Chip Inc

Analysis

Chip Inc is a registered charity in United States, based in Newcastle, ME. It received its IRS tax-exemption ruling in March 1986, 40 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 December 2023, Chip Inc reported income of $387k and spending of $257k, leaving 34% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $178k to $387k (+118%), an average of +22% a year. The sharpest change came in the year to December 2021, when income rose by 40%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Chip Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 61st percentile within ME. Charities of a similar size with the same main cause include Gaylord Building Historic Site ($387k), Southwick Recreation Center Inc ($387k) and Friends of Children United Society ($387k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 82% of the total. Compensation of current officers, directors and key employees was $30k (12% of expenses). At year end it held assets of $500k against liabilities of $0, net assets of $500k. It reported 1 employees.