Wear Gloves Inc

Analysis

Wear Gloves Inc is a registered charity in United States, based in Ocala, FL. It received its IRS tax-exemption ruling in June 2011, 15 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 December 2023, Wear Gloves Inc reported income of $1.2m and spending of $1.1m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $330k to $1.2m (+253%), an average of +37% a year. The sharpest change came in the year to December 2020, when income rose by 83%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wear Gloves Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 83rd percentile within FL. Charities of a similar size with the same main cause include Finishing Trades Institute of MD Va DC and Vicinities ($1.2m), Preservation Alliance of New Orleans Incorporated ($1.2m) and Community Development Bankers Association Cdba ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $42k (3.8% of expenses). Other salaries and wages came to $172k. At year end it held assets of $469k against liabilities of $157k, net assets of $313k. It reported 37 employees.