Fortyx80 Inc

Analysis

Fortyx80 Inc is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in May 2014, 12 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 August 2023, Fortyx80 Inc reported income of $774k and spending of $587k, leaving 24% of income unspent that year. Across the 5 years on record, from August 2019 to August 2023, income grew from $57k to $774k (+1270%), an average of +92% a year. The sharpest change came in the year to August 2022, when income rose by 156%. Over the whole period it spent 98% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Fortyx80 Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 75th percentile within PA. Charities of a similar size with the same main cause include Together Colorado ($774k), The Center for Technology Enterprise and Development Inc ($775k) and South Memphis Renewal Community Development Corporation ($774k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $93k (16% of expenses). Other salaries and wages came to $147k. At year end it held assets of $487k against liabilities of $110k, net assets of $378k.