The Magic Yarn Project

Analysis

The Magic Yarn Project is a registered charity in United States, based in Palmer, AK. It received its IRS tax-exemption ruling in May 2016, 10 years ago. Its declared purposes cover diseases, disorders and medical disciplines, which this site groups under health and saving lives. 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, The Magic Yarn Project reported income of $219k and spending of $223k, spending 102% of its income. Across the 6 years on record, from December 2018 to December 2023, income fell from $320k to $219k (-32%), an average of -7.3% a year. The sharpest change came in the year to December 2021, when income dropped by 23%. Over the whole period it spent 90% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, The Magic Yarn Project sits at the 42nd percentile: it is larger than about 42% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 51st percentile within AK. Charities of a similar size with the same main cause include Flashpoint Center ($219k), Medical Aid to Haiti Inc ($219k) and Club 521 Inc ($219k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $264k against liabilities of $0, net assets of $264k.