Turnaround Inc

Analysis

Turnaround Inc is a registered charity in United States, based in McLean, VA. It received its IRS tax-exemption ruling in July 2017, 9 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a private non-operating foundation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending February 2022, Turnaround Inc reported income of $115k and spending of $135k, spending 117% of what it took in. Across the 3 years on record, from February 2020 to February 2022, income fell from $200k to $115k (-43%), an average of -24% a year. The sharpest change came in the year to February 2022, when income dropped by 64%. Over the whole period it spent 136% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Turnaround Inc sits at the 25th percentile: it is larger than about 25% of them. Against every charity in United States with reported income it ranks in the 41st percentile, and in the 40th percentile within VA. Charities of a similar size with the same main cause include Allen Hearth Inc ($115k), Shared Blessings Inc ($115k) and Welcome Home Collaborative ($115k).

On its Form 990 for the period ending February 2022, revenue came from contributions and grants 35% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $20k (15% of expenses). At year end it held assets of $74k against liabilities of $259k, net assets of -$186k.

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.