Toolbank USA Inc

Analysis

Toolbank USA Inc is a registered charity in United States, based in Cincinnati, OH. It received its IRS tax-exemption ruling in July 2010, 16 years ago. 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, Toolbank USA Inc reported income of $783k and spending of $427k, leaving 45% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $461k to $783k (+70%), an average of +14% a year. The sharpest change came in the year to December 2023, when income rose by 143%. Over the whole period it spent 78% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Toolbank USA Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 77th percentile within OH. Charities of a similar size with the same main cause include Rotary Club Youth Camp Association Inc ($783k), Learning Disabilities Association Inc ($783k) and Buffalo Laborers Training Fund ($782k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $87k (20% of expenses). Other salaries and wages came to $141k. At year end it held assets of $1.4m against liabilities of $527k, net assets of $882k. It reported 4 employees.