Friends Foundation of the Carolinas

Analysis

Friends Foundation of the Carolinas is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in December 2022, 4 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, Friends Foundation of the Carolinas reported income of $597k and spending of $505k, spending 85% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $76k to $597k (+684%), an average of +684% a year. The sharpest change came in the year to December 2023, when income rose by 684%. Over the whole period it spent 78% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Friends Foundation of the Carolinas sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 73rd percentile within NC. Charities of a similar size with the same main cause include Divine Konnections Inc ($597k), Little Lambs International Inc ($598k) and F3 Foundation Inc ($597k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 103% of the total. Compensation of current officers, directors and key employees was $35k (6.9% of expenses). At year end it held assets of $150k against liabilities of $1,620, net assets of $148k. It reported 1 employees.