Joy Closet

Analysis

Joy Closet is a registered charity in United States, based in Hopkinsville, KY. It received its IRS tax-exemption ruling in March 2022, 4 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 June 2024, Joy Closet reported income of $172k and spending of $194k, spending 113% of what it took in. Across the 3 years on record, from June 2022 to June 2024, income grew from $69k to $172k (+148%), an average of +58% a year. The sharpest change came in the year to June 2024, when income rose by 65%. Over the whole period it spent 101% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Joy Closet sits at the 45th percentile: it is larger than about 45% of them. Against every charity in United States with reported income it ranks in the 50th percentile, and in the 50th percentile within KY. Charities of a similar size with the same main cause include Erie Community Plaza Inc ($172k), Cocotree Kids Inc ($172k) and Rock of Living Water Ministries ($172k).

On its Form 990-EZ for the period ending June 2024, revenue came from contributions and grants 75% and program service revenue 4.3% of the total. At year end it held assets of $6,520 against liabilities of $3,517, net assets of $3,003.