Toolbank USA Inc

Analysis

Toolbank USA Inc is a registered charity in United States, based in Baltimore, MD. 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 $325k and spending of $368k, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $297k to $325k (+9.5%), an average of +2.3% a year. The sharpest change came in the year to December 2022, when income rose by 27%. Over the whole period it spent 91% 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 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 63rd percentile within MD. Charities of a similar size with the same main cause include Long Hill Township PTO ($325k), California Association for Alcohol Drug Educators Caade ($325k) and Build Up Inc ($325k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 77% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $88k (24% of expenses). Other salaries and wages came to $99k. At year end it held assets of $805k against liabilities of $371k, net assets of $434k. It reported 3 employees.