Bottomless Closet
Bottomless Closet maintains stable finances with zero reported officer compensation.
EIN: 134037622 · New York, NY · NTEE: P50 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.0M |
| Total Expenses | $1.3M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $2 |
| Net Assets | $2.1M |
| Transparency Score | 90/100 |
Is Bottomless Closet Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Bottomless Closet directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Bottomless Closet
Bottomless Closet (EIN: 134037622) is a nonprofit organization based in New York, NY, classified under NTEE code P50. The organization reported total revenue of $2.0M and total assets of $4.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bottomless Closet's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Bottomless Closet is a mid-size nonprofit that has been operating for 27 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.7M |
| Total Expenses | $1.3M |
| Surplus / Deficit | +$317K |
| Total Assets | $3.6M |
| Total Liabilities | $1.5M |
| Net Assets | $2.1M |
| Operating Margin | 19.1% |
| Debt-to-Asset Ratio | 41.2% |
| Months of Reserves | 32.3 months |
Financial Health Grade: A
In 2023, Bottomless Closet reported a surplus of $317K with revenue exceeding expenses, holds 32.3 months of operating reserves (strong position), has a debt-to-asset ratio of 41.2% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Bottomless Closet's revenue has grown at a compound annual growth rate (CAGR) of 4.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +51.2% | -1.6% | +9.2% |
| 2022 | -26.1% | +9.6% | +63.0% |
| 2021 | -13.5% | -1.9% | +13.3% |
| 2020 | +23.2% | -17.9% | +19.3% |
| 2019 | +1.4% | -1.1% | +0.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1999 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Bottomless Closet with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Bottomless Closet allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $317K, with revenue exceeding expenses.
- Debt-to-asset ratio: 41.2%.
Executive Compensation Analysis
Bottomless Closet consistently reports 0% officer compensation across all available filings, indicating that its leadership is either entirely volunteer or compensated through non-officer roles, which is highly favorable for an organization of its size with nearly $2 million in latest revenue.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Bottomless Closet's IRS 990 filings:
- Significant increase in liabilities from 2021 to 2022-2023 without clear explanation in provided data.
Strengths
The following positive indicators were identified for Bottomless Closet:
- Consistent reporting of 0% officer compensation across all filings.
- Strong asset growth from $1.9M in 2014 to over $4M currently.
- Generally stable revenue generation over the past decade.
- Positive operating surplus in recent years (e.g., 2023: Revenue $1.66M vs. Expenses $1.34M).
Frequently Asked Questions about Bottomless Closet
Is Bottomless Closet a legitimate charity?
Bottomless Closet (EIN: 134037622) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 90/100. It has 13 years of IRS 990 filings on record. Total revenue: $2.0M. 1 red flag identified. 4 strengths noted. Financial health grade: A.
How does Bottomless Closet spend its money?
Bottomless Closet directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Bottomless Closet tax-deductible?
Bottomless Closet is registered as a tax-exempt nonprofit (EIN: 134037622). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Bottomless Closet CEO make?
Bottomless Closet's highest-compensated officer earns $2 annually. The organization reported $2.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Bottomless Closet's spending goes to programs?
Bottomless Closet directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Bottomless Closet compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Bottomless Closet is above average for NTEE category P50 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Bottomless Closet located?
Bottomless Closet is headquartered in New York, New York and files with the IRS under EIN 134037622. It is classified under NTEE code P50.
How many years of IRS 990 filings does Bottomless Closet have?
Bottomless Closet has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $2.0M in total revenue.
Is Bottomless Closet a good charity?
Based on the provided data, Bottomless Closet appears to be a good charity. It demonstrates strong financial health, consistent revenue, growing assets, and a notable commitment to transparency with 0% reported officer compensation.
How has Bottomless Closet's financial health changed over time?
Bottomless Closet has shown consistent revenue generation, averaging around $1.4 million annually over the past decade. Its assets have grown significantly, from $1,965,074 in 2014 to $4,038,839 in the latest period, indicating strong financial growth and stability.
What is the trend in Bottomless Closet's liabilities?
Liabilities have fluctuated, generally remaining low until 2021 ($29,657). They then saw a significant increase to $1,501,585 in 2022 and $1,488,815 in 2023, which warrants further investigation to understand the nature of these new obligations.
Filing History
IRS 990 filing history for Bottomless Closet showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Bottomless Closet's revenue has grown by 76.5%, moving from $940K to $1.7M. Total assets increased by 197% over the same period, from $1.2M to $3.6M. Total functional expenses rose by 49.1%, from $900K to $1.3M. In its most recent filing year (2023), Bottomless Closet reported a surplus of $317K, with revenue exceeding expenses. The organization holds $1.5M in liabilities against $3.6M in assets (debt-to-asset ratio: 41.2%), resulting in net assets of $2.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.7M | $1.3M | $3.6M | $1.5M | — | — |
| 2022 | $1.1M | $1.4M | $3.3M | $1.5M | — | View 990 |
| 2021 | $1.5M | $1.2M | $2.0M | $30K | — | View 990 |
| 2020 | $1.7M | $1.3M | $1.8M | $32K | — | View 990 |
| 2019 | $1.4M | $1.5M | $1.5M | $37K | — | View 990 |
| 2018 | $1.4M | $1.6M | $1.5M | $49K | — | View 990 |
| 2017 | $1.3M | $1.4M | $1.8M | $19K | — | View 990 |
| 2016 | $1.1M | $1.3M | $1.8M | $43K | — | View 990 |
| 2015 | $1.5M | $1.6M | $1.9M | $22K | — | View 990 |
| 2014 | $2.0M | $1.6M | $2.0M | $41K | — | View 990 |
| 2013 | $1.8M | $1.6M | $1.6M | $10K | — | View 990 |
| 2012 | $1.4M | $1.3M | $1.4M | $25K | — | View 990 |
| 2011 | $940K | $900K | $1.2M | $2K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.7M, expenses of $1.3M, and assets of $3.6M (revenue +51.2% year-over-year).
- 2022: Revenue of $1.1M, expenses of $1.4M, and assets of $3.3M (revenue -26.1% year-over-year).
- 2021: Revenue of $1.5M, expenses of $1.2M, and assets of $2.0M (revenue -13.5% year-over-year).
- 2020: Revenue of $1.7M, expenses of $1.3M, and assets of $1.8M (revenue +23.2% year-over-year).
- 2019: Revenue of $1.4M, expenses of $1.5M, and assets of $1.5M (revenue +1.4% year-over-year).
- 2018: Revenue of $1.4M, expenses of $1.6M, and assets of $1.5M (revenue +5.9% year-over-year).
- 2017: Revenue of $1.3M, expenses of $1.4M, and assets of $1.8M (revenue +13.6% year-over-year).
- 2016: Revenue of $1.1M, expenses of $1.3M, and assets of $1.8M (revenue -26.2% year-over-year).
- 2015: Revenue of $1.5M, expenses of $1.6M, and assets of $1.9M (revenue -21.8% year-over-year).
- 2014: Revenue of $2.0M, expenses of $1.6M, and assets of $2.0M (revenue +9.5% year-over-year).
- 2013: Revenue of $1.8M, expenses of $1.6M, and assets of $1.6M (revenue +28.6% year-over-year).
- 2012: Revenue of $1.4M, expenses of $1.3M, and assets of $1.4M (revenue +49.8% year-over-year).
- 2011: Revenue of $940K, expenses of $900K, and assets of $1.2M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Bottomless Closet:
Data Sources and Methodology
This transparency report for Bottomless Closet is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.