Greater Franklin Development Council

Analysis

Greater Franklin Development Council is a registered charity in United States, based in Farmington, ME. It received its IRS tax-exemption ruling in March 2000, 26 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 December 2022, Greater Franklin Development Council reported income of $914k and spending of $198k, leaving 78% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $170k to $914k (+438%), an average of +75% a year. The sharpest change came in the year to December 2021, when income rose by 234%. Over the whole period it spent 43% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Franklin Development Council sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 75th percentile within ME. Charities of a similar size with the same main cause include Brunswick County Economic Development Foundation Inc ($914k), SB Works ($915k) and Ability KC Industries ($913k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 97% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $92k (47% of expenses). Other salaries and wages came to $35k. At year end it held assets of $1.4m against liabilities of $0, net assets of $1.4m. It reported 2 employees.