Furniture Bank

Analysis

Furniture Bank is a registered charity in United States, based in Houston, TX. It received its IRS tax-exemption ruling in July 2003, 23 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 2022, Furniture Bank reported income of $6.1m and spending of $6.4m, spending 106% of what it took in. Across the 4 years on record, from December 2019 to December 2022, income grew from $4.9m to $6.1m (+22%), an average of +6.9% a year. The sharpest change came in the year to December 2021, when income rose by 21%. Over the whole period it spent 103% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Furniture Bank sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 95th percentile within TX. Charities of a similar size with the same main cause include Operation Safe House Inc ($6.1m), Higher Horizons Day Care Center Inc ($6.1m) and Special Touch Bakery Inc ($6.1m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 57% and program service revenue 43% of the total. Compensation of current officers, directors and key employees was $78k (1.2% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $4.1m against liabilities of $3.7m, net assets of $462k. It reported 71 employees.

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.