Local Cloth Inc

Analysis

Local Cloth Inc is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in December 2013, 13 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 June 2024, Local Cloth Inc reported income of $285k and spending of $284k, spending 100% of its income. Across the 2 years on record, from June 2023 to June 2024, income grew from $207k to $285k (+38%), an average of +38% a year. The sharpest change came in the year to June 2024, when income rose by 38%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Local Cloth Inc sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 59th percentile within NC. Charities of a similar size with the same main cause include Miami Hoshuko Inc ($285k), Waseca County Historical Society ($285k) and Qualia Research Institute ($285k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 6.9% and program service revenue 92% of the total. It paid $62 in professional fundraising fees. At year end it held assets of $81k against liabilities of $817, net assets of $80k.