Formak

Analysis

Formak is a registered charity in United States, based in Cheyenne, WY. It received its IRS tax-exemption ruling in July 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, Formak reported income of $93k and spending of $18k, leaving 80% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $152k to $93k (-39%), an average of -39% a year. The sharpest change came in the year to December 2023, when income dropped by 39%. Over the whole period it spent 8.2% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Formak sits at the 34th percentile: it is larger than about 34% of them. Against every charity in United States with reported income it ranks in the 35th percentile, and in the 30th percentile within WY. Charities of a similar size with the same main cause include Career Partners Inc ($93k), Junior League of Eastern Fairfield County Inc ($93k) and Sweetgrass Lodge Bequest Fund Inc ($93k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 91% of the total. At year end it held assets of $225k against liabilities of $0, net assets of $225k.