Knit the Rainbow Inc

Analysis

Knit the Rainbow Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in September 2023, 3 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, Knit the Rainbow Inc reported income of $95k and spending of $67k, leaving 30% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $50k to $95k (+92%), an average of +92% a year. The sharpest change came in the year to December 2023, when income rose by 92%. Over the whole period it spent 72% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Knit the Rainbow Inc sits at the 31st percentile: it is larger than about 31% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 35th percentile within NY. Charities of a similar size with the same main cause include Casting Carolinas Inc ($95k), Presbyterian Manor Inc ($95k) and Africa Schools of Kenya ($95k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 65% of the total. At year end it held assets of $40k against liabilities of $0, net assets of $40k.