Closegap

Analysis

Closegap is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in January 2018, 8 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, Closegap reported income of $287k and spending of $223k, leaving 22% of income unspent that year. Across the 4 years on record, from June 2021 to December 2023, income fell from $314k to $287k (-8.6%), an average of -3.0% a year. The sharpest change came in the year to June 2023, when income rose by 39%. Over the whole period it spent 86% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Closegap sits at the 55th percentile: it is larger than about 55% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 63rd percentile within CA. Charities of a similar size with the same main cause include Dorothy Day Soup Kitchen ($287k), Love Nest Compassionate Care Inc ($287k) and Birds of Paradise Foundation ($287k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 71% and program service revenue 29% of the total. Compensation of current officers, directors and key employees was $47k (21% of expenses). At year end it held assets of $183k against liabilities of $8,993, net assets of $174k. It reported 1 employees.