Readyone Industries Inc

Analysis

Readyone Industries Inc is a registered charity in United States, based in El Paso, TX. It received its IRS tax-exemption ruling in March 1990, 36 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, Readyone Industries Inc reported income of $46.9m and spending of $48.5m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $132.4m to $46.9m (-65%), an average of -23% a year. The sharpest change came in the year to December 2022, when income dropped by 35%. 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, Readyone Industries Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within TX. Charities of a similar size with the same main cause include Home Builders Institute ($46.8m), St Nicks Alliance Corp ($47.2m) and Goodwill Industries of Eastern North Carolina Inc ($46.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% and program service revenue 9.5% of the total. Compensation of current officers, directors and key employees was $1.5m (3.1% of expenses). Other salaries and wages came to $9.5m. At year end it held assets of $69.2m against liabilities of $18.9m, net assets of $50.3m. It reported 632 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.