Tools of the Mind

Analysis

Tools of the Mind is a registered charity in United States, based in Shirley, MA. It received its IRS tax-exemption ruling in August 2019, 7 years ago. Its declared purposes cover education, which this site groups under education and training. 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 2023, Tools of the Mind reported income of $5.8m and spending of $4.2m, leaving 27% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $735k to $5.8m (+689%), an average of +68% a year. The sharpest change came in the year to June 2020, when income rose by 434%. Over the whole period it spent 69% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Tools of the Mind sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MA. Charities of a similar size with the same main cause include One City Schools Foundation Inc ($5.8m), George Stevens Academy ($5.8m) and Tree of Life International Charter School ($5.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 39% and program service revenue 60% of the total. Compensation of current officers, directors and key employees was $350k (8.3% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $6.8m against liabilities of $437k, net assets of $6.4m. It reported 36 employees.