Grinding Stone Collective Inc

Analysis

Grinding Stone Collective Inc is a registered charity in United States, based in Glendale, NY. It received its IRS tax-exemption ruling in August 2022, 4 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Grinding Stone Collective Inc reported income of $225k and spending of $232k, spending 103% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $54k to $225k (+320%), an average of +105% a year. The sharpest change came in the year to December 2023, when income rose by 217%. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Grinding Stone Collective Inc sits at the 53rd percentile: it is larger than about 53% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 53rd percentile within NY. Charities of a similar size with the same main cause include Wall of Honor Inc ($224k), Lansing Old Newsboys Association ($225k) and Lending Helping Hands to Others ($224k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $96k (41% of expenses). Other salaries and wages came to $74k. At year end it held assets of $452k against liabilities of $430k, net assets of $22k. It reported 2 employees.