Northeast Minneapolis Tool Library

Analysis

Northeast Minneapolis Tool Library is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in February 2015, 11 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Northeast Minneapolis Tool Library reported income of $249k and spending of $182k, leaving 27% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $168k to $249k (+48%), an average of +48% a year. The sharpest change came in the year to December 2023, when income rose by 48%. Over the whole period it spent 81% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Northeast Minneapolis Tool Library sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 58th percentile, and in the 57th percentile within MN. Charities of a similar size with the same main cause include Norwin School District Communityfoundation ($249k), National Center for Fair & Open Testing Inc ($249k) and Briarwood Scholarship Foundation ($249k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 17% of the total. Other salaries and wages came to $67k. At year end it held assets of $214k against liabilities of $214k, net assets of $0. It reported 9 employees.