Fabscrap Inc

Analysis

Fabscrap Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in November 2016, 10 years ago. Its declared purposes cover environment, which this site groups under environment and conservation. 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, Fabscrap Inc reported income of $1.2m and spending of $1.4m, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $625k to $1.2m (+98%), an average of +19% a year. The sharpest change came in the year to December 2021, when income rose by 81%. Over the whole period it spent 103% of the income it received.

Among 10,430 United States charities whose main cause is environment and conservation and that reported income, Fabscrap Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Cool Earth Action USA Inc ($1.2m), The Crane Institute of Sustainability Inc ($1.2m) and Upper Neuse River Basin Association Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 32% and program service revenue 64% of the total. Other salaries and wages came to $515k. At year end it held assets of $237k against liabilities of $239k, net assets of -$1,558. It reported 25 employees.