Toolworks

Analysis

Toolworks is a registered charity in United States, based in San Francisco, CA. It received its IRS tax-exemption ruling in July 1979, 47 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Toolworks reported income of $20.4m and spending of $19.3m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $17.9m to $20.4m (+14%), an average of +3.3% a year. The sharpest change came in the year to June 2021, when income rose by 15%. Over the whole period it spent 95% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Toolworks sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within CA. Charities of a similar size with the same main cause include Goodwill Industries of South Central California ($20.3m), Prosperity Now ($20.4m) and Enmrsh Inc ($20.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 3.2% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $520k (2.7% of expenses). Other salaries and wages came to $12.8m. At year end it held assets of $13.2m against liabilities of $2.7m, net assets of $10.4m. It reported 482 employees.