Warehouse 505

Analysis

Warehouse 505 is a registered charity in United States, based in Albuquerque, NM. It received its IRS tax-exemption ruling in December 2005, 21 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. 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, Warehouse 505 reported income of $578k and spending of $675k, spending 117% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $322k to $578k (+79%), an average of +16% a year. The sharpest change came in the year to December 2023, when income rose by 90%. Over the whole period it spent 116% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Warehouse 505 sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 71st percentile within NM. Charities of a similar size with the same main cause include Mako Soccer Club Inc ($577k), Florida Club League Inc ($578k) and South Dakota Amateur Hockey Association ($577k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 8.3% of the total. Compensation of current officers, directors and key employees was $68k (10% of expenses). Other salaries and wages came to $185k. At year end it held assets of $264k against liabilities of $507k, net assets of -$242k. It reported 16 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.