Colorful Closets of Amarillo

Analysis

Colorful Closets of Amarillo is a registered charity in United States, based in Canyon, TX. It received its IRS tax-exemption ruling in November 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, Colorful Closets of Amarillo reported income of $305k and spending of $267k, spending 88% of its income. Across the 3 years on record, from December 2020 to December 2023, income grew from $282k to $305k (+8.3%), an average of +4.1% a year. The sharpest change came in the year to December 2023, when income rose by 22%. Over the whole period it spent 85% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Colorful Closets of Amarillo sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 66th percentile within TX. Charities of a similar size with the same main cause include Franklin Avenue Mission Inc ($305k), Delaware Academy & Preschool Inc ($305k) and Strong Life Ministries ($305k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% of the total. Compensation of current officers, directors and key employees was $82k (31% of expenses). Other salaries and wages came to $9,701. At year end it held assets of $166k against liabilities of $8,320, net assets of $157k. It reported 4 employees.