3.8m, net assets of $25.1m. It reported 113 employees.