New Bedford Economic Development Council Inc

Analysis

New Bedford Economic Development Council Inc is a registered charity in United States, based in New Bedford, MA. It received its IRS tax-exemption ruling in January 1999, 27 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. 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, New Bedford Economic Development Council Inc reported income of $3.4m and spending of $4.3m, spending 127% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.3m to $3.4m (+166%), an average of +38% a year. The sharpest change came in the year to June 2021, when income rose by 90%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Bedford Economic Development Council Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within MA. Charities of a similar size with the same main cause include The Pace School Endowment ($3.4m), Maine Media College ($3.4m) and Kansas Suicide Prevention HQ Inc ($3.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 92% and program service revenue 7.3% of the total. Compensation of current officers, directors and key employees was $211k (4.9% of expenses). Other salaries and wages came to $488k. At year end it held assets of $5.6m against liabilities of $1.5m, net assets of $4.1m. It reported 6 employees.