Furniture Bank of Detroit

Analysis

Furniture Bank of Detroit is a registered charity in United States, based in Madison HTS, MI. It received its IRS tax-exemption ruling in January 1971, 55 years ago. 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, Furniture Bank of Detroit reported income of $2.1m and spending of $2.1m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.5m to $2.1m (+40%), an average of +8.8% a year. The sharpest change came in the year to December 2022, when income rose by 18%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Furniture Bank of Detroit sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within MI. Charities of a similar size with the same main cause include Mid-Missouri Legal Services Corporation ($2.1m), North Country Prenatal-Perinatal Council Inc ($2.1m) and Parker Task Force for Human Services ($2.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $80k (3.8% of expenses). Other salaries and wages came to $530k. At year end it held assets of $628k against liabilities of $63k, net assets of $565k. It reported 15 employees.