Sockibomb Foundation

Analysis

Sockibomb Foundation is a registered charity in United States, based in Springfield, OH. It received its IRS tax-exemption ruling in April 2022, 4 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. 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, Sockibomb Foundation reported income of $62k and spending of $49k, spending 80% of its income. Across the 2 years on record, from December 2022 to December 2023, income fell from $138k to $62k (-55%), an average of -55% a year. The sharpest change came in the year to December 2023, when income dropped by 55%. Over the whole period it spent 45% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Sockibomb Foundation sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 24th percentile, and in the 25th percentile within OH. Charities of a similar size with the same main cause include Cincinnati USA Sports Commission ($62k), Ashburn Athletic Association ($62k) and Rolling Thunder Volleyball Club Inc ($62k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $110k against liabilities of $0, net assets of $110k.