Clasp Homes Inc

Analysis

Clasp Homes Inc is a registered charity in United States, based in Westport, CT. It received its IRS tax-exemption ruling in March 1983, 43 years ago. 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 June 2023, Clasp Homes Inc reported income of $11.2m and spending of $11.2m, spending 100% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.4m to $11.2m (+52%), an average of +11% a year. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Clasp Homes Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within CT. Charities of a similar size with the same main cause include Freedom House Recovery Center Inc ($11.2m), Society of St Vincent de Paul Portland Council ($11.2m) and Opportunity Resources Inc ($11.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 6.7% of the total. Compensation of current officers, directors and key employees was $245k (2.2% of expenses). Other salaries and wages came to $6.5m. At year end it held assets of $8.0m against liabilities of $2.3m, net assets of $5.7m. It reported 159 employees.