Josephs Coat Inc

Analysis

Josephs Coat Inc is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in June 1994, 32 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, Josephs Coat Inc reported income of $959k and spending of $1.1m, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.9m to $959k (-49%), an average of -16% a year. The sharpest change came in the year to December 2020, when income dropped by 34%. Over the whole period it spent 101% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Josephs Coat Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 78th percentile within MN. Charities of a similar size with the same main cause include North Hennepin Community College Foundation ($959k), Krotona Institute of Theosophy ($959k) and The West Mont Foundation ($959k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% of the total. Compensation of current officers, directors and key employees was $107k (9.8% of expenses). Other salaries and wages came to $73k. At year end it held assets of $1.4m against liabilities of $271k, net assets of $1.2m. It reported 9 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.