Chips Network Inc

Analysis

Chips Network Inc is a registered charity in United States, based in Sonoma, CA. It received its IRS tax-exemption ruling in February 2013, 13 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Chips Network Inc reported income of $3.0m and spending of $2.8m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.0m to $3.0m (+48%), an average of +10% a year. The sharpest change came in the year to December 2022, when income rose by 130%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Chips Network Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 90th percentile within CA. Charities of a similar size with the same main cause include Center for African American Health ($3.0m), Metropolitan Consortium of Community Developers ($3.0m) and Better Community Development Inc ($3.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 54% and program service revenue 42% of the total. Compensation of current officers, directors and key employees was $237k (8.5% of expenses). Other salaries and wages came to $692k. At year end it held assets of $3.5m against liabilities of $300k, net assets of $3.2m. It reported 8 employees.