Wear It Well Inc

Analysis

Wear It Well Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in August 2017, 9 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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, Wear It Well Inc reported income of $123k and spending of $77k, leaving 37% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $199k to $123k (-38%), an average of -38% a year. The sharpest change came in the year to December 2023, when income dropped by 38%. Over the whole period it spent 63% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Wear It Well Inc sits at the 37th percentile: it is larger than about 37% of them. Against every charity in United States with reported income it ranks in the 42nd percentile, and in the 42nd percentile within TN. Charities of a similar size with the same main cause include Dairy Cattle Reproduction Council ($123k), Glencoe Youth Services a Corporation ($123k) and Crofton Golden Age Senior Center ($123k).

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 $16k against liabilities of $0, net assets of $16k.