Spare Key

Analysis

Spare Key is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in March 1998, 28 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Spare Key reported income of $892k and spending of $788k, spending 88% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $638k to $892k (+40%), an average of +8.7% a year. The sharpest change came in the year to December 2020, when income rose by 85%. Over the whole period it spent 95% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Spare Key sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 77th percentile within MN. Charities of a similar size with the same main cause include Emancipation Economic Development Council ($892k), Impact Loan Fund Inc ($892k) and I Can Living and Learning Center Inc ($892k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 122% of the total. Compensation of current officers, directors and key employees was $111k (14% of expenses). Other salaries and wages came to $188k. At year end it held assets of $775k against liabilities of $58k, net assets of $716k. It reported 4 employees.