Hagerstown Goodwill Industries Inc

Analysis

Hagerstown Goodwill Industries Inc is a registered charity in United States, based in Hagerstown, MD. It received its IRS tax-exemption ruling in October 1956, 70 years ago. Its declared purposes cover employment, which this site groups under community and economic development. 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, Hagerstown Goodwill Industries Inc reported income of $11.2m and spending of $12.8m, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $13.0m to $11.2m (-14%), an average of -3.7% a year. The sharpest change came in the year to December 2021, when income rose by 20%. Over the whole period it spent 102% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Hagerstown Goodwill Industries Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within MD. Charities of a similar size with the same main cause include Peoplefund ($11.2m), Ohio Capital Finance Corporation ($11.2m) and Portco Inc ($11.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 22% and program service revenue 77% of the total. Compensation of current officers, directors and key employees was $345k (2.7% of expenses). Other salaries and wages came to $5.8m. At year end it held assets of $19.5m against liabilities of $12.9m, net assets of $6.6m. It reported 199 employees.