Varsity Team Inc

Analysis

Varsity Team Inc is a registered charity in United States, based in Escondido, CA. It received its IRS tax-exemption ruling in November 2002, 24 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Varsity Team Inc reported income of $3.6m and spending of $4.1m, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $3.6m (+43%), an average of +9.3% a year. The sharpest change came in the year to December 2020, when income rose by 38%. Over the whole period it spent 93% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Varsity Team Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within CA. Charities of a similar size with the same main cause include Tipton County Foundation Inc ($3.6m), Family Outreach Center for Understanding Special Needs Inc ($3.6m) and Bloom Community Services ($3.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.3% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $204k (5.0% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $2.3m against liabilities of $319k, net assets of $2.0m. It reported 83 employees.