Worthless Foundation Inc

Analysis

Worthless Foundation Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in June 2019, 7 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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, Worthless Foundation Inc reported income of $733k and spending of $2.1m, spending 288% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $165k to $733k (+343%), an average of +45% a year. The sharpest change came in the year to December 2021, when income rose by 711%. Over the whole period it spent 51% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Worthless Foundation Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 71st percentile within NY. Charities of a similar size with the same main cause include Maryland Turkish American Inhabitants Inc ($733k), Graffiti USA Classic Car Museum Inc ($734k) and American Orff-Schulwerk Association ($733k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $449k (21% of expenses). Other salaries and wages came to $270k. At year end it held assets of $9.0m against liabilities of $3.1m, net assets of $5.9m. It reported 13 employees.