Binding Thread Inc

Analysis

Binding Thread Inc is a registered charity in United States, based in Evansville, IN. 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 December 2023, Binding Thread Inc reported income of $927k and spending of $653k, leaving 30% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $345k to $927k (+169%), an average of +28% a year. The sharpest change came in the year to December 2020, when income rose by 74%. Over the whole period it spent 81% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Binding Thread Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 79th percentile within IN. Charities of a similar size with the same main cause include Bethany Day Nursery Inc ($927k), Parents in Partnership ($927k) and Teen Challenge of St Louis ($927k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% of the total. At year end it held assets of $629k against liabilities of $6,350, net assets of $622k.