Finishing Trades Institute of New York

Analysis

Finishing Trades Institute of New York is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 2005, 21 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Finishing Trades Institute of New York reported income of $4.8m and spending of $5.1m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $14.2m to $4.8m (-67%), an average of -24% a year. The sharpest change came in the year to December 2020, when income dropped by 75%. Over the whole period it spent 77% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Finishing Trades Institute of New York sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 89th percentile within NY. Charities of a similar size with the same main cause include Kittitas Conservation Trust ($4.8m), Lamad Academy Charter School ($4.8m) and Explore Schools Inc ($4.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.0% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $332k (6.5% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $25.3m against liabilities of $11.2m, net assets of $14.1m. It reported 41 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.