Rags for Riches Foundation

Analysis

Rags for Riches Foundation is a registered charity in United States, based in Culver City, CA. It received its IRS tax-exemption ruling in December 1993, 33 years ago. Its declared purposes cover unknown, which this site groups under other charitable purposes. 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 August 2023, Rags for Riches Foundation reported income of $70k and spending of $137k, spending 197% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $333k to $70k (-79%), an average of -32% a year. The sharpest change came in the year to August 2021, when income rose by 117%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Rags for Riches 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 27th percentile, and in the 29th percentile within CA. Charities of a similar size with the same main cause include Airbenders Booster Club ($70k), Good News to Mexico Inc ($70k) and PTA Georgia Congress ($70k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 458% of the total. At year end it held assets of $107k against liabilities of $0, net assets of $107k.