Toolbank USA Inc

Analysis

Toolbank USA Inc is a registered charity in United States, based in Atlanta, GA. It received its IRS tax-exemption ruling in July 2010, 16 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, Toolbank USA Inc reported income of $2.2m and spending of $2.0m, spending 90% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $1.2m to $2.2m (+87%), an average of +13% a year. The sharpest change came in the year to December 2022, when income rose by 62%. Over the whole period it spent 91% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Toolbank USA Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 89th percentile within GA. Charities of a similar size with the same main cause include Help Works Inc ($2.2m), Colorstack ($2.2m) and Harborquest Inc ($2.2m).

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 $867k (44% of expenses). It paid $19k in professional fundraising fees. At year end it held assets of $2.2m against liabilities of $55k, net assets of $2.2m. It reported 10 employees.