Block Island Economic Development Foundation Inc

Analysis

Block Island Economic Development Foundation Inc is a registered charity in United States, based in Block Island, RI. It received its IRS tax-exemption ruling in May 2014, 12 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. 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 December 2023, Block Island Economic Development Foundation Inc reported income of $59k and spending of $69k, spending 117% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $43k to $59k (+39%), an average of +8.6% a year. The sharpest change came in the year to December 2023, when income rose by 17%. Over the whole period it spent 124% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Block Island Economic Development Foundation Inc sits at the 13th percentile: it is larger than about 13% of them. Against every charity in United States with reported income it ranks in the 23rd percentile, and in the 20th percentile within RI. Charities of a similar size with the same main cause include Collaborative Development Corporation ($59k), Maxcen Housing Society Inc Indiana Branch ($59k) and George Galen Wheeler House Inc ($59k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 22% and program service revenue 4.7% of the total. Other salaries and wages came to $11k. At year end it held assets of $397k against liabilities of $160k, net assets of $237k.

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.