Solomon Institute Inc

Analysis

Solomon Institute Inc is a registered charity in United States, based in Palm Beach, FL. It received its IRS tax-exemption ruling in September 2022, 4 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable 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 2024, Solomon Institute Inc reported income of $706k and spending of $743k, spending 105% of what it took in. Across the 2 years on record, from June 2023 to June 2024, income grew from $532k to $706k (+33%), an average of +33% a year. The sharpest change came in the year to June 2024, when income rose by 33%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Solomon Institute 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 75th percentile, and in the 77th percentile within FL. Charities of a similar size with the same main cause include Lions Visually Impaired Youth Camp Inc ($706k), Pleasantville Ambulance Corps Inc ($706k) and Greater Augusta Sports Council Inc ($706k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 84% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $294k (39% of expenses). It paid $16k in professional fundraising fees. At year end it held assets of $1,133 against liabilities of $0, net assets of $1,133. It reported 4 employees.