Spec Labs Inc

Analysis

Spec Labs Inc is a registered charity in United States, based in Sherman Oaks, CA. It received its IRS tax-exemption ruling in September 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Spec Labs Inc reported income of $290k and spending of $224k, leaving 23% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $146k to $290k (+99%), an average of +19% a year. The sharpest change came in the year to December 2023, when income rose by 58%. 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, Spec Labs Inc sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 63rd percentile within CA. Charities of a similar size with the same main cause include Love Heals Free Clinics Inc ($290k), Ranger Title Education Fund Inc ($290k) and NCS Hope Foundation ($290k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 59% of the total. Compensation of current officers, directors and key employees was $109k (49% of expenses). At year end it held assets of $80k against liabilities of $400, net assets of $79k. It reported 2 employees.