Korner Gift Shop

Analysis

Korner Gift Shop is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in March 1941, 85 years ago. 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 June 2023, Korner Gift Shop reported income of $228k and spending of $252k, spending 111% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $447k to $228k (-49%), an average of -16% a year. The sharpest change came in the year to June 2020, when income dropped by 45%. Over the whole period it spent 97% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Korner Gift Shop 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 56th percentile, and in the 54th percentile within NC. Charities of a similar size with the same main cause include Anderson Humane Society Inc ($228k), Palos Verdes Peninsula Girls Softball League Incorporated ($228k) and Charity Parity Plan Inc ($228k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.2% of the total. At year end it held assets of $1.4m against liabilities of $13k, net assets of $1.4m.