Thread Capital

Analysis

Thread Capital is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in May 2019, 7 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 supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Thread Capital reported income of $3.0m and spending of $2.5m, spending 82% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $8.1m to $3.0m (-62%), an average of -22% a year. The sharpest change came in the year to June 2023, when income rose by 106%. Over the whole period it spent 48% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Thread Capital sits at the 89th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 90th percentile within NC. Charities of a similar size with the same main cause include Spedd Inc ($3.0m), Greater Reading Chamber and Economic Development Corporation ($3.0m) and Generation US ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 32% and program service revenue 3.9% of the total. Compensation of current officers, directors and key employees was $143k (5.7% of expenses). Other salaries and wages came to $866k. At year end it held assets of $11.4m against liabilities of $3.0m, net assets of $8.3m.