Is this statement true or false?

The energy in the spool toy activity was stored in the rubber band that caused the toothpick to spin.

It is true

Explanation:

Remember that energy can not be created or destroy, it will only change depending the conditions that suffer an object.

In this explanation, a rubber that is still, it has inside it some energy stored, the one that it is called potential, and could be transformed in another kind of energy when is necessary like when the toothpick spin, is because this potential energy can be changed into mechanical energy to move the toothpick and make it spin, changing the potential energy into mechanical.

Hope this info is useful.