Scarborough Economic Development Corp

Analysis

Scarborough Economic Development Corp is a registered charity in United States, based in Scarborough, ME. It received its IRS tax-exemption ruling in October 1988, 38 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 June 2023, Scarborough Economic Development Corp reported income of $281k and spending of $280k, spending 100% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $249k to $281k (+13%), an average of +4.1% a year. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Scarborough Economic Development Corp sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 61st percentile, and in the 55th percentile within ME. Charities of a similar size with the same main cause include Hispanics in Energy ($281k), Center for Youth Development Through Law ($281k) and Heat & Frost Insulators Local 19 Training Fund ($281k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $119k (42% of expenses). Other salaries and wages came to $54k. At year end it held assets of $62k against liabilities of $13k, net assets of $48k. It reported 2 employees.