Rags of Honor 1

Analysis

Rags of Honor 1 is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in January 2015, 11 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Rags of Honor 1 reported income of $110k and spending of $165k, spending 150% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $201k to $110k (-45%), an average of -26% a year. The sharpest change came in the year to December 2023, when income dropped by 45%. Over the whole period it spent 113% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Rags of Honor 1 sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 39th percentile, and in the 40th percentile within IL. Charities of a similar size with the same main cause include Dream Riders ($110k), Amys Armoire ($110k) and Brock Social Services Organization for the South Side of Chicago ($110k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $19k against liabilities of $0, net assets of $19k.