Hobart Institute of Welding Technology

Analysis

Hobart Institute of Welding Technology is a registered charity in United States, based in Troy, OH. It received its IRS tax-exemption ruling in September 1940, 86 years ago. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Hobart Institute of Welding Technology reported income of $10.7m and spending of $9.4m, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.5m to $10.7m (+26%), an average of +6.0% a year. The sharpest change came in the year to December 2021, when income rose by 28%. Over the whole period it spent 87% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hobart Institute of Welding Technology sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within OH. Charities of a similar size with the same main cause include Restoration Society Inc ($10.7m), Goodwill Industries of Southeastern Michigan Inc ($10.7m) and Villa Siena ($10.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.4% and program service revenue 83% of the total. Compensation of current officers, directors and key employees was $640k (6.8% of expenses). Other salaries and wages came to $3.3m. At year end it held assets of $26.3m against liabilities of $1.6m, net assets of $24.8m. It reported 62 employees.