Cloth Option Inc

Analysis

Cloth Option Inc is a registered charity in United States, based in Holyoke, MA. It received its IRS tax-exemption ruling in November 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Cloth Option Inc reported income of $134k and spending of $172k, spending 128% of what it took in. Across the 3 years on record, from June 2022 to June 2024, income fell from $248k to $134k (-46%), an average of -26% a year. The sharpest change came in the year to June 2024, when income dropped by 29%. Over the whole period it spent 94% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Cloth Option Inc sits at the 39th percentile: it is larger than about 39% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 50th percentile within MA. Charities of a similar size with the same main cause include Haryana Mission ($134k), Columbian Lawyers Association First Judicial Department Inc ($134k) and Startup Bucks Inc ($134k).

On its Form 990-EZ for the period ending June 2024, revenue came from contributions and grants 96% of the total. At year end it held assets of $79k against liabilities of $0, net assets of $79k.