Spreading Threads Clothing Bank

Analysis

Spreading Threads Clothing Bank is a registered charity in United States, based in Tucson, AZ. It received its IRS tax-exemption ruling in July 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Spreading Threads Clothing Bank reported income of $276k and spending of $158k, leaving 43% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $205k to $276k (+34%), an average of +34% a year. The sharpest change came in the year to December 2023, when income rose by 34%. Over the whole period it spent 77% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Spreading Threads Clothing Bank 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 60th percentile, and in the 58th percentile within AZ. Charities of a similar size with the same main cause include Wasatch Recovery Foundation ($276k), Cabwaylingo Appalachian Mission ($276k) and Heartsong Inc ($276k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $46k. At year end it held assets of $556k against liabilities of $314k, net assets of $241k. It reported 2 employees.