Swap Stop Wasting Abandoned Property

Analysis

Swap Stop Wasting Abandoned Property is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in March 1977, 49 years ago. 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 August 2023, Swap Stop Wasting Abandoned Property reported income of $4.2m and spending of $4.2m, spending 101% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $4.2m to $4.2m (+0.2%), an average of +0.0% a year. The sharpest change came in the year to August 2022, when income rose by 42226%. Over the whole period it spent 73% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Swap Stop Wasting Abandoned Property sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 88th percentile within RI. Charities of a similar size with the same main cause include Remarkable Inc ($4.2m), New Jersey Coalition to End Domestic Violence Inc ($4.2m) and Hunterdon Hospice Inc ($4.2m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 30% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $157k (3.7% of expenses). Other salaries and wages came to $546k. At year end it held assets of $18.1m against liabilities of $14.9m, net assets of $3.2m. It reported 14 employees.

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.