Wrap Inc

Analysis

Wrap Inc is a registered charity in United States, based in Tahlequah, OK. It received its IRS tax-exemption ruling in January 2023, 3 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, Wrap Inc reported income of $615k and spending of $500k, spending 81% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $33k to $615k (+1746%), an average of +1746% a year. The sharpest change came in the year to December 2023, when income rose by 1746%. Over the whole period it spent 79% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Wrap Inc sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 74th percentile within OK. Charities of a similar size with the same main cause include Lee and Sumter County Alliance ($615k), Miracle Place Inc ($615k) and Displaced Homemakers Center of Tompkins County Inc ($614k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 57% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $29k (5.8% of expenses). Other salaries and wages came to $225k. At year end it held assets of $439k against liabilities of $306k, net assets of $133k. It reported 51 employees.