Backpacks for Life Inc

Analysis

Backpacks for Life Inc is a registered charity in United States, based in Jersey City, NJ. It received its IRS tax-exemption ruling in November 2014, 12 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Backpacks for Life Inc reported income of $325k and spending of $342k, spending 105% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $252k to $325k (+29%), an average of +6.6% a year. The sharpest change came in the year to December 2020, when income rose by 155%. Over the whole period it spent 90% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Backpacks for Life 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 63rd percentile, and in the 69th percentile within NJ. Charities of a similar size with the same main cause include Intero Foundation ($325k), Roots of Empathy USA ($325k) and CFNV Charitable Real Estate Fund ($325k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% of the total. Compensation of current officers, directors and key employees was $40k (12% of expenses). At year end it held assets of $402k against liabilities of $2,166, net assets of $400k. It reported 1 employees.