Coreys Closet

Analysis

Coreys Closet is a registered charity in United States, based in Hooksett, NH. It received its IRS tax-exemption ruling in May 2017, 9 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, Coreys Closet reported income of $724k and spending of $569k, leaving 21% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $295k to $724k (+145%), an average of +57% a year. The sharpest change came in the year to December 2023, when income rose by 60%. Over the whole period it spent 89% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Coreys Closet sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 78th percentile within NH. Charities of a similar size with the same main cause include Community Lendingworks ($723k), Friendship Community Development Corp ($724k) and Small Business Synergy Corporation ($723k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $60k (11% of expenses). Other salaries and wages came to $289k. At year end it held assets of $220k against liabilities of $35k, net assets of $185k. It reported 32 employees.