Asheville Tool Library

Analysis

Asheville Tool Library is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in July 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, Asheville Tool Library reported income of $90k and spending of $76k, spending 84% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $54k to $90k (+65%), an average of +65% a year. The sharpest change came in the year to December 2023, when income rose by 65%. Over the whole period it spent 87% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Asheville Tool Library sits at the 33rd percentile: it is larger than about 33% of them. Against every charity in United States with reported income it ranks in the 34th percentile, and in the 32nd percentile within NC. Charities of a similar size with the same main cause include Molalla Train Park Inc ($90k), Hope4healing ($90k) and Wakeup Wake County Inc ($90k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 27% and program service revenue 69% of the total. At year end it held assets of $176k against liabilities of $0, net assets of $176k.