Penquis Development Inc

Analysis

Penquis Development Inc is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in December 2002, 24 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 September 2023, Penquis Development Inc reported income of $1.3m and spending of $1.0m, leaving 24% of income unspent that year. Across the 4 years on record, from September 2020 to September 2023, income grew from $496k to $1.3m (+172%), an average of +40% a year. The sharpest change came in the year to September 2023, when income rose by 41%. Over the whole period it spent 81% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Penquis Development Inc sits at the 77th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within ME. Charities of a similar size with the same main cause include Shamokin Housing Association ($1.3m), Proyecto Azteca ($1.3m) and St Annes Gardens Housing Develoment Fund Company Inc ($1.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.6% and program service revenue 98% of the total. At year end it held assets of $5.4m against liabilities of $5.5m, net assets of -$129k.