Workcred Inc

Analysis

Workcred Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in April 2015, 11 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Workcred Inc reported income of $1.0m and spending of $1.9m, spending 191% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $404k to $1.0m (+149%), an average of +26% a year. The sharpest change came in the year to December 2020, when income rose by 41%. Over the whole period it spent 223% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Workcred Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 55th percentile within DC. Charities of a similar size with the same main cause include Chicago Human Rhythm Project ($1.0m), New Jersey State Federation of Womens Clubs ($1.0m) and Wildflower Cottage for Children Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $918k. At year end it held assets of $129k against liabilities of $7.2m, net assets of -$7.1m. It reported 5 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.