2xsalt Inc

Analysis

2xsalt Inc is a registered charity in United States, based in Monroe, NC. It received its IRS tax-exemption ruling in May 2004, 22 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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 2021, 2xsalt Inc reported income of $632k and spending of $710k, spending 112% of what it took in. Across the 3 years on record, from December 2019 to December 2021, income grew from $13k to $632k (+4639%), an average of +588% a year. The sharpest change came in the year to December 2020, when income rose by 2657%. Over the whole period it spent 142% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, 2xsalt 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 74th percentile, and in the 73rd percentile within NC. Charities of a similar size with the same main cause include Bethesda Community Base Ball Club ($631k), Zionsville Swim Club Inc ($633k) and Basalt Soccer Club Inc ($631k).

On its Form 990 for the period ending December 2021, revenue came from contributions and grants 0.4% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $76k (11% of expenses). Other salaries and wages came to $9,311. At year end it held assets of $2.3m against liabilities of $5,834, net assets of $2.3m. It reported 2 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.