Toledo Classic Inc

Analysis

Toledo Classic Inc is a registered charity in United States, based in Toledo, OH. It received its IRS tax-exemption ruling in February 1987, 39 years ago. 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, Toledo Classic Inc reported income of $4.9m and spending of $5.1m, spending 104% of its income. Across the 5 years on record, from September 2019 to September 2023, income fell from $5.9m to $4.9m (-16%), an average of -4.3% a year. The sharpest change came in the year to September 2021, when income rose by 39%. Over the whole period it spent 100% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Toledo Classic Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within OH. Charities of a similar size with the same main cause include Big Brothers Big Sisters of Central Ohio Inc ($4.9m), American Business Immigration Coalition ($4.9m) and Fresno Community Development Financial Institution ($4.9m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $288k (5.7% of expenses). Other salaries and wages came to $256k. At year end it held assets of $797k against liabilities of $216k, net assets of $581k. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.