Gospel Inc

Analysis

Gospel Inc is a registered charity in United States, based in Lakeland, FL. It received its IRS tax-exemption ruling in March 2012, 14 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Gospel Inc reported income of $1.0m and spending of $866k, spending 83% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $843k to $1.0m (+23%), an average of +5.3% a year. The sharpest change came in the year to December 2021, when income rose by 611%. Over the whole period it spent 45% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Gospel Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within FL. Charities of a similar size with the same main cause include Whispering Meadows Ranch Inc ($1.0m), Cheryl a Anderson Sorensen Childcare Center ($1.0m) and Sima Studios ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 88% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $129k (15% of expenses). Other salaries and wages came to $331k. At year end it held assets of $4.6m against liabilities of $24k, net assets of $4.6m. It reported 30 employees.