The Gloucester Adventure Inc

Analysis

The Gloucester Adventure Inc is a registered charity in United States, based in Gloucester, MA. It received its IRS tax-exemption ruling in November 1992, 34 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 2023, The Gloucester Adventure Inc reported income of $746k and spending of $784k, spending 105% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $618k to $746k (+21%), an average of +4.8% a year. The sharpest change came in the year to December 2021, when income rose by 70%. Over the whole period it spent 117% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Gloucester Adventure Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 76th percentile within MA. Charities of a similar size with the same main cause include Kids Scoop News ($746k), Tribal Nations Research Group ($746k) and Steffi Nossen Dance Foundation Inc ($746k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 66% and program service revenue 17% of the total. Other salaries and wages came to $348k. At year end it held assets of $2.3m against liabilities of $480k, net assets of $1.8m. It reported 17 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.