Genesis Foundation Inc

Analysis

Genesis Foundation Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in August 2001, 25 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 December 2023, Genesis Foundation Inc reported income of $128k and spending of $681k, spending 532% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $5.5m to $128k (-98%), an average of -61% a year. The sharpest change came in the year to December 2023, when income rose by 339%. Over the whole period it spent 73% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Genesis Foundation Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 43rd percentile, and in the 42nd percentile within NY. Charities of a similar size with the same main cause include Elmview Trust Fund ($128k), Ficra Building Trust ($128k) and Bible Education Legacy Fund Inc ($128k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 20% of the total. At year end it held assets of $3.0m against liabilities of $0, net assets of $3.0m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.