Chicago Furniture Bank Inc

Analysis

Chicago Furniture Bank Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 2019, 7 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 June 2023, Chicago Furniture Bank Inc reported income of $9.9m and spending of $9.5m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $9.9m (+421%), an average of +51% a year. The sharpest change came in the year to June 2020, when income rose by 106%. Over the whole period it spent 88% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Chicago Furniture Bank Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within IL. Charities of a similar size with the same main cause include National Alliance for Care at Home Leadership Foundation ($9.9m), Fresno Metropolitan Ministry ($9.9m) and Options Inc ($9.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 60% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $350k (3.7% of expenses). Other salaries and wages came to $2.8m. At year end it held assets of $4.7m against liabilities of $771k, net assets of $3.9m. It reported 46 employees.