Toolbank USA Inc

Analysis

Toolbank USA Inc is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in July 2010, 16 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, Toolbank USA Inc reported income of $495k and spending of $506k, spending 102% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $226k to $495k (+119%), an average of +22% a year. The sharpest change came in the year to December 2021, when income rose by 81%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Toolbank USA 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 70th percentile, and in the 70th percentile within VA. Charities of a similar size with the same main cause include Team Woofgang & Co Inc ($495k), Coos Economic Development Corporation ($495k) and New Mexico Caregivers Coalition ($495k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 54% and program service revenue 50% of the total. Compensation of current officers, directors and key employees was $85k (17% of expenses). Other salaries and wages came to $158k. At year end it held assets of $506k against liabilities of $42k, net assets of $465k. It reported 4 employees.