Strafford Economic Development Corporation

Analysis

Strafford Economic Development Corporation is a registered charity in United States, based in Dover, NH. It received its IRS tax-exemption ruling in October 1997, 29 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 2023, Strafford Economic Development Corporation reported income of $2.4m and spending of $791k, leaving 67% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $807k to $2.4m (+201%), an average of +32% a year. The sharpest change came in the year to December 2021, when income rose by 266%. Over the whole period it spent 47% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Strafford Economic Development Corporation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 89th percentile within NH. Charities of a similar size with the same main cause include Frazier Revitalization Inc ($2.4m), Programs Employing People ($2.4m) and Aglaunch Initiative ($2.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 60% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $196k (25% of expenses). Other salaries and wages came to $177k. At year end it held assets of $17.6m against liabilities of $5.2m, net assets of $12.4m. It reported 5 employees.