Tool Library Inc

Analysis

Tool Library Inc is a registered charity in United States, based in Buffalo, NY. It received its IRS tax-exemption ruling in February 2018, 8 years ago. Its declared purposes cover community improvement and capacity building, 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, Tool Library Inc reported income of $241k and spending of $145k, leaving 40% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $115k to $241k (+109%), an average of +109% a year. The sharpest change came in the year to December 2023, when income rose by 109%. Over the whole period it spent 65% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Tool Library Inc sits at the 54th percentile: it is larger than about 54% of them. Against every charity in United States with reported income it ranks in the 58th percentile, and in the 55th percentile within NY. Charities of a similar size with the same main cause include The Refuge ($241k), Center for the Empowerment Offamilies Inc ($241k) and We Think 4 a Change ($241k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 92% and program service revenue 4.2% of the total. Compensation of current officers, directors and key employees was $32k (22% of expenses). Other salaries and wages came to $30k. At year end it held assets of $407k against liabilities of $1,983, net assets of $405k. It reported 2 employees.