Foster Care Closet

Analysis

Foster Care Closet is a registered charity in United States, based in Lincoln, NE. It received its IRS tax-exemption ruling in July 2008, 18 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 September 2023, Foster Care Closet reported income of $693k and spending of $679k, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $413k to $693k (+68%), an average of +14% a year. The sharpest change came in the year to September 2022, when income rose by 33%. Over the whole period it spent 92% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Foster Care Closet sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 74th percentile within NE. Charities of a similar size with the same main cause include Casa of Philadelphia County ($693k), Family Promise of Skagit Valley ($693k) and Discover Polk Community Benefit District ($693k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $97k (14% of expenses). Other salaries and wages came to $197k. At year end it held assets of $280k against liabilities of $15k, net assets of $266k. It reported 17 employees.