Cleveland Furniture Bank

Analysis

Cleveland Furniture Bank is a registered charity in United States, based in Parma, OH. It received its IRS tax-exemption ruling in January 2007, 19 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 September 2023, Cleveland Furniture Bank reported income of $2.4m and spending of $2.3m, spending 97% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $2.1m to $2.4m (+14%), an average of +3.3% a year. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cleveland Furniture Bank sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 87th percentile within OH. Charities of a similar size with the same main cause include Aldersgate Personal Care Inc ($2.4m), Marin Link Inc ($2.4m) and Dream Institute Inc ($2.4m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 31% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $107k (4.6% of expenses). Other salaries and wages came to $828k. At year end it held assets of $1.5m against liabilities of $479k, net assets of $1.0m. It reported 37 employees.