Step Inc

Analysis

Step Inc is a registered charity in United States, based in Fairmont, MN. It received its IRS tax-exemption ruling in April 1972, 54 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, Step Inc reported income of $2.9m and spending of $2.6m, spending 89% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.9m to $2.9m (+53%), an average of +11% a year. The sharpest change came in the year to December 2021, when income rose by 30%. 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, Step Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 88th percentile within MN. Charities of a similar size with the same main cause include Respiratory Health Association ($2.9m), Akiva School ($2.9m) and Boys & Girls Clubs of Metro Louisiana Inc ($2.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $125k (4.8% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $2.7m against liabilities of $217k, net assets of $2.4m. It reported 171 employees.