Textile Center of Minnesota

Analysis

Textile Center of Minnesota is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in January 1995, 31 years ago. Its declared purposes cover education, which this site groups under education and training. 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 March 2024, Textile Center of Minnesota reported income of $1.3m and spending of $1.3m, spending 98% of its income. Across the 5 years on record, from March 2020 to March 2024, income fell from $1.3m to $1.3m (-0.4%), an average of -0.1% a year. The sharpest change came in the year to March 2021, when income dropped by 38%. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Textile Center of Minnesota sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 81st percentile within MN. Charities of a similar size with the same main cause include Kuemper Catholic School Foundation Inc ($1.3m), Columbia Montessori Society Inc ($1.3m) and Folds of Honor Foundation ($1.3m).

On its Form 990 for the period ending March 2024, revenue came from contributions and grants 65% and program service revenue 21% of the total. Compensation of current officers, directors and key employees was $117k (9.2% of expenses). Other salaries and wages came to $570k. At year end it held assets of $2.5m against liabilities of $395k, net assets of $2.1m. It reported 19 employees.