Built2last Innovations Lab Inc

Analysis

Built2last Innovations Lab Inc is a registered charity in United States, based in Durham, NC. It received its IRS tax-exemption ruling in September 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, Built2last Innovations Lab Inc reported income of $204k and spending of $234k, spending 115% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $302k to $204k (-32%), an average of -32% a year. The sharpest change came in the year to December 2023, when income dropped by 32%. Over the whole period it spent 87% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Built2last Innovations Lab Inc sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 52nd percentile within NC. Charities of a similar size with the same main cause include Delta Foundation Inc 819 Main St ($204k), Boots2roots ($204k) and Greater Marion Community Area New Development Organization Inc ($204k).

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 $119k (51% of expenses). Other salaries and wages came to $38k. At year end it held assets of $67k against liabilities of $0, net assets of $67k. It reported 3 employees.