Backpacks of Love Inc

Analysis

Backpacks of Love Inc is a registered charity in United States, based in Powhatan, VA. It received its IRS tax-exemption ruling in July 2012, 14 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, Backpacks of Love Inc reported income of $197k and spending of $193k, spending 98% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $140k to $197k (+41%), an average of +41% a year. The sharpest change came in the year to December 2023, when income rose by 41%. Over the whole period it spent 104% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Backpacks of Love Inc sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 53rd percentile within VA. Charities of a similar size with the same main cause include Otsar Corp ($197k), Sonrise Harbor Inc ($197k) and NTR Foundation USA ($197k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 86% of the total. Other salaries and wages came to $60k. At year end it held assets of $100k against liabilities of $3,677, net assets of $97k. It reported 2 employees.