Rainbow 66 Storehouse Inc

Analysis

Rainbow 66 Storehouse Inc is a registered charity in United States, based in Laurinburg, NC. It received its IRS tax-exemption ruling in July 2006, 20 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2021, Rainbow 66 Storehouse Inc reported income of $3.8m and spending of $0, leaving 100% of income unspent that year. Across the 3 years on record, from December 2019 to December 2021, income grew from $2.1m to $3.8m (+78%), an average of +33% a year. The sharpest change came in the year to December 2021, when income rose by 74%. Over the whole period it spent 24% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Rainbow 66 Storehouse Inc sits at the 89th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 92nd percentile within NC. Charities of a similar size with the same main cause include Prison Entrepreneurship Program ($3.8m), Royal Oak Community Ltd ($3.8m) and Mile High Ministries ($3.8m).

On its Form 990 for the period ending December 2021, revenue came from program service revenue 100% of the total. At year end it held assets of $1.6m against liabilities of $44k, net assets of $1.5m.