Work Vessels for Vets Inc

Analysis

Work Vessels for Vets Inc is a registered charity in United States, based in West Mystic, CT. It received its IRS tax-exemption ruling in April 2009, 17 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Work Vessels for Vets Inc reported income of $220k and spending of $226k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $305k to $220k (-28%), an average of -7.9% a year. The sharpest change came in the year to December 2022, when income rose by 34%. Over the whole period it spent 98% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Work Vessels for Vets Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 53rd percentile within CT. Charities of a similar size with the same main cause include Molly Bears ($220k), River Valley Food 4 Kids Inc ($220k) and Community Service of Newburyport Inc ($219k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 81% of the total. Other salaries and wages came to $78k. At year end it held assets of $163k against liabilities of $0, net assets of $163k.