Gap Inc

Analysis

Gap Inc is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in December 1982, 44 years ago. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Gap Inc reported income of $1.8m and spending of $1.8m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $921k to $1.8m (+98%), an average of +19% a year. The sharpest change came in the year to December 2023, when income rose by 40%. Over the whole period it spent 100% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Gap Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 65th percentile within DC. Charities of a similar size with the same main cause include Jervis Public Library Association ($1.8m), Maplight ($1.8m) and Ascension Seton Hays Foundation ($1.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 79% and program service revenue 15% of the total. Other salaries and wages came to $510k. At year end it held assets of $5.1m against liabilities of $5.1m, net assets of $2,556. It reported 15 employees.