Closet Inc

Analysis

Closet Inc is a registered charity in United States, based in Boise, ID. It received its IRS tax-exemption ruling in July 2016, 10 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 2023, Closet Inc reported income of $77k and spending of $74k, spending 97% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $67k to $77k (+15%), an average of +15% a year. The sharpest change came in the year to December 2023, when income rose by 15%. Over the whole period it spent 100% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Closet Inc sits at the 26th percentile: it is larger than about 26% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 27th percentile within ID. Charities of a similar size with the same main cause include Love One Inc ($77k), Salem Ecumenical Food Pantry Inc ($77k) and Calestous Juma Legacy Foundation Inc ($77k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $93k against liabilities of $651, net assets of $93k.