Harborcov Inc

Analysis

Harborcov Inc is a registered charity in United States, based in Chelsea, MA. It received its IRS tax-exemption ruling in May 1999, 27 years ago. Its declared purposes cover human services, which this site groups under poverty relief. 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 2024, Harborcov Inc reported income of $3.5m and spending of $3.3m, spending 95% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $2.4m to $3.5m (+43%), an average of +9.4% a year. The sharpest change came in the year to June 2021, when income rose by 19%. Over the whole period it spent 88% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Harborcov Inc sits at the 88th percentile: it is larger than about 88% 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 Menifee County Nursing Home Corporation ($3.5m), First Care Family Resources Inc ($3.5m) and Aging Services Inc ($3.5m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 97% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $270k (8.2% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $5.3m against liabilities of $2.2m, net assets of $3.1m. It reported 29 employees.