Futureworks Inc

Analysis

Futureworks Inc is a registered charity in United States, based in Springfield, MA. It received its IRS tax-exemption ruling in January 2003, 23 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Futureworks Inc reported income of $3.1m and spending of $3.0m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.0m to $3.1m (+53%), an average of +11% a year. The sharpest change came in the year to June 2023, when income rose by 35%. Over the whole period it spent 99% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Futureworks 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 89th percentile, and in the 88th percentile within MA. Charities of a similar size with the same main cause include Accelerate 500 Inc ($3.1m), Iron Workers Joint Apprenticeship and Journeyman Training Fund ($3.1m) and Portage Industries Inc ($3.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% and program service revenue 2.6% of the total. Compensation of current officers, directors and key employees was $214k (7.1% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $2.5m against liabilities of $1.5m, net assets of $1.1m. It reported 45 employees.